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9 March, 06:00

A primary difference between macroeconomics and microeconomics is

A. Microeconomics is concerned with present decisions while macroeconomics is concerned with future decisions.

B. Microeconomics examines individual markets while macroeconomics examines the economy as a whole.

C. Microeconomics is concerned with market economies while macroeconomics is concerned with centrally-planned economies.

D. There are no true differences between microeconomics and macroeconomics.

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Answers (1)
  1. 9 March, 06:13
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    The correct answer is B. Microeconomics examines individual markets while macroeconomics examines the economy as a whole.

    Explanation:

    The option chosen is perhaps the most important between these two branches of the economy. The other options do not correspond to differences between micro and macroeconomics. Below are the most notable differences:

    - Macroeconomics seeks a general perspective and microeconomics an individual perspective.

    - Macroeconomics, studies global economic actors, how a country, and microeconomics to a consumer.

    - The variables used are very different, for example in macroeconomics the GDP observes the total production of a country and in microeconomics the quantity produced by a single company.

    - There are situations that affect macroeconomics and not microeconomics, and vice versa. For example, a new very cheap car model will affect microeconomic variables but not macroeconomic ones.

    - Although they are very different, they are not totally independent and we need both to understand the economy.
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