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23 - Chapter 5 Measuring a Nation's Income 1...

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Chapter 5 Measuring a Nation’s Income 1. Macroeconomists study a. decisions of households and firms. b. economy-wide phenomena. c. the interaction of households and firms. d. regulations of firms and unions. ANSWER: b. economy-wide phenomena. TYPE: M DIFFICULTY: 1 SECTION: 5.0 2. Which of the following headlines would be more closely related to what microeconomists study than what macroeconomists  study? 3. Which of the following questions is more likely to be studied by a microeconomist than a macroeconomist? a. Why do prices in general rise by more in some countries than others? b. Why do wages differ across industries? c. Why do production and income increase in some periods and not in others? d. Why has average income increased over time? ANSWER: b. Why do wages differ across industries? TYPE: TF DIFFICULTY: 1 SECTION:  23.0 4. Macroeconomics includes the study of topics such as 5. The goal of macroeconomics is 6. The basic tools of supply and demand are a. useful only in the analysis of economic behavior in individual markets. b. useful in analyzing the overall economy, but not in analyzing individual markets. c. not particularly useful in either macroeconomic or microeconomic analysis. d. central to macroeconomic analysis as well as to microeconomic analysis. ANSWER: d. central to macroeconomic analysis as well as to microeconomic analysis. TYPE: M DIFFICULTY: 1 SECTION: 5.0 127
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128   Chapter 5/Measuring a Nation’s Income
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