Macroeconomics is the branch of economics that focuses on:
a. broad issues such as growth, unemployment, inflation, and trade balance.
b. the actions of particular agents within the economy, like households, workers, and business firms.
c. the means of production (resources and businesses) that are owned and operated by private individuals or groups of private individuals.
d. workers or firms, and whether they are well suited within the overall production process.
a. broad issues such as growth, unemployment, inflation, and trade balance.
You might also like to view...
Apples are a normal good, so if the price of an apple increases from 50¢ to 60¢, the quantity of apples demanded decrease because of
A) the substitution effect only. B) the income effect only. C) a change in income. D) the substitution and income effects.
The theory of public choice
A) is the theory of how government decides on what military hardware to purchase. B) considers government decision-making efficient. C) is the study of collective decision making. D) is the study of how negative externalities can be reduced.
You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. Assume that $35 is the most you would have been willing to pay for a ticket. Your boss called, and she is looking for someone to cover a shift on Saturday at the same time as the concert. You would have to work 4 hours and she would pay you $11/hr. The psychic cost to you of working is $2/hr. What is your opportunity cost of going to work on Saturday?
A. $0 B. $9 C. $36 D. $35
Economic growth is best measured by increases in
A. per capita real Gross Domestic Product (GDP). B. nominal Gross Domestic Product (GDP). C. per capita nominal Gross Domestic Product (GDP). D. nominal personal income.