Macroeconomics differs from microeconomics in that macroeconomics focuses on:
A. individual choices and group behavior in individual markets.
B. production in specific markets.
C. prices in specific markets.
D. the performance of national economies and ways to improve that performance.
Answer: D
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Nations trade what they produce in excess of their own consumption to:
a. generate jobs for the domestic economy. b. earn "good will" from the World Bank. c. prevent chronic surpluses from driving down domestic prices. d. acquire other things that they want to consume. e. reduce the size of their foreign trade deficit.
If the price level this year was 140 and was 135 last year, what was the inflation rate to the nearest decimal?
Which of the following accurately explains a difference between the short-run aggregate supply (SRAS) curve and the long-run aggregate supply (LRAS) curve?
a. The LRAS curve reflects constant input prices with adjustable output prices, whereas the SRAS curve reflects adjustable input and output prices. b. The LRAS curve reflects constant output prices with adjustable input prices, whereas the SRAS curve reflect constant output prices. c. The SRAS curve reflects constant input prices with adjustable output prices, whereas the LRAS curve reflects adjustable input and output prices. d. The SRAS curve reflects constant output prices with adjustable input prices, whereas the LRAS curve reflects constant input and output prices.
For private goods, market demand is the ________ summation of individual demand curves and for public goods, market demand is the ________ summation of individual demand curves.
A. vertical; horizontal B. horizontal; vertical C. horizontal; horizontal D. vertical; vertical