Arrange the following topics into lists of microeconomic and macroeconomic topics:
- wages of textile workers
- cost of producing 10,000 bookcases
- the economy's annual growth rate
- national demand for fish
- the unemployment rate
- the gold futures market
- money supply
- projected inflation rate next year
A. Microeconomics: wages of textile workers, the unemployment rate, cost of producing 10,000 bookcases, the gold futures marketMacroeconomics: the economy's annual growth rate, money supply, national demand for fish, projected inflation rate next year
B. Microeconomics: wages of textile workers, cost of producing 10,000 bookcases, the economy's annual growth rate, unemployment rateMacroeconomics: national demand for fish, the gold futures market, money supply, projected inflation rate next year
C. Microeconomics: wages of textile workers, cost of producing 10,000 bookcases, the gold futures market, national demand for fishMacroeconomics: the economy's annual growth rate, the unemployment rate, money supply, projected inflation rate next year
D. Microeconomics: the economy's annual growth rate, the unemployment rate, money supply, projected inflation rate next yearMacroeconomics: wages of textile workers, cost of producing 10,000 bookcases, the gold futures market, national demand for fish
Answer: C
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A country that must decrease production of one good in order to increase the production of another
A) must be using resources inefficiently. B) must be producing on its production possibilities frontier. C) must be producing beyond its production possibilities frontier. D) must have private ownership of property.
If nominal wage rates increase by 2 percent per year and the price level increases by 5 percent per year, real wages will:
a. increase by 3 percent per year. b. increase by 5 percent per year. c. increase by 2 percent per year. d. decrease by 5 percent per year. e. decrease by 3 percent per year.