Which of the Following Is a Macroeconomic Statement

question 71

Multiple Choice

Which of the following is a macroeconomic statement?

• A) Unionized workers for Ford went on strike for higher wages.
• B) The price of wheat doubled in the past month.
• C) Forest fires destroyed thousands of hectares in Western Canada.
• D) The demand for smart phones increased by 10% this year
• E) National output fell by 1% last year.

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Definitions:

Inflation

The rate of increase in the general price level for goods and services, leading to a decline in buying power.

Inflation

The pace at which the average price for goods and services climbs, weakening the capacity to purchase.

Uncertainty

A situation where the outcomes or consequences of an action, decision, or event are unknown.

Incentive

A factor, often a reward or a penalty, that motivates individuals or organizations to perform certain actions or behave in a desired way.