C) major topics of microeconomics.
D) peculiar to socialistic economies.
47) Which of the following statements pertains to macroeconomics?
A) Because the minimum wage was raised, Mrs. Beepath decided to enter the labour force.
B) A decline in the price of soybeans caused farmer Wanek to plant more land in wheat.
C) The national productivity rate grew by 1.4 percent last year.
D) The Pumpkin Center Chartered Bank increased its interest rate on consumer loans by 1 percent.
48) Macroeconomics can best be described as the:
A) analysis of how a consumer tries to spend income.
B) study of the large aggregates of the economy or the economy as a whole.
C) analysis of how firms attempt to maximize their profits.
D) study of how supply and demand determine prices in individual markets.
49) Which of the following is a macroeconomic statement?
A) The gross profits of all Canadian businesses were $70 billion last year.
B) The price of beef declined by 3 percent last year.
C) General Motors' profits increased in 2012.
D) The productivity of steelworkers increased by 1 percent in 2012.
50) A positive statement is one which is:
A) derived by an abstract generalization.
B) suggestive of what should be done.
C) subjective and is based on a value judgment.
D) objective and is also based on facts.
51) Which of the following is a positive statement?
A) The humidity is too high today.
B) It is too hot to jog today.
C) The temperature is 30 degrees today.
D) I enjoy summer evenings when it cools off.
52) A positive statement is concerned with:
A) some goal which is desirable to society.
B) what should be.
C) what is.
D) the formulation of economic policy.
53) A normative statement is one which:
A) is based on the law of averages.
B) pertains only to microeconomics.
C) pertains only to macroeconomics.
D) is based upon value judgments.
54) Which of the following is a normative statement?
A) The temperature is high today.
B) The humidity is high today.
C) It is too hot to play tennis today.
D) It will cool off later this evening.