04 Jun D) marginal changes in the economy.
Question
5) Macroeconomics involves the study of the decision-making of individual firms or individuals.
Topic: Preview of Coming Attractions: Macroeconomics
Learning Outcome: Macro-1
6) Macroeconomics helps explain economic fluctuations, why the economy shrinks and expands and why some of the economy’s resources are idle.
Topic: Using Macroeconomics to Understand Economic Fluctuations
Learning Outcome: Macro-1
7) Describe the field of economics known as macroeconomics.
Answer: Macroeconomics is the study of the nation’s economy as a whole. Macroeconomics focuses on the issues of inflation, unemployment and economic growth.
Topic: Preview of Coming Attractions: Macroeconomics
Learning Outcome: Macro-1
8) Explain three ways we can use macroeconomic analysis.
Learning Outcome: Macro-1
1.5 Preview of Coming Attractions: Microeconomics
1) The study of the choices made by individual households, firms, and government is called
A) macroeconomics.
B) microeconomics.
C) managerial economics.
D) market economics.
Topic: Preview of Coming Attractions: Microeconomics
2) Microeconomics is best described as the study of
A) the choices made by individual households, firms, and governments.
B) inflation, unemployment, gross national product, and the nation’s economy as a whole.
C) how markets interact in the aggregate economy.
D) marginal changes in the economy.
Topic: Preview of Coming Attractions: Microeconomics
3) Which of the following is a microeconomic question?
A) Should companies pay for employees’ health insurance?
B) Why do some countries have higher economic growth rates than other countries?
C) Should Congress and the president take action to reduce the unemployment rate?
D) Should the Fed attempt to influence the interest rate to control potential inflation?
Topic: Using Microeconomics to Evaluate Public Policies
4) Which of the following is a microeconomic question?
A) Should the government decrease unemployment benefits to reduce the unemployment rate?
B) Why do some countries have higher inflation rates than other countries?
C) Should the government subsidize corn farmers to encourage the production of ethanol?
D) Should congress decrease taxes to help stimulate the economy?
Diff: 2
Topic: Using Microeconomics to Evaluate Public Policies
5) Microeconomics helps explain economic fluctuations, why the economy shrinks
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