Answered: 1. Classify the following as…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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.

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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