Explain how microeconomics differs from macroeconomics. Which of the following headlines, taken from the various issues of The Daily Graphic, deal with 5A. microeconomics: a. “Nestle Ghana posted a 18% increase in sales" b. “GRIDCO plans to slash more jobs" c. “Ghana's Output Grew by 5.8%" d. “Housing starts soared 10% in September" e. “Ghana to Breach key Deficit Target it helped to create" Explain each issue why it is a microeconomic issue Justina owns the Just's Sobolo Store. She charges sobolo. You, the economist calculated the elasticity of demand for sobolo in her be 2.5. If she wants to increase her total revenue, Be able to explain 5.B GHS10 per bottle for her handmade town to what advice will you give her and why? your answer.

Explain how microeconomics differs from macroeconomics. Which of the following headlines, taken from the various issues of The Daily Graphic, deal with 5A. microeconomics: a. “Nestle Ghana posted a 18% increase in sales" b. “GRIDCO plans to slash more jobs" c. “Ghana's Output Grew by 5.8%" d. “Housing starts soared 10% in September" e. “Ghana to Breach key Deficit Target it helped to create" Explain each issue why it is a microeconomic issue Justina owns the Just's Sobolo Store. She charges sobolo. You, the economist calculated the elasticity of demand for sobolo in her be 2.5. If she wants to increase her total revenue, Be able to explain 5.B GHS10 per bottle for her handmade town to what advice will you give her and why? your answer.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter1: Ten Principles Of Economics

Section: Chapter Questions

Problem 1PA

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Explain how microeconomics differs from macroeconomics. Which of the following headlines, taken from the various issues of The Daily Graphic, deal with microeconomics:a. “Nestle Ghana posted a 18% increase in sales”b. “GRIDCO plans to slash more jobs”c. “Ghana’s Output Grew by 5.8%”d. “Housing starts soared 10% in September”e. “Ghana to Breach key Deficit Target it helped to create”Explain each issue why it is a microeconomic issue
Which 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?
Y6
. Which of the following is a normative statement: a. Women’s labor force participation (LFP) increased substantially in the latter half of the 20th century b. Women with children shouldn’t go to work c. Age at first marriage has been increasing since 1970 d. The increase in women’s LFP was caused by the decline in marriage e. Age at first marriage and women’s LFP are positively correlated..
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( gas prises are rising because ther aren't enough oil refineries) ( gas prices are rising becuae of the growing demand for gasoline from india) Are they normative or positive statment?
A balanced federal budget and a balance of trade are secondary goals of macroeconomics, while growth in the standard of living (for example) is a primary goal. Why do you think that is so?
Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a positive or normative statement?
A. INDICATE WHICH OF THE FOLLOWING IS A POSITIVE OR NORMATIVE STATEMENT I. "Earnings increase with education because education raises a worker's productivity."II. The taxes imposed on gasoline in Barbados is excessive and inequitableto motorists.III. A decrease in income will result in a fall in the demand for motorcycles.IV. Rising flour prices will increase the price of bread.V. The government is more concerned with inflation than unemployment.VI. People are worried about the effects of joining the CSME.
An economy produces two goods, elothing and gertrctacc Which of the fotlowing wouled explain a pivot ourtvrards aioreg the petroleum axis? Select one. a decrease in the size of the labor force that can produce either petroteum products or clothing b. major ol reserves in Alaska are declared off imits to producers in order to protect the environment C. major oil reserves are discovered off the coast of Africa d aproductive improvement in clothing production that has no effect on petroleum production
Classify the following topics as telating to microeconomics or macroeconomics and briefly explain why? a. A family decision about how much income to save. b. The effect of government regulations on auto emissions. c. The impact of higher national saving on economic growth. d. A firms decision about how many workers to hire. e. The relationship between the inflation ratr and changes in quantity of money.
Suppose that the following headlines appeared in a newspaper. Which would most clearly represent a macroeconomic issue? Select one: O a. "United Workers Union to Strike April 15" O b. "Central Bank Raises Interest Rates" O. "Fanny's Freeze Dried Prunes to Lay Off 50 Workers" O d. "Auto Dealership to Cut Prices"