Principles of Microeconomics
7th Edition
ISBN: 9781305156050
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.
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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
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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…
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how inflation will affect the total demand of a country
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Chapter 2 Solutions
Principles of Microeconomics
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