Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN: 9781337091985
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 2.1, Problem 1QQ
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The nature of economics.
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Question: Which of the following is related to Microeconomics?[A] The size of national economy[B] Inflation[C] Unemployment[D] Behaviour of individual economic unitsPlease Dont use AI tool.
In what sense is economics like a science? • Draw a productionpossibilities frontier for a society that produces food and clothing. Showan efficient point, an inefficient point, and an infeasible point. Show theeffects of a drought. • Define microeconomics and macroeconohdics.
1. 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 saving
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Brief Principles of Macroeconomics (MindTap Course List)
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- 1. Classify the following as microeconomics or macroeconomics and provide a justification for your choice. a. The effect of rising oil prices on employment in the airline industry. b. A comparison of alternative tax policies and their respective impacts on the rate of the nation’s economic growth. c. Changes in the nations unemployment rate over short periods of time. d. The effect of changes in household saving rates on the growth rate of national income.arrow_forwardExplain difference between; 1.Microeconomics and macroeconomics 2.Positive and Normative economicsarrow_forward1: What is Economics, and Why Is It Important? 2: What is Studied in Microeconomics and Macroeconomics? 3: What are some of the Requirements for Economic Models?arrow_forward
- Please help me with these questions. Describe Economics as a Social Science and as an Applied Economics. What are the different tools being used in studying Economics? What are the different Economic Resources?arrow_forwardWhat are the key elements of the scientific method and how does this method relate to economic principles and laws?arrow_forwardDiscuss purpose and importance of studying economics. Also discuss the scope of microeconomics and macroeconomics and their interdependence ?arrow_forward
- 13. Which of the following is a normative statement? a) Neil Armstrong was the first man ever to walk on the moon b) The Space Shuttle Columbia exploded in 2003 when it was re-entering the Earth's atmosphere c) NASA should send a shuttle to Mars to do more research on the planet. d) The International Space Station is a joint collaboration between many countries, including the United States of America, Japan and Canada. 14. In what type of economy will you see consumers buying what they like with money they have acquired from a wage or salary? I. Command syste I. Market system I. Mixed economy a) OnlyI b) Only II c) Both Il and II d) 1. Il and IIIarrow_forward"What is Economics?" Please respond to the following: 1. Identify a recent purchase that you made, recently, and determine how scarcity influenced your purchase decision. 2. Give an example of how scarcity of a product would have an impact on a microeconomic level. Please explain your rationale.arrow_forward1. Explain the difference between micro economics and macroeconomics. 2. Demonstrate an understanding of the coordinate system by using it to outline the relationship between economