Macroeconomics is the study of while microeconomics studies the overall economic activity and prices; an individual firm, household, or market an individual firm; the overall economic performance of a nation consumer choices; government behavior the overall economic performance of the world; the economy of a single country firm choices; market behavior
Q: A decrease in income should: Select one: Shift demand for an inferior product inwards Shift supply…
A: Inferior goods are those goods which are low quality products and it's income effect is negative.
Q: Why are you unable to draw an indifference curve for lexicographic preferences, describe with a…
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Q: A consumer has the utility function U=x0.2 y0.8 he price of xis $2, price of y is $4 and she a…
A: utility function refers that it is a function by which we measure the utility or satisfaction of the…
Q: Your income increased by 20%. The resultant impact on your demand curve is Select one: No changes…
A: Introduction: The demand for a commodity depends on various factors including its own price. In the…
Q: If the elasticity of supply is greater than one, the supply curve wouldbe____ what is the correct…
A: Price Elasticity of Supply measures the percentage change in quantity supplied due to percentage…
Q: a. What do the the three reg b. What do the unemploym- c. Do these nur force particip
A: The unemployment rate tells that for a fast-growing economy the unemployment rate decreases…
Q: With continuous compounding at 8% for 20 years, what is the approximate future value of a $20,000…
A: Given information, Interest rate (r): 8% Time period (n): 20 Present value (P): $20,000 Compounding…
Q: me graph shows the aggregate demand curve in a representative economy. uppose that there is…
A: Aggregate demand depicts the inverse relationship between price level and real GDP. Aggregate…
Q: 12 Commodity currencies are less prone to inflation since they have value as commodities and thus…
A: 12) There are two types of currencies that exist. Fiat currency and commodity currency. Fiat money…
Q: What is meant by a change in supply, and change in quantity supplied?
A: The idea of supply is used in economics to estimate the volume of a good or service produced by…
Q: what are the two most significant issues that occur for the current marginalist theory of the…
A: An important question that may be asked about production functions is how it responds to the…
Q: a. The equilibrium price level and real GDP in this economy are respectively OA. 80; $10 trillion.…
A: Price level in economics refers to inflation or the purchasing power of money. In other words,…
Q: When does the supply of loanable funds increase? The supply of loanable funds increases when…
A: Financial institutions acts as intermediaries between the lenders and the borrowers . The deposits…
Q: During the second stage of the law of diminishing marginal returns: Group of answer choices 1.…
A: Law of diminishing marginal utility A theoretical perspective known as the rule of declining…
Q: Economic surplus measures the value of a decision's: total costs minus its net benefits. O total…
A: The total benefit is the benefit associated with a decision. The total cost is the cost associated…
Q: Explain what happens to the official measure of GDP in each of the following situations. a. Air…
A: GDP refers to the final goods and services produced in an economy during a particular period of…
Q: If Samantha's income is reduced to zero after she loses her job, her consumption will be ________…
A: If Samantha's income is reduced to zero after she loses her job, her consumption will be greater…
Q: play golf, and try out for a major league baseball team. Under what circumstances will a labor…
A: In case of labor supply, when the money income of the laborers increases the supply of labor falls.…
Q: Why does the government intervene in the market for labor? What are the consequences of its…
A: Government intervention is important for the growth of an economy and for promoting economic…
Q: Economists in Funlandia, a closed economy, have collected the following information about the…
A: Private savings are the total of household and business savings.
Q: Question Match the term to its correct definition. Column A 1. 2 3. 4. 5. 6. O a b nt) What happens…
A: a) Column A shows terms of International trade , which are defined in column B.
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A: Two part tariff is followed by monopoly firm to maximize the profit. The consumer has to pay one…
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A: Introduction A pre-roll ad is a video advertisement that automatically plays directly before a…
Q: If the capital per worker in the economy is 4 units and the capital per effective worker is 2 units,…
A: Given Capital per worker is 4 units and capital per effective worker is 2 units. KL=4 and KEL=2…
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A: Demand is the quantity of the items that consumers are demanding at a specific price and time.…
Q: Partial equilibrium and supply curve: Explain Sraffa’s critique of the Marshallian industry supply…
A: Partial Equilibrium is defined as an analysis which only takes into consideration the effects of a…
Q: Economists in Funlandia, a closed economy, have collected the following information about the…
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Q: Can you draw( i need a graphs) labor supply function : U(c,l)=log(c)+log(l) where, c-represents the…
A: Given Utility function: U(c,l)=log(c)+log(l) .......(1) Given market wage w=10 Total…
Q: 3. Suppose that at present total currency in the Philippine economy is presently PHP5.5 trillion,…
A: The total amount of money that is either held by the general public as legal tender or that is held…
Q: Q4. Current demand for apples in a city is 1000 boxes per week. In the city, price elasticity of…
A: The price elasticity of demand measures the responsiveness of percentage change in quantity demanded…
Q: The price of milk at the local grocery store is cut by 10%. The quantity of milk demanded increases…
A: Absolute of of price elasticity of demanded show below
Q: Jerry's utility function is U(x,y) = (5x + y )18. Find Jerry's MRS (for good X in terms of good Y)…
A: The quantity of a good that a consumer is prepared to consume in comparison to another good,…
Q: If the equation for the demand curve is Q = 450 – 25P and the equation for the supply curve is Q =…
A: Equilibrium is where demand curve intersects to supply curve. i e. Demand= Supply
Q: To pay off your student loan, you must pay $10,000 at the end of the year for the next three years.…
A: Introduction Present value (PV), also known as present discounted value, is the value of an expected…
Q: Under the cross elasticity of demand between two complementary products___ a) None of the above b)…
A: The demand for a commodity also depends on the price of related goods. Related goods are usually…
Q: references satisfy strong monotonicity and strict convexity. It is also true that for Lea A-E Which…
A: Monotonic preference is when a customer favours a package that has more of each good.
Q: The balance of the trade shows a deficit of 6500. The value of the exports are 4200 crore what would…
A: The balance of the trade is usually defined as the merely distinction merely and gradually between…
Q: Make 1 demand graph and 1 supply graph to plot the data in the table Suppose that the aggregate…
A: A macroeconomic model is the AD-AS, or aggregate demand-aggregate supply model. The aggregate…
Q: Is the sentence above is it true or false?
A: Utility refers to the total amount of satisfaction derived from the consumption of a good or…
Q: v) Illustrate your answer to (iii) on a graph, include your indifference curve, the budget…
A: Given Pizzas and soda is consumed in fixed proportion as 3 pieces of pizzas with 2 cups of soda.…
Q: Consider the aggregate supply and demand diagram with x = Quantity Real GDP and y=Inflation Rate.…
A: The AD-AS framework refers to the economic model that is used to explain the equilibrium in the…
Q: Use one new firm diagram with ATC, MC, and AVC to show when a decrease in demand will not lead a…
A: The cost curves are drawn in the following diagram. Fig 1 If the…
Q: a. If a large increase in investment increases labor productivity, explain what happens to: i.…
A: Investment and productivity have a positive link at the macro level, thus it seems sense to assume…
Q: In case of perfect competition, a firm attains maximum satisfaction when MC curve cut MR curve. Is…
A: Perfect competition is the market structure with large buyers and sellers. The market structure…
Q: A person has made an arrangement to borrow $1,000 now and another $1,000 two years hence. The entire…
A: A single amount/lump sum amount is characterized as a solitary total amount of cash. A single amount…
Q: Consider the following market for CFC-11, a known ozone-depleting substance: Demand: Q=15-1.5P…
A: In economics, economic equilibrium is a situation in which economic forces such as supply and demand…
Q: Apply the classical theory. Consider a hypothetical economy described below: Y=C+I+G C = 50+cY - T I…
A: Introduction A classical economy is considered a closed economy. Here net export is not included.…
Q: Consider a short-run IS-LM model where MPC =0.75. Suppose that taxes are initially given by T=1500.…
A: A decline in per unit tax levied by the government causes a reduction in the production cost and…
Q: In the graph you've just made, what happens if the real interest rate is 4 percent per year? A. The…
A: In loanable fund market, the real rate of interest is determined by the intersection of demand and…
Q: Explain why the alternative of the industry supply curve based on constant returns is not viable…
A: Marshalls Theory of Value is defined as a theory which tends to combine marginal utility with the…
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- Which is microeconomics or macroeconomics? a) A comparison of alternative tax policies and thier respective impacts on the rate of the nation's economic growth b) the effect of government regulations on car emissions c) the decision by Mc Donalds to hire fewer workers becuase of an increase in the minimum wage d) the stock market plunges by 1000 points due to uncertaintyExplain how Macroeconomics course helps you better demonstrate the value of studying Microeconomics in context.Macroeconomics deals with:a) the behaviour of firmsb) the activities of individual unitsc) economic aggregatesd) the behaviour of the electronics industry
- ii. 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.Question 1Define the difference between following terms :i) Microeconomics versus Macroeconomicsii) Normative statements versus positive statementsiii) Change in Supply versus change in quantity suppliediv) Law of Demand versus law of supplyv) Determinants of Demand versus determinants of Supplyvi) Opportunity cost versus Marginal costvii) Price Elasticity of Demand versus Cross-Price Elasticity of Demand.viii) Perfect competition versus competitive marketsix) Invisible hand theory versus price controlsx) ‘Free lunch’ versus ‘there’s no such thing as free lunch’xi) ‘How people make decisions’ versus ‘How people interact’ Note: kindly answer the all above terms with example if you want upvote for your answer thanksMacroeconomics is the study of a. the behavior of large firms in the marketplace b. the economic behavior of individual decision makers c. the behavior of the economy as a whole d. how to use the fewest natural resources to produce goods and services
- 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 wholeBelow are three 3 microeconomics statement condition(MESC). Identity the type of economic system. Enumerate one advantage and one disadvantage per statement/condition and explanations. 1. The state regulates income inequalities. 2. The government intervenes to try to reduce market failure. 3. No one is responsible for trying to eliminate unemployment.In one or two sentences, define of each of the following terms and briefly explain their economic significance or their importance to the study of Macroeconomics.a. Opportunity Costsb. The Law of Diminishing Marginal Returnsc. Property Rights
- Which of the following are microeconomicissues? 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 tofall?c. How does a quota on textile imports affectthe textile industry?d. Does a large federal budget deficit reduce therate of unemployment in the economy?Macroeconomics focuses on: A.The economy as a whole B.Individual decisions C.Wages D.The allocation of scarce resourcesDiscuss purpose and importance of studying economics. Also discuss the scope of microeconomics and macroeconomics and their interdependence ?