i.Classify the following issuesas relating tomicroeconomicsormacroeconomics.a)a family's decision about how much income to saveb)the effect of government regulations on automobile emissionsc)the impact of higher national savings on economic growthd)a firm's decision about how many workers to hireii.Classify each of the following statements as positive or normative.a)Society faces a short-run trade-off between inflation andunemployment.b)A reduction in the rate of money growth will reduce the rate of inflation.c)Society ought to require welfare recipients to look for jobs.d)Lower taxates encourage more work and more saving.Page 1 of 3Suppose that at the beginning of the year the Accountant of the School ofBusiness defines and outlines what he considers to be his priority expenditureii.areas as follows.itemCost(Ghs)Reference Textbooks100,000Office Spaces for lecturers50,000Refurbishment of School Auditorium50,000Projectors for Lecture Halls40,000Landscaping around School buildings60,000Upgrading of School Library100,000School Bus150,000Stationery20,000a) What does this list represent? What is the relevaof thisthe Accountant?) Assuming the Accountant receives a vote of Ghs200,000, which areas must engagehis attention? What would be the true cost of these expenditures?c) What should the Accountant do if he is given a vote of only Ghs150,000? What areche consequences of such a decision? UESTION TWoThe following are some statements. Analyze and explain the economic thinking behindnema) Mr. Aryee is considering whether to continue his education to obtain a post-graduate qualification or to enter the job market after his undergraduate studies.Page 2 of 3b) Madam Yawa plans to spend Ghs 10 to buy 20 balls of kenkey to entertain someguests she is to receive at the weekend. When enters the market she realizesthat the per unit price of kenkey is 40 Gh p.c) In a) above what do you consider to be main factors that Mr. Aryee would useinto deciding whether to continue his education or entering the job market rightaway?Mr. Aryee and Mr. Smith receive the same pay packet on a job in a month and areach faced with budgeting for the following- food, rent, clothing, entertainment andansportation. If Mr. Aryee decides to arrange these in order of food, clothing rent,ntertainment and transportation but Mr. Smith finds food, rent, clothing, entertainmentnd transportation as most feasible arrangement of his wants, what economic conceptnderlines these decisions? Explain your answer.i. The following are some given scenarios.a) In the budget presented by the government, far reaching tax rebates are providedto all classes of tax payers. A researcher therefore conductsexamine whether these tax reductions have led to a change in the consumptionpatterns of various social classes in the country. What kind of study would thisfall under? Explain your answer.a survey tob) It is an established fact in economics that for goods which are described asinferior goods, when incomes of consumers increase, consumers tend to reducetheir consumption of such goods and rather patronize goods which wouldnormally provide higher satisfaction .Suppose in Ghana, gari is seen as an inferiorgood and incomes of low income earners rise substantially as result of theintroduction of a new incomes policy. If a researcher decides to undertake astudy to verify the general preposition that as incomes rise, the consumption ofinferior goods falls, which type of economic study and what analysis is this?Justify your answer.c) Identify the type(s) of economic activities which are undertaken within thehousehold, backing your answers with practical examples.

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i. Classify the following issues as relating to microeconomics or macroeconomics. a) a family's decision about how much income to save b) the effect of government regulations on automobile emissions c) the impact of higher national savings on economic growth