Which of the following is a topic studied in macroeconomics?
A) how the wheat industry determines how much wheat to grow
B) the effect on economic growth if the government raises taxes
C) the impact of labor unions on wages
D) the pricing decisions in the computer hardware industry
E) the impact of higher prices for gasoline on the number of SUVs people buy
B
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A government budget surplus is
A) a situation in which the supply of goods in the economy is greater than the demand for goods. B) a situation in which the amount spent by the government is greater than the amount collected in taxes. C) the public debt. D) an excess of revenues over government spending.
Assume that Economy A and Economy B have the same resources, but that individuals in Economy A have specialized whereas individuals in Economy B have not. Given this information, you can determine that
A) Economy A will have a higher output than Economy B. B) Economy A will have a lower output than Economy B. C) Economy A and Economy B will have identical outputs. D) individuals in Economy A will have lower incomes than individuals in Economy B.