Two questions:
1. If I have a content page and a master page and I put this inside my content page:
<%@ OutputCache ...%>
Content page only will be cached; unless that content page is using the master page, in which case master page also will be cached.
Unlike a content page you can't use OutputCache
directive for master page. See the below links
Cache Master Page in ASP.NET
http://www.dotnetperls.com/output-cache
http://forums.asp.net/t/1236981.aspx
The whole page is cached.
Edit
You can use user controls to cache portions.
As by the comments, if you want to cache all pages that are using a specific master page, you need the following code in the master page
protected void Page_Load(object sender, EventArgs e)
{
Response.Cache.SetExpires(DateTime.Now.AddMonths(1));
Response.Cache.SetCacheability(HttpCacheability.ServerAndPrivate);
Response.Cache.SetValidUntilExpires(true);
}