Modern Economists Are Increasingly Using Microeconomic Analysis in Macroeconomics Because

question 346

Multiple Choice

Modern economists are increasingly using microeconomic analysis in macroeconomics because

• A) microeconomic theory is more scientific.
• B) aggregate outcomes stem from decisions made by individuals, business firms and government.
• C) macroeconomic subjects such as inflation affect all individuals.
• D) macroeconomics is older and more outdated.

---

Definitions:

Production Control

The systematic planning, coordination, and direction of all manufacturing activities and processes to achieve production objectives efficiently.

Just-in-time System

A production strategy that strives to improve a business's return on investment by reducing in-process inventory and associated carrying costs, delivering materials just as they are needed in the production process.

Responsibility

A duty or obligation to perform or refrain from performing certain actions, often associated with a specific role or position.

Carrying Inventory

The total value of inventory a company holds at a given time, including goods ready for sale and raw materials.