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The two topics of primary concern in macroeconomics are:


A. short-run fluctuations in output and employment and long-run economic growth.
B. unemployment and wage rates in labor markets.
C. monopoly power of corporations and small business profitability.
D. oil prices and housing markets.

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Keith Leannon
Keith LeannonLv2
30 Mar 2020

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Related questions

2. If workers become more productive, which of the following would happen in the labor market?

a. Labor supply would increase.

b. Labor supply would decrease.

c.Labor demand would increase and labor supply would decrease.

d.Labor demand would decrease and so would labor supply.

5.Since a long run consists of many short runs, the classical model is

a. incorrect every time we look at output data

b.accurate during the short run

c. paradoxically quite accurate in the long run; however, it is not very accurate in the short run

d. our best guide to fluctuations in the economy

e. paradoxically quite accurate in the short run; however, it is not very accurate in the long run

18.The difference between the number of workers employed if the economy was operating at full employment and the number of workers currently employed given aggregate expenditures is known as

a. cyclical unemployment

b. frictional unemployment

c. structural unemployment

d. unemployment is not possible in the short run macro model

22. From the perspective of the classical model, many economists would NOT consider one of these to be an automatic de-stabilizer

a. Stock prices

b. Wealth

c. Housing prices

d. Investment spending

e. None of the above

25. We expect a rise in transfer payments when

a. the needs of the poor receive more publicity

b. taxes rise

c. GDP rises and inflation soars

d. the retirement age remains unchanged over time

e. recessions occur

Suppose an economy that is initially at full employment faces a substantial fall in exports.

1. Discuss the short-run effect of a substantial decrease in exports on output, general price level, and interest rate.

2. Using the Phillips curve, discuss what happens to inflation and unemployment in the short-run.

3. Explain two arguments against the use of active stabilization policies to minimize economic fluctuations due to the short-term demand or supply shocks.

1.Which one of the following markets has many firms producing a product that is differentiated in nature?

A. Perfect Competition

B. Monopolistic competition

C. Monopoly

D. Oligopoly

2.Which of the following two markets is characterized by the tendency that in the long-run firms will be limited to zero economic profit?

A. Perfect competition

B. Monopoly and Perfect Competition

C. Monopoly and Oligopoly

D. This is a trick question, no firm will produce in the long run with no economic profit

3. If in the short run, a firm's marginal revenue is lower than the average variable cost, we will see the firm do what?

A. Shut down immediately

B. Stay in business but produce less

C. Keep producing in the short run and then shut down

D. Increase output

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