Micro Economics For Today
Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Chapter 1, Problem 4SQP

(a)

To determine

Identify the microeconomic and macroeconomic statements.

(b)

To determine

Identify the microeconomic and macroeconomic statements.

(c)

To determine

Identify the microeconomic and macroeconomic statement.

(d)

To determine

Identify the microeconomic and macroeconomic statements.

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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.
Imagine you are the owner of a natural gas company. You can either extract as much of the resource as fast as possible or delay extraction until a future time. Projections indicate that the price of natural gas is expected to fall in the future. What would you do in the present?   a. Sell as much natural gas as possible now and less in the future—reflected by a rightward shift of the current supply curve in the future. B.  Sell as much natural gas as possible now and less in the future—reflected by a movement down the current supply curve.C.  Sell as much natural gas as possible now and less in the future—reflected by a movement up the current supply curve.D.  Sell as little natural gas as possible in the present and delay extraction until the future—reflected by a leftward shift of the current supply curve in the future.
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.
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