Question 24 Which of the following is a topic of macroeconomics? a) production in the automobile industry b) the distribution of a person's income between spending and saving c) the number of accountants who are unemployed d) the market price of corn e) the overall price level in the economy
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Q: John pays $1500 to Auto Body Shop to repair- his old car. Included in GDP.
A: Answer is given below
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- 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 thanksGive typing answer with explanation and conclusion 3. Economic historian Angus Maddison estimates that real GDP per capita in Western Europe in 1000 AD was $450. Restate this number as GDP per capita per day. (Assume that there are 365 days in 1000 AD. Round to two decimal places.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.
- Which question is an example of a macroeconomic question? A. What is the level of industrial concentration in the U.S. automobile industry?B. What economic incentives can be used to reduce the cost of health care in the nation?C. What policies would be recommended for stimulating national economic growth?D. What market conditions are expected for milk in the nation this year?What is the importance of studying macroeconomics in our daily lives? (80 words minimum)The South African Rand flactuates widly on a daily, weekly, monthly basis. Identify all the variables that would be used in an econometric equation that estimates the relationship between South african economic growth and exchange rates (dollar to rand). appraise each variable that is included in the model using economics theory and briefly discuss the tests used to ensure model is statistically sound.
- Hey! Need help with the following Macroeconomics question, it is divided into three smaller sub-questions. Chart it attatched below. Thank you in advance! Assume that the country Lusitania has two industries, clothing production and computer chip production. At first, both industries have identical aggregate production functions. The following table shows how the output of each industry is affected by a change in efficiency units of labor. Using the data in the table, draw a graph showing how output (on the y-axis) changes with efficiency units of labor (on the x-axis). What explains the shape of the graph? Why is it valid in this case to plot output against the efficiency units of labor and leave the stock of physical capital in the background? A Lusitanian inventor has produced a new technology that doubles the output of computer chips for any combination of capital and labor. Explain, using an equation, how this invention affects the production of computer chips. Create a new…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 uncertaintyQ57 Which of the following best describes the relationship between positive and normative statements in economics? a. Normative statements are those with which all economists agree; positive statements may give rise to some disagreement. b. Normative statements evaluate the desirability of certain economic changes; positive statements do not. c. Economists generally agree with each other regardless of whether a question is positive or normative. d. Positive and normative statements are alternate ways of describing the desirability of certain economic policies. e. Neither positive nor normative statements are concerned with the desirability of certain economic changes.
- 2. Which of the following statements is the best articulation of Malthusian dynamics?(A) “Technology will endeavour to make us increasingly less reliant upon fixed resources, since said resources can be stretched out in an exponential manner.”(B) “It is not possible that we can sustain ourselves indefinitely with fixed resources.”(C) “Since population grows exponentially, and farmland only grows linearly, human beings are cursed, in the long-term, to live in subsistence.”(D) “The wealthiest nations have the lowest population growth levels, but have also destroyed their environment with careless pollution that impedes on their ability to cultivate food.”1. Explain 5Es of macroeconomics. 2. Write about three linked models of macroeconomics. 3. How has COVID-19 pandemic impacted each of these 5Es in the short term, medium term and long termWhich 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?
