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What is Macroeconomics.docx
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What is Macroeconomics?
Which of the following is not a macroeconomic question?
How do lower interest rates lead to economic recovery?
Why did Japan perform so poorly in the 1990s?
Why have stock prices fallen?
What is the predicted market value for an initial public offering of stock?
What is the outlook for economic growth in the US?
From 1965 to 1990, US economic output, adjusted for inflation, quadrupled while the population doubled. This means that output per person
rose by a factor of 8
fell by 50%
doubled
remained constant
increased 200%
Suppose that everyone in the population of Country A is employed and equally productive. If the population grows by 5%, hours of work fall by 3%, and output per hour grows by 4%, then output per person, or output per capita rises by approximately
1%
6%
12%
3%
7%
Which of the following is an historically accurate description of real per capita growth rates?
For the 1820-1913 period, the UK economy experienced negative growth
Between 1820 and 1913, Bangladesh grew as rapidly as Japan
In 1820 the US had a higher income per head than China, Japan and the UK
By 2010 China had overtaken Japan in terms of Income per head
Between 1913 and 2002, Japan grew faster than either the US or the UK
Which of the following is probably the least relevant to a country’s growth rate?
infrastructure such as roads or computer networks
the education of the workforce
new technological inventions
legal restrictions on capital mobility and investment
short-term interest rates
A general definition of economics is the study of
money
the allocation of resources
the distribution of income
the production of goods
the role of government in society
The fundamental problem of economics is
that resources are too scarce to satisfy all wants simultaneously
how to balance the federal budget
deciding how large government should be
how to keep the unemployment rate below 4%
that firms have no way to know what consumers want to buy
Modern market economies allocate resources primarily through
carefully planned staffing policies
coordination among government agencies
price signals
long-term contracts
internet-based bartering
Which of the following is not a direct concern of macroeconomists?
interest rates
the growth rate of output
aggregate investment in machines and infrastructure
pricing decisions by an individual firm
monetary policy
Which of the following is not a macroeconomic event?
a fluctuation in interest rates
a change in the exchange rate
the bankruptcy of a competitive firm
a drop in stock market prices
a shift in monetary policy
Macroeconomics differs from microeconomics in that
microeconomics examines strictly short run questions; macroeconomics examines only long run questions
microeconomics examines the domestic economy only; macroeconomics examines the world
microeconomics examines production; macroeconomics examines distribution
microeconomics examines individual behavior; macroeconomics examines aggregate outcomes
microeconomics examines positive issues; macroeconomics examines normative questions
Macroeconomics and microeconomics are complementary in that
macroeconomics explores the context within which microeconomic decisions are made
microeconomics takes a broader look at the issues upon which macroeconomics is more narrowly focused
microeconomics seeks to understand the economy as it is, while macroeconomics seeks to determine how the economy ought to be designed
microeconomics examines market-based economies, whereas macroeconomics examines command economies
macroeconomics studies private behavior, while microeconomics studies public behavior
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