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- Classify the following as microeconomics or macroeconomics and provide a justification for your choice The impact of new technology in the market for DVD recorders The stock market plunges by 1000 points due to uncertainty The effect of government regulations on car emissions The relationship between the inflation rate and changes in the quantity of moneyGenerally speaking, managerial economics is the application of economic theory to the field of business: a) Ethics b) Management c) Practice d) All of the above.In general, managerial economics refers to the integration of economic theory with business: (A) ethics (B) management (C) practice (D)all of the above
- What is the best and the worst economic theory of adam smith as an economist?Indicate whether each of the following statements applies to microeconomics or macroeconomics: a. The unemployment rate in the United States was 5.1 percent in September 2015. b. A U.S. software firm discharged 15 workers last month and transferred the work to India.c. An unexpected freeze in central Florida reduced the citrus crop and caused the price of oranges to rise.d. U.S. output, adjusted for inflation, increased by 2.4 percent in 2014.e. Last week Wells Fargo Bank lowered its interest rate on business loans by one-half of 1 percentage point.f. The consumer price index rose by 0.2 percent from August 2014 to August 2015.Most economists believe that economic analysis _____ be made completely free of judgment, in part because it is _____ to absolutely refute a theory on the basis of factual evidence. a. Can; impossible. b. Can; possible. c. Cannot; impossible. d. Will; necessary. e. Cannot; possible.
- Economic behavior is more complex than assumed by conventional economic theory. Political economy explains the functioning of government. Behavioral economics ties psychology into human behavior. Economists assume that individuals make rational decisions. However real people are more complex. Based on what you have learned in your assigned reading, answer the following questions in your initial post: What are the human behaviors economists should observe when creating economic models? Example: people tend to find solutions that are good enough, but not the best solutions. In your responses, comment on at least two of your peers' posts and share example of how non-rational human behavior can change an economic outcome.In what way is neoclassical economics different from old and new institutional economics? Which school of thought is founded on principles that are closer to reality?Which of the following is NOT studied in microeconomics? The effects of government regulations on automobile demand. The relationship between household income and household savings. A family’s decision on how much income should save in a year. The relationship between the inflation rate and changes in the quantity of money
- Economics Outline six steps involved in formulating an econometric model.Discuss the major tenets of neoclassical school by Alfred Marshall, JOHN GUSTAV KNUT WICKSELL, IRVING FISHER, RALPH GEORGE HAWTREY, PIERO SRAFFA, EDWARD HASTINGS CHAMBERLIN, and JOAN ROBINSONThe second Nobel Memorial Prize in Economics was awarded to Paul Samuelson in 1970. Explain some of his contributions to the development of modern economics.
