Macroeconomics Is the Branch of Economics That Concerns

question 83

Multiple Choice

Macroeconomics is the branch of economics that concerns

• A) the behavior of individual actors in the economy
• B) output in a specific industry
• C) the overall health of the economy
• D) the federal government only
• E) prices in a specific industry

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Definitions:

Exports

Goods or services produced in one country and sold to buyers in another, contributing to the selling country's national income.

Imports

Goods or services brought into one country from another for sale or use.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing between options.

Comparative Advantage

The ability of an individual, firm, or country to produce a certain good or service at a lower opportunity cost than others.