In Macroeconomic Analysis,the Representative Consumer

question 55

Multiple Choice

In macroeconomic analysis,the representative consumer

• A) denotes the consumer with the average amount of income.
• B) plays the role of a stand-in for all consumers in the economy.
• C) is the consumer who bargains with firms for all workers in the economy.
• D) is always a misleading fiction.

---

Definitions:

U.S. Justice Department

The federal executive department responsible for the enforcement of the law and administration of justice in the United States.

Free Market

An economic system based on supply and demand with little or no government control, where the prices of goods and services are determined freely by the open market.

Reciprocity

A social norm of responding to a positive action with another positive action, fostering mutual benefit and exchanges in relationships or transactions.