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Chapter 1: Q 14. (page 25)

What are the three main goals of macroeconomics?

Short Answer

Expert verified

The three main goals of macroeconomics are:

  1. Low Inflation
  2. Low Unemployment
  3. Growth in the Standard of Living

Step by step solution

01

Step 1. Defining Macroeconomics

Macroeconomics remains the department of economics that deals with the economy as a whole. It concentrates on overall problems such as unemployment, inflation, and development.

02

Step 2. Concept of Low inflation 

The first main goal of macroeconomics is Low Inflation.

Inflation stands for the increase in the normal price level. Macroeconomics desires to regulate the rate of inflation.

03

Concept of Low Unemployment 

The second main goal of macroeconomics is low Unemployment

Unemployment stands in a condition when an individual is seeking a job but cannot discover a paid job. Macroeconomics analyses elements that will improve the rate of occupation in the economy.

04

Concept of the Growth of Standard of Living 

The second main goal of macroeconomics is the growth of Standard of Living

The economic development of the nation is defined by the average living of that country. Macroeconomics examines the elements that influence the standard of living and concentrates on enhancing it.

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Most popular questions from this chapter

Why might Belgium, France, Italy, and Sweden have a higher export to GDP ratio than the United States?

In what ways is your standard of living different from that of your parents and grandparents when they were your age? Why have these changes occurred?

Give three examples of important tradeoffs that you face in your life.

What is inflation and what causes it?

If a central bank uses the tools of monetary policy to reduce the demand for goods and services, the likely result is __ inflation and __ unemployment in the short run.

  1. Lower; lower
  2. Lower; higher
  3. Higher; higher
  4. Higher; lower
See all solutions

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