EBK PRINCIPLES OF MACROECONOMICS
12th Edition
ISBN: 9780134079592
Author: Oster
Publisher: YUZU
expand_more
expand_more
format_list_bulleted
Question
Chapter 1, Problem 2.2P
To determine
Micro economic and macro-economic statements.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Analyze whether each of the following is primarily a microeconomic or a macroeconomic issue:
a) Setting the price for a cup of coffee.
b) Measuring the impact of tax policies on total household spending in the economy
i need the answer quickly
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 economy
Knowledge Booster
Similar questions
- "Whether it's a husband and wife at their dinner table, whether it's a small or large business, or a government, economic principles are all the same: you have to spend less than you make" - State Representative Tom Forese (R., Arizona) in 2011. Explain what's wrong with this idea from a macroeconomic point of view. HTML Editor B IUA A 工E 三三三 xx 三E 田 回 深 T 1 12pt Paragraparrow_forwardWhy 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.…arrow_forwardWhy is the law of demand and the law of supply a useful economic model?arrow_forward
- Classified 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…arrow_forwardWhich of the following best demonstrates the influence of economic factors on consumer decision-making? a. A consumer buys a Lexus after her neighbors and garden club pals each buy one. b. A married couple with three young children purchase a minivan. c. A blue collar worker holds off on buying a new truck, pending potential layoffs at work. d. A young professional buys a utility vehicle for off-road exploring.arrow_forwardFoundation of Economics, Semester 1, 2021 Week 4, Tutorial 2 Consider a simple economy producing two goods: cars and milk. The following table gives several points on this economy's production possibility frontier. 1. Cars (000s) Milk (000s) 60 1 50 2 30 a. Graph this economy's production possibility frontier. b. Why is the production possibility frontier downward sloping? Why is the production possibility frontier concave? Be sure to explain economic intuition behind that fact. c. Suppose the economy is currently producing 2000 cars and 30,000 gallons of milk. What is the opportunity cost of producing additional 20,000 gallons of milk? d. The synthetic production of Bovine Growth Hormone (BGH) allows dairy farmers to get twice as much milk from each cow. In terms of this production possibility frontier, this means that this economy can now produce twice as much milk at each level of car output. With the economy currently producing 2000 cars, Jerry claims that the development of BGH…arrow_forward
- Don't copy pastearrow_forwardLabel each entry in the list as dealing with a microeconomic topic or a macroeconomic topic. Explain your answer. a. Motor vehicles production in China is growing by 10 percent a year. b. Coffee prices rocket. c. Globalization has reduced African poverty. d. The government must cut its budget deficit. e. Apple sells 3 million iPhones a month.arrow_forwardExplain it early but correctly. Not copy paste answer provide.arrow_forward
- What is the economic and social impact of the two initiatives reported by the text below. 1a. Tesco Superstores teams up with food-sharing app to try to reduce waste. 1b. People start selling their used clothes and stuff just to make money.arrow_forwardA. In “The New Abolitionism,” Chris Hayes’ primary point is that: The sum of wealth that must be given up to avert climate disaster is similar to what slaveholders lost due to the Civil War The climate justice movement is the modern moral equivalent of the fight to eliminate slavery in the U.S. Both of the above None of the above B. According to the GDAE, the Trump Administration: Enacted major budget cuts to the Environmental Protection Agency Appointed EPA administrators with connections to the fossil fuel industry Eliminated programs that reduced air pollution, protected safe drinking water, and promoted the safe use of pesticides All of the abovearrow_forwardWhat is the connection between functionalism andthe concept of equilibrium?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Exploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, Inc
Principles of MicroeconomicsEconomicsISBN:9781305156050Author:N. Gregory MankiwPublisher:Cengage Learning
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc
Principles of Microeconomics
Economics
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:Cengage Learning