1. Which area of economics examines the economy as a whole and the combined effects of individual choices?
2. Which item is a main macroeconomic aggregate?
3. If consumption is 500, investment is 150, government demand is 200, exports are 100, and imports are 80, what is aggregate demand?
What does microeconomics study under ceteris paribus?
Individuals or relatively small sectors.
What does macroeconomics study?
The economy as a whole and combined effects of individual choices.
Name one main macroeconomic aggregate.
Total output.
What is the formula for aggregate demand (AD)?
.
Why is aggregation difficult in macroeconomics?
Different goods and services have different physical units.
How is real output estimated?
By deflating total output value with a price index to get constant-price output.
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