Macro final - Study guides, Class notes & Summaries

Macro Final UPDATED Actual Exam Questions and CORRECT Answers Sue Holloway was an accountant in 1944 and earned $12,000 that year. Her son, Josh Holloway, is an accountant today and he earned $210,000 in 2017. Suppose the price index was 17.6 in 1944 and 218.4 in the current year. Refer to Scenario 24-1. In real terms, Josh Holloway's income amounts to about what percentage of Sue Holloway's income? - CORRECT ANSWER- 141 percent

The study of economics arises due to - correct answer-Scarcity Economics is the study of the _______ people make to attain their goals, given their ______ resources. - correct answer-Choices; scarce Which of the following best describes an assumption economists make about human behavior? - correct answer-They assume that rational behavior is useful in explaining choices people make even though people may not behave rationally all the time. Consider the following statements: 1. Consume...

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Macro Final Actual Exam Questions and CORRECT Answers In the circular-flow diagram, which of the following is not a factor of production? - CORRECT ANSWER-- Money To say that a price ceiling is nonbinding is to say that the price ceiling - CORRECT ANSWER-- is set above the equilibrium price.

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