EBK ESSENTIALS OF ECONOMICS
7th Edition
ISBN: 8220102452107
Author: Mankiw
Publisher: CENGAGE L
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Chapter 2, Problem 5QCMC
To determine
Microeconomic topics.
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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
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- Which 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_forwardWhich 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_forward
- Which 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_forwardThis 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_forward
- Which 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_forwardRead 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_forward
- Which 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_forwardExplain difference between; 1.Microeconomics and macroeconomics 2.Positive and Normative economicsarrow_forwardWhich of the following statements are examples of positive economic analysis? Which are examples of normative analysis? c. Florida should devote all revenues from its state lottery to improving public education. d. Eliminating the trade embargo with Cuba would increase the number of Cuban cigars available in the United States. e. As a public safety measure, the state of Texas should repeal legislation that allows people with concealed handgun permits to carry concealed weapons on college campuses.arrow_forward
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