This research has formulated methods that helps economists predict economic tendencies by knowing how the market will react when certain individuals make a purchasing decision. When one person's opportunity cost of producing a good is lower than another person's opportunity cost of producing the same good, it is called, Your solution is just a click away! 15) Which of the following is a macroeconomic issue? Which of the following is microeconomic issue? A. Answer: A natural monopoly occurs when an industry’s output can be produced at far lower cost by a single firm than by a number of smaller firms. A. Apple releases a new version of the iPhone. productive resources used by government to increase the productivity of consumption. What will cause the nation’s inflation rate to fall? B. Microeconomics and macroeconomics are not separate subjects but are, rather, complementary perspectives on the overall subject of the econom… I. the effect of consumer income on inferior goods. (Select all that apply.) To really understand it, compute the following price elasticities of demand: The price of a laptop increases by 20% and there is a 40% drop in the quantity demanded. What effect does a government deficit have on the unemployment rate? The price of a pack of cigarettes increases by 10% and there is a 5% drop in the quantity demanded. Microeconomics is an area of economic science that is based on a robust body of scientific research. Macroeconomics (from the Greek prefix makro-meaning "large" + economics) is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole. 16) Which of the following is an issue in macroeconomics. Your paper should include the following information: 1. Microeconomics is that part of economics which deals with the individual units of the economy. This is a __________ issue. Which of the following is considered a microeconomic issue? III. It takes into account the demand and supply of individual units … D) Inflation skyrockets in Russia. Microeconomics is the study of individuals, households and firms' behavior in decision making and allocation of resources. Answer: C Topic: Microeconomics and Macroeconomics Skill: Conceptual 15) Which of the following is a macroeconomic issue? The quantity of wheat grown in the United States increases this year. What will cause the rate of growth in consumer spending to fall? Another way to phrase this is to say that microeconomics is the study of markets. B) How federal government budget deficits affect interest rates. Microeconomics is the study of particular markets, and segments of the economy. The following are illustrative examples of microeconomics. The reasons for a decline in average prices B. How will an increase in the price of Coca-Cola affect the quantity of Pepsi-Cola sold? For the most part, microeconomics and macroeconomics examine the same concepts at different levels. c)How does … Microeconomics is the study of individuals' and businesses' decisions, while macroeconomics looks higher up, at national and government decisions. Learn about microeconomics and a few of the most popular topics that are typically studied in the field, such as supply and demand, opportunity cost, and different forms of competition that exist. Q1 Which of the following is not a microeconomic issue? That ground can be divided into two parts: microeconomics focuses on the actions of individual agents within the economy, like households, workers, and businesses; macroeconomicslooks at the economy as a whole. This includes regional, national, and global economies. a. How does a pharmaceutical company determine the price of a drug? b. Impact of a shortage of wheat production on wheat price comes under the domain of Microeconomics. A family decides to drive its child to school instead of relying on a school bus. The microeconomics issue studies individual prices, quantities and market places,that is, the individual actions of the agents on the economy. For example, using interest rates, taxes and government spending to regulate an economy’s growth and stability. microeconomic The effect of high income taxes on the total amount of consumer spending. © 2007-2021 Transweb Global Inc. All rights reserved. D) the effect of an increase in the tax on cigarettes, 11) In broad terms the difference between microeconomics, 12) Studying the determination of prices in individual, 13) The analysis of the behavior of individual decision-, 14) Which of the following topics would be studied, A) How a trade agreement between the United, States and Mexico affects both nations’ unemployment. Microeconomics focuses on all of the following EXCEPT A the purchasing, 10) Microeconomics focuses on all of the following, A) the purchasing decisions that an individual consumer. Macro economics is the study of the whole economy. Exercise 1 entails a choice of one topical microeconomic issue out of two possible alternatives. Now revised and updated to reflect critical changes in economic policy since the last edition, Microeconomic Issues Today, Eighth Edition, provides Conservative, Liberal, and Radical interpretations and solutions for seven current microeconomic issues. All the other answers relate to aggregates, the domain of macroeconomics. A) The price of gasoline increases in the United States this year. asked Jul 16, 2020 in Economics by kathrishka. 9) Which of the following is an issue in macroeconomics? It should be clear by now that economics covers a lot of ground. A) the purchasing decisions that an individual consumer makes B) the effect of an increase in the tax on cigarettes on cigarette sales C) the hiring decisions that a business makes D)the effect of increasing the money supply on inflation 10) Macroeconomic topics include A) the impact of government regulation of markets. This is a microeconomic issue since it deals with only one product. the effect of an increase in input price on supply. IV. a cross-section graph between x and time. Microeconomics is the study of the economic behavior of individuals, households and firms. That ground can be divided into two parts: Microeconomics focuses on the actions of individual agents within the economy, like households, workers, and businesses; Macroeconomics looks at the economy as a whole. Log into your existing Transtutors account. Where macroeconomics looks at the big picture of the economy, microeconomics looks at the individual behaviors that drive economic processes. What is the opportunity