Tick (√) in the appropriate column to indicate whether each of the following statements belong to microeconomics or macroeconomics.   Statements Microeconomics Macroeconomics a.       Salmah allocates her time between leisure and work.     b.       The unemployment rate in China had decreased since the implementation of open economy.     c.       The price of meat has increased as a result of higher tariff rate.     d.       It is anticipated that demand for cars will rise since the government had raise the income of civil servant.     e.       The inflation rate of Malaysia was 2.9% in the year 2013.

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Laffer Curve Analysis

In terms of economics, the Laffer curve was popular among those economists who were or who belonged to the supply side of the economic peripheral.  This concept was popularized by the famous supply-side economist known as Arthur Laffer. This curve illustrated the relationship between the tax rates and government revenue. It is already known that the tax which the public or individuals residing in an economy bear is the revenue or income of the government with the help of which the government does all the necessary works in the society, which is beneficial for the economy.