Macroeconomics is the study of:
What will be an ideal response?
the aggregate flow of outputs and incomes, the average level of prices and employment, what determines their level and composition
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In the U.S., time use data is collected on a national level by the:
a. Consumer Product Safety Commission b. Federal Reserve Board c. Dept. of Health and Human Services d. Bureau of Labor Statistics (BLS)
As the price of a computer falls, overall
a. the marginal utility of computers rises b. the total utility of computers falls c. the total utility per dollar spent on computers falls d. individuals would purchase fewer computers in equilibrium e. individuals would purchase more computers in equilibrium
The shifting of trade to countries in a regional group at the expense of trade with countries not in the group is known as trade internalization.
a. true b. false
At ________ levels of output, the economy can expand with little or no increase in the overall price level because firms likely hold excess labor and capital, and production can be increased without causing input prices to increase.
A. full capacity B. high C. full employment D. low