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- 1. Which of the following is not a normative statement?a. The military budget should increase at the same rate as GDP.b. The government should play a limited economic role, ensuring that private contracts are enforced.c. Integrated schooling has increased the level of literacy among minority groups.d. A tax on imported oil should be used to reduce the government deficit.1. Classify the following as microeconomics or macroeconomics and provide a justification for your choice. a. The effect of rising oil prices on employment in the airline industry. b. A comparison of alternative tax policies and their respective impacts on the rate of the nation’s economic growth. c. Changes in the nations unemployment rate over short periods of time. d. The effect of changes in household saving rates on the growth rate of national income.Explain the three types of macroeconomic policies that can be used to intervene in economies? what goals are pursued on our behalf?
- 3 In your own words , summarize the main idea of 4 selected macroeconomic schools of thoughts , to your knowledge .Which is microeconomics or macroeconomics? a) A comparison of alternative tax policies and thier respective impacts on the rate of the nation's economic growth b) the effect of government regulations on car emissions c) the decision by Mc Donalds to hire fewer workers becuase of an increase in the minimum wage d) the stock market plunges by 1000 points due to uncertaintyHello: Which of the following best describes a microeconomic question? (A) What is the value of US dollar in terms of other foreign currencies? (B) Should a particular firm enter a market? (C) Is the company of Japan in a recession? (D) What is the value of the goods and services that the United States produces every year? (E) What is the aggregate price level in an economy?
- A. You have been employed as policy maker to the federal government of your country. Discuss some of the major roles you are expected to perform. B. Distinguish between economic policy objectives, instruments and institutions. C. Outline the main functions of economic policy.1. Classify the following topics as relating to microeconomics or macroeconomics. 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 2. Classify each of the following statements as positive or normative. Explain. a. Society faces a short-run trade-off between inflation and unemployment. b. A reduction in the rate of money growth will reduce the rate of inflation. c. The Federal Reserve should reduce the rate of money growth. d. Society ought to require welfare recipients to look for jobs. e. Lower tax rates encourage more work and more savingEconomic Models? a. are essential representations of the real world b. are used to explain how people think c. are never used for making economic projections or predictions d. are used to explain how people behave