Multiple Choice – Section 00: Introduction
1.Macroeconomistsstudy
a.thedecisionsofindividualhouseholdsandfirms.
b.theinteractionbetweenhouseholdsandfirms.
c.economy-widephenomena.
d.regulationsimposedonfirmsandunions.
2.Whichofthefollowingheadlinesismorecloselyrelatedtowhatmicroeconomistsstudythantowhatmacroeconomistsstudy?
a.Unemploymentratefallsfrom7.5percentto7.3percent.
b.RealGDPfallsby0.4percentinthethirdquarter.
c.Inflationwas2.4percentlastyear.
d.Thepriceofgasolinerisesduetorisingoilprices.
3.Whichofthefollowingquestionsismorelikelytobestudiedbyamicroeconomistthanamacroeconomist?
a.Whydopricesingeneralrisebymoreinsomecountriesthaninothers?
b.Whydowagesdifferacrossindustries?
c.Whydonationalproductionandincomeincreaseinsomeperiodsandnotinothers?
d.HowrapidlyisGDPcurrentlyincreasing?
4.Whichofthefollowingtopicsaremorelikelytobestudiedbyamacroeconomistthanbyamicroeconomist?
a.theeffectoftaxesonthepricesofairlinetickets,andtheprofitabilityofautomobile-manufacturingfirms
b.thepriceofbeef,andwagedifferencesbetweengenders
c.howconsumersmaximizeutility,andhowpricesareestablishedinmarketsforagriculturalproducts
d.thepercentageofthelaborforcethatisoutofwork,anddifferencesinaverageincomefromcountrytocountry
5.Amacroeconomistisinterestedin
a.explaininghowchangesinsellers’behavioraffectpricesofaparticulargood.
b.explainingpricechangesinaparticularmarket.
c.explainingwhytheunemploymentrateishigher.
d.Alloftheabovearecorrect.
6.Whichofthefollowingisnotaquestionaddressedbymacroeconomists?
a.Whyisaverageincomehighinsomenationsbutlowinothers?
b.What,ifanything,canthegovernmentdotopromotegrowthinincomes,lowinflation,andstableemployment?
c.WhatistheimpactofforeigncompetitionontheU.S.autoindustry?
d.Whydoproductionandemploymentexpandinsomeyearsandcontractinothers?
7.Whichofthefollowingisnotaquestionthatmacroeconomistsaddress?
a.Whyisaverageincomehighinsomecountrieswhileitislowinothers?
b.WhydoesthepriceofoilrisewhenwareruptsintheMiddleEast?
c.Whydoproductionandemploymentexpandinsomeyearsandcontractinothers?
d.Whydopricesriserapidlyinsomeperiodsoftimewhiletheyaremorestableinotherperiods?
8.Thebasictoolsofsupplyanddemandare
a.usefulonlyintheanalysisofeconomicbehaviorinindividualmarkets.
b.usefulinanalyzingtheoveralleconomy,butnotinanalyzingindividualmarkets.
c.centraltomicroeconomicanalysis,butseldomusedinmacroeconomicanalysis.
d.centraltomacroeconomicanalysisaswellastomicroeconomicanalysis.
9.Whichofthefollowingstatisticsisusuallyregardedasthebestsinglemeasureofasociety’seconomicwellbeing?
a.theunemploymentrate
b.theinflationrate
c.grossdomesticproduct
d.thetradedeficit
10.GDP
a.isusedtomonitortheperformanceoftheoveralleconomybutisnotthesinglebestmeasureofasociety’s
b.isusedtomonitortheperformanceoftheoveralleconomyandisthesinglebestmeasureofasociety’s
c.isnotusedtomonitortheperformanceoftheoveralleconomybutisthesinglebestmeasureofasociety’s
d.isnotusedtomonitortheperformanceoftheoveralleconomyandisnotthesinglebestmeasureofa
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