Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 1, Problem 8IAPA
To determine
(a)
To explain:
Two examples of economics dealing with microeconomic and macroeconomic topics being used as a tool by a student.
To determine
(b)
To explain:
Two examples of economics dealing with microeconomic and macroeconomic topics being used as a tool by a business.
To determine
(c)
To explain:
Two examples of economics dealing with microeconomic or macroeconomic topics being used as a tool by the government.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Choose one of the seven principles of economics that apply to microeconomics. Choose a specific topic that has struck you and explain how it applies to the principle of economics you have chosen.
A). List the Ten Principles of Economics (just the titles). Group them in three categories: (i). How people make
decisions, (ii). How people interact, and (iii). How the economy as a whole works.
B). Define opportunity cost. Be precise with the words used.
C). Draw a Circular Flow diagram.
Which of the following is an example of a microeconomic topic?
a) How to run a business and earn a profit.
b) How to prevent nearby companies from polluting local groundwater.
c) How to reduce abuse by companies with monopoly power.
d) All of the choices are correct.
e) How to retire at age 50 with a million dollars net worth.
Chapter 1 Solutions
Foundations of Economics (8th Edition)
Ch. 1.A - Prob. 1SPPCh. 1.A - The spreadsheet in Table 1 provides data on the...Ch. 1.A - Prob. 3SPPCh. 1.A - Prob. 4SPPCh. 1.A - Draw a scatter diagram to show the relationship...Ch. 1.A - Draw a time-series graph of the quantity of music...Ch. 1.A - Prob. 3IAPCh. 1.A - Prob. 4IAPCh. 1.A - Prob. 5IAPCh. 1 - Prob. 1SPPA
Ch. 1 - Prob. 2SPPACh. 1 - Prob. 3SPPACh. 1 - Prob. 4SPPACh. 1 - Prob. 5SPPACh. 1 - Prob. 6SPPACh. 1 - Prob. 7SPPACh. 1 - Prob. 8SPPACh. 1 - Prob. 9SPPACh. 1 - Prob. 10SPPACh. 1 - Prob. 11SPPACh. 1 - Prob. 12SPPACh. 1 - Prob. 13SPPACh. 1 - Prob. 1IAPACh. 1 - Prob. 2IAPACh. 1 - Prob. 3IAPACh. 1 - Prob. 4IAPACh. 1 - Prob. 5IAPACh. 1 - Prob. 6IAPACh. 1 - Prob. 7IAPACh. 1 - Prob. 8IAPACh. 1 - Prob. 9IAPACh. 1 - Prob. 10IAPACh. 1 - Prob. 11IAPACh. 1 - Prob. 12IAPACh. 1 - Prob. 1MCQCh. 1 - Prob. 2MCQCh. 1 - Prob. 3MCQCh. 1 - Prob. 4MCQCh. 1 - Prob. 5MCQCh. 1 - Prob. 6MCQCh. 1 - Prob. 7MCQCh. 1 - Prob. 8MCQ
Knowledge Booster
Similar questions
- Please read the following applications and then apply Microeconomics Principles to explain each topic. If you can please also, add charts and graphs to broaden the explanation as well as add articles and references. Please list all references and citations if you use any. Application 1: Scarcity/Incentives Incentives to Buy Hybrid Vehicles As stated in the text, "rational people respond to incentives." I find this to be a very true statement. When the tradeoff or benefit from something else changes, people tend to change their behavior to get that certain benefit. The Number of hybrid cars that has been increased from 10,000 cars in 2000 to more than 340,000 in 2007, can be explained by this application. Increase in gas prices along with federal subsidy encouraged people to buy more hybrid cars by reducing cost of driving and cost of hybrid cars. As, Subsidy was the main reason behind 1/5 the sale of 2007, which is estimated so far. Incentives refer to something that induces a person…arrow_forwardClassify the following topics as relating to microeconomics or macroeconomics. The family’s decision about how much income to spend on food. The effect of government regulations on auto emissions. The impact of higher public savings on economic growth. A monopolist’s decision about how many units to sell. The relationship between the inflation rate and the unemployment rate.arrow_forwardWhat are three important themes in microeconomicsarrow_forward
- Economics is a discipline that is divided into two broad branches, which are they?arrow_forwardUsing an example, discuss 2 (TWO) value-added of learning ‘History of Economic Thought’ compared to other economics courses such as Microeconomics.arrow_forwardEconomic models A) are people who act out the behavior of firms and households so that economists can study this behavior. b) are usually detailed replications of reality. C)are useful to researchers but not to teachers because economic models omit many details of the real-world economy. D )incorporate simplifying assumptions that often contradict reality, but also help economists better understand reality.arrow_forward
- 1) Explain the basic ideas of microeconomics. 2) Explain what “economics” means from the perspective of the individual, a business, and society. 3) Explain the concepts of scarcity, economic value, and opportunity costs.arrow_forwardEconomic way of thinking: The economic way of thinking has several critical and closely interrelated features: Scarcity, choice, opportuniy cost, rational behavior, marginalism. Define each of the concepts of scarcity, choice, opportunity cost, rational behavior and marginalism. Then, for each concept, give an example!arrow_forwardThe foundations of economics are closely related and multiple foundations were referenced. Which foundation was referred to most often? Choose one: A. trade-offs B. opportunity cost C. circular flow D. incentivesarrow_forward
- Read the following statements and then answer the question that follows. Economics concerns itself with i. a systematic understanding of patterns of production, consumption and distribution of goods and services. ii. a study of money, banking, capital formation and wealth. iii. a study of how limited resources are used to satisfy unlimited human wants. iv. a study of the application of scarce means to a multitude of human wants. Which of the above statements can be associated with the broad subject matter studied in economics? A. Only statements i, ii and iv B. Only statements i, ii and iii C. Only statements I and iv D. Only statements i, ii, iii and ivarrow_forwardExplain Key principles of economics. your answers should not exceed 100 wordsarrow_forwardWhat are the human behaviors economists should observe when creating economic models?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Economics Today and Tomorrow, Student EditionEconomicsISBN:9780078747663Author:McGraw-HillPublisher:Glencoe/McGraw-Hill School Pub Co
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning
Economics Today and Tomorrow, Student Edition
Economics
ISBN:9780078747663
Author:McGraw-Hill
Publisher:Glencoe/McGraw-Hill School Pub Co