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- 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.Are these micro or macro questions ? v) How large is KFC’s share of the fast food industry? (vi) How will implementation of a minimum wage rate affect your 17 year old brother’s budget?Which 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?
- Which of the following is NOT a macroeconomics statement? A) The price of wheat declined last year. B) The general price level increased by 4 percent last year. C) Unemployment was 9.8 percent of the labor force last year. D) The real domestic output increased by 2.5 percent last year.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.…The hypothetical economy shown below produces 3 goods: Good A, Good B, and Good C. The following information shows the production and prices for three goods over three years. Use 2020 as a base year (i.e., 2020 = 100). Year 2019 Year 2020 Year 2021 Quantity of Good A 10 12 14 Price of Good A $0.50 $1.00 $1.50 Quantity of Good B 3 6 9 Price of Good B $1.00 $2.00 $3.00 Quantity of Good C 20 20 20 Price of Good C $0.25 $0.25 $0.25…
- The next few questions are about Ec102nia, a fictional country populated by Ec102 students. Data on purchases of different goods and services in 2020 and 2021 is in the table below. For these problems use 2020 as the base year. Year 2020 Year 2021 Price Quantity Price Quantity Shiba dogs 50 38 40 38 Hugs (at a cuddle café) 6 40 15 40 Doritos Tacos 9 38 12 38 Textbooks 7 20 15 20 economics tutoring 30 41 29 41 Corgis 17 39 34 39 Star Wars toys 33 33 45 33 The SUM function will sum the numbers in a group of cells you highlight.) What was the nominal GDP for Ec102nia in 2021?Micro VS Macroeconomics? Classify the following questions as Microeconomics or Macroeconomics and provide a justification for your choice. a) How will the market for melons be affected after Hurricane Dean? b) How much will the American economy grow this year? c) What are the factors which determine the choice that a person makes between buying a Honda Accord or a Toyota Corolla? d) What will the inflation rate be for Belize?How can an economy increase the production of one good without reducing the production of another? Identify at least three factors that contribute to this increase and explain how they contribute to the increase.
- Identify the questions that are answered by Macroeconomics from the following. a. All of the options b. What is the nation’s rate of unemployment c. What is the nation’s rate of inflation d. What is the nation’s level of GDPWhich of the following exemplifies a microeconomic question? What is the current national rate of unemployment? Will a new type of iphone increase the number of buyers? Is the aggregate output in the economy greater this year than last year? Is the economy experiencing a decline in the rate of inflation?**** Which of the following can best be characterized as a subject of macroeconomics? an examination of the production of a good an examination of how a change in demand or supply impacts the price of a good an examination of specialization O an examination of monetary policy
