Question 1Classify the following as microeconomics or macroeconomics and provide a justification for your choice The optimal choice of output for a firm that produces electric heatersMacro, examining entire economyMacro, examining one sector in economyMicro, examining one specific firmMicro, examining one individualMicro, examining one sector of the economyMacro, examining one firm in the economy A worker’s decision about how many hours to workMacro, examining entire economyMacro, examining one sector in economyMicro, examining one specific firmMicro, examining one individualMicro, examining one sector of the economyMacro, examining one firm in the economyThe impact of new technology in the market for DVD recordersMacro, examining entire economyMacro, examining one sector in economyMicro, examining one specific firmMicro, examining one individualMicro, examining one sector of the economyMacro, examining one firm in the economyThe relationship between education and economic growthMacro, examining entire economyMacro, examining one sector in economyMicro, examining one specific firmMicro, examining one individualMicro, examining one sector of the economyMacro, examining one firm in the economyThe effect of government spending on the nation’s unemployment rateMacro, examining entire economyMacro, examining one sector in economyMicro, examining one specific firmMicro, examining one individualMicro, examining one sector of the economyMacro, examining one firm in the economy Question 2Implementation and enforcement of the seat belt law has resulted in an increase in the number of accidentsWhich core principle is represented in this scenario (if any) ?Scarcity, Cost and opportunity costCompare the cost versus the benefit in making decision incentive principle.This situation does represent a core principlePeople are responding to an incentiveAdding more variable factor to a given fixed factorCost-benefit analysisDiminishing returnsScarce resource so choice has to be madeExplanationScarcity, Cost and opportunity costCompare the cost versus the benefit in making decision incentive principle.This situation does represent a core principlePeople are responding to an incentiveAdding more variable factor to a given fixed factorCost-benefit analysisDiminishing returnsScarce resource so choice has to be made

Question

Question 1Classify the following as microeconomics or macroeconomics and provide a justification for your choice The optimal choice of output for a firm that produces electric heatersMacro, examining entire economyMacro, examining one sector in economyMicro, examining one specific firmMicro, examining one individualMicro, examining one sector of the economyMacro, examining one firm in the economy A worker’s decision about how many hours to workMacro, examining entire economyMacro, examining one sector in economyMicro, examining one specific firmMicro, examining one individualMicro, examining one sector of the economyMacro, examining one firm in the economyThe impact of new technology in the market for DVD recordersMacro, examining entire economyMacro, examining one sector in economyMicro, examining one specific firmMicro, examining one individualMicro, examining one sector of the economyMacro, examining one firm in the economyThe relationship between education and economic growthMacro, examining entire economyMacro, examining one sector in economyMicro, examining one specific firmMicro, examining one individualMicro, examining one sector of the economyMacro, examining one firm in the economyThe effect of government spending on the nation’s unemployment rateMacro, examining entire economyMacro, examining one sector in economyMicro, examining one specific firmMicro, examining one individualMicro, examining one sector of the economyMacro, examining one firm in the economy Question 2Implementation and enforcement of the seat belt law has resulted in an increase in the number of accidentsWhich core principle is represented in this scenario (if any) ?Scarcity, Cost and opportunity costCompare the cost versus the benefit in making decision incentive principle.This situation does represent a core principlePeople are responding to an incentiveAdding more variable factor to a given fixed factorCost-benefit analysisDiminishing returnsScarce resource so choice has to be madeExplanationScarcity, Cost and opportunity costCompare the cost versus the benefit in making decision incentive principle.This situation does represent a core principlePeople are responding to an incentiveAdding more variable factor to a given fixed factorCost-benefit analysisDiminishing returnsScarce resource so choice has to be made

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