Question 1 Classify the following as microeconomics or macroeconomics and provid
ID: 1135637 • Letter: Q
Question
Question 1
Classify the following as microeconomics or macroeconomics and provide a justification for your choice.
A worker’s decision about how many hours to work.
Answer 1Choose...Macro, examining one sector in economy
Macro, examining entire economy
Micro, examining one individual
Macro, examining one firm in economy
Micro, examining one sector of economy
Micro, examining one specific firm
The relationship between education and economic growth.
Answer 2Choose...Macro, examining one sector in economy
Macro, examining entire economy
Micro, examining one individual
Macro, examining one firm in economy
Micro, examining one sector of economy
Micro, examining one specific firm
The effect of government spending on the nation’s unemployment rate.
Answer 3Choose...Macro, examining one sector in economy
Macro, examining entire economy
Micro, examining one individual
Macro, examining one firm in economy
Micro, examining one sector of economy
Micro, examining one specific firm
The impact of new technology in the market for DVD recorders.
Answer 4Choose...Macro, examining one sector in economy
Macro, examining entire economy
Micro, examining one individual
Macro, examining one firm in economy
Micro, examining one sector of economy
Micro, examining one specific firm
The optimal choice of output for a firm that produces electric heaters.
Question2
Which of the core principles (1) Scarcity, choice and opportunity cost, 2) cost-benefit analysis, 3) incentive principle, 4) diminishing returns) is expressed in the following statements? Support your choice.
Kamisha is planning her activities for a hot summer day. She would like to go both to the swimming pool and to see the latest blockbuster movie, but because she can only get tickets to the movie for the same time that the pool is open she can only choose one activity.
Question 2 Part ii
Which of the core principles (1) Scarcity, choice and opportunity cost, 2) cost-benefit analysis, 3) incentive principle, 4) diminishing returns) is expressed in the following statements? Support your choice.
Most governments have a policy of not negotiating with kidnappers but relatives of kidnap victims do not have the same policy.
Question 2 Part iii
Which of the core principles (1) Scarcity, choice and opportunity cost, 2) cost-benefit analysis, 3) incentive principle, 4) diminishing returns) is expressed in the following statements? Support your choice.
(iii) From the dozen seeds you planted in a small flowerbed in front of your house, ten of them germinated and grew into plants. Liking how they look you planted another dozen seeds in the same bed. This time only seven of the seeds grew into plants.
A worker’s decision about how many hours to work.
Answer 1Choose...Macro, examining one sector in economy
Macro, examining entire economy
Micro, examining one individual
Macro, examining one firm in economy
Micro, examining one sector of economy
Micro, examining one specific firm
The relationship between education and economic growth.
Answer 2Choose...Macro, examining one sector in economy
Macro, examining entire economy
Micro, examining one individual
Macro, examining one firm in economy
Micro, examining one sector of economy
Micro, examining one specific firm
The effect of government spending on the nation’s unemployment rate.
Answer 3Choose...Macro, examining one sector in economy
Macro, examining entire economy
Micro, examining one individual
Macro, examining one firm in economy
Micro, examining one sector of economy
Micro, examining one specific firm
The impact of new technology in the market for DVD recorders.
Answer 4Choose...Macro, examining one sector in economy
Macro, examining entire economy
Micro, examining one individual
Macro, examining one firm in economy
Micro, examining one sector of economy
Micro, examining one specific firm
The optimal choice of output for a firm that produces electric heaters.
Explanation / Answer
Ques 1
*Please post unrelated question separately. We are supposed to do only one question.
A worker’s decision about how many hours to work. Micro economics because it deals with decision of an individual. The relationship between education and economic growth. Macroeconomy, because for it you have to test for large number of individuals in the economy. The effect of government spending on the nation’s unemployment rate. Macro economy because it is going to affect the economy as a whole and not an individual. The impact of new technology in the market for DVD recorders. Microeconomics because it deals with one kind of idustry not all the industies existing in the economy. The optimal choice of output for a firm that produces electric heaters. Microeconomics because it is study of individual consumer or firm.Related Questions
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