Bundle: Principles of Economics, Loose-leaf Version, 8th + LMS Integrated MindTap Economics, 2 terms (12 months) Printed Access Card
8th Edition
ISBN: 9781337607735
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 2.1, Problem 1QQ
To determine
The nature of economics.
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Question: Which of the following is related to Microeconomics?[A] The size of national economy[B] Inflation[C] Unemployment[D] Behaviour of individual economic unitsPlease Dont use AI tool.
1. Classify the following as microeconomics or macroeconomics and provide a justification for your choice.
a. The effect of rising oil prices on employment in the airline industry.
b. A comparison of alternative tax policies and their respective impacts on the rate of the nation’s economic growth.
c. Changes in the nations unemployment rate over short periods of time.
d. The effect of changes in household saving rates on the growth rate of national income.
Identify the different factors of production.
Identify the three (3) central problems of the economy.
Identify economic systems or organizations of economic activities.
Differentiate normative and positive economics.
Help me with this one, please. Thank youuu
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Bundle: Principles of Economics, Loose-leaf Version, 8th + LMS Integrated MindTap Economics, 2 terms (12 months) Printed Access Card
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- What are the key elements of the scientific method and how does this method relate to economic principles and laws?arrow_forward19. One research is being conducted about how gold prices change due to the changing preferences of individual consumers. Research such as these belong to the study of ______________. a. International economics b. Microeconomics c. Public economics d. Macroeconomicsarrow_forward1. Which of the following is not a normative statement?a. The military budget should increase at the same rate as GDP.b. The government should play a limited economic role, ensuring that private contracts are enforced.c. Integrated schooling has increased the level of literacy among minority groups.d. A tax on imported oil should be used to reduce the government deficit.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_forwardImagine a society that produces military goods and consumer goods, which we will call "guns" and "butter". • Draw a production possibilities frontier for guns and butter. Using the concept of opportunity cost, explain why it most likely has a bowed-out shape. • Show a point that is impossible for the economy to achieve. Show a point that is feasible but inefficient. Imagine that society has two political parties, called the Hawks (who want a strong military) and the Doves (who want a smaller military). Show a point on your production possibilities frontier that the Hawks might choose and a point that the Doves might choose.arrow_forward1. Identify each of the following statements as either positive (P) or normative (N) a. The federal government's budget this year is the largest in history. b. The national debt is at a manageable level and therefore is nothing to worry about. c. The price of gasoline is higher than it needs to be. d. Rising Canadian exports are creating many new jobs in the country. 2. Identify which of the following topics would likely appear in a microeconomics course and which in a macroeconomics course. a. The price of iPods b. Unemployment rates c. The presence of monopolies d. The rate of economic growth 3. a. If society produces 1000 units of butter, how many guns can it produce? 6. If society is at "b" on the PPC, what is the cost of 1000 more units of butter? 400 c. Is opportunity cost greater for move from "c" to "d" compared to a move from "b" to "c"? 300 150 2000 Quantity of butter per period 1000 3000 eanng MeGreyenan Lam Quantity of guns per periodarrow_forward
- 35. Which type of scarcity is macroeconomics not concerned of? a.inadequacy of water supply in one region in the country b.insufficient resources available for fishing c.shortage of manpower to fill up the available jobs in the country d.shortage of jobs for the available labor forcearrow_forwardMicroeconomics is a brach of economics that studies: a. The determination of national income b. The behaviour of individual decision-making units in the economy c. The effects and consequences of the aggregate behaviour of all decision-making units d. The impact of unemployment in South Africaarrow_forwardHow can we apply economics to everyday life situations? Define Economics? Identify reasons for studying economics?arrow_forward
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