39. A price taker:

a. takes the price to the market.

b. controls the market price.

c. accepts the market price and decides

whether and how much to buy or sell. d. accepts the market quantity and sets price. c. the sales of beer. d. none of the above.

40. A macroeconomist would study the:

a. price of cars.

b. the market for shoes.

SHORT ANSWER

1. What types of economic issues do macroeconomists study?

2. How is the annual inflation rate calculated?

3. What is the rate of growth of real GDP?

4. Describe what happens when demand or supply increase in a market.

5. What are exogenous and endogenous variables?