Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN: 9781285165875
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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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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Principles of Economics, 7th Edition (MindTap Course List)
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- 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 a branch of economics that deals with how the economic problem facing the society should be solved? A, Normative economics B, Macroeconomics C, Microeconomics D, Positive economicsarrow_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_forwardAnalyze whether each of the following is primarily a microeconomic or macroeconomic issue. Justify each of the answers with a specific explanation (one to two sentences each). Briefly explain your answers. 1.Purchasing a cup of coffee 2. An increase in Canadian imports for the month of August 3. A student's decision on whether or not to take an online course 4. A change in the country's immigration policy 5. A doctor's decision to retire. Please give correct and proper step by step explanation. Thank you .arrow_forward
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