ECO_365_Final_Exam.docx

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1) An economist who is studying the relationship between the money supply, interest rates, and the rate of inflation is engaged in A. microeconomic research B. macroeconomic research C. theoretical research, because there is no data on these variables D. empirical research, because there is no economic theory related to these variables 2) A basic difference between microeconomics and macroeconomics is that microeconomics A. focuses on the choices of individual consumers, while macroeconomics considers the behavior of large businesses B. focuses on financial reporting by individuals, while macroeconomics focuses on financial reporting by large firms C. examines the choices made by individual participants in an economy, while macroeconomics considers the economy's overall performance D. focuses on national markets, while macroeconomics concentrates on international markets 3) The distinction between supply and the quantity supplied is best made by saying that A. the quantity supplied is represented graphically by a curve and supply as a point on that curve associated with a particular price B. supply is represented graphically by a curve and the quantity supplied as a point on that curve associated with a par

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