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Microeconomics Quiz

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Questions and Answers

What is the focus of microeconomics?

Microeconomics focuses on the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.

What is the goal of microeconomics?

One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses.

What does microeconomics analyze?

Microeconomics analyzes market failure, where markets fail to produce efficient results.

What does macroeconomics focus on?

<p>Macroeconomics focuses on the sum total of economic activity, dealing with the issues of growth, inflation, and unemployment—and with national policies relating to these issues.</p> Signup and view all the answers

What is the difference between microeconomics and macroeconomics?

<p>Microeconomics focuses on individual markets, sectors, or industries, while macroeconomics focuses on the national economy as a whole.</p> Signup and view all the answers