Which of the following would be studied by a macroeconomist rather than a microeconomist?
A. shipping rates
B. price of corporate stock
C. market price of Japanese cars
D. unemployment rate in the nation
Answer: D
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Compare and contrast the classical and Keynesian schools of thought for the following economic issues. (a) The flexibility of wages and prices. (b) The importance of macroeconomic policies
What will be an ideal response?
If the price-consumption curve is upward sloping when the price of the good measured on the horizontal axis changes, then the demand curve for that good will be upward sloping
Indicate whether the statement is true or false
Which of the following is a problem associated with an active policy such as a stimulus package?
a. Increase in the unemployment rate b. Increase in inflationary pressure c. Increase in the market interest rate d. Decrease in the market interest rate e. Decrease in money demand
If the unemployment rate is below the natural rate, then
a. inflation is less than expected. As inflation expectations are revised the short-run Phillips curve will shift right. b. inflation is less than expected. As inflation expectations are revised the short-run Phillips curve will shift left. c. inflation is greater than expected. As inflation expectations are revised the short-run Phillips curve will shift left. d. inflation is greater than expected. As inflation expectations are revised the short-run Phillips curve will shift right.