Which of the following is most likely a topic of discussion in macroeconomics?
answer
a decrease in the unemployment rate
question
Macroeconomics primarily examines:
answer
broad issues such as national output, employment and inflation.
question
Specialization:
answer
can lead to an increase in overall production.
question
In the first chapter of The Wealth of Nations, Smith introduces the idea of the __________, which means the way in which the work required to produce a good or service is divided into a number of tasks that are performed by different workers.
answer
division of labor
question
In the ______________, households receive goods and services and pay firms for them.
answer
good and services market
question
Which of the following best characterizes the circular flow of income?
answer
Businesses buy resources from households, and households use their income from the sale of resources to buy goods and services from businesses.
question
The basic difference between macroeconomics and microeconomics is:
answer
microeconomics concentrates on the behaviour of individual consumers and firms while macroeconomics focuses on the performance of the entire economy.
question
Economic models like the _____________________ are not physical models, but instead are diagrams or graphs or even mathematical equations that represent economic patterns or theories.
answer
circular flow diagram
question
Which of the following best describes a fiscal policy tool?
answer
government spending
question
If macroeconomics looks at the economy as a whole, it focuses on which of the following?
answer
unemployed people
question
The circular flow diagram of economic activity is a model of the:
answer
flow of goods, services, and payments between households and firms.
question
In the circular flow diagram model:
answer
both (a) and (b) are correct
(a) households receive income from businesses in exchange for providing inputs and use that income to buy goods and services from businesses.
(b) businesses receive revenues from households in exchange for providing goods and services and use those revenues to buy inputs from households.
question
In a _______________________, most economic decisions about what to produce, how to produce it, and for whom to produce it are made by buyers and sellers
answer
market-oriented economy
question
In which of the following countries will the national government have the greatest influence with respect to the nation's economy?
answer
Cuba
question
In a discussion of economics, which of the following would exert the most influence on an individual firm's decision to hire workers?
answer
the macroeconomy
question
Regardless of whether you are looking through the microeconomics microscope or the macroeconomics telescope, the fundamental subject material of the interconnected __________ doesn't change.
answer
economy
question
Which of the following statements most likely lies within the realm of macroeconomics?
answer
Due to an economic recession, manufacturing firms began implementing layoffs of their workforces.
question
The two main tools of macroeconomic policy include monetary policy, and fiscal policy, which involves __________ spending.
answer
government
question
In the ____________, households work and receive payment from firms.
answer
labor market
question
When nations desire a healthy macroeconomy, they typically focus on three goals, one of these being:
answer
low inflation
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