• Micro vs. Macro • Microeconomics – the study of how individual households and firms make decisions and how they interact with one another in markets. • Macroeconomics – the study of the economy as a whole. – Its goal is to explain the economic changes that affect many households‚ firms‚ and markets at once. • The Two Groups of Economists • Macroeconomists • Focus on the economy as a whole. • Spend much time analyzing how total income changes and how changes in income cause changes in
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U.S. Productivity and Economic Growth during 1980s – 2000s This class is macroeconomics‚ which is a part of economics that is the field of economics that studies the behavior of the aggregate economy. Macroeconomics examines economy-wide phenomena such as changes in unemployment‚ national income‚ rate of growth‚ gross domestic product‚ periods of inflation and price levels. Many changes have occurred in the U.S. productivity and economic growth since the 1980s. There have been periods of
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Macroeconomics‚ 7e (Abel/Bernanke/Croushore) Chapter 1 Introduction to Macroeconomics 1.1 What Macroeconomics Is About 1) The two major reasons for the tremendous growth in output in the U.S. economy over the last 125 years are A) population growth and low inflation. B) population growth and increased productivity. C) low unemployment and low inflation. D) low inflation and low trade deficits. Answer: B Diff: 1 Topic: Section: 1.1 Question Status: Previous Edition 2) The
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Chapter 38: Nursing Management: Vascular Disorders Test Bank MULTIPLE CHOICE 1. When discussing risk factor modification for a 63-year-old patient who has a 5-cm abdominal aortic aneurysm‚ the nurse will focus discharge teaching on which patient risk factor? a. Male gender b. Turner syndrome c. Abdominal trauma history d. Uncontrolled hypertension ANS: D All of the factors contribute to the patient’s risk‚ but only hypertension can potentially be modified to decrease the patient’s risk for further
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The Fundamentals of Macroeconomics Before being able to grasp what economics has to offer it is important to understand the terms and concepts that are frequently used in economic. This paper will consist of two parts‚ part one will explain six terms; gross domestic product (GDP)‚ real GDP‚ nominal GDP‚ unemployment rate‚ inflation rate‚ and finally interest rate. Part two will consist of describing how three economic activities‚ such as purchasing of groceries‚ massive layoff of employees‚ and
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to eliminate business cycles. (d) wages and prices don’t adjust quickly‚ so the economy is slow to return to equilibrium. Answer: B 4. (4 points) The country of Old Jersey produces milk and butter‚ and it has published the following macroeconomic data‚ where quantities are in gallons and prices are dollars per gallon. | |2003 | |2004 | |Good |Quantity |Price | |Quantity
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Fundamentals of Macroeconomics ECO/372 Principles of Macroeconomics Alisha Wisniewski May 28‚ 2013 David Aloyan Part 1 Using Resource: Figure 3-1 in Ch. 3 of Macroeconomics 1. Gross Domestic Product – Is value of how much every household and a business can produce within the United States in a year. 2. Real GDP – The dollar amount of money made by businesses‚ government‚ and households combined. 3. Nominal GDP – GDP without taking in account other factors like inflation. It
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Macroeconomics I Spring 2012 Homework 5 Instructor: Dang Vu‚ Ph.D. Student name: Student ID: Due date: 04/26/12 Part I: Multiple Choice Questions: (60 points) Choose the best answer (1) among the choices for each question. Please make sure you understand the economics behind all answers rather than just copying your friend’s answers! I will ask you to explain your answer in class. Failure to explain your answer even though you did it right in your homework will lead to deduction of
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Fundamentals of Macroeconomics Lisa Rasch ECO/372 June 18th‚ 2012 Sigmund Karczewski Fundamental of Macroeconomics Part 1 * Gross Domestic Product (GDP)- GDP is the value of all goods and services that have been produced in a country within a period of time. * Real GDP- Real GDP refers to the value of all goods and services that has been adjusted for inflation or deflation. * Nominal GDP- Nominal GDP refers to the value of all goods and services that has not been adjusted for
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The Bank of England (BoE) finds itself at a crossroads in terms of its record low interest rate that stands as an attempt to spur Aggregate Demand (AD)‚ The overall demand for all products in an economy at any given price level‚ in spite of an inflation rate of 2.7% that is above the target rate of 2%. BoE recognizes that in a period of extended economic contraction it is important to spur AD as any decrease in AD results in a loss of real output (RGDP). BoE only has the ability to do this using
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