Bundle: Essentials Of Economics, Loose-leaf Version, 8th + Lms Integrated Mindtap Economics, 1 Term (6 Months) Printed Access Card
8th Edition
ISBN: 9781337368087
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 2, Problem 5PA
To determine
Micro economic and macroeconomic statements.
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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…
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 issue
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 country
Chapter 2 Solutions
Bundle: Essentials Of Economics, Loose-leaf Version, 8th + Lms Integrated Mindtap Economics, 1 Term (6 Months) Printed Access Card
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