Macro 1.1-Scarcity MC Open Practice

Last updated 9 months ago

7 questions

1

Last updated 9 months ago

7 questions

1

Macroeconomics deals with:

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the question of how a business unit should operate profitably.

bits and pieces of the economy.

government economic policy to reduce unemployment.

individual decision-makers in the economy.

they cannot provide enough goods or services to satisfy all human material wants and needs at zero cost.

they have no opportunity cost.

the value of the best alternative forgone in making any choice.

the benefit derived from a product.

Government has grown too large and should be reduced.

Government should be subject to the same rules as all other institutions.

Corporate CEO's are overcompensated and corrupt.

X is positive; Y is positive; Z is positive

X is normative; Y is positive; Z is normative

X is normative; Y is normative; Z is normative

the cost is easy to measure in dollar terms.

the cost of that choice could be referred to as opportunity cost.