Question 1
Which of the following statements is
false?
◦ The rate of change in economic activity is used to assess whether an economy is expanding or contracting.
◦ Short-term ups and downs in the economy are known as business cycles.
◦ During a recession, output and employment are falling.
◦ Business cycles are always symmetric—the length of an expansion is the same as the length of a contraction.
Question 2
Macroeconomics
◦ studies the behavior of individual consumers, firms and markets.
◦ involves the interaction between different countries in specific markets.
◦ studies the behavior of the economy as a whole.
◦ deals with both individual decisions and the sum of those individual decisions.
Bade & Parkin, Foundations of Macroeconomics, 8th Edition
Macroeconomics (6th Edition)
Macroeconomics
Principles of Macroeconomics and MyEconLab
Macroeconomics, 8th Edition