The basic difference between macroeconomics and microeconomics is that:
A. microeconomics looks at the forest (aggregate markets) while macroeconomics looks at the trees (individual markets).
B. macroeconomics is concerned with groups of individuals while microeconomics is concerned with single countries.
C. microeconomics is concerned with the trees (individual markets) while macroeconomics is concerned with the forest (aggregate markets).
D. macroeconomics is concerned with generalization while microeconomics is concerned with specialization.
Answer:C
The basic difference between macroeconomics and microeconomics is that:
A. microeconomics looks at the forest (aggregate markets) while macroeconomics looks at the trees (individual markets). B. macroeconomics is concerned with groups of individuals while microeconomics is concerned with single countries. C. microeconomics is concerned with the trees (individual markets) while macroeconomics is concerned with the forest (aggregate markets). D. macroeconomics is concerned with generalization while microeconomics is concerned with specialization.
Explanation: 28. The circular flow diagram of economic activity is a model of the: