Macroeconomics is the study of
a. the behavior of large firms in the marketplace
b. the economic behavior of individual decision makers
c. the behavior of the economy as a whole
d. how to use the fewest natural resources to produce goods and services
e. government's role as a stabilizing influence on the economy
C
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For a product with external benefits that is produced in a competitive, unregulated market, how can the resulting market output be described?
A) underproduction compared to the efficient level B) overproduction compared to the efficient level C) production equals the efficient level D) Underproduction or overproduction are both possible depending on whether the external benefit is to consumption or production. E) None of the above is correct.
In Figure 10-5 above, suppose that the economy's steady-state point is C. At points to the left of this, steady-state investment ________ national saving, moving the economy ________ point C
A) exceeds, further away from B) exceeds, closer to C) falls short of, further away from D) falls short of, closer to