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(1) Classify the following topics as relating to microeconomics or macroeconomics. (5) a. a family’s decision about how much income to save b. the effect of government regulations on auto emissions c. the impact of higher national saving on economic growth d. a firm’s decision about how many workers to hire e. the relationship between the inflation rate and changes in the quantity of money

Business anca Ayon Action Chapter 2 Understanding Basic Economics Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Learning Objectives (1 of 2) 2.1 Define economics, and explain why scarcity is central to economic decision making. 2.2 Differentiate among the major types of economic systems. 2.3 Explain the interaction between demand and supply. Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved What Is This Thing Called The Economy? (1 of 1) Economy - The sum total of all the economic activity within a given region Introd . This chapter off - A brief introduction professional's perspec - A high-level look at the stu economic systems, and the demand • Understanding basic economi successful business managen Copyright © 2017, 201 Learning Objectives (2 2.4 Identify four macroeconom understanding the behavior of 2.5 Outline the debate over de key roles that governments pla 2.6 Identify the major ways of Copyright © 2017, 2 What Is This Thing C…

Question 1 Classify the following as microeconomics or macroeconomics and provide a justification for your choice. The optimal choice of output for a firm that produces Choose. electric heaters. Choose. A worker's decision about how many hours to work. Micro, examining one individual The impact of new technology in the market for DVD recorders. Macro, examining one firm in economy The relationship between education and economic growth. Macro, examining entire economy The effect of government spending on the nation's Micro, examining one specific firm unemployment rate. Micro, examining one sector of economy Please answer all parts of the question. Macro, examining one sector in economy

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QUESTION ONE 1.1 The purpose of consumption of goods by an individual is to derive satisfaction from the consumption of these goods. Consumer goods can be classified into three main categories. Discuss these categories of goods. 1.2 Explain the meaning of a complete outward shift of the production possibility frontier. Use a diagram to substantiate your answer.

The answer to, "What goods are to be produced?" deals with: who gets the goods. how tastes and preferences are determined. how resources are combined to produce goods and services. the kinds and quantities of goods and services produced.

The table given below reports the value of sales at each stage of production of an economics book.Table 5.1 The Production of an Economics Book Production Stage Sales Value Purchase of Timber $1.25 Processing of Timber into Paper $7.75 Printing $24.50 Retail Sales of Economics Book $38.00     Refer to Table 5.1. What is the value-added by processing timber into paper?

Over the last several decades improvements in computer software, hardware and robotics have dramatically altered the ability of machines to do complex repetitive tasks. i) Discuss the implications for semi-skilled skilled workers as a result of this improvement. ii) Discuss how the cost of the new technology influences the choice of inputs used in production and the rate of adoption of the new technology.

Q.1.1 What is the cause of scarcity in the economy? (a) Limited wants and unlimited resources.(b) Limited wants and limited resources.(c) Unlimited wants and unlimited resources.(d) Unlimited wants and limited resources.Q.1.2 Which one of the following is a microeconomic issue? (a) The rate of economic growth in South Africa.(b) The price of maize in South Africa.(c) The unemployment rate in Zimbabwe.(d) The South African inflation rate.Q.1.3 What are the three major economic flows? (a) Income, spending and saving.(b) Spending, production and saving.(c) Income, saving and investment.(d) Income, spending and production.

Which of the following statements about the use of resources is NOT one of the key economic problems? Answer A firm's decision to adopt a new technology to increase productivity. Producers respond to changing demands and buying habits of consumers. Firms to ensure an equal distribution of income among society. Firms need to make decision regarding the goods to be produced.

Microeconomics Questions  (Showed in Screenshot)

Economics is a study of the usage of resources and how we can make those resources valuable under distinct captivity. It involves an intense study of production, distribution, and consumption of goods and services. Economics is not just about money; it is also about making correct choices, balancing them with the money, and improving an individual’s overall well-being. Some important MCQs on economics are given to analyse your understanding of the topic. Economics MCQsQ1. What do you mean by the supply of goods? a) Stock available for sale b) Total stock in the warehouse c) The actual production of the goods d) Quantity of the goods offered for sale at a particular price per unit of time Answer:- d Q2. What do you mean by ‘under conditions of a perfect competition in the product market’? a) MRP = VMP b) MRP > VMP c) VMP > MRP d) None of the above Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely.…

Question: Imagine a small town where all residents buy their groceries from two stores: GreenGrocer and Fresh Finds. Initially, both stores charge the same prices and have the same number of customers. One month, GreenGrocer decides to decrease the price of all their fruits and vegetables by 10% to attract more customers. Assuming the quality of goods and the level of service at both stores remain constant, answer the following: 1. What economic principle explains why customers might start shopping more at GreenGrocer than at Fresh Finds? 2. If Fresh Finds does not change its prices, what could be the likely outcome for its business? 3. How might Fresh Finds respond to GreenGrocer's price reduction to maintain its customer base?

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Question 1 Classify the following as microeconomics or macroeconomics and provide a justification for your choice The optimal choice of output for a firm that produces electric heaters Macro, examining entire economy Macro, examining one sector in economy Micro, examining one specific firm Micro, examining one individual Micro, examining one sector of the economy Macro, examining one firm in the economy   A worker’s decision about how many hours to work Macro, examining entire economy Macro, examining one sector in economy Micro, examining one specific firm Micro, examining one individual Micro, examining one sector of the economy Macro, examining one firm in the economy The impact of new technology in the market for DVD recorders Macro, examining entire economy Macro, examining one sector in economy Micro, examining one specific firm Micro, examining one individual Micro, examining one sector of the economy Macro, examining one firm in the economy The relationship between…

Macroeconomics is the branch of economics that deals with:(A) the prices of individual goods (B) important rather than trivial issues (C) how individual markets work (D) the economy as a whole

Classify the following as microeconomics or macroeconomics and provide a justification for your choice.(a) Research into why the growth rate of total production increased.(b) A theory of how consumers decide what to buy.(c) An analysis of IBM's share of the personal computer market.(d) Research on why interest rates in a country were unusually high.

Summary: In what ways does a society's values determine how it answers the question, "Who gets how much of what? THE ONLY QUESTION YOU HAVE TO ANSWER IS THE SUMMAR QUESTION ABOVE.       Central Question of Economics: "Who Gets How Much of What?"   Scarcity is a fundamental economic problem of having seemingly unlimited human wants in a world of limited resource     Who?: Who are we talking about? Who are the players in the economics world? Men, Women, Children, Governments, The Elderly, Corporations, Developed/Developing Nations   What?:What are we talking about? What are the things that an economic system produces and distributes? Property, Land, Housing, Utilities, Food, Clothes, Education, Jobs, Taxes, Healthcare, Transportation (cars, planes, etc.), Communications, and Electronic Devices How Much Of? Name other ways of saying “how much of something?” Years, Frequency, Size, Quantity, Amount

Question 9  Which of the following is/are the characteristic(s) of a household?  [i]: It represents all the people who live together and who make joint economic  decisions.  [ii]: In a mixed economy, most of the factors of production are owned by households.  [iii]: Households largely determine what goods and services are produced.  a) [i] and [ii] only  b) [i] and [iii] only  c) [ii] and [iii]  d) [i] ,[ii] and [iii]