Macroeconomics is the branch of economics that concerns
a. the behavior of individual actors in the economy
b. output in a specific industry
c. the overall health of the economy
d. the federal government only
e. prices in a specific industry
C
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Which of these faulty economic policies was adopted by President Hoover during the Great Depression?
a. An increase in tax rate b. An increase in trade barriers c. A decrease in tax rate d. A decrease in government spending e. An increase in government spending
Since the value of the multiplier is always at least 1, which of the following is correct?
a. The size of the vertical shift in the aggregate expenditure line is always equal to the change in GDP b. The size of the vertical shift in the aggregate expenditure line is always less than the change in GDP c. The size of the vertical shift in the aggregate expenditure line is always greater than the change in GDP d. The size of the vertical shift in the aggregate expenditure line is always equal to or smaller than the change in GDP e. The MPC is always bigger than 1