Macroeconomics, as opposed to microeconomics, includes the study of what determines the level of
A) employment in a specific industry.
B) employment in the economy.
C) output of a specific firm.
D) output of a specific industry.
Answer: B
Economics
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Typically, the lower the level of income per person in a country, the lower the level of spending per person on health care. This relationship between income and spending indicates that health care is a
A) luxury. B) inferior good. C) necessity. D) normal good.
Economics
If you were building a macroeconomic model that explores the effect of the aging population on the needed expenditure for Social Security and Medicare, the exogenous variable(s) would be the
A) aging population. B) needed expenditure on Social Security. C) needed expenditure on Medicare. D) needed expenditure on both Social Security and Medicare.
Economics