Explain whether each of the following is an example of a macroeconomic concern or a microeconomic concern.1. Ford Motor Company is contemplating increasing the production of full-size SUVS based on projected future consumer demand2. Congress is debating the option of implementing a value added tax as a means to cut the federal deficit.3. The Federal Reserve announces it is increasing the discount rate in an attempt to slow the rate of inflation.4. The Bureau of Labor Statistics projects a 22.5 percent increase in the number or workers in the healthcare industry from 2008 to 2018.

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Answered: Explain whether each of the following…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter1: The Role And Method Of Economics

Section: Chapter Questions

Problem 4P

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Question 1a. Explain whether each of the following is an example of a macroeconomic or amicroeconomic problem:i. Tesla is interested in decreasing the production of its Model X vehiclebased on projected revenue. ii. Government officials in St. Lucia are contemplating the implementationof a higher income tax to finance the budget. iii. The Central Bank of Trinidad and Tobago announced an increase in theirpolicy rate in the fight against rising inflation. iv. Jeff Bezos ranks in the top 10 of the world’s richest individuals with anet worth of US$126.5 billion. b. Explain whether the following statements describes a change in demand or achange in quantity demanded, and specify whether each change represents anincrease or a decrease.i. Following a clearance sale (30% reduction in prices), Hilo Supermarketsees a 60% increase in sales. ii. An increase in the price of washing machines at Singer ApplianceTraders, resulted in a reduction in the sales of dryers. iii. Following reports of an…
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