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. Macroeconomics includes the study of a. individual markets. b. the behavior of the firm. c....
Macroeconomics is the study of O A. individual decision makers. B. interational trade. O C. markets...
Macroeconomics is the study of O A. individual decision makers. B. interational trade. O C. markets for large products. D. economy-wide phenomena. O 4. Factors of production are 3. An increase in the overall level of prices in an economy is referred to as e © A. also called output B. abundant in most economies. C. assumed to be owned by firms in the circular-flow diagram. D. used to produce goods and services. A. he supply effect B. economic growth...
The basic difference between macroeconomics and microeconomics is: a. microeconomics concentrates on individual markets while macroeconomics...
The basic difference between macroeconomics and microeconomics is: a. microeconomics concentrates on individual markets while macroeconomics focuses primarily on international trade b. microeconomics concentrates on the behaviour of individual consumers while macroeconomics focuses on the behaviour of firms. c. microeconomics concentrates on the behaviour of individual consumers and firms while macroeconomics focuses on the performance of the entire economy. d. microeconomics explores the causes of inflation while macroeconomics focuses on the causes of unemployment. 5. Scarcity implies that: a consumers...
Classify the following topics as relating to microeconomics or macroeconomics.
Classify the following topics as relating to microeconomics or macroeconomics.a. a family's decision about how much income to saveb. the effect of government regulations on auto emissionsc. the impact of higher national saving on economic growthd. a firm's decision about how many workers to hiree. the relationship between the inflation rate and changes in the quantity of money
MULTIPLE CHOICE (50 Marks – 1 Mark each) 1. Macroeconomics seeks to understand a. economic growth,...
MULTIPLE CHOICE (50 Marks – 1 Mark each) 1. Macroeconomics seeks to understand a. economic growth, inflation and business cycles. b. product demand, product cost and profit maximization, c. economic growth, the banking sector and individual markets. d. industry sales, marketing strategies and corporate growth. e. the effects of government spending, taxation and corporate growth. A country's real Gross Domestic Product (GDP) measures the a. dollar income earned by the nation's producing sector. b. market value of final goods and...
4. Economics is sometimes broken down into different categories. 1. Define positive and normative economics. 2....
4. Economics is sometimes broken down into different categories. 1. Define positive and normative economics. 2. Write your own example of a positive economic statement 3. Write your own example of a normative economic statement. Define microeconomics and macroeconomics. 5. Categorize the following as microeconomic or macroeconomic questions and explain why: a. What are the differences between the dairy industry and the airline industry? b. Why are unemployment rates for teenagers rising? c. Why are prices falling in the digital...
Macroeconomics Bosshardt Fall 2019 The test will be multiple choice (blue scan sheet, I will have...
Macroeconomics Bosshardt Fall 2019 The test will be multiple choice (blue scan sheet, I will have for $0.50 as la Questions to know before the test Chapter 1 Why is economics necessary? What topics are covered in microeconomics and macroeconomics? What are the types of factors of production (resources) and what do the Why does every decision we make have an opportunity cost? What is meant by the word marginal? How should individuals make decisions using marginal analysis? Chapter 3...
Residential investment includes spending by firms on office buildings. Select one: O True O False The...
Residential investment includes spending by firms on office buildings. Select one: O True O False The GDP deflator is a measure of the Select one: O a. average level of prices of intermediate goods and services in the economy. O b. average level of prices of final goods and services in the economy. O c. total production of the economy unadjusted for inflation. O d.) total production of the economy adjusted for inflation. To examine how the total production of...
which of the following is not a question addressed by macroeconomists H e p in some...
which of the following is not a question addressed by
macroeconomists
H e p in some years and contract in Wes! 2. Gross domestic product measures a. income and expenditures. b. income but not expenditures. c. expenditures but not income. d. neither income nor expenditures. 3. Because every transaction has a buyer and a seller, a. GDP is more closely associated with an economy's income than it is with an economy's expenditure. b. every transaction contributes equally to an economy's...
Part I. Under what conditions is the production possibilities frontier linear rather than bowed out Explain...
