Macroeconomics_ Introduction to Macroeconomics

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Macroeconomics approaches the study of economics from the viewpoints of the entire economy.

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the entire economy

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The three major macroeconomic goals do not include: full employment, price level stability, sustained economic growth, high levels of environmental quality

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high levels of environmental quality

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A country is said to be experiencing inflation when…

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Prices of most goods and services are rising over time

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Which of the following is a macroeconomics statement? The price of Ipad increase about 8.5%. The inflation rate of Malaysia is 3.1% in 2012. FELDA profit increases every year. The price of chicken increasing during Chinese New Year.

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The inflation rate of Malaysia is 3.1% in 2012.

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The three major normative macroeconomic goals do not include ________________.

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High levels of environmental quality.

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What type of GDP is calculated with the current year's prices? Options: Nominal GDP, Real GDP, GDP per capita

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Nominal GDP

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High levels of GDP per capita indicate...

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Higher standard of living

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Mark always changes his own oil.  Is this effort counted in GDP?

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No - Non-market Activity

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What does Per Capita Mean?

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Per Person

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The Income Approach of Calculating GDP includes...

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All Income made from selling all final goods.