Which of the Following Is Not a Macroeconomic Statement

question 16

Multiple Choice

Which of the following is not a macroeconomic statement?

• A)The unemployment rate for the United States rose to 5 percent in the last quarter.
• B)The Federal Reserve lowered interest rates at its last meeting.
• C)Congress increased the minimum wage rate in January.
• D)Jenny's wage rate rose,and in response,she decided to work more hours.

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Definitions:

Output

The total amount of goods or services produced by a firm or country.

Marginal External Cost

The cost of producing one additional unit of a good or service that is borne by someone other than the producer or consumer, such as environmental pollution.

Marginal Social Cost

The total cost to society of producing one additional unit of a good, including both private costs and externalities.

Equilibrium Price

The price at which the quantity of a product offered for sale equals the quantity of that product in demand.