PRINCIPLES OF MACROECONOMICS-CONNECT ACC
7th Edition
ISBN: 9781264088485
Author: Frank
Publisher: MCG
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Chapter 4, Problem 6RQ
To determine
Describe the
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Students have asked these similar questions
Explain why the three goals (economic growth,low unemployment, and low inflation) of macroeconomics are relevant?
Which of the following situations is not a macroeconomic objective?
a. economic efficiency
b. economic growth
c. balanced budget deficit
d. equitable distribution of income
2. Which of the following is an essential factor for the continuous growth process in the economy?
a. government planning for what the country will produce
b. the absence of private property
c. research and development of new technologies and investment in new capital
d. government intervention in economic activity
3. Which of the following alternatives measures the standard or standard of living?
a. real gross domestic product
b. per capita gross domestic product
c. gross national product
d. disposable income
Describe the four major sectors in an economy according to the macroeconomic point of view?
Chapter 4 Solutions
PRINCIPLES OF MACROECONOMICS-CONNECT ACC
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- A broader definition of macroeconomics and its relationship with the level of production, unemployment and inflation of a country.arrow_forwardIdentify THREE public policies that can stimulate employment and facilitate economic growth in an economy.arrow_forwardA balanced federal budget and a balance of trade are secondary goals of macroeconomics, while growth in the standard of living (for example)arrow_forward
- 1. 2. Explain why macroeconomic analysis is particularly concerned with issues of economic growth, unemployment, inflation, and balance of payments? "Economic growth does not necessarily reduce the number of unemployed workers". Explain this statement.arrow_forwardGo to a recent issue of The Economist magazine. In the back of each issue is a section called “economic indicators.” That section lists the most recent growth data for a substantial number of countries. Which countries around the world are growing most rapidly according to the most recent data? Which countries around the world are growing more slowly? Flip through the stories in The Economist to see if there is any explanation for the pattern that you observe. Write a brief essay on current general economic conditions around the world.arrow_forwardWhich of the following statements is true? Select one: a.Wealthy countries tend to score highest on the "least corrupt" scale. b.Poor countries are likely to remain poor because when one country's economy grows, it is at the expense of some other country's economy. c.Poor countries are poor because they lack resources. d.The pursuit of economic growth harms children by encouraging child labour industries and discouraging school attendance. In general, countries which are less corrupt by most international measures Select one: a.experience higher long term growth rates. b.have higher short term growth rates but are no different in the long run. c.have growth rates similar to more corrupt countries. d.are poorer than countries with higher levels of corruption. As GDP per person rises Select one: a.the number of children per family tends to fall. b.environmental quality falls and continues to fall. c.the incidence of child labour rises. d.the economy shifts towards more labour…arrow_forward
- Identify the questions that are answered by Macroeconomics from the following. a. All of the options b. What is the nation’s rate of unemployment c. What is the nation’s rate of inflation d. What is the nation’s level of GDParrow_forwardIdentify each of the following topics as being part of microeconomics or macroeconomics: the impact of tax policy on national saving (a) macroeconomics (b) microeconomicsarrow_forwardIn what role do you think does savings and investments play in the economy? Explain your answer. In what way does saving and investment affect economic growth and development? Give an example and justify your answer.arrow_forward
- In this discussion, the author includes all of the below ideas EXCEPT for this one. Which of the below statements DOES NOT match with the ideas expressed by Business cycles, recessions, and how one assesses the strength and well-being of an economy Group of answer choices Economic growth is measured by the growth of the GDP -which represents the total value of all goods and services produced in an economy. China may be considered to be a richer country than the United States because China's GDP (of around $23 trillion) is bigger than the GDP of the U.S. ($20 trillion). [FYI China's population: 1.386 billion; U.S. population: 326 million] GDP is a perfect measure of human well-being and prosperity. The U.S. has a real per capita income of $60,000, while the corresponding per capita income in China was below $17,000 (both, 2017 numbers).arrow_forwardCan the government make things worse by intervening in markets? Are there other options outside the markets and government that will fix macroeconomic failure?arrow_forwardWhat creates or stimulates the rate of economic growth in the economy, in macroeconomicsarrow_forward
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