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Chapter 1: Problem 6

A review of the performance of the U.S. economy during the 1990 s is primarily the concern of a. macroeconomics. b. microeconomics. c. both macroeconomics and microeconomics. d. neither macroeconomics nor microeconomics.

Short Answer

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The short answer is: The review of the performance of the U.S. economy during the 1990s is primarily the concern of macroeconomics.

Step by step solution

01

Understand Macroeconomics and Microeconomics

Macroeconomics is the branch of economics that studies the overall behavior and performance of the economy as a whole. This includes the analysis of factors such as GDP (Gross Domestic Product), inflation, unemployment, and other indicators of economic performance. Microeconomics, on the other hand, focuses on the individual units and behavior of consumers, producers, and other economic agents. It studies smaller aspects of the economy, such as individual markets, demand and supply of goods and services, and the decisions made by consumers and firms.
02

Determine the branch of economics that deals with the U.S. economy's performance during the 1990s

Since we want to analyze the performance of the U.S. economy during the 1990s as a whole, it will primarily fall under the domain of macroeconomics. Macroeconomics helps us understand the overall performance of the economy and how different factors such as GDP growth, inflation, and unemployment rates have evolved over time.
03

Choose the appropriate answer based on our analysis

Based on our understanding of macroeconomics and microeconomics, we can conclude that the review of the performance of the U.S. economy during the 1990s is primarily the concern of: a. macroeconomics

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