# Macroeconomics Questions

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Macroeconomics
Basic Macroeconomic Concepts
GDP can be calculated by summing: O consumption, investment, government purchases, exports, and imports. O consumption, investment, wages, and rents. O consumption, investment, government purchases, and imports: O investment, government purchases, consumption, and net exports.
Macroeconomics
Basic Macroeconomic Concepts
In 2018, Rwanda exported \$98 million and imported products valued at \$243 million. Rwanda has a(n): unfavorable balance of trade negative balance of payment negative balance of trade negative trade deficit positive trade deficit
Macroeconomics
Basic Macroeconomic Concepts
Venezuela can grow and sell cut flowers for floral bouquets more easily and more cheaply than most other countries can produce the same flowers. When it comes to flowers, Venezuela has a(n): total advantage advantageous competency absolute advantage comparative advantage core strength
Macroeconomics
Basic Macroeconomic Concepts
Suppose a Cobb-Douglas Production function is given by the following: P(L, K)= 50L0.6K0.4 where L is units of labor, K is units of capital, and P(L, K) is total units that can be produced with this labor/capital combination. Suppose each unit of labor costs \$900 and each unit of capital costs \$2,700. Further suppose a total of \$270,000 is available to be invested in labor and capital (combined). A) How many units of labor and capital should be "purchased to maximize production subject to your budgetary constraint? Units of labor, L = Units of capital, K = B) What is the maximum number of units of production under the given budgetary conditions? (Round your answer to the nearest whole unit.) Max production = units
Macroeconomics
Basic Macroeconomic Concepts
12. If efficiency wages became more common, A. both the long-run Phillips curve and the long-run aggregate supply curve would shift right. B. both the long-run Phillips curve and the long-run aggregate supply curve would shift left. C. the long-run Phillips curve would shift right, and the long-run aggregate supply curve would shift left. D. the long-run Phillips curve would shift left, and the long-run aggregate supply curve would shift right.
Macroeconomics
Basic Macroeconomic Concepts
When the Fed conducts open-market purchases, A. it buys Treasury securities, which increases the money supply. B. it buys Treasury securities, which decreases the money supply. C. it borrows money from member banks, which increases the money supply. D. it lends money to member banks, which decreases the money supply.
Macroeconomics
Basic Macroeconomic Concepts
Which of the following would be an example of an oligopolistic market? A. a domestic wheat market B. air travel C. the software industry D. electrical power for residential consumers
Macroeconomics
Basic Macroeconomic Concepts
Why does the government need to handle market failures? (1 point) The natural forces of a free market do not tend to fix market failures. Market failures occur when goods or services are excludable. Market failures indicate a scarcity of resources, so it must be managed. The natural forces of a free market tend to over correct for market failures.
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