Question 1 1 / 1 point
Macroeconomic topics do not usually include:
a) the profit maximizing decisions of an individual manufacturer.
b) economic growth.
c) the rate of inflation.
d) the rate of unemployment.
Question 2 1 / 1 point
When nations desire a healthy macroeconomy, they typically focus on three goals, one of these being:
a) low inflation
b) balanced budget
c) prudent monetary policy
d) assuring competition between firms
Question 3 1 / 1 point
If macroeconomics looks at the economy as a whole, it focuses on which of the following?
a) the division of labor
c) business firms
d) unemployed people
Question 4 0 / 1 point
In the ______________, households receive goods and services and pay firms for them.
a) goods and services market
b) labor market
c) financial capital market
d) savings market
Question 5 1 / 1 point
Which of the following is included in the calculated Gross Domestic Product?
a) Farmer Freddie sells his second tractor to his son.
b) Suzanne buys a love seat and chair for $85 at the yard sale on the corner.
c) A local ice cream store sells $17,000 worth of cones and sundaes on July 1.
d) Mr. Farkle buys a used lawn mower from his neighbor, Mr. Sparkle.
Question 6 1 / 1 point
_______________, which can be approximated by the growth of gross domestic product, ultimately determines the prevailing standard of living in a country.
b) Trade balance
c) Economic growth
Question 7 1 / 1 point
GDP does not directly include:
a) the value of final goods and services produced, but not sold, during a period.
b) the value of services rendered during a period.
c) the value of intermediate goods sold during a period.
d) the value of goods produced domestic
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