The main goal of macroeconomic research is to
A) predict how the macroeconomy will perform in the future.
B) analyze current macroeconomic data.
C) develop new data that can be used to understand better the operation of the economy.
D) make general statements about how the economy works.
D
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The currencies of Poland and Iceland (the zloty and the krona, respectively) declined in value relative to the euro following the financial crisis of 2008. This means that the
A) zloty and krona appreciated in value against the euro. B) euro depreciated in value against the zloty and the krona. C) zloty and krona depreciated in value against the euro. D) zloty depreciated in value against the krona. E) Both A and B are correct.
While in college, John and Bethany each buy five packages of mac-n-cheese per week. After they graduate and have full-time jobs, John buys six packages per week, but Bethany buys only two packages per week. When looking at income elasticity of demand for mac-n-cheese, John's
a. is negative, and Bethany's is positive. b. is positive, and Bethany's is negative. c. is zero, and Bethany's approaches infinity. d. approaches infinity, and Bethany's is zero.