Macroeconomics is best defined by which of the following statements?
A) Macroeconomics is the study of individual economic units.
B) Macroeconomics is the study of how the prices of individual goods are determined.
C) Macroeconomics is the study of how firms strive to maximize their profits.
D) Macroeconomics is the study of the economy as a whole.
Correct Answer:
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Q48: Economists typically assume people act as if
Q49: If people make their choices rationally,then
A)the behaviour
Q50: Economists assume people behave rationally.Rationality means that
Q51: In economics,the idea that individuals respond predictably
Q52: In his book "An Inquiry into the
Q54: One topic of study for a microeconomist
Q55: A decision made by a rational individual
A)never
Q56: In building economic models,economists assume people behave
A)instinctively.
B)rationally.
C)irrationally.
D)greedily.
Q57: A macroeconomist would be most likely to
Q58: Macroeconomics often relies on microeconomic analysis because
A)microeconomics
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