04 Jun Question 51) Microeconomics focuses on
Question
51) Microeconomics focuses on
A) individual decision makers within the economy.
B) the large parts of the economy.
C) changes in national income.
D) satisfying the needs of the economy.
52) Macroeconomics is concerned with
A) individual business firms.
B) specific industries.
C) individual consumers.
D) a nation’s entire economy.
53) Microeconomics examines the
A) total household expenditures.
B) behavior of the economy as a whole.
C) aggregate business spending.
D) decision making undertaken by individual households.
54) Macroeconomics is concerned with studying the
A) behavior of individual decision makers.
B) behavior of the economy as a whole.
C) prices of specific companies’ stocks.
D) wants of individuals.
55) Macroeconomics would be concerned with
A) implications of changes in unemployment and inflation.
B) the effects on individual consumers of changes in the price of gasoline for a business.
C) the effects of a tax on beer.
D) the effects of wage increases on steel manufacturers.
56) The study of an individual’s choice about what type of computer to buy is a subject of
A) macroeconomics.
B) microeconomics.
C) an aggregate concept.
D) not a concern for economic analysis.
57) The study of the aggregate economic variables is
A) macroeconomics.
B) microeconomics.
C) positive economics.
D) normative economics.
58) Another word for “aggregate” is
A) government.
B) partial.
C) public.
D) total.
59) The distinction between microeconomics and macroeconomics is
A) clearly drawn, and there is no overlap between them.
B) determined by economists in a clear and concise manner.
C) narrowly drawn, and microeconomic analysis often relies on macroeconomic tools.
D) often blurred because aggregates are made up of individuals and firms.
60) Modern economists are increasingly using microeconomic analysis in macroeconomics because
A) microeconomic theory is more scientific.
B) aggregate outcomes stem from decisions made by individuals, business firms and government.
C) macroeconomic subjects such as inflation affect all individuals.
D) macroeconomics is older and more outdated.
61) Which of the following is NOT studied in microeconomics?
A) the effect of an increase in gasoline taxes on the purchase of gasoline
B) the impact of an increase in the unemployment rate on economic production
C) the impact of firms’ collective hiring choices on the aggregate unemployment rate
D) the impact of higher fuel prices on the cost of airline tickets
62) All of the following are examples of macroeconomic problems EXCEPT
A) inflationary pressures caused by an increase in the cost of petroleum.
B) unemployment caused by a fall off in the level of residential construction.
C) a decline in the rate of overall economic growth.
D) consumers deciding to buy more fish and less beef because of concerns about a healthier diet.
63) Macroeconomics is concerned primarily with
A) positive economics.
B) production and prices in particular markets.
C) aggregate economic variables.
D) normative issues.
64) Microeconomics studies
A) decisions made by individual consumers and firms.
B) the changes in economic theory brought about by real-world events.
C) how small changes in the unemployment rate can have far-reaching effects.
D) how small changes in the money supply can have far-reaching effects.
65) Which of the following terms identifies something that macroeconomists would study but that microeconomists would NOT?
A) incentives
B) resources
C) rationality
D) aggregates
66) Which of the following is a characteristic or focus of economics?
A) allocation of limited resources in an effort to satisfy potentially unlimited wants
B) positive economic analysis
C) empirical analysis
D) all of the above
67) Which of the following would likely be considered as falling into the domain of microeconomics?
A) the U.S. unemployment rate
B) the Gross Domestic Product
C) the price of apples
D) the effects of fiscal policy on the U.S. economy
68) Macroeconomics might study which of the following?
A) the causes of domestic unemployment
B) decision making undertaken by firms
C) decision making undertaken by households
D) determinants of the prices of rare goods (e.g., diamonds)
69) Which of the following is NOT a characteristic or focus of microeconomics?
A) normative analysis.
B) analysis of aggregate economic variables.
C) empirical analysis.
D) empirical analysis
70) Which of the following is a microeconomic concern?
A) the rate of economic growth in the United States
B) the current unemployment rate in the United States
C) consumer behavior
D) national output of the United States
71) Which of the following is a macroeconomic concern?
A) the unemployment rate in a specific industry
B) the national output of the United States
C) wage levels in specific industries
D) the operation of an individual firm
72) The study of how a particular firm might choose to maximize its profits would fall into what type of analysis?
A) macroeconomics
B) microeconomics
C) labor economics
D) aggregate economics
73) What type of economics would most typically deal with aggregates?
A) macroeconomics
B) microeconomics
C) labor economics
D) environmental economics
74) Which of the following is a microeconomic topic?
A) the unemployment rate of the United States economy as a whole
B) the rate at which prices increase in Brazil
C) the advertising strategy of a particular company
D) the increase in the national income of the United States over the past three months
75) Which of the following topics is a macroeconomic subject?
A) a proposed merger between two companies
B) the level of Christmas sales at a particular department store
C) the unemployment rate of the United States economy as a whole
D) the advertising strategy of a particular automobile firm
76) Which of the following is an aggregate?
A) the number of shoes in one man’s closet
B) the bushels of apples one farmer sells
C) the price of a particular textbook
D) the total production of all goods and services
77) All of the following are aspects of microeconomics EXCEPT
A) monopolies.
B) a firm maximizing profit.
C) a worker choosing one job over another.
D) the average level of prices of all goods and services produced in a country in a year.
78) The impact of an increase in the gasoline tax on SUV sales is
A) a macroeconomics topic because it deals with taxes.
B) a microeconomics topic because it deals with one industry.
C) not an economic issue, but rather a political issue.
D) insignificant.
79) Which of the following would most likely be part of the study of microeconomics?
A) how General Motors makes decisions regarding its production goals
B) national income
C) the total economic output of our domestic economy
D) overall price stability in the United States
80) All of the following are aspects of macroeconomics EXCEPT
A) the U.S. unemployment rate.
B) the production decisions of a pharmaceutical firm.
C) the budget deficit of the United States.
D) foreign trade.
81) Individual decision making by consumers and producers is the focus of
A) macroeconomics.
B) microeconomics.
C) aggregate measures.
D) any economic model.
82) Aggregate measures are
A) anything to do with economics.
B) a total measure of a variable across the economy.
C) used only in microeconomics.
D) determined by the Bureau of Labor Statistics.
83) Microeconomics is the study of
A) aggregate measures of the economy.
B) foreign policy economic issues.
C) federal budget details.
D) individual decision making.
84) An example of a microeconomic decision is a situation in which
A) the Federal Reserve considers how much to increase the money supply during the coming month in an effort to constrain the rate of inflation.
B) Congress and the president seek to reach a compromise on how much to increase government spending in an effort to influence national expenditures.
C) a firm evaluates how much to reduce the price of its product in an effort to influence sales and boost its profits.
D) the U.S. Treasury contemplates buying foreign currencies in an effort to influence exchange rates with an aim to boosting demand for U.S. goods and services.
85) Explain the study of economics.
86) Is inflation a macroeconomic or a microeconomic question? Why?
87) Distinguish between macroeconomics and microeconomics.
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