Question

What does macroeconomics focus on trying to understand? Check all that apply. the changes that take place within an economic system as a whole the individual interactions of producers and consumers the challenges that economic systems face, such as inflation and unemployment patterns of change within an economic system, as seen through economic models a nation’s economy in isolation, without considering how it integrates with other nations

Answer 1

Answer:

• the changes that take place within an economic system as a whole
• the challenges that economic systems face, such as inflation and unemployment
• patterns of change within an economic system, as seen through economic models
• a nation’s economy in isolation, without considering how it integrates with other nations

Explanation:

Macroeconomics studies the economy as a whole, either open or closed economies. Closed economies are those that do not interact with other countries, i.e. they do not export or import goods and services. Although most of the world's economies are open economies, that do engage in foreign trade.

Macroeconomics is a social science since it cannot perform a research study that involves everyone and every transaction in an economy because they are simply billions of them. Instead it relies on past tendencies and information to develop economic models.

Macroeconomics focuses on unemployment, growth rate, gross domestic product and inflation.

*the individual interactions of producers and consumers ⇒ this is studied by microeconomics, not macroeconomics

Answer 2

Answer:

-the changes that take place within an economic system as a whole

-the challenges that economic systems face, such as inflation and unemployment

-patterns of change within an economic system, as seen through economic models

Explanation:

Macroeconomics is the study that deals with how the overall economy behaves. It considers economy wide indices such as inflation, unemployment, price levels, rate of economic growth, national income, and gross domestic product.

Questions answered by macroeconomics include: What causes unemployment? What causes inflation? and What influences economic growth?

Macroeconomics also uses economic models to study patterns of change in the economy as a whole.