Explain why macroeconomists like to build models and why do macroeconomists build models based on microeconomic principles? Discuss.

need help with macroeconomic question  23. A Malthusian and a modern economist walk into a bar and converse as follows: MALTHUSIAN: I bet you $1,000 that I can make the average patron in this bar wealthier with a simple trick.MODERN ECONOMIST: I agree to your bet, and bet you $2,000 that I can do a better job.Thus, the Malthusian proceeds to murder half of the patrons, cleanly disposing of their bodies. The modern economist, on the other hand, replaces the bartender with a robot. How can we explain this ridiculous situation?(A) The Malthusian believes that killing people raises per-capita wealth, while the economist believes that technological improvements raise per-capita wealth.(B) The Malthusian believes that the agricultural commodities used in beer are scarce, and should be preserved; the modern economist believes that technological im- provements raise per-capita wealth.(C) There is no underlying logic to their actions.(D) The Malthusian and modern economists are both soyjacks…

Which of the following is NOT a macroeconomic topic?A. National GDP trendsB. The increase in consumer demand for smartphones in the last five yearsC. The effect of an increasing unemployment rate in South AfricaD. Global oil prices in 2023

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…

Economics please note that following questions have to be answered in 50-100 words at max, thus l'm requesting you to please answer all the questions instead of just answering by parts, because if I post them part by part they will not be understandable in a subject like MARCOECONOMICS Explain briefly: a) What is the main cause of the differences in living standards today compared to those of a century ago? b) Explain the difference between countries like Norway and countries like USA using the circular flow model. c) Using the key accounting identify, explain how it is possible for a country to have a current account deficit, and a balanced private financial асcount. d) Using the Solow model, explain what happens to current and future consumption when a country saves too much and invests too little. e) If the labour supply increase as the real wage increase, what do you know about the substitution effect compared to the income effect?

What are the main goals of macroeconomic policy, and how are they interconnected?

Define macroeconomics.

how macroeconomics uses models?

How might a theory of the economy differ from a description of that economy.

Define economics.