Macroeconomics is the branch of economics that concerns
a. the behavior of individual actors in the economy
b. output in a specific industry
c. the overall health of the economy
d. the federal government only
e. prices in a specific industry
C
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An austerity policy is
A) an increase in the money supply. B) an expenditure reduction and expenditure switching policy. C) an expansionary fiscal policy accompanied by decreases in taxes, increases in expenditures, or both. D) an exchange rate switching policy from a fixed to a flexible exchange rate system. E) None of the above.
Which of the following statements accurately describes a difference between a firm that is a monopolist and one that is a competitive price taker?
a. Marginal revenue and market price are equal for the competitive price taker but not for the monopolist. b. The monopolist does not always produce the output that equates marginal cost and marginal revenue; the competitive price taker does. c. The monopolist charges the highest price possible; the competitive price taker charges a price equal to its per-unit cost. d. A monopolist can earn economic profit in the short run; a competitive price taker cannot.
The Federal Reserve Bank attempted to deal with the sluggish aggregate demand that followed the housing market crash and subsequent financial crisis through:
A. contractionary fiscal policy. B. contractionary monetary policy. C. expansionary monetary policy. D. expansionary fiscal policy.
An efficiency loss (or deadweight loss) declines in size when a unit of output is produced for which:
A. marginal cost exceeds marginal benefit. B. maximum willingness to pay exceeds minimum acceptable price. C. consumer surplus exceeds producer surplus. D. producer surplus exceeds consumer surplus.