Describe the field of economics known as macroeconomics
What will be an ideal response?
Macroeconomics is the study of the nation's economy as a whole. Macroeconomics focuses on the issues of inflation, unemployment and economic growth.
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From 1980 to 2014, the average annual growth rate for the Mexican economy has been 0.8 percent. Based on that growth rate and using the rule of 70, the number of years it will take real GDP per capita to double in Mexico is approximately
A) 9 years. B) 11 years. C) 56 years. D) 88 years.
Which of the following statements is TRUE of external costs?
A) External costs should not be corrected since people will bear the costs whether they are corrected or not. B) There are no good ways to correct for the external costs. C) When external costs exist, the price of the good will be deceptively low leading to an overallocation of resources. D) External costs should only be corrected for if the correction will not increase the market price.