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What is the primary focus of microeconomics?
What is the primary focus of microeconomics?
- Building macroeconomic theories upon microfoundations
- Analyzing the sum total of economic activity
- Dealing with national policies related to growth, inflation, and unemployment
- Studying individual markets, sectors, or industries (correct)
What is one goal of microeconomics?
What is one goal of microeconomics?
- Analyze market mechanisms for establishing relative prices and allocating resources (correct)
- Building macroeconomic theories upon microfoundations
- Analyzing the sum total of economic activity
- Dealing with national policies related to growth, inflation, and unemployment
What does microeconomics show conditions for?
What does microeconomics show conditions for?
- Effects of economic policies on microeconomic behavior
- Analyzing market failure
- Dealing with national policies related to growth, inflation, and unemployment
- Conditions under which free markets lead to desirable allocations (correct)
What is the focus of macroeconomics?
What is the focus of macroeconomics?
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What has much of modern macroeconomic theories been built upon?
What has much of modern macroeconomic theories been built upon?
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