1. Which headline would be LEAST likely to be studied in macroeconomics?
GM Expands Car Sales in China
The Fed Raises Interest Rates
Unemployment Falls to a 7-Year Low
Economic Growth Rises Slow and Steady
2.The MOST common way in which economists model a problem is by:
using case studies to analyze individual real-life examples of problems.
avoiding assumptions as much as possible in order to avoid misrepresenting reality.
making sure as many details and facts are included.
simplifying the model down to its basic relevant elements.
3. When an economy uses the most efficient means of farming to grow as much corn as possible, this economy has achieved:
allocative efficiency but not necessarily production efficiency.
neither production efficiency nor allocative efficiency.
production efficiency and allocative efficiency.
production efficiency but not necessarily allocative efficiency.
4. Students who never miss class and study hard generally earn higher grades than those who do not. This is an example of:
5. The study of economics:
is about people making decisions regarding their use of scarce resources.
states that efficiency and equity do not conflict.
primarily considers the stock market.
does not apply to decisions made by businesses.
6. Because of scarcity:
resources are limitless.
choices are unlimited.
wants are limited.
we face tradeoffs in nearly every choice we make.
7. The field of economics that focuses on decision making by individuals, businesses, industries, and governments is called:
8. The field of economics that is concerned about the broader issues in the economy, such as inflation, unemployment, and national output of goods and services is called:
labor force economics.
9. Microeconomics is concerned with issues such as:
which job to take.
10. Macroeconomics is concerned with issues such as:
what price to charge for goods.
which job to take.
which orange juice to buy.
11. The main difference between macroeconomics and microeconomics is that:
macroeconomics is concerned with economic policy, and microeconomics is concerned with international policies.
macroeconomics focuses on the aggregate economy, and microeconomics focuses on small components of the economy.
microeconomics largely deals with the fallacy of composition, and macroeconomics does not deal with the fallacy of composition.
macroeconomics looks at how individuals make choices, and microeconomics looks at the aggregate of those choices.
1). GM Expands Car Sales in China 2) Using case studies to analyze individual real-life examples of problems. 3) Production... View the full answer
- All the best in your studies
- May 03, 2018 at 12:01am