Podcast
Questions and Answers
What is the primary focus of macroeconomics?
What is the primary focus of macroeconomics?
- Individual markets and industries
- Consumer surplus and producer surplus
- The economy as a whole and national economies (correct)
- Government policies to promote competition
What is the main implication of scarcity in economics?
What is the main implication of scarcity in economics?
- Unlimited human wants and needs
- Excess supply of goods and services
- Limited availability of resources to meet unlimited human wants and needs (correct)
- Unlimited availability of resources
What type of scarcity occurs when the demand for a good or service exceeds the supply?
What type of scarcity occurs when the demand for a good or service exceeds the supply?
- Resource-induced scarcity
- Supply-induced scarcity
- Demand-induced scarcity (correct)
- Economic-induced scarcity
What is the focus of microeconomics?
What is the focus of microeconomics?
What is a key concept in microeconomics?
What is a key concept in microeconomics?
What is the primary indicator of economic growth?
What is the primary indicator of economic growth?
What is the purpose of government policies in macroeconomics?
What is the purpose of government policies in macroeconomics?
What is the primary consequence of high interest rates on businesses?
What is the primary consequence of high interest rates on businesses?
What is the primary effect of a stable exchange rate on businesses?
What is the primary effect of a stable exchange rate on businesses?
What phase of the business cycle is characterized by rapidly rising real GDP?
What phase of the business cycle is characterized by rapidly rising real GDP?
What is the definition of inflation?
What is the definition of inflation?
What is the primary determinant of interest rates?
What is the primary determinant of interest rates?
What happens to the economy when real output falls to negative in two consecutive quarters?
What happens to the economy when real output falls to negative in two consecutive quarters?
During an economic boom, what is the effect on the banking sector?
During an economic boom, what is the effect on the banking sector?
What is the primary role of banks in the economy?
What is the primary role of banks in the economy?
What is the term for the government's management of its revenues and expenditure?
What is the term for the government's management of its revenues and expenditure?
What happens to consumer spending and credit appetite during an economic recession?
What happens to consumer spending and credit appetite during an economic recession?
What is the term for the sequence of events including economic boom, economic slowdown, economic recession, and economic recovery?
What is the term for the sequence of events including economic boom, economic slowdown, economic recession, and economic recovery?
