Rgdp - Study guides, Revision notes & Summaries

1. When a firm sells a good or a service, the sale contributes to the nation’s income a. only if the buyer of the good or service is a household. b. only if the buyer of the good or service is a household or another firm. c. whether the buyer of the good or a service is a household, another firm, or the government. d. We have to know whether the item being sold is a good or a service in order to answer the question. 2. Estimates of the values of which of the following non-market goods or servi...

Macroeconomics - Exam Questions scarcity exists because of: - CORRECT ANSWER-unlimited wants and limited resources the basic difference between macroeconomics and microeconomics is: - CORRECT ANSWER-micro concentrates on the behavior of the individual consumers and firms, while macro focuses on the performance of the entire country additions to human capital can be made through: - CORRECT ANSWER-improved education and on-the-job training an example of physical capital is: a - a $10...

The document contains notes that goes over the first 3 quizzes of the course and are really in depth in terms of helping you study

CHAPTER 1: Introduction to Macroeconomics MULTIPLE CHOICE 1. A central topic of study in macroeconomics is ________, while a central topic of study in microeconomics is ________. a. the cosmos; particle physics b. the overall performance of an economy; an individual market c. an individual market; the overall performance of an economy d. the performance of international trade; the individual firm e. consumer behavior; firm behavior ANS: B DIF: Easy REF: 1.1 TOP: I. MSC: Remember...

Which statement below regarding aggregate demand is true? It expresses an inverse relationship between price level and RGDP. If demand becomes more elastic, which of the following will happen, as demonstrated by the graph shown here? The incidence of the subsidy on the consumer will decrease. Select the statement below that is true of long run aggregate supply curves. There is no relationship between price level and RGDP. If an excise tax is imposed on a product, which of the following wil...

Which statement below regarding aggregate demand is true? It expresses an inverse relationship between price level and RGDP. If demand becomes more elastic, which of the following will happen, as demonstrated by the graph shown here? The incidence of the subsidy on the consumer will decrease. Select the statement below that is true of long run aggregate supply curves. There is no relationship between price level and RGDP. If an excise tax is imposed on a product, which of the following wil...

Which statement below regarding aggregate demand is true? It expresses an inverse relationship between price level and RGDP. If demand becomes more elastic, which of the following will happen, as demonstrated by the graph shown here? The incidence of the subsidy on the consumer will decrease. Select the statement below that is true of long run aggregate supply curves. There is no relationship between price level and RGDP. If an excise tax is imposed on a product, which of the following wil...