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Macroeconomics Sophia Unit 1 Exam/40 questions and answers/100% Scores
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Macroeconomics Sophia Unit 1 Exam/40 questions and answers/100% Scores
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Macroeconomics Sophia Unit 1Exam/40 questions and
answers/100% Scores
Microeconomics involves decisions made by - -firms and households
-Which of the following statements describes macroeconomics? - -It looks at
the overall ups and downs of the economy
-Macroeconomics would include the study of - -national infrastructures
-Macroeconomists look at __________ to study the overall health of the
economy. - -economic indicators
-Which of the following topics can macroeconomics help a person
understand? - -The impact of global trade
-Studying macroeconomics helps us learn about the value and limitations of
__________, which occurs across nations, typically involving foreign exchange
transactions. - -Global trade
-In the circular flow diagram, households - -purchase final goods and
services
-In the circular flow model, governments - -produce some final goods and
services
-In the circular flow model, what do firms purchase? - -Labor from
households
-The business cycle period in which the economy shows growth is the period
of - -expansion
-A __________ is a decline in economic activity that lasts more than a few
months and is visible in __________. - -recession; real GDP
-When GDP growth is at its maximum, given current resources, the business
cycle is said to be in which phase? - -Peak
-GDP is best described as - -the value of economic activity that takes place
in a country in a given year
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