Which of the following would be a macroeconomic question?
A) How has the price of gold increased over time?
B) How has the number of commercial airline flights decreased over time?
C) How have the retirement benefits in the auto industry changed over time?
D) How has inflation increased over time?
D
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Why does the gravity model work?
A) Large economies became large because they were engaged in international trade. B) Large economies have relatively large incomes, and hence spend more on government promotion of trade and investment. C) Large economies have relatively larger areas which raises the probability that a productive activity will take place within the borders of that country. D) Large economies tend to have large incomes and tend to spend more on imports. E) Large economies tend to avoid trading with small economies.
What is the difference between explicit costs and implicit costs? Explain your answer using examples
Fiscal policy is
A. periodic fluctuations in the level of economic activity. B. manipulation of the money supply and credit in the economy to reduce fluctuations in the business cycle. C. government policy concerning the manipulation of its spending and taxation to reduce fluctuations in the business cycle. D. the sum of government agricultural subsidies plus transfer payments.
Identify examples of microeconomics and macroeconomics: How the government responded to the recent recession