We can use macroeconomic analysis to:
A. learn how to balance a checkbook.
B. study the choices made by households.
C. understand marginal changes in the macroeconomy.
D. understand why economies grow.
Answer: D
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Economics is the study of how ________ manages its ________ resources to satisfy its wants
A) society; unlimited B) society; scarce C) a household; unlimited D) a household; scarce
There is no trade-off between inflation and unemployment when expectations are ________ and policy changes are ________
A) adaptive; anticipated B) adaptive; unanticipated C) rational; anticipated D) rational unanticipated
Managers of profit centers earn more when their divisions
a. increase their sales and increase their costs b. decrease their sales and increase their costs c. decrease the costs of the components for which they are responsible d. increase the costs of the components for which they are responsible
Purchasing power parity exists when domestic currency:
a. maintains a fixed exchange rate with foreign currency. b. is not convertible into foreign currency. c. buys more goods at home than abroad. d. buys as many goods at home as it does abroad. e. appreciates in value against foreign currency.