1. An analysis of unemployment rates in Sweden can be described as an applicatio
ID: 388541 • Letter: 1
Question
1. An analysis of unemployment rates in Sweden can be described as an application of:
A- Macroeconomics B- unemployment C-Microeconomics D-Inflation
2.A market economy includes which following characteristic?
A- resources and businesses are owned by the government B- income is based on governmental guidelines C- There is no private party D- Economic desicion making happens through economics
3.Which of the following events can shift the level of demand (demand is the relationship between price and quantity demanded)?
A- population grows as a particular market area B- supply increases or decreases C- Government subtitles D- Price of the good changes
Explanation / Answer
1. An analysis of unemployment rates in Sweden can be described as an application of:
Answer: A- Macroeconomics
Explanation- The Macroeconomists research about a nation’s long term economic growth or factors such as labor productivity, interest rates, etc. The analysis of the unemployment rates in Sweden helps to determine the nation’s productivity or the economic growth.
2. A market economy includes which following characteristic?
Answer - D- Economic decision making happens through economics
Explanation- A market economy is also known as free enterprise economy in which the government has limited role. Most of the economic decisions are made by the buyers and sellers in the economy and not guided or decided by the government.
3. Which of the following events can shift the level of demand (demand is the relationship between price and quantity demanded)?
Answer- A- population grows in a particular market area
Explanation- When the population increases the level of demand changes. In other words, demand is directly proportional to the population growth in the particular market area. Microeconomics is not the correct choice as it deals with the study of behavior of individuals and firms who make decisions regarding the allocation of scarce resources.
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