Macroeconomists Analyze

question 160

Multiple Choice

Macroeconomists analyze:

• A) the role of labor unions in industries.
• B) the effect of a tariff on the demand for a good.
• C) the factors that influence the spending decisions of particular households.
• D) the impact of unemployment on the growth rate of an economy.
• E) the factors that affect the output decisions of individual firms.

Identify and describe skewed distributions and their characteristics.

Understand the impact of outliers on measures of central tendency.

Describe the characteristics of a normal distribution curve.

Understand the concept of correlation and how it does not imply causation.

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Definitions:

Productivity

The measure of efficiency depicted as the ratio of total output produced to a total input used, often used to gauge the efficiency of production or economic performance.

Occupational License

A form of certification or permit indicating that an individual is qualified to carry out a specific job or profession.

Labor Market

The supply and demand for labor, where employers seek to hire workers and workers look for jobs.

Purely Competitive Market

A purely competitive market is an economic theory describing a market where many sellers offer identical products, leading to prices being determined by supply and demand.