cost to move from point D to point E? infographics! E) The U.S. government cuts taxes to combat a … The quantity of wheat grown in the United States increases this year. goods that are bought by businesses to produce productive resources. D) How a tax rate increase will impact total production. Macroeconomics is generally focused on countrywide or global economics. Richfield Graduate Institute of Technology (Pty) Ltd - Kempton Park, Richfield Graduate Institute of Technology (Pty) Ltd - Kempton Park • BCOM 511, University of Missouri, Kansas City • ECON 201, Indiana University, Bloomington • ECON E201, Indiana University, Bloomington • ECON-E 201, Arab Academy for Science, Technology & Maritime Transport, 2_ P_G_D_ in Business Management - 405 22_Marketing Management.pdf, Arab Academy for Science, Technology & Maritime Transport • ECONOMICS E112A, University of New South Wales • MGMT 1001. C. Is inflation harmful? B) Comparing inflation rates across countries. productive resources used to produce goods and services. It generally applies to markets of goods and services and deals with individual and economic issues. b)What will cause the nation's inflation rate to fall? It focuses on broad issues such as growth, unemployment, inflation, and trade balance. Get it Now, By creating an account, you agree to our terms & conditions, We don't post anything without your permission, Submit your documents and get free Plagiarism report. It studies involves the sum total of economic activity, dealing with the issues such as growth, inflation, and unemployment. The inflation rate fell this year. Course Hero is not sponsored or endorsed by any college or university. D. Why is the unemployment rate falling? 1 Answer to Which of the following are microeconomic issues?Which are macroeconomic issues? Microeconomics is the study of human action and interaction. A. The above figure shows the production possibility frontier for a country. c. How does a quota on textile imports affect the textile industry? a)How will an increase in the price of Coca-Cola affect the quantity of Pepsi-Cola sold? The most common uses of microeconomics deal with individuals and firms that trade with one another, but its … Get it solved from our top experts within 48hrs! Growth in the U.S. economy slowed. the effect of increasing the money supply on inflation. Exercise 1 Choose one of the following two microeconomic issues… Microeconomics Chapter 1 Quiz and Test The effect of higher cigarette taxes on the quantity of cigarettes sold. Increased federal government expenditures have lowered the unemployment rate. Research the different sides on the issue through the use of the Internet and UMUC Library Resources. The reasons why Kathy buys less orange juice It should be clear by now that economics covers a lot of ground. Exercises 2 and 3 entail a choice of two textbook questions out of a list of possible alternatives. 7. the effect of substitutes on consumer demand. A brief description of the issue … Regulations of timber affect the demand for and supply of timber. It looks at issues such as consumer behaviour, individual labour markets, and the theory of firms. How does a tax on the sale of houses affect the number of houses sold? It focuses on broad issues such as growth of production, the number of unemployed people, the inflationary increase in prices, government deficits, and levels of exports and imports. A) How a rise in the price of sugar affects the market for sodas. This preview shows page 2 - 5 out of 29 pages. Which of the following is a microeconomic issue? C) the hiring decisions that a business makes. 1.2 Microeconomics and Macroeconomics 1.3 How Economists Use Theories and Models to Understand Economic Issues 1.4 How To Organize Economies: An Overview of Economic Systems How will a decrease in the price of tattoo removal affect the number of tattoos applied? Increased federal government expenditures have lowered the unemployment rate. B. 17) Which of the following is a microeconomic issue? Microeconomics + Study Guide-Michael Parkin 2011-05-03 This package contains the following components: -0131394258: Microeconomics -0131394312: Study Guide for Microeconomics Microeconomics, Global Edition-Michael Parkin 2013-11-06 Parkin brings critical issues to the forefront. Which of the following is a microeconomic issue? C) How rent ceilings impact the supply of apartments. B) The Brazilian economy experiences rapid economic growth. Which of the following is an issue in macroeconomics? Question: Which of the following industries is most prone to the occurrence of natural monopolies? Micro economics involves goods that are bought by individuals and used to provide personal enjoyment. Which are macroeconomic issues? And, The macroeco view the … Which of the following are microeconomic issues? It looks at ‘aggregate’ variables, such as aggregate demand, national output and inflation. … 1.2 Microeconomics and Macroeconomics 1.3 How Economists Use Theories and Models to Understand Economic Issues 1.4 How To Organize Economies: An Overview of Economic Systems Select a topic from the following list of current issues in microeconomics. goods and services produced by the economy. Microeconomics and macroeconomics are not … Microeconomics then considers patterns of supply and demand as dictated by the aggregate of individual decisions and the factors that influence these cost-benefit relationships. C) The unemployment rate soars in Spain. Microeconomic decisions are made on a day to day basis by individuals and firms. Learn more about The Wealth of Nations with Course Hero's FREE study guides and This is because all people face the problem of scarce or limited resources. d. C. Coors Light packages alcohol in bottles that turn blue when cold. This is a […] Utility companies (such as electric, phone, cable) tend to turn into natural monopolies most easily. The U.S. government cuts taxes to combat a recession. Which of the following is not a microeconomics topic? II. B) the effect of increasing the money supply on inflation. Microeconomics then considers patterns of supply and demand as dictated by the aggregate of individual decisions and the of... Individual and economic issues - 5 out of 29 pages total amount of consumer spending to regulate an ’... Blue when cold the U.S. government cuts taxes to combat a recession pack of cigarettes increases 10... 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