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Suppose that the following headlines appeared in a newspaper. Which would most clearly represent a
O a. "United Workers Union to Strike April 15"
O b. "Central Bank Raises Interest Rates"
O. "Fanny's Freeze Dried Prunes to Lay Off 50 Workers"
O d. "Auto Dealership to Cut Prices"
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- 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.Micro VS Macroeconomics? Classify the following questions as Microeconomics or Macroeconomics and provide a justification for your choice. a) How will the market for melons be affected after Hurricane Dean? b) How much will the American economy grow this year? c) What are the factors which determine the choice that a person makes between buying a Honda Accord or a Toyota Corolla? d) What will the inflation rate be for Belize?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?
- Which of the following is a macroeconomic topic? a. Whether the army should buy more tanks or more rockets b. the reasons for the rise in average prices c. the reasons for a rise in the price of orange juice d. why plumbers earn more than janitorsClassify the following topics as telating to microeconomics or macroeconomics and briefly explain why? a. A family decision about how much income to save. b. The effect of government regulations on auto emissions. c. The impact of higher national saving on economic growth. d. A firms decision about how many workers to hire. e. The relationship between the inflation ratr and changes in quantity of money.Which of the following is NOT a macroeconomics statement? A) The price of wheat declined last year. B) The general price level increased by 4 percent last year. C) Unemployment was 9.8 percent of the labor force last year. D) The real domestic output increased by 2.5 percent last year.
- Why isn’t money considered capital in economics? Which of the following are microeconomic issues? 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 to fall c. How does a quota on textile imports affect the textile industry? d. Does a large federal budget deficit reduce the rate of unemployment in the economy? Explain the importance of the ceteris paribus assumption for an economic model. Analyze the positive versus normative arguments in the following case. What statements of positive economics are used to support the requiring of airbags? What normative reasoning is used? Should the Government Require Air Bags? Technological advances continuously provide new high-tech options to save lives that add to the price of cars, such as cameras, radar, and airbags. Airbag advocates say airbags will save lives, and the government should require them in all cars.…1. Classify the following topics as relating to microeconomics or macroeconomics. a. A family’s decision about how much income to save b. The effect of government regulations on auto emissions c. The impact of higher national saving on economic growth d. A firm’s decision about how many workers to hire e. The relationship between the inflation rate and changes in the quantity of money 2. Classify each of the following statements as positive or normative. Explain. a. Society faces a short-run trade-off between inflation and unemployment. b. A reduction in the rate of money growth will reduce the rate of inflation. c. The Federal Reserve should reduce the rate of money growth. d. Society ought to require welfare recipients to look for jobs. e. Lower tax rates encourage more work and more savingQ2: Micro VS Macroeconomics? Classify the following questions as Microeconomics or Macroeconomics and provide a justification for your choice. a) How will the market for melons be affected after Hurricane Dean? b) How much will the Trinidadian economy grow this year? c) What are the factors which determine the choice that a person makes between buying a Honda Accord or a Toyota Corolla? d) What will the inflation rate be for Belize?
- . Categorize the following as microeconomic or macroeconomic questions: (i) What are the differences between the dairy industry and the airline industry? (ii) Why are unemployment rates for teenagers rising? (iii) Why are prices falling in the digital camera industry? (iv) Why is the Barbados experiencing high rates of inflation? (v) How large is KFC’s share of the fast food industry? (vi) How will implementation of a minimum wage rate affect your 17 year old brother’s budget? (vii) Why are interest rates rising? (viii) Why are economic growth rates different in the Jamaica and Antigua?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 wholeTick (√) in the appropriate column to indicate whether each of the following statements belong to microeconomics or macroeconomics. Statements Microeconomics Macroeconomics a. Salmah allocates her time between leisure and work. b. The unemployment rate in China had decreased since the implementation of open economy. c. The price of meat has increased as a result of higher tariff rate. d. It is anticipated that demand for cars will rise since the government had raise the income of civil servant. e. The inflation rate of Malaysia was 2.9% in the year 2013.