Define the field of economics known as macroeconomics.
What will be an ideal response?
Macroeconomics is the study of the nation's economy as a whole. Macroeconomics focuses on the issues of inflation, unemployment and economic growth.
You might also like to view...
U.S. farm subsidies are a sticking point in negotiating freer international trade agreements
a. True b. False
First-past-the-post voting entails:
A. a series of votes with two options; the winner of the first vote is paired with another option until all options have been voted on in pairs and there is one winner. B. voters ranking all available options and the option most approved of wins. C. one vote with many options, and the option with the most votes wins. D. one vote with many options, and the option that gets to 51% wins.
A trade surplus occurs when:
A. exports exceed imports. B. government revenue exceeds government spending. C. exports are less than imports. D. government spending exceeds government revenue.
In which of the following situations should a firm increase its efforts to abate pollution?
A. The marginal benefit of abatement is less than its marginal cost. B. The marginal benefit of abatement is greater than its marginal cost. C. The marginal benefit of abatement is equal to its marginal cost. D. None of these