Principles of Microeconomics
7th Edition
ISBN: 9781305156050
Author: N. Gregory Mankiw
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 2, Problem 5CQQ
To determine
Microeconomic topics.
Expert Solution & Answer
Trending nowThis is a popular solution!
Learn your wayIncludes step-by-step video
schedule03:13
Students have asked these similar questions
All of the following topics fall within the study of microeconomics EXCEPTa. the impact of cigarette taxes on the smoking behavior of teenagers.b. the role of Microsoft's market power in the pricing of software.c. the effectiveness of antipoverty programs in reducing homelessness.d. the influence of the government budget deficit on economic growth.
Classify 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.
Which of the following areas of study typifies microeconomics as opposed to macro-economics?
a.
The impact of minimum-wage laws on employment in the fast food industry
b.
The effect of changes in household saving rates on the growth rate of national income
c.
The effect of an increasing inflation rate on national living standards
d.
The effect of an increase in the minimum wage on an economy’s overall rate of unemployment
Chapter 2 Solutions
Principles of Microeconomics
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- Question 1 Classify the following as microeconomics or macroeconomics and provide a justification for your choice. A comparison of alternative tax policies and their respective impacts on the rate of the nation's Choose. economic growth The effect of government regulations on car emissions Choose. The decision by McDonald's to hire fewer workers Choose. because of an increase in the minimum wage The stock market plunges by 1000 points due to Choose. uncertainty. Please answer all parts of the question.arrow_forwardWhich of the following is an example of a microeconomic issue? A. The unemployment rate is approximately 4%.B. The central bank engages in policy aimed at reducing inflation.C. A retailer decides to hire 1,000 new employees in the United States as part of its expansion program.D. The government passes legislation that aims to improve the economy.arrow_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_forward
- Which of the following topics would be studied in a microeconomics course? a. how rent prices impact the supply of apartments b. how inflation will affect the total demand of a country c. how a trade agreement between the United States and Mexico affects both nations' unemployment rates d. how increases in tax rates will affect the total production of a countryarrow_forwardWhich of these statements best describes what microeconomics is? a. The study of National Income a country b. The study of the global economy c. The study of decisions that businesses and individuals make in the marketplace d. The study of economic phenomena that affects an entire economyarrow_forwardi. Classify the following issues as relating to microeconomics or macroeconomics. a) a family's decision about how much income to save b) the effect of government regulations on automobile emissions c) the impact of higher national savings on economic growth d) a firm's decision about how many workers to hire ii. Classify each of the following statements as positive or normative. 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) Society ought to require welfare recipients to look for jobs. d) Lower tax ates encourage more work and more saving. Page 1 of 3 Suppose that at the beginning of the year the Accountant of the School of Business defines and outlines what he considers to be his priority expenditure ii. areas as follows. item Cost(Ghs) Reference Textbooks 100,000 Office Spaces for lecturers 50,000 Refurbishment of School Auditorium 50,000 Projectors for Lecture Halls 40,000…arrow_forward
- This study seeks to understand and explain the behavior of individuals, as such, consumers, producers, labor, investors, business firms, etc. as they respond to changes in their economic environment. Select one: a. Positive economics b. microeconomics c. macroeconomics d. normative economicsarrow_forwardWhich of the following is a microeconomic topic? Reducing the interest rates for firms to be able to borrow more money for investment. How a trade agreement between the United States and Canada affects both nations' balance of payments. How rent ceilings impact the supply of apartments in a major city. Measuring the unemployment and inflation rates in the country.arrow_forwardWhich type of economics is concerned with the economy as a whole? Select the correct answer below: microeconomics macroeconomics industrial economics O labor economicsarrow_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_forwardWhich of the following statements are examples of positive economic analysis? Which are examples of normative analysis? a. A devaluation of the U.S. dollar would increase exports from the United States. b. Increasing the federal tax on gasoline would cause shipping costs in the United States to increase. c. Florida should devote all revenues from its state lottery to improving public education.arrow_forward_____19. Which of the techniques is not employed in microeconomics? a. Models c. mathematics b. Dissection d.statistics _____20. Microeconomic Theory studies the economic behaviour of: A. Consumer C. Business firm B. A resource owner d. householdarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Essentials of Economics (MindTap Course List)EconomicsISBN:9781337091992Author:N. Gregory MankiwPublisher:Cengage Learning
Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage Learning
Principles of Macroeconomics (MindTap Course List)EconomicsISBN:9781285165912Author:N. Gregory MankiwPublisher:Cengage Learning
Principles of Economics, 7th Edition (MindTap Cou...EconomicsISBN:9781285165875Author:N. Gregory MankiwPublisher:Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours...EconomicsISBN:9781337091985Author:N. Gregory MankiwPublisher:Cengage Learning
Principles of Macroeconomics (MindTap Course List)EconomicsISBN:9781305971509Author:N. Gregory MankiwPublisher:Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Principles of Macroeconomics (MindTap Course List)
Economics
ISBN:9781285165912
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Principles of Economics, 7th Edition (MindTap Cou...
Economics
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours...
Economics
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Principles of Macroeconomics (MindTap Course List)
Economics
ISBN:9781305971509
Author:N. Gregory Mankiw
Publisher:Cengage Learning