A macroeconomist would be most likely to study: A. how social norms can affect the price...
A macroeconomist would be most likely to study:
A. how social norms can affect the price of wheat
B. how a change in the interest rates can affect home sales and the
overall economy
C. whether a new McDonalds restaurant would be successful in
Raynham
D. how BSU students decide whether to buy or rent their
textbooks
Economists consider all of the following to be resources
EXCEPT:
A. capital
B. labor
C. entrepreneurship
D. stocks
Economists say that because of scarcity, all people must:
A. go to college
B. consume less
C. make choices
D. work fewer hours
Homework Answers
Q.1.
Macroeconomics is the study of deals with the decision-making of the aggregate economy rather than focusing on individual consumers or markets. Not only choices, macroeconomics deal with performance, behavior and structure of the aggregate economy.
In contrast to it, microeconomics is the study of the behavior of individual entities like households, consumers and markets.
Thus (B) is the most likely task that a macroeconomist would study.
Q.2.
There are 4 types of factors of production considered by the Economists. These are land, labor, capital, and entrepreneurship.
Thus stocks are not considered as resources.
Correct Option - D
Q.3.
The essence of Economics is that there is scarcity of resources, so one needs to achieve the best out of it through making choices using constrained optimization.
Correct Answer - C
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