Macroeconomics seeks to understand
A) economic growth, business cycles, and inflation.
B) industry sales, marketing strategies, and corporate growth.
C) product demand, product cost, and profit maximization.
D) public choices, private choices, and consumer maximization.
Answer: A
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Some economists believe that financing deficit spending by increasing taxes will lead to a lower level of national consumption and a higher level of national savings than deficit spending. The reason is
A) that people do not realize that taxes have increased also. B) the interest rate on the debt will increase. C) people will forgo private consumption now as society substitutes government goods for private goods. D) people believe that they can consume the government provided goods and have future generations pay the bill.
What are compensating differentials?
What will be an ideal response?
When Country X has high economic growth, this country has
A) a high level of real Gross Domestic Product (GDP). B) a high level of per capita real Gross Domestic Product (GDP). C) a large increase in per capita real Gross Domestic Product (GDP). D) a large increase in personal income.
An excise tax on cigarettes
a. will cause both the market price and quantity to increase b. will cause both the market price and quantity to fall c. will cause the market price to rise and the market quantity to fall d. will cause the market price to fall and the market quantity to rise e. None of the above.