What are the four major areas in which macroeconomists work? Give an example of a job in each.
What will be an ideal response?
The four areas are forecasting, analysis, research, and data development. Forecasting: forecasting the stock market on Wall Street; analysis: analyzing the economy for the Federal Reserve; research: investigating the link between the trade deficit and the government budget deficit as a university professor; data development: working at the Bureau of Labor Statistics to develop better ways to measure unemployment.
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"Tariffs today in the United States are much higher than in the past." Is the previous statement correct or incorrect?
What will be an ideal response?
In the 1970s a typical college student's consumption might be represented by the following items: a small used car, black and white television set, macaroni and cheese and generic brand beer
As many of these students graduated from college what do you expect happened to the composition and quantity of the goods mentioned? Explain.
Refer to Table 12-2. How many pounds of apples should Margie sell to maximize her profit?
A) 300 pounds B) 400 pounds C) This cannot be determined without knowing Margie's total or marginal production costs. D) This can be determined only when all of the values for market price, total revenue, average revenue and marginal revenue are given.
The Pension Benefit Guaranty Corporation, which protects employee pensions for participating firms, is not a well-designed insurance program
Indicate whether the statement is true or false