Describe the field of economics known as macroeconomics
What will be an ideal response?
Macroeconomics is the study of the nation's economy as a whole. Macroeconomics focuses on the issues of inflation, unemployment and economic growth.
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The increase in world oil prices during the 1970s was
A. the result of depletion of world reserves of oil. B. artificially created by OPEC. C. the result of extremely high growth rates in industrialized countries. D. fully reversed by 1982.
All of the following are true for indemnity insurance except that:
a. it provides reimbursement for financial losses, including fire and life. b. premiums are based on separate risk pools often organized by employers. c. it serves as the basis for all health insurance coverage in most developed countries, including the U.S. d. it frequently includes coverage for losses due to casualty and theft. e. it is often experience-rated with premiums based on expected losses.
The efficiency loss of a tax is:
A. the net value of sacrificed output caused by the tax. B. that portion of the tax paid by producers minus the portion paid by consumers. C. that portion of the tax paid by consumers minus the portion paid by producers. D. the total tax revenue minus the output loss caused by the tax.
The rate of inflation can be defined as
A) The percent change in the general price level. B) The change in the general price level. C) The percentage increase in the price of corn. D) The sustained percent change increase in the general price level.