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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

Classify the following topics as relating to microeconomics or macroeconomics.

a. a familys 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

To determine
Micro economic and macroeconomic statements.

Explanation

Option (a):

The statement “A family's decision about how much income to save” is related to micro economics. Because, it is focused on the saving habit of a family.

Option (b):

The statement “The effect of government regulations on auto emissions” is related to micro economics. Generally, micro economics is the study of economics at an individual level where the government regulation is only for the auto emission.

Option (c):

The statement “The impact of higher national saving on economic growth” is related to macro economics. Macroeconomics is the study of economy as a whole and it includes the topics such as inflation, unemployment and economic growth and so on...

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