Macroeconomics Differs from Microeconomics in That

question 149

Multiple Choice

Macroeconomics differs from microeconomics in that

• A) the concept of scarcity applies to the latter but does not apply to the former.
• B) the latter studies individual markets while the former studies groups of markets,including the whole economy.
• C) rational decisions are relevant to the former but not the latter.
• D) the former is the study of how people make choices under conditions of scarcity while the latter is concerned with the results of those choices for society.
• E) the former explains such concepts as how prices are determined in markets while the latter explains the overall price level.

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