Macroeconomics Questions

Principles of Macroeconomics Questions

100 word answers, 8 questions

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1. How are inflation and unemployment related in the short run?

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2. How is economics a science?

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3. Explain how absolute advantage and comparative advantage differ.

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4. What is a competitive market? Briefly describe a type of market that is not perfectly competitive.

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5. Define the price elasticity of demand and the income elasticity of demand.

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6. Explain why economists usually oppose controls on prices.

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7. Explain how buyers’ willingness to pay, consumer surplus, and the demand curve are related.

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8. When does a country become an exporter of a good? An importer?

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