Practice Quiz

Case Interview Prep

Category - Economics

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What is the main difference between the two sub disciplines in economics: microeconomics and macroeconomics?
  1. microeconomics study goods while macroeconomics study services
  2. microeconomics study individuals while macroeconomics study corporations
  3. microeconomics study allocation of resources while macroeconomics study economies as a whole
  4. microeconomics study local markets while macroeconomics study international markets
Explanation
Answer: C - Microeconomics is the study of resource allocations while macroeconomics study economies as a whole.

Key Takeaway: The behavior of individual consumers in purchasing goods and services as well as the behavior of business in a society comprises the sub discipline of microeconomics. The overall behavior of entire economies and industries such as a Gross National Product (GDP) comprise the sub discipline of macroeconomics.
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