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.

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QUESTION 28 Fill in the blank using the number that corresponds to the correct word or phrase in the word bank below 1. positive 2. model 3. dependent 4. normative 5. theory 6. graphs 7. models 8. law 9. independent A hypothesis that has not been rejected after widespread testing and that wins general acceptance is commonly called a A theory that has been subjected to even more testing and that has won virtually universal acceptance becomes a The real world is far too complex for the human mind so scientists use instead. A is a set of simplifying assumptions about some aspect of the real world. Economists often use to represent economic models. Hypotheses in economics typically specify a relationship in which a change in one variable causes another to change, the variable that responds change is called the variable; the variable that induces a change is called the variable. A statement of fact or a hypothesis is a statement and a statement is one that makes a value judgment

When the natural economic growth process begins in a capitalist economy A. the prices of capital goods fall relative to prices of consumer goods  B. the demand for saving increases ( i.e. - the demand curve for saving shifts to the right on the market diagram) C. the consumption/savings ratio rises D. the quantity of consumer goods produced temporarily decreases

Hello: Which of the following best describes a microeconomic question? (A) What is the value of US dollar in terms of other foreign currencies? (B) Should a particular firm enter a market? (C) Is the company of Japan in a recession? (D) What is the value of the goods and services that the United States produces every year? (E) What is the aggregate price level in an economy?

There are five economic sectors that house different types of work/economic activities. First, list and define the five sectors. Next, give examples of types of work done in each sector.

Which of the following situations is not a macroeconomic objective? a. economic efficiency b. economic growth c. balanced budget deficit d. equitable distribution of income 2. Which of the following is an essential factor for the continuous growth process in the economy? a. government planning for what the country will produce b. the absence of private property c. research and development of new technologies and investment in new capital d. government intervention in economic activity 3. Which of the following alternatives measures the standard or standard of living? a. real gross domestic product b. per capita gross domestic product c. gross national product d. disposable income

Which one of the following is a positive economic statement? a.Thoughtful people oppose an increase in the minimum wage. b.An increase in the minimum wage will reduce employment. c.Social justice will be served by increasing the minimum wage. d.The minimum wage should be increased.

Macroeconomic models focus on the behavior of .A. individual households, business firms, and government agencies . B. individual nations in the foreign trade sector . C. the entire economy . D. large industrial sectors, such as manufacturing . E. individual business firms and government agencies

What will a technological advancement do?    A. shift the demand curve to the left  B. shift the supply curve to the left  C. shift the supply curve to the right  D. shift the demand curve to the right