Part I. Under what conditions is the production possibilities frontier linear rather than bowed out Explain how absolute advantage and comparative advantage differ. Draw a production possibilities frontier for a society that produces food and clothing. Show an efficient point, an inefficient point, and an infeasible point. Show the effects of a drought. Define microeconomics and macroeconomics Which of the following questions is studied in microeconomics? a. Should I go to college or get a job after I graduate? b....
Which of the following is NOT true about gross domestic product (GDP)? a. It includes only...
Which of the following is NOT true about gross domestic product (GDP)? a. It includes only final goods and services. b. The values are measured in current dollars c. Intermediate goods and services are excluded to prevent double counting. d. It includes the value of transfer payments. The gross domestic product (GDP) excludes: a. the value of intermediate goods produced. b. the spending by government on new roads and bridges. c. household spending on goods and services. d. the increase...
Macroeconomics is the study of O A. individual decision makers. B. interational trade. O C. markets for large products. D. economy-wide phenomena. O 4. Factors of production are 3. An increase in the overall level of prices in an economy is referred to as e © A. also called output B. abundant in most economies. C. assumed to be owned by firms in the circular-flow diagram. D. used to produce goods and services. A. he supply effect B. economic growth...
The basic difference between macroeconomics and microeconomics is: a. microeconomics concentrates on individual markets while macroeconomics focuses primarily on international trade b. microeconomics concentrates on the behaviour of individual consumers while macroeconomics focuses on the behaviour of firms. c. microeconomics concentrates on the behaviour of individual consumers and firms while macroeconomics focuses on the performance of the entire economy. d. microeconomics explores the causes of inflation while macroeconomics focuses on the causes of unemployment. 5. Scarcity implies that: a consumers...
MULTIPLE CHOICE (50 Marks – 1 Mark each) 1. Macroeconomics seeks to understand a. economic growth, inflation and business cycles. b. product demand, product cost and profit maximization, c. economic growth, the banking sector and individual markets. d. industry sales, marketing strategies and corporate growth. e. the effects of government spending, taxation and corporate growth. A country's real Gross Domestic Product (GDP) measures the a. dollar income earned by the nation's producing sector. b. market value of final goods and...
4. Economics is sometimes broken down into different categories. 1. Define positive and normative economics. 2. Write your own example of a positive economic statement 3. Write your own example of a normative economic statement. Define microeconomics and macroeconomics. 5. Categorize the following as microeconomic or macroeconomic questions and explain why: a. What are the differences between the dairy industry and the airline industry? b. Why are unemployment rates for teenagers rising? c. Why are prices falling in the digital...
Macroeconomics Bosshardt Fall 2019 The test will be multiple choice (blue scan sheet, I will have for $0.50 as la Questions to know before the test Chapter 1 Why is economics necessary? What topics are covered in microeconomics and macroeconomics? What are the types of factors of production (resources) and what do the Why does every decision we make have an opportunity cost? What is meant by the word marginal? How should individuals make decisions using marginal analysis? Chapter 3...
Residential investment includes spending by firms on office buildings. Select one: O True O False The GDP deflator is a measure of the Select one: O a. average level of prices of intermediate goods and services in the economy. O b. average level of prices of final goods and services in the economy. O c. total production of the economy unadjusted for inflation. O d.) total production of the economy adjusted for inflation. To examine how the total production of...
which of the following is not a question addressed by
macroeconomists
H e p in some years and contract in Wes! 2. Gross domestic product measures a. income and expenditures. b. income but not expenditures. c. expenditures but not income. d. neither income nor expenditures. 3. Because every transaction has a buyer and a seller, a. GDP is more closely associated with an economy's income than it is with an economy's expenditure. b. every transaction contributes equally to an economy's...
Part I. Under what conditions is the production possibilities frontier linear rather than bowed out Explain how absolute advantage and comparative advantage differ. Draw a production possibilities frontier for a society that produces food and clothing. Show an efficient point, an inefficient point, and an infeasible point. Show the effects of a drought. Define microeconomics and macroeconomics Which of the following questions is studied in microeconomics? a. Should I go to college or get a job after I graduate? b....
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