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1、Chapter23MeasuringaNationsIncomeMULTIPLECHOICE1.Macroeconomistsstudya.thedecisionsofindividualhouseholdsfirms.b.theinteractionbetweenhouseholdsfirms.c.economywidephenomena.d.regulationsimposedonfirmsunions.ANS:CDIF:1REF:
2、100NAT:AnalyticLOC:ThestudyofeconomicsdefinitionsineconomicsTOP:MacroeconomicsMSC:Definitional2.Whichofthefollowingnewspaperheadlinesismecloselyrelatedtowhatmicroeconomistsstudythantowhatmacroeconomistsstudya.Unemploymen
3、traterisesfrom5percentto5.5percent.b.RealGDPgrowsby3.1percentinthethirdquarter.c.Retailsalesatstesshowlargegains.d.Thepriceofangesrisesafteranearlyfrost.ANS:DDIF:2REF:100NAT:AnalyticLOC:Thestudyofeconomicsdefinitionsinec
4、onomicsTOP:MacroeconomicsMSC:Interpretive3.Whichofthefollowingquestionsismelikelytobestudiedbyamicroeconomistthanamacroeconomista.Whydopricesingeneralrisebymeinsomecountriesthaninothersb.Whydowagesdifferacrossindustriesc
5、.Whydonationalproductionincomeincreaseinsomeperiodsnotinothersd.HowrapidlyisGDPcurrentlyincreasingANS:BDIF:2REF:100NAT:AnalyticLOC:ThestudyofeconomicsdefinitionsineconomicsTOP:MacroeconomicsMSC:Interpretive4.Whichofthefo
6、llowingtopicsaremelikelytobestudiedbyamacroeconomistthanbyamicroeconomista.theeffectoftaxesonthepricesofairlineticketstheprofitabilityofautomobilemanufacturingfirmsb.thepriceofbeefwagedifferencesbetweengendersc.howconsum
7、ersmaximizeutilityhowpricesareestablishedinmarketsfagriculturalproductsd.thepercentageofthelabfcethatisoutofwkdifferencesinaverageincomefromcountrytocountryANS:DDIF:2REF:100NAT:AnalyticLOC:Thestudyofeconomicsdefinitionsi
8、neconomicsTOP:MacroeconomicsMSC:Interpretive5.Wewouldexpectamacroeconomistasopposedtoamicroeconomisttobeparticularlyinterestedina.explaininghoweconomicchangesaffectpricesofparticulargoods.b.devisingpoliciestodealwithmark
9、etfailuressuchasexternalitiesmarketpower.c.devisingpoliciestopromotelowinflation.d.identifyingthosemarketsthatarecompetitivethosethatarenotcompetitive.ANS:CDIF:2REF:100NAT:AnalyticLOC:Thestudyofeconomicsdefinitionsinecon
10、omicsTOP:MacroeconomicsMSC:Interpretive2.Expendituresonanation’sdomesticproductiona.arelessthanitsdomesticproduction.b.areequaltoitsdomesticproduction.c.aregreaterthanitsdomesticproduction.d.couldbelessthanequaltogreater
11、thanitsdomesticproduction.ANS:BDIF:1REF:101NAT:AnalyticLOC:ThestudyofeconomicsdefinitionsineconomicsTOP:GDPMSC:Definitional3.Incomegeneratedbyanation’sdomesticproductiona.islessthanitsdomesticproduction.b.isequaltoitsdom
12、esticproduction.c.isgreaterthanitsdomesticproduction.d.couldbelessthanequaltogreaterthanitsdomesticproduction.ANS:BDIF:1REF:101NAT:AnalyticLOC:ThestudyofeconomicsdefinitionsineconomicsTOP:GDPMSC:Definitional4.Faneconomya
13、sawholea.wagesmustequalprofit.b.consumptionmustequalsaving.c.incomemustequalexpenditure.d.thenumberofbuyersmustequalthenumberofsellers.ANS:CDIF:2REF:101NAT:AnalyticLOC:ThestudyofeconomicsdefinitionsineconomicsTOP:GDPMSC:
14、Interpretive5.WhichofthefollowingstatementsaboutGDPiscrecta.GDPmeasurestwothingsatonce:thetotalincomeofeveryoneintheeconomythetotalexpenditureontheeconomy’soutputofgoodsservices.b.Moneycontinuouslyflowsfromhouseholdstofi
15、rmsthenbacktohouseholdsGDPmeasuresthisflowofmoney.c.GDPisgenerallyregardedasthebestsinglemeasureofasociety’seconomicwellbeing.d.Alloftheabovearecrect.ANS:DDIF:2REF:101NAT:AnalyticLOC:Thestudyofeconomicsdefinitionsinecono
16、micsTOP:GDPMSC:Interpretive6.Becauseeverytransactionhasabuyerasellera.GDPismecloselyassociatedwithaneconomy’sincomethanitiswithaneconomy’sexpenditure.b.everytransactioncontributesequallytoaneconomy’sincometoitsexpenditur
17、e.c.thenumberoffirmsmustbeequaltothenumberofhouseholdsinasimplecircularflowdiagram.d.firms’profitsarenecessarilyzeroinasimplecircularflowdiagram.ANS:BDIF:2REF:101NAT:AnalyticLOC:ThestudyofeconomicsdefinitionsineconomicsT
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