Economics ECON S - 1941 Chapter Notes - Chapter summary: Market Power, Absolute Advantage, Comparative Advantage

Macroeconomics differs from microeconomics in that:

a. Macroeconomics studies the behavior of individuals. 

b. Macroeconomics looks at the behavior of the economy as a whole. 

c. Macroeconomics focuses on the national economy and global economy. 

d. Macroeconomics studies the behavior of the government while microeconomics looks at private corporations.  

5) 5) The branch of economics that studies the economy as a whole is called A) normative economics. B) macroeconomics. C positive economics. D) Keynesian economics. E) microeconomics.

Give an example in which one person has an absolute advantage in doing something but another person has a comparative advantage?