The SMSA is based on____________________?
Correct answer: B. one or more counties containing at least one city of 50,000 residents or two cities totaling 50,000
- A. a town smaller than 2500 residents
- B. one or more counties containing at least one city of 50,000 residents or two cities totaling 50,000
- C. a town of 10,000 and surrounding counties
- D. a city of at least 100,000 residents and its suburbs
Explanation
An SMSA was historically defined around one or more counties containing a city of at least 50,000 people, or two cities whose combined population reached 50,000. The other choices use population thresholds that do not match the standard definition.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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