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The questions asked by the macroeconomists and microeconomists are in terms of broad aggregates.
What does macroeconomic analysis attempt to explain?
Macroeconomic analysis attempts to explain how the magnitudes of the principal macroeconomic variables are determined and how they interact.
What are the most important theories of macroeconomics?
The theories of the business cycle and economic growth.
What are the two principal tools of macroeconomic policy in the United States?
The principal tools of macroeconomic policy are monetary policy and fiscal policy.
21. What is the basic, cola of the Board, of Governors at the Federal Reserve System?
The Board of Governors of the Federal Reserve controls monetary policy.
What is the role of the Federal Reserve in the economy of the United States?
The Federal Reserve controls the supply of money and credit in a number of ways.
What is fiscal policy? What “vehicle” does it use?
Fiscal policy is one of the principal tools of macroeconomic policy. The principal vehicle of fiscal policy is the federal budget.
What is microeconomics?
Microeconomics means economics in the small.
Where is microeconomic theory used?
Microeconomic theory is used extensively in many areas of applied economics.
26. What is demand?
Demand is a key concept in both macroeconomics and microeconomics.
What prominent economists contributed to the development of the theory of demand?
Marshall (1890), Edgeworth (1881) and Pareto (1896).
28. How is it possible to show the interrelation of price and quantities consumed?
With the help of the demand curve, with price on the vertical axis and quantity on the horizontal axis.
What is “Giffen effect”?
A consumer buys more, not less of a commodity at higher prices when a negative income effect dominates over the substitution effect.
What are increases or decreases in demand?
Increases or decreases in demand are changes in the quantities that would be bought at any of the possible array of prices.
What does the shift to the right of the demand curve mean?
A shift to the right means an increase in demand?
What does the shift to the left of the demand curve mean?
A shift to the left means decrease in. demand.
33. What are opportunity costs?
Opportunity costs are both explicit and implicit costs.
What are implicit costs?
Implicit costs are mainly business costs for wages, rents, and interest.
What is competition?
Competition refers to the nature of the conditions under which individuals may trade property rights.
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