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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 one 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 show conditions for?

Microeconomics shows conditions under which free markets lead to desirable allocations.

What is the focus of macroeconomics?

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

What issues does macroeconomics deal with?

<p>Macroeconomics deals with the issues of growth, inflation, and unemployment, and with national policies relating to these issues.</p> Signup and view all the answers