Institutions:
A) are mostly outside of human control.
B) place constraints on human behavior, and these constraints may not be absolute.
C) cannot be changed over time.
D) do not affect incentives.
Question 2
Which of the following is a macroeconomic statement?
A) Real domestic output of seafood increased 12 percent from 2015 to 2016.
B) The U.S. inflation rate was two percent in 2016.
C) The price of cell phones decreased by 18 percent last year.
D) Motorcycle manufacturer productivity decreased by three percent in 2016.
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