Economics is mainly classified into ......................... a) Macroeconomics b) Business studies c) Both Macroeconomics and Microeconomics d) Microeconomics
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- a)
Macroeconomics - b)
Business studies
- c)
Both Macroeconomics and
Microeconomics - d)
Microeconomics
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- 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 wholeClassify the following as microeconomics or macroeconomics and choose a justification for your choice from the options below. 1. Toyota is contemplating increasing the production of SUVs based on projected future consumer demand. a. Micro, examining one sector of economy b. Macro, examining one sector in economy c. Marco, examining entire economy d. Micro, examining one specific firm e. Macro, examining one firm in economy f. Micro, examining one individual 2. The impact of an increase in the price of computer chips on the market for personal computers. a. Micro, examining one sector of economy b. Macro, examining one sector in economy c. Marco, examining entire economy d. Micro, examining one specific firm e. Macro, examining one firm in economy f. Micro, examining one individual 3. The relationship between the inflation rate and changes in the quantity of money. a. Micro, examining one sector of economy b. Macro, examining one sector in economy c. Marco, examining entire economy…Tick (√) in the appropriate column to indicate whether each of the following statements belong to microeconomics or macroeconomics. Statements Microeconomics Macroeconomics a. Salmah allocates her time between leisure and work. b. The unemployment rate in China had decreased since the implementation of open economy. c. The price of meat has increased as a result of higher tariff rate. d. It is anticipated that demand for cars will rise since the government had raise the income of civil servant. e. The inflation rate of Malaysia was 2.9% in the year 2013.
- In economics, positive statements are about_______ A the way things ought to be B the way things are. C macroeconomics, not microeconomics D.microeconomics, not macroeconomicsWhy will economics never be an exact science? No sciences are exact. It studies the actions of people, and human behavior is very hard to predict. You may not conduct experiments on people. It is a physical science, and physical sciences are usually not exact.Which of the following is NOT a macroeconomics statement? A) The price of wheat declined last year. B) The general price level increased by 4 percent last year. C) Unemployment was 9.8 percent of the labor force last year. D) The real domestic output increased by 2.5 percent last year.
- Define economics, macroeconomics, and microeconomics. Discuss whether the other-things-constant assumption applies to macroeconomics and microeconomics.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.Which of the following is a macroeconomic topic? a. Whether the army should buy more tanks or more rockets b. the reasons for the rise in average prices c. the reasons for a rise in the price of orange juice d. why plumbers earn more than janitors
- The fundamental reason to study economics is to study ____. how choices are made how production is determined how countries trade with each other how finances are determinedDescribe 10 principles of economics. Explain what questions economics addresses, as well as the principles of how the economy works. Touch such points as gross domestic product (GPD), the flow of money and goods, and the consumer price index (CPI). inii. 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.
