Microeconomics Differs from Macroeconomics in That Microeconomics Focuses On

question 15

Multiple Choice

Microeconomics differs from macroeconomics in that microeconomics focuses on:

• A)the performance of the entire economy.
• B)issues such as inflation, unemployment and economic growth.
• C)the choices made by individuals and the implications of those choices.
• D)government policies designed improve the performance of the national economy.

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Definitions:

Probability

The measure of the likelihood that an event will occur, quantified between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.

Standard Normal Distribution

A standard normal distribution characterized by a mean of 0 and a standard deviation of 1.

Values of Z

Refers to the scores derived from a standard normal distribution used in statistical analysis to determine probabilities.

Mean

The average value of a set of numbers, calculated by dividing the sum of all values by the number of values.