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Classify the following topics as relating to
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
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
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- 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 savingClassify 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.Classify the following topics as relating to microeconomics or macroeconomics. a family’s decision about how much income to save the effect of government regulations on auto emissions the impact of higher national saving on economic growth a firm’s decision about how many workers to hire e. the relationship between the inflation rate and changes in the quantity of money.
- Explain how microeconomics differs from macroeconomics. Which of the following headlines, taken from the various issues of The Daily Graphic, deal with microeconomics:a. “Nestle Ghana posted a 18% increase in sales”b. “GRIDCO plans to slash more jobs”c. “Ghana’s Output Grew by 5.8%”d. “Housing starts soared 10% in September”e. “Ghana to Breach key Deficit Target it helped to create”Explain each issue why it is a microeconomic issueii. 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.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…
- 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 janitorsExplain how microeconomics differs from macroeconomics. Which of the following headlines, taken from the various issues of The Daily Graphic, deal with microeconomics: a. “Nestle Ghana posted a 18% increase in sales” b. “GRIDCO plans to slash more jobs” c. “Ghana’s Output Grew by 5.8%” d. “Housing starts soared 10% in September” e. “Ghana to Breach key Deficit Target it helped to create”Explain how microeconomics differs from macroeconomics. Which of the following headlines, taken from the various issues of The Daily Graphic, deal with 5A. microeconomics: a. “Nestle Ghana posted a 18% increase in sales" b. “GRIDCO plans to slash more jobs" "Ghana's Output Grew by 5.8%" с. d. "Housing starts soared 10% in September" e. "Ghana to Breach key Deficit Target it helped to create" Explain each issue why it is a microeconomic issue Justina owns the Just's Sobolo Store. She charges sobolo. You, the economist calculated the elasticity of demand for sobolo in her be 2.5. If she wants to increase her total revenue, Be able to explain 5.B GHS10 per bottle for her handmade town to what advice will you give her and why? your answer.
- 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.…Macroeconomics is the study of a. the behavior of large firms in the marketplace b. the economic behavior of individual decision makers c. the behavior of the economy as a whole d. how to use the fewest natural resources to produce goods and servicesWhich of the following is Microeconomics concerned with? A. The size of national output B. The level of employment c. Changes in general level of prices D. None of the above