A) Macroeconomics is concerned with: only long-run trends in economic activity. only short-run fluctuations in the business cycle. both long-run trends and short-term fluctuations in economic activity. only with changes in the overall price level. GDP is: a) a measure of all spending in the economy on foreign and domestic goods and services. b) the total market value of all final goods and services produced in an economy in a given year. c) the value of all output produced within an economy. d) made up of three components: consumption, investment, and government expenditure.
A) Macroeconomics is concerned with: only long-run trends in economic activity. only short-run fluctuations in the business cycle. both long-run trends and short-term fluctuations in economic activity. only with changes in the overall price level. GDP is: a) a measure of all spending in the economy on foreign and domestic goods and services. b) the total market value of all final goods and services produced in an economy in a given year. c) the value of all output produced within an economy. d) made up of three components: consumption, investment, and government expenditure.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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A)
- only long-run trends in economic activity.
- only short-run fluctuations in the business cycle.
- both long-run trends and short-term fluctuations in economic activity.
- only with changes in the overall price level.
GDP is:
- a) a measure of all spending in the economy on
foreign and domestic goods and services.
- b) the total market value of all final goods and
services produced in an economy in a given
year.
- c) the value of all output produced within an
economy.
- d) made up of three components: consumption,
investment, and government expenditure.
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