Assignment
Q1. How will Ms. Martin's tips change when a large manufacturing plant near the restaurant where she works closes?
a. the study of macroeconomics
b.the study of both macroeconomics and microeconomics
c. the study of microeconomics
d. the study of neither macroeconomics nor microeconomics
Q2. What will happen to spending by consumers when the economy enters a downturn?
a.the study of both macroeconomics and microeconomics
b. the study of microeconomics
c. the study of neither macroeconomics nor microeconomics
d. the study of macroeconomics
Q3.. How will the price of oranges change when a late frost damages Florida's orange groves?
a.the study of both macroeconomics and microeconomics
b.the study of neither macroeconomics nor microeconomics
c.the study of microeconomics
d.the study of macroeconomics
Q4. How will wages at a manufacturing plant change when its workforce is unionized?
a. the study of neither macroeconomics nor microeconomics
b. the study of both macroeconomics and microeconomics
c. the study of macroeconomics
d. the study of microeconomics
Q5. What will happen to U.S. exports as the dollar becomes less expensive in terms of other currencies?
a. the study of macroeconomics
b. the study of both macroeconomics and microeconomics
c. the study of microeconomics
d. the study of neither macroeconomics nor microeconomics
Q6. What is the relationship between a nation's unemployment rate and its inflation rate?
a. the study of both macroeconomics and microeconomics
b. the study of microeconomics
c. the study of neither macroeconomics nor microeconomics
d. the study of macroeconomics
Q7. a. Before the Great Depression, the conventional wisdom among economists and policy makers was that the economy is largely self-regulating.
Q7. This view was ______with Keynesian economics.
a. inconsistent
b. consistent
Q8. The effect of the Great Depression on conventional wisdom was to:
reinforce it.
a. shift it to the Keynesian view.
b. There was no effect.
Q9. The response of policy makers during the 2001 recession was _____ the actions of policy makers during the Great Depression.
a. the same as
b. different from
Q10. In the United States, economists assign the task of identifying recessions to:
a. the National Bureau of Economic Research (NBER).
b. the Federal Reserve.
c. Congress.
Q11. This is ____ the approach used in many other countries.
a. the same as
b. different from
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.