The Branch of Economics Which Studies the Behavior of Entire

question 181

Multiple Choice

The branch of economics which studies the behavior of entire economies and policies that affect the economy as a whole is called

• A)public economics.
• B)microeconomics.
• C)macroeconomics.
• D)normative economics.

Recognize the legal principles surrounding statutory warranties and implied terms in the Sale of Goods Act.

Distinguish between common law and statutory remedies available to consumers for defective goods.

Analyze the legal responsibilities of manufacturers under the Food and Drugs Act for improperly labeled products.

Comprehend the provisions of the Consumer Protection Act regarding unfair business practices and consumer credit.

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Definitions:

International Trade

International trade involves the exchange of goods, services, and capital across international borders or territories, influenced by factors such as comparative advantage, exchange rates, and global economic policies.

Standards of Living

A measure of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.

Opportunity Costs

Eliminating possible positive outcomes from alternative selections by choosing one.

Worse Off

A situation or condition in which an individual or group is disadvantaged or in a less favorable position than before.