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- Suppose that the government has raised by $10 a per-carat tax rate it imposes on diamonds in an effort to influence production of this particular good by each of the firms that produce it and purchases by individual consumers. Would we apply microeconomic or macroeconomic analysis to analyze this policy action? A. We would apply macroeconomic analysis because this policy action would affect decision making undertaken by individuals (or households) and by firms OB. We would apply macroeconomic analysis because this policy action would affect the behavior of the economy as a whole. OC. We would apply microeconomic analysis because this policy action would affect the behavior of the economy as a whole. OD. We would apply microeconomic analysis because this policy action would affect decision making undertaken by individuals (or households) and by firms.Macroeconomics is an aggregate of what happens at the Microeconomics level. Would it be possible for what happens at the macro level to differ from how economic agents would react to some stimulus at the micro level? Hint: Think about the behavior of crowds.In an election debate, two candidates for governorare debating about whether to raise the generalsales tax from 5 to 7 percent. One argues that thiswould increase tax revenues, enabling the stateto maintain essential services. The other arguesthat the tax would hurt retailers and consumers,and would actually slow down the economy somuch that it would decrease tax revenues too.Restate these candidates’ positions in economicterminology, and explain what assumptions theymust be making in order to justify their differentpositions, in terms of price and quantity effects
- P Do Homework - Chapter 4: Supply and Demand (Copy) - Google Chrome A mathxl.com/Student/PlayerHomework.aspx?homeworkld=616379615&questionld=1&flushed=false&cld=6801150¢erwin=yes Econ I Fall 2021 Intersession THU TRANG 12/21/21 8:12 AM Question 17, Checkpoint Extra Problem 14 = Homework: Chapter 4: Supply and Demand (Copy) HW Score: 0%, O of 30 points O Points: 0 of 1 Save Part 1 of 2 Italians call for 1-day pasta strike Price (dollars per pound) 1.80- In 2007, the price of durum flour rose by 20 percent. Seventy percent of pasta is durum flour. Italians will soon be paying 20 percent more for pasta. Italian consumer groups called for a one-day boycott of pasta in grocery stores, as a way of showing their unhappiness with the price increase. Source: The New York Times, September 12, 2007. 1.60- What is the effect of the rise in the price of durum flour on the market price of pasta? 1.40- The graph shows the market for pasta before the price of durum flour rose. 1.30 Draw a curve to…Suppose the fictional country of Yellowstone produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for millet, an agricultural good, and electric scooters, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a time-saving innovation in the manufacturing of electric scooters. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. ELECTRIC SCOOTERS (Thousands) 420 350 280 210 O 140 70 0 0 40 80 120 PPF 160 200 240 PPFpring20 fall20 The Producer Price Index (PPI) is a Select one: a. price index measuring the changes in prices of all new goods and services produced in the economy. b. statistical measure of a weighted average of prices of a specific set of goods and services purchased by wage earners areas. O C. price index that tracks the price levee of commodities that firms purchase from other firms. O d. statistical measure of a weighted average of prices of commodities that firms produce and sell. Clear my choice
- 9. Consider the two-dimensional graph below and complete the following sentence: The market depicted in the graph is ; but --------- pod E I Demand O Qo QgQ₂ a. Stable if you adopt the Marshallian approach; unstable if you adopt the Walrasian approach Unstable if you adopt the Marxian approach; stable if you adopt the Pigouvian approach b. c. Unstable if you work under the assumption of Ceteris Paribus; stable if the firm is capable of discriminating the price Unstable if you adopt the Marshallian approach; stable if you adopt the Walrasian approach Unstable if the firm is a monopoly; stable if the firm invests in product differentiation Supplytulet10r.01.038 The study of microeconomics and macroeconomics differ in that: a. microeconomics examines the individual markets of the economy while macroeconomics studies the whole economy. b. microeconomics examines the whole economý while macroeconomics studies the individual units of the economy. O c. microeconomics is concerned with the domestic economy and macroeconomics is concerned only with the international economy. O d. microeconomics studies the actions of households and macroeconomics studies the actions of business firms. stions Navigation MenuWhich of the following are microeconomicissues? Which are macroeconomic issues?a. How will an increase in the price of Coca-Cola affect the quantity of Pepsi Cola sold?b. What will cause the nation’s inflation rate tofall?c. How does a quota on textile imports affectthe textile industry?d. Does a large federal budget deficit reduce therate of unemployment in the economy?
- In broad terms the difference between microeconomics and macroeconomics is thatA) microeconomics studies the effects of government taxes on the national unemployment rate.B) macroeconomics studies the effects of govermment regulation and taxes on the price of individual goods and services whereas microeconomics does not.C) they use different sets of tools and ideas.D) microeconomics studies decisions of individual people and firms and macroeconomics studies the entire national economysekect one answer. 1. Which of the following statements about the Affluent Society era is false? a. John Kenneth Galbraith’s, The Affluent Society, criticized the underlying structures of an economy dedicated only to increasing production and the consumption of goods. b. Galbraith’s analysis was so insightful that the title of his book has come to serve as a ready label for postwar American society c. Galbraith warned that an economy where “wants are increasingly created by the process by which they are satisfied” was unsound, unsustainable, and, ultimately, immoral. d. The contradictions of the Affluent Society defined the decade: unrivaled prosperity alongside persistent poverty, expanded opportunity alongside entrenched discrimination, and new liberating lifestyles alongside a stifling conformity. e. None of the above statements are false 2. Which of the following statements concerning the rise of the suburbs is false? a. The seeds of a suburban nation were planted in New…menu messageQ&A notifications account_circle Business EconomicsPrinciples of Macroeconomics (MindTap Course List)8th Edition Describe three ways a government policymaker can try to raise the growth in living standards in a society. Are there any drawbacks to these policies? Give your brain a boost. Try 5 free Q&As with our subject matter experts now.arrow_forward Findarrow_forward Principles of Macroeconomics (Mind... 8th Edition N. Gregory Mankiw Publisher: Cengage Learning ISBN: 9781305971509 Chapter 12.3, Problem 3QQ Textbook Problem 343 views keyboard_arrow_up Describe three ways a government policymaker can try to raise the growth in living standards in a society. Are there any drawbacks to these policies? To determine keyboard_arrow_up Ways of increasing…