Answer appropriately

Which one of the following is true? Select one: Microeconomics describes what economic agents actually do, whereas macroeconomics describes what economic agents ought to do, b. Microeconomics is the study of an economy as a whole o. The study of the unemployment rate is covered under macroeconomics d. Macroeconomics studies how individuals make choices e. The study of the inflation rate is covered under microeconomicsIn an effort to reduce pollution, suppose that the Government passes a legislation requiring all polluters to reduce emissions by the same amount Explain why that solution is probably not efficient. Use appropriate diagrams to illustrate.3. Which of the following is not correct about most economic models? They are composed of equations and diagrams. They contribute very little to economists' understanding of the real world c. They omit many features of the real-world economy d. In constructing models, economists make assumptions 4. In the circular-flow diagram, firms produce goods and services using factors of production output using inputs. c. factors of production using goods and services d. Both (a) and (b) are correct. 5. In economics, capital refers to the finances necessary for firms to produce their products b. buildings and machines used in the production process, c. the money households use to purchase firms' output. d. stocks and bonds