Question :
Multiple Choice – Section 01A: The Economist as Scientist
1.Thefieldofeconomicsistraditionallydividedintotwobroadsubfields,
a.nationaleconomicsandinternationaleconomics.
: 1261914
Multiple Choice – Section 01A: The Economist as Scientist
1.Thefieldofeconomicsistraditionallydividedintotwobroadsubfields,
a.nationaleconomicsandinternationaleconomics.
b.consumereconomicsandproducereconomics.
c.privatesectoreconomicsandpublicsectoreconomics.
d.microeconomicsandmacroeconomics.
2.Microeconomicsisthestudyof
a.howmoneyaffectstheeconomy.
b.howindividualhouseholdsandfirmsmakedecisions.
c.howgovernmentaffectstheeconomy.
d.howtheeconomyasawholeworks.
3.Macroeconomicsisthestudyof
a.individualdecisionmakers.
b.internationaltrade.
c.economy-widephenomena.
d.marketsforlargeproducts.
4.Amicroeconomist—asopposedtoamacroeconomist—mightstudy
a.theeffectofanationalhealthcareprogramonthenation’sunemploymentrate.
b.theeffectofnewregulationsonproductioninthepulpandpaperindustry.
c.theeffectofchangesininterestratesongrossdomesticproduct.
d.thegrowthrateofproductionintheeconomy.
5.Whichofthefollowingareasofstudytypifiesmicroeconomicsasopposedtomacroeconomics?
a.theimpactofminimum-wagelawsonemploymentinthefastfoodindustry
b.theeffectofchangesinhouseholdsavingratesonthegrowthrateofnationalincome
c.theimpactoffastermoneygrowthontherateofinflation
d.acomparisonofalternativetaxpoliciesandtheirrespectiveimpactsontherateofthenation’seconomicgrowth
6.Whichofthefollowingwouldlikelybestudiedbyamicroeconomistratherthanamacroeconomist?
a.theeffectofforeigndirectinvestmentoneconomicgrowth
b.theeffectofasalestaxonthecigaretteindustry
c.theeffectofaninvestmenttaxcreditontheeconomy’scapitalstock
d.theeffectofawarongovernmentspending
7.Amacroeconomist—asopposedtoamicroeconomist—mightstudytheeffectof
a.changesinthemoneysupplyontheinflationrate.
b.anincreaseinthegastaxonfuelconsumption.
c.atechnologicaladvanceonthenaturalgasindustry.
d.ahurricaneonpricesintheorangeindustry.
8.Amacroeconomist-asopposedtoamicroeconomist-wouldstudy
a.theeffectsofrentcontrolonhousinginNewYorkCity.
b.theeffectsofforeigncompetitionontheUSautoindustry.
c.theeffectsofborrowingbythefederalgovernment.
d.theeffectsofraisingthegasolinetaxontransitridership.
9.Whichofthefollowingareasofstudytypifiesmacroeconomicsasopposedtomicroeconomics?
a.theeffectsofrentcontrolontheavailabilityofhousinginNewYorkCity
b.theeconomicimpactoftornadoesoncitiesandtownsinOklahoma
c.howtariffsonshoesaffectstheshoeindustry
d.theeffectontheeconomyofchangesinthenation’sunemploymentrate
10.Whichofthefollowingwouldlikelybestudiedbyamacroeconomistratherthanamicroeconomist?
a.theeffectofanincreaseinthealcoholtaxonthemarketforbeer
b.theeffectofforeigncompetitiononthedomesticautoindustry
c.theeffectofapricewarintheairlineindustry
d.theeffectofanincreaseintheminimumwageonaneconomy’soverallrateofunemployment
11.Whichofthefollowingstatementsbestcapturestherelationshipbetweenmicroeconomicsandmacroeconomics?
a.Forthemostpart,microeconomistsareunconcernedwithmacroeconomics,andmacroeconomistsareunconcernedwithmicroeconomics.
b.Microeconomistsstudymarketsforsmallproducts,whereasmacroeconomistsstudymarketsforlargeproducts.
c.Microeconomicsandmacroeconomicsaredistinctfromoneanother,yettheyarecloselyrelated.
d.Microeconomicsisorientedtowardpolicystudies,whereasmacroeconomicsisorientedtowardtheoreticalstudies.