Consider the macroeconomics process/perspective. 1). Do you think it helps the economy to implement macroeconomic theories, ideas? Why? Why not?
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Consider the
1). Do you think it helps the economy to implement macroeconomic theories, ideas? Why? Why not?
2). Do you think that the macroeconomic theories and ideas are relevant to you? why? why not?
3). Do you think that macroeconomic ideas produce an economy that is more unequal across citizens? Why? Why not?
4). Do you think macroeconomic theories and ideas are too old fashioned for our current economy? Why? Why not?
Step by step
Solved in 3 steps
- 1. Classify the following questions as Microeconomics or Macroeconomics and provide a justification for your choice. (i) How will the market for melons be affected after Hurricane Dean? (ii) How much will the Trinidadian economy grow this year? (iii) What are the factors which determine the choice that a person makes between buying a Honda Accord or a Toyota Corolla? (iv) What will the inflation rate be for Belize?1. How does microeconomics relate to macroeconomics? 2. Predict how each of the following economic changes will affect the equilibrium price and quantity in the financial market for home loans. Sketch a demand and supply diagram to support your answers. • The number of people at the most common ages for home-buying increases. • People gain confidence that the economy is growing and that their jobs are secure. • Banks that have made home loans find that a larger number of people than they expected are not repaying those loans. • Because of a threat of war, people become uncertain about their economic future. • The overall level of saving in the economy diminishes. • The federal government changes its bank regulations in a way that makes it cheaper and easier for banks to make home loans.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.
- Which of the following is a macroeconomic issue? The price of butterThe number of new cars producedThe growth rate of total outputThe price of products sold in the steel industryThe price of cell phone service Question 8.8.When economists make the assumption that wants are unlimited, they mean that most people want more of everything.are satisfied with what they have.want more of some goods, even if they don’t want more of everything.don’t care what they have.are greedy. Question 9.9.What will cause a change along the supply curve? The supplier’s expectationsThe supplier’s costsThe price of the goodThe price of all other good? Question 10.10.Ceteris paribus, as applied in demand theory, means accounting for all possible simultaneous changes.holding constant all factors that affect demand except one.observing the real world.holding technology and resource prices constant.holding one input constant while changing the other input.10Which question is an example of a macroeconomic question? A. What is the level of industrial concentration in the U.S. automobile industry?B. What economic incentives can be used to reduce the cost of health care in the nation?C. What policies would be recommended for stimulating national economic growth?D. What market conditions are expected for milk in the nation this year?
- 1. Classify the following as microeconomics or macroeconomics and give and provide a justification for your choice by choosing answers from A-F to fit each statement below. ,The effect of rising oil prices on employment in the airline industry. - A comparison of alternative tax policies and their respective impacts on the rate of the nation’s economic growth. - Changes in the nation's unemployment rate over short periods of time. - The effect of changes in the household saving rates on the growth rate of national income. a- Micro. Examining one firm in the economy b- Macro examining one sector in the economy c- Micro, examining one individual/household in the economy d- Macro, examining the entire economy e-Micro examining one firm in the economy f- Micro examining one sector of economy 2. Choose the most appropriate answer to fit the statements. Due to heavy rains the price of ground produces increase a- Compare the cost versus benefits in the making b- Diminishing returns c- People…The basic difference between macroeconomics and microeconomics is that? a.macroeconomics is concerned with policy decisions, while microeconomics applies only to theory. b.microeconomics is concerned with the forest (aggregate markets), while macroeconomics is concerned with the trees (subcomponents). c.macroeconomics is concerned with the forest (aggregate markets), while microeconomics is concerned with the individual trees (subcomponents). d.opportunity cost is applicable to macroeconomics, and the fallacy of composition relates to microeconomics.1. What is a market-clearing model? When is it appropriate to assume that market clear? 2. Use the model of supply and demand to explain how fall in the price of frozen yogurt would affect the price of ice cream and the quantity of ice cream sold. In your explanation, identify the exogenous and endogenous variables. 3. Consider an economy that produces and consumes hot dogs and hamburgers. In the following table are data for two different years. Goods Hot dogs Hamburgers Quantity (2010) 200 200 Price (2010) $2 $3 Quantity (2020) 250 250 Price (2020) $4 $4 Using 2010 data as the base year Compute the following statistics for each year. Nominal GDP, Real GDP, GDP Deflator, Inflation rate using GDP deflator, CPI, Inflation rate using CPI. (Hint: i) to calculate CPI use base year fixed quantity Hot dogs 200 and Hamburgers 200, ii) To calculate inflation rate, use percentage change in price level between two years.)
- Indicate whether each of the following statements applies to microeconomics or macroeconomics:a. The unemployment rate in the United States was 4.9 percent in January 2008.b. A U.S. software fifirm discharged 15 workers last month and transferred the work to India.c. An unexpected freeze in central Florida reduced the citrus crop and caused the price of oranges to rise.d. U.S. output, adjusted for inflflation, grew by 2.2 percent in 2007.e. Last week Wells Fargo Bank lowered its interest rate on business loans by one-half of 1 percentage point.f. The consumer price index rose by 2.8 percent in 2007.Why isn’t money considered capital in economics? Which of the following are microeconomic issues? 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 to fall c. How does a quota on textile imports affect the textile industry? d. Does a large federal budget deficit reduce the rate of unemployment in the economy? Explain the importance of the ceteris paribus assumption for an economic model. Analyze the positive versus normative arguments in the following case. What statements of positive economics are used to support the requiring of airbags? What normative reasoning is used? Should the Government Require Air Bags? Technological advances continuously provide new high-tech options to save lives that add to the price of cars, such as cameras, radar, and airbags. Airbag advocates say airbags will save lives, and the government should require them in all cars.…What are the four main elements of macroeconomics
