Question: Macroeconomic policies are government policies designed to affect:

Answer: the performance of the economy as a whole.

Question: The degree to which people have access to goods and services that make their lives easier, healthier, safer, and more enjoyable is called the:

Answer: standard of living

Question: If Country A and Country B have the same total output, then the standard of living in these two countries can be different depending on:

Answer: population size

Question: Average labor productivity

Answer: output per EMPLOYEE

Question: When jobs are hard to find, profits are low, few wage increases are given, and many companies go out of business, the economy is most likely in a(n):

Answer: recession

Question: Government actions designed to affect the performance of the economy as a whole are called _______ policies.

Answer: macroeconomic

Question: “Any tax cut to increase demand for output should favor lower-income people” is a ______ statement about ______ policy

Answer: normative; fiscal

Question: Government actions designed to affect the performance of the economy as a whole are called _______ policies.

Answer: macroeconomics

Question: The standard of living in an economy is best measured by:

Answer: output per person

Question: The process of steady increase in the quantity and quality of goods and services the economy can produce is called:

Answer: economic grownth