Microeconomics differs from macroeconomics in that microeconomics focuses on:     government policies designed improve the performance of the national economy.     the performance of the entire economy.     the choices made by individuals and the implications of those choices.     issues such as inflation, unemployment and economic growth.

Q: Which of the following is a positive, rather than a normative, statement?a. Law X will reduce…

A: There are two types of statements in economics, which are : Positive statement or positive economics…

Q: Macroeconomics is the study of

A: The following are the two major branches of economics: 1. Microeconomics  2. Macroeconomics

Q: All economic models are wrong. Yet, we study models in order to answer economic questions. Explain.

A: In economics, economic agents have to make rational choices so that the limited resources in the…

Q: Microeconomics is the study of individuals and business decisions, while macroeconomics looks at the…

A: Microeconomics is a branch of economic behavior where micro-units or individual economic behavior is…

Q: Which of the following statements are normative or positive? Explain your answer. Unemployment rate…

A: 1. Unemployment rate will increase for the next quarter.  Positive Statement

Q: The emergence of Covid-19 should affect developing countries more adversely than technically…

A: A normative statement is a statement that stresses an opinion or belief that is not based on facts…

Q: The term capital, as used by economists, refers to a   money b   the physical space in which…

A: In economics, the term capital is used in economic activity when an individual or a firm wants to…

Q: Classify the following as macroeconomic or Microeconomics and provide a justification for your…

A: Answer: Introduction: Microeconomics: it refers to the study of individual firms and individuals…

Q: Normative economics is:    a. An investigation or statement about the norms and culture of other…

A: The study about the scarce allocation of resources among the people of the society is referred to as…

Q: Normative Statements   Question 1 options:   attempt to describe how the world actually is or…

A: Normative Statements are those statements that individuals make regarding any economic policies or…

Q: Differentiate macroeconomics from microeconomics by citing instances in the various economic…

A: Economics can be defined as the science which studies human behaviour as a relationship between…

Q: What does Microeconomics primarily examine?   Question 3 options:   the behaviour of households but…

A: Meaning of Economics: The term economics refers to the situation under which there remain…

Q: Behavioral economics is the field of economics that

A: Behavioral Economics is the branch of economics that studies the effects of psychological and social…

Q: Economics as a science was separated from society :  a) by the Classical School b) by the…

A: The social science of economics is concerned with how people engage with value, specifically the…

Q: An economist who studies the sales and profits of a large corporation would be classified as a(n)…

A: An economist is an expert who studies relationship between society's resources and output.

Q: Which of the following statements is normative?     Large government deficits cause an economy to…

A: In economics, the way a statement is written or explained is important to understand its validity…

Q: NBER stands for ____________ and is responsible for ________________. a National Bureau of…

A: NBER stands for National Bureau of Economic Research is a private organization that aims to…

Q: Explain how microeconomics differs from macroeconomics. Which of the following headlines, taken from…

A: Economics is all about the well-being of individuals with jobs and also the individuals without…

Q: he study of economics was known by what name from its earliest inception?     political science…

A: Economics refers to the branch of knowledge related with the production, consumption, and transfer…

Q: The application of data analytics to microeconomics could  a) improve a firm's decision-making as…

A: Microeconomics: It is the study of an individual firm, individual consumer decision regarding the…

Q: 36. Which of the following statements is FALSE?     a) positive economics focuses on the way the…

A: Positive economics(PE) deals with economic problems that are actually solved. It can be proved with…

Q: Which of these is an example of a macroeconomic topic? Please choose the correct answer from the…

A: Microeconomics studies the behavior of individual economic units of the economy, i.e., individual…

Q: Business economics bridges the gap between abstract theory and business practice." Outline the…

A: Business Economics:- It is crucial to our everyday economic lives and company operations. Every day,…

Q: Which one is not issued in Macroeconomics

A: CONSUMER'S EQUILIBRIUM isn't included within the macro economics. it's a micro economic property…

Q: Microeconomics definition. Discuss in detail the major terms used in these definitions.

A: Economics is divided into two groups, microeconomics and macroeconomics. Microeconomics is the study…

Q: Economic models must mirror reality or they are of no value.  When economists make normative…

A: 1. The given statement is false. The economic models are considered as the simplifications of the…

Q: macroeconomics multiple choice question 28. Country A has a GDP-per-capita of $500, and Country B…

A: Gross domestic product per capita is gross domestic product separated by midyear populace. Gross…

Q: Which of the following is a normative economic statement? a. The national unemployment rate in…

A: Normative statement is a statement that is subjective in nature and is based on one's opinion and…

Q: Name and explain at least five macroeconomics objectives

A: Macroeconomics is the study of whole or aggregate things. For example, Macroeconomics studies the…

Q: Macroecomics is an aggregate of what happens at the microeconomics level. Would it be possible for…

A: Yes, it is possible that the events at macro level are different from that at the micro level. Micro…

Q: The study of macroeconomics covers these economic problems except________. a. Changing behavior of…

A: Macroeconomics is when we study a complete nation's economy as a whole.

Q: Business economics bridges the gap between abstract theory and business practice. It uses the tools…

A: Managerial economics is a stream of economics that deals with the applicational aspects and theories…

Q: What are the four main elements of macroeconomics

A: Macroeconomics is the broader study in the field of economics which mainly deals with issues and the…

Q: Macroeconomics is an aggregate of what happens at the microeconomic level. Would it be possible for…

A: The study of economy as a whole, sum of individual actions is macroeconomics.Results of individual…

Q: How modern macroeconomics is different from traditional macroeconomics?

A: The modern study and analysis of macroeconomics starts with how microeconomics units, consumers and…

Q: Compare and contrast Macroeconomics and Microeconomics. Give specific details and examples.

A: Microeconomics  Microeconomics deals with the study of economy at an individual level…

Q: The rich should pay higher income tax rates than the poor" is an example of a_________. a. Normative…

A: A normative statement is opinion-based and it says a value judgement if the statement is desirable…

Q: Which of the following statements are examples of positive economic analysis? Which are examples of…

A: Positive analysis is objective, renders itself to empirical validation and answers "What is".…

Q: Which of the following is NOT one of the key fundamental economic questions of an Economic System?…

A: 26) An economic system is any system which is made up by assigning its scarce resources.

Q: The economic perspective refers to:         macroeconomic phenomena, but not microeconomic…

A: Economics is a social science covering the processing, delivery, and consumption of goods and…

Q: In a command economy, the government has no role in the economy and makes no economic decisions.…

A: There are four types of economic systems: 1) Command Economies 2) Market Economies 3) Traditional…

Q: Which of the following BEST describes macroeconomics? It analyzes the aggregate effects on the…

A: Answer: Macroeconomics: The macroeconomy studies the impact of decisions taken by firms and…