15 Best Macroeconomics Questions and Answers (Q&A) - ProProfs Discuss

W. Mocroft, Philanthropist
Answered: Jan 02, 2019

A closed economy (and there are extremely few) means complete self-sufficiency. A closed economy means there is no trade activity with outside economies, no exports, no imports. The remote...Read More

3 Answers

1898 views

Why is the primary concern of economic studies?

A.Nancy
Answered: Mar 07, 2018

The primary concern of economic studies is with the choices that are made in seeking to use scarce resources in an efficient manner. The focus of economics is primarily on the behavior and the...Read More

2 Answers

936 views

What one should see while comparing nations economic position with other?

Chris Kenway, Content Writer
Answered: Apr 09, 2019

The correct answer to this question is B, per capita GDP. It is used to compare countries economic output to one another. It compares this by its residents. It divides the economic output by the...Read More

3 Answers

877 views

What can be concluded if the demand curve for product B shifts to the right as the price of product A declines?

F. Ray, Student
Answered: Dec 05, 2018

If the price of product A drops and the demand curve of product B shifts right, then it can easily be concluded that products A and B are complementary products. When a curve shifts right,...Read More

2 Answers

852 views

What are the differences between Real and Nominal GDP?

Muhammadakram
Answered: Jan 04, 2025

Change in price level from base year to current year

1 Answer

739 views

What is the basic proposition of the law of demand?

J. Emmerich, Web Content Writer
Answered: Dec 26, 2018

The most basic proposition of the law of demand is that as the price of a good rises, a lower quantity is demanded. This is because the law of demand is part of the supply and demand curve - that...Read More

2 Answers

725 views

Why is macroeconomics important?

W. Kaye, Ex-Marine
Answered: May 02, 2019

D is the answer to this question. You should understand what a marginal benefit is in order to know why D is the answer. This is the benefit that you can get after you have received what you have...Read More

2 Answers

648 views

What does GDP equal to in a closed economy?

Markda John
Answered: Apr 02, 2018

A closed economy, by definition, doesn’t export or import anything. Therefore, there isn’t a reason to use the net exports part of the equation. The best answer I can give for this...Read More

2 Answers

549 views

What can you conclude from this?

John Smith
Answered: Jan 04, 2025

Tomatoes and blue cheese are complements.

1 Answer

506 views

What happens when money demand is expressed in a graph with the interest rate on the vertical axis and the quantity of money on the horizontal axis, an increase in the interest rate?This...

John Smith
Answered: Jan 04, 2025

Decreases the quantity demanded of money

1 Answer

494 views

Is the following true or false? When money demand is drawn on a graph with the interest rate on the vertical axis and the quantity of money on the horizontal axis, an increase in the price level...

Hazel
Answered: May 03, 2017

True since when the level of prices is high it inreaces the cost of money

2 Answers

454 views

What is comparative advantage (in economics)?

I.Elizabeth
Answered: Feb 02, 2018

Comparative advantage is the ability of an entire group or a specific individual to carry out an economic cavity better and more efficiently than other activities. So basically doctors have a...Read More

2 Answers

396 views

Why the U.S. economy continues to engage in greater amounts of international tradeÂ except which one?

John Smith
Answered: Jan 04, 2025

NAFTA imposes requirements for increase trade between countries in North America

1 Answer

383 views

What is the diffrence between Real and Nominal GDP?

Muhammadakram
Answered: Jan 04, 2025

Change in price level from base year to current year

1 Answer

338 views

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