Chapter23MeasuringaNation'sIncomeMULTIPLECHOICE1.Macroeconomistsstudya.thedecisionsofindividualhouseholdsandfirms.b.theinteractionbetweenhouseholdsandfirms.c.economy-widephenomena.d.regulationsimposedonfirmsandunions.ANS:CDIF:1REF:10-0NAT:AnalyticLOC:ThestudyofeconomicsanddefinitionsineconomicsTOP:MacroeconomicsMSC:Definitional2.Whichofthefollowingnewspaperheadlinesismorecloselyrelatedtowhatmicroeconomistsstudythantowhatmacroeconomistsstudy?a.Unemploymentraterisesfrom5percentto5.5percent.b.RealGDPgrowsby3.1percentinthethirdquarter.c.Retailsalesatstoresshowlargegains.d.Thepriceoforangesrisesafteranearlyfrost.ANS:DDIF:2REF:10-0NAT:AnalyticLOC:ThestudyofeconomicsanddefinitionsineconomicsTOP:MacroeconomicsMSC:Interpretive3.Whichofthefollowingquestionsismorelikelytobestudiedbyamicroeconomistthanamacroeconomist?a.Whydopricesingeneralrisebymoreinsomecountriesthaninothers?b.Whydowagesdifferacrossindustries?c.Whydonationalproductionandincomeincreaseinsomeperiodsandnotinothers?d.HowrapidlyisGDPcurrentlyincreasing?ANS:BDIF:2REF:10-0NAT:AnalyticLOC:ThestudyofeconomicsanddefinitionsineconomicsTOP:MacroeconomicsMSC:Interpretive4.Whichofthefollowingtopicsaremorelikelytobestudiedbyamacroeconomistthanbyamicroeconomist?a.theeffectoftaxesonthepricesofairlinetickets,andtheprofitabilityofautomobile-manufacturingfirmsb.thepriceofbeef,andwagedifferencesbetweengendersc.howconsumersmaximizeutility,andhowpricesareestablishedinmarketsforagriculturalproductsd.thepercentageofthelaborforcethatisoutofwork,anddifferencesinaverageincomefromcountrytocountryANS:DDIF:2REF:10-0NAT:AnalyticLOC:ThestudyofeconomicsanddefinitionsineconomicsTOP:MacroeconomicsMSC:Interpretive5.Wewouldexpectamacroeconomist,asopposedtoamicroeconomist,tobeparticularlyinterestedina.explaininghoweconomicchangesaffectpricesofparticulargoods.b.devisingpoliciestodealwithmarketfailuressuchasexternalitiesandmarketpower.c.devisingpoliciestopromotelowinflation.d.identifyingthosemarketsthatarecompetitiveandthosethatarenotcompetitive.ANS:CDIF:2REF:10-0NAT:AnalyticLOC:ThestudyofeconomicsanddefinitionsineconomicsTOP:MacroeconomicsMSC:Interpretive1©2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.2❖Chapter23/MeasuringaNation'sIncome6.Whichofthefollowingisnotaquestionthatmacroeconomistsaddress?a.Whyisaverageincomehighinsomecountrieswhileitislowinothers?b.WhydoesthepriceofoilrisewhenwareruptsintheMiddleEast?c.Whydoproductionandemploymentexpandinsomeyearsandcontractinothers?d.Whydopricesriserapidlyinsomeperiodsoftimewhiletheyaremorestableinotherperiods?ANS:BDIF:2REF:10-0NAT:AnalyticLOC:ThestudyofeconomicsanddefinitionsineconomicsTOP:MacroeconomicsMSC:Interpretive7.Thebasictoolsofsupplyanddemandarea.usefulonlyintheanalysisofeconomicbehaviorinindividualmarkets.b.usefulinanalyzingtheoveralleconomy,butnotinanalyzingindividualmarkets.c.centraltomicroeconomicanalysis,butseldomusedinmacroeconomicanalysis.d.centraltomacroeconomicanalysisaswellastomicroeconomicanalysis.ANS:DDIF:1REF:10-0NAT:AnalyticLOC:ThestudyofeconomicsanddefinitionsineconomicsTOP:SupplyanddemandMSC:Definitional8.Whichofthefollowingstatisticsisusuallyregardedasthebestsinglemeasureofasociety’seconomicwell-being?a.theunemploymentrateb.theinflationratec.grossdomesticproductd.thetradedeficitANS:CDIF:1REF:10-0NAT:A...
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