Economics: Principles & Policy
14th Edition
ISBN: 9781337696326
Author: William J. Baumol; Alan S. Blinder; John L. Solow
Publisher: Cengage Learning
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Question
Chapter 21, Problem 1TY
To determine
The problems studied by a micro-economist and a macro-economist.
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Students have asked these similar questions
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"
"Ghana's Output Grew by 5.8%"
с.
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 macroeconomics and its impact on our daily life?
Which of the following is not related to Macroeconomics?
a.
Determining individual consumer decisions
b.
Preventing the economy from experiencing inflation
c.
Preventing the economy from experiencing unemployment
d.
Keeping living standards high for people to live decent, meaningful lives
Chapter 21 Solutions
Economics: Principles & Policy
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- Macroeconomics focuses on: A.The economy as a whole B.Individual decisions C.Wages D.The allocation of scarce resourcesarrow_forwardWhich would likely increase the average level of interest rates for auto loans? Select one: a. An increase in inflation. b. An increase in the unemployment rate. c. A decrease in the level of business investment. d. A decrease in the amount of consumer spending.arrow_forward1. Classify the following topics as relating to microeconomics or macroeconomics. a. A family’s 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 firm’s decision about how many workers to hire e. The relationship between the inflation rate and changes in the quantity of money 2. Classify each of the following statements as positive or normative. Explain. a. Society faces a short-run trade-off between inflation and unemployment. b. A reduction in the rate of money growth will reduce the rate of inflation. c. The Federal Reserve should reduce the rate of money growth. d. Society ought to require welfare recipients to look for jobs. e. Lower tax rates encourage more work and more savingarrow_forward
- Which of these economic problems is not associated with the study of macroeconomics? a. How to increase employment rate? b. How to influence aggregate demand through taxation? c. How to predict the demand for medicines? d. How to get out from economic recession?arrow_forwardEconomic Models? a. are essential representations of the real world b. are used to explain how people think c. are never used for making economic projections or predictions d. are used to explain how people behavearrow_forwardThe 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?arrow_forward
- Macroeconomics an aggregate of what happens at the micro economic level would it be possible for what happens at a micro level to differ from how economic agents would react to some stimulus at a micro levelarrow_forwardPlease explain to me how to solve this problem. Try to be as specific as possible. Thanks. It is a Macroeconomics II problem.arrow_forward1. 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.arrow_forward
- Question: Which among the following is part of Macroeconomics?[A] Investment of households[B] Wages of a person[C] How to produce good[D] Aggregate economic activityPlease Dont use AI tool.arrow_forwardThe demographic transition refers to: a. The increase in fertility rates and the number of children per family that many societies undergo as they transition from urban centers to farmland. b. The increase in fertility rates and the number of children per family that many societies undergo as they transition from rural to urban centers. c. The decrease in fertility rates and the number of children per family that many societies undergo as they transition from rural to urban centers. d. The decrease in fertility rates and the number of children per family that many societies undergo as they transition from urban centers to rural locations.arrow_forwardThe Data of Macroeconomics – Work It Out Question b. Calculate the percentage change in each of the 2 following between 2010 and 2015. Consider an economy that produces and consumes bread and automobiles. The table includes data for two different years. % change auto prices = % 2010 2010 2015 2015 Good Quantity Price Quantity Price Automobiles 70 $46000 120 $65000 % change bread prices % %3D Bread 590000 $8 370000 $17 Round answers to to places after the decimal where % change GDP deflator = % necessary % change CPI = %arrow_forward
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