Macroeconomics is the study of
a. how wages are determined in a specific labor market
b. how to use the fewest natural resources to produce public goods
c. what is happening in the economy as a whole
d. how consumers and producers interact in individual markets
e. the price and the quantity exchanged in a market
C
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Suppose that business firms spend $500 million on new capital equipment this year. Of this $500 million, $300 million was spent on domestically produced capital and $200 million was spent on foreign-produced capital
All else equal, these transactions contribute ________ to GDP. A) $500 million B) $300 million C) $800 million D) $200 million E) $0
Which of the following describes the vicious circle of poverty?
a. Because resources are limited, all economies eventually become poor. b. In the long run, economies cycle between being rich and being poor.c. For an economy to grow requires more consumption goods, which requires less capital goods, which means it will eventually become poor d. Due to excessive consumption, rich economies will destroy their resource base and eventually become poor. e. Poor economies are poor because they do not produce sufficient capital goods, and without the production of sufficient capital goods, they remain poor.