Macroeconomics differs from microeconomics in that macroeconomics focuses on:
A. the performance of national economies and ways to improve that performance.
B. prices in specific markets.
C. individual choices and group behavior in individual markets.
D. production in specific markets.
Answer: A
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Differentiate between an open and a closed economy? Do you agree that the U.S. economy is more open among the advanced industrial countries in the world?
What will be an ideal response?
________ in the expected future domestic exchange rate causes the demand for domestic assets to ________ and the domestic currency to depreciate, everything else held constant
A) An increase; increase B) An increase; decrease C) A decrease; increase D) A decrease; decrease
Which of the following statements regarding accounting and economic profits is FALSE?
A) Economic profits can be zero even if accounting profits are positive. B) Economic profits = total revenue - (explicit + implicit costs) C) Accounting profits can be negative if economic profits are positive. D) Accounting profits = total revenue - explicit costs
According to the textbook, the best possible solution to the problem of poverty is:
A. the complete elimination of all efforts to assist the poor. B. a negative income tax with the tax credit equal to the poverty threshold. C. to maintain the current system. D. a combination of a negative income tax and public employment.