Which of the following can best be characterized as a subject of macroeconomics? an examination of the production of a good O an examination of how a change in demand or supply impacts the price of a good an examination of specialization an examination of monetary policy ✰
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- The basic difference between macroeconomics and microeconomics is that? a.macroeconomics is concerned with policy decisions, while microeconomics applies only to theory. b.microeconomics is concerned with the forest (aggregate markets), while macroeconomics is concerned with the trees (subcomponents). c.macroeconomics is concerned with the forest (aggregate markets), while microeconomics is concerned with the individual trees (subcomponents). d.opportunity cost is applicable to macroeconomics, and the fallacy of composition relates to microeconomics.Classify the following as microeconomics or macroeconomics and provide a justification for the choice 1. Airlines projects a drastic reduction in international travel for this quarter. This might result in the layoffs of workers 2.The impact of an increase in the price of computer chips on the market for personal computers 3. The relationship between the inflation rate and changes in the quantity of money 4. The decision by Mc Donald's to hire fewer workers because of an increase in the minimum wageIndicate whether each of the following statements applies to microeconomics or macroeconomics:a. The unemployment rate in the United States was 4.9 percent in January 2008.b. A U.S. software fifirm discharged 15 workers last month and transferred the work to India.c. An unexpected freeze in central Florida reduced the citrus crop and caused the price of oranges to rise.d. U.S. output, adjusted for inflflation, grew by 2.2 percent in 2007.e. Last week Wells Fargo Bank lowered its interest rate on business loans by one-half of 1 percentage point.f. The consumer price index rose by 2.8 percent in 2007.
- . 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?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 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.
- 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?Classify the following as microeconomics or macroeconomics and choose a justification for your choice from the options below. 1. Toyota is contemplating increasing the production of SUVs based on projected future consumer demand. a. Micro, examining one sector of economy b. Macro, examining one sector in economy c. Marco, examining entire economy d. Micro, examining one specific firm e. Macro, examining one firm in economy f. Micro, examining one individual 2. The impact of an increase in the price of computer chips on the market for personal computers. a. Micro, examining one sector of economy b. Macro, examining one sector in economy c. Marco, examining entire economy d. Micro, examining one specific firm e. Macro, examining one firm in economy f. Micro, examining one individual 3. The relationship between the inflation rate and changes in the quantity of money. a. Micro, examining one sector of economy b. Macro, examining one sector in economy c. Marco, examining entire economy…Indicate whether each of the following statements applies to microeconomics or macroeconomics: a. The unemployment rate in the United States was 5.1 percent in September 2015. b. A U.S. software firm discharged 15 workers last month and transferred the work to India.c. An unexpected freeze in central Florida reduced the citrus crop and caused the price of oranges to rise.d. U.S. output, adjusted for inflation, increased by 2.4 percent in 2014.e. Last week Wells Fargo Bank lowered its interest rate on business loans by one-half of 1 percentage point.f. The consumer price index rose by 0.2 percent from August 2014 to August 2015.
- Which of the following explains the difference between microeconomics and macroeconomics? (A) microeconomics studies the impact of government taxes on the national unemployment rate (B) macroeconomics studies the impact of government regulation and taxes on the price of individual commodities and services while microeconomics does not (C) use different sets of tools and ideas (D) microeconomics studies the decisions of individuals and firms and macroeconomics studies the entire economyClassified the following as microeconomics or macroeconomic and provide a justification for your choice Telsa announced the development of a million-male electric car battery that is ready to launch. Micro, examining one sector of economy Macro, examining one sector in economy Macro, examining one firm in economy Macro, examining entire economy Micro, examining one specific firm Micro, examining one individual Airlines project a drastic reduction in International travel for this quarter. This might result in the layoff of worker. Micro, examining one sector of economy Macro, examining one sector in economy Macro, examining one firm in economy Macro, examining entire economy Micro, examining one specific firm Micro, examining one individual The government issued stimulus cheques to citizens to offset effects of covid-19 Micro, examining one sector of economy Macro, examining one sector in economy Macro, examining one firm in economy Macro, examining entire…Which of the following is a macroeconomic issue? The price of butterThe number of new cars producedThe growth rate of total outputThe price of products sold in the steel industryThe price of cell phone service Question 8.8.When economists make the assumption that wants are unlimited, they mean that most people want more of everything.are satisfied with what they have.want more of some goods, even if they don’t want more of everything.don’t care what they have.are greedy. Question 9.9.What will cause a change along the supply curve? The supplier’s expectationsThe supplier’s costsThe price of the goodThe price of all other good? Question 10.10.Ceteris paribus, as applied in demand theory, means accounting for all possible simultaneous changes.holding constant all factors that affect demand except one.observing the real world.holding technology and resource prices constant.holding one input constant while changing the other input.
