Consider the macroeconomics process/perspective. 1). Do you think it helps the economy to implement macroeconomic theories, ideas? Why? Why not?
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Consider the
1). Do you think it helps the economy to implement macroeconomic theories, ideas? Why? Why not?
2). Do you think that the macroeconomic theories and ideas are relevant to you? why? why not?
3). Do you think that macroeconomic ideas produce an economy that is more unequal across citizens? Why? Why not?
4). Do you think macroeconomic theories and ideas are too old fashioned for our current economy? Why? Why not?
Step by step
Solved in 3 steps
- 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 saving1. Classify the following as microeconomics or macroeconomics and give and provide a justification for your choice by choosing answers from A-F to fit each statement below. ,The effect of rising oil prices on employment in the airline industry. - A comparison of alternative tax policies and their respective impacts on the rate of the nation’s economic growth. - Changes in the nation's unemployment rate over short periods of time. - The effect of changes in the household saving rates on the growth rate of national income. a- Micro. Examining one firm in the economy b- Macro examining one sector in the economy c- Micro, examining one individual/household in the economy d- Macro, examining the entire economy e-Micro examining one firm in the economy f- Micro examining one sector of economy 2. Choose the most appropriate answer to fit the statements. Due to heavy rains the price of ground produces increase a- Compare the cost versus benefits in the making b- Diminishing returns c- People…Why isn’t money considered capital in economics? Which of the following are microeconomic issues? Which are macroeconomic issues? a. How will an increase in the price of Coca-Cola affect the quantity of Pepsi Cola sold? b. What will cause the nation’s inflation rate to fall c. How does a quota on textile imports affect the textile industry? d. Does a large federal budget deficit reduce the rate of unemployment in the economy? Explain the importance of the ceteris paribus assumption for an economic model. Analyze the positive versus normative arguments in the following case. What statements of positive economics are used to support the requiring of airbags? What normative reasoning is used? Should the Government Require Air Bags? Technological advances continuously provide new high-tech options to save lives that add to the price of cars, such as cameras, radar, and airbags. Airbag advocates say airbags will save lives, and the government should require them in all cars.…
- Q2: Micro VS Macroeconomics? Classify the following questions as Microeconomics or Macroeconomics and provide a justification for your choice. a) How will the market for melons be affected after Hurricane Dean? b) How much will the Trinidadian economy grow this year? c) What are the factors which determine the choice that a person makes between buying a Honda Accord or a Toyota Corolla? d) What will the inflation rate be for Belize?Which of the following is a macroeconomic issue? The price of butterThe number of new cars producedThe growth rate of total outputThe price of products sold in the steel industryThe price of cell phone service Question 8.8.When economists make the assumption that wants are unlimited, they mean that most people want more of everything.are satisfied with what they have.want more of some goods, even if they don’t want more of everything.don’t care what they have.are greedy. Question 9.9.What will cause a change along the supply curve? The supplier’s expectationsThe supplier’s costsThe price of the goodThe price of all other good? Question 10.10.Ceteris paribus, as applied in demand theory, means accounting for all possible simultaneous changes.holding constant all factors that affect demand except one.observing the real world.holding technology and resource prices constant.holding one input constant while changing the other input.Define economics, macroeconomics, and microeconomics. Discuss whether the other-things-constant assumption applies to macroeconomics and microeconomics.
- 2. Which of these is an example of a macroeconomic topic? Please choose the correct answer from the following choices Answer choices labor markets individual decision-making unemployment local environmental policyneed help with macroeconomic question 23. A Malthusian and a modern economist walk into a bar and converse as follows: MALTHUSIAN: I bet you $1,000 that I can make the average patron in this bar wealthier with a simple trick.MODERN ECONOMIST: I agree to your bet, and bet you $2,000 that I can do a better job.Thus, the Malthusian proceeds to murder half of the patrons, cleanly disposing of their bodies. The modern economist, on the other hand, replaces the bartender with a robot. How can we explain this ridiculous situation?(A) The Malthusian believes that killing people raises per-capita wealth, while the economist believes that technological improvements raise per-capita wealth.(B) The Malthusian believes that the agricultural commodities used in beer are scarce, and should be preserved; the modern economist believes that technological im- provements raise per-capita wealth.(C) There is no underlying logic to their actions.(D) The Malthusian and modern economists are both soyjacks…Which question is an example of a macroeconomic question? A. What is the level of industrial concentration in the U.S. automobile industry?B. What economic incentives can be used to reduce the cost of health care in the nation?C. What policies would be recommended for stimulating national economic growth?D. What market conditions are expected for milk in the nation this year?
- classify the following as macroeconomics or micro economics and provide a justification for your choice from the list below: a) Macro, examining one sector in economy b) Macro, examining one firm in economy, c) Macro, examining entire economy, d) Micro, examining one specific firm, e)Micro, examing one individual f)Micro, examining one sector of economy 1. a firms decision abouthow many workers to hire 2.Susans decisision about how much income to save 3.The statistical institution in your country projects a 22.5% increase in the number of workers in the healthcare industry from 2008 to 2018 4. Parliament is debating the option of implementing a value added tax (vat) as a means to cut the government deficitii. Identify each of the following topics as being part of microeconomics or macroeconomics: a.the impact of a change in consumer income on the purchase of luxury automobiles b.the effect of a change in the price of Coke on the purchase of Pepsi c.the impact of a war in the Middle East on the rate of inflation in the United States d.factors influencing the rate of economic growth. e.factors influencing the demand for tractors. f.the impact of tax policy on national saving.. Categorize the following as microeconomic or macroeconomic questions: (i) What are the differences between the dairy industry and the airline industry? (ii) Why are unemployment rates for teenagers rising? (iii) Why are prices falling in the digital camera industry? (iv) Why is the Barbados experiencing high rates of inflation? (v) How large is KFC’s share of the fast food industry? (vi) How will implementation of a minimum wage rate affect your 17 year old brother’s budget? (vii) Why are interest rates rising? (viii) Why are economic growth rates different in the Jamaica and Antigua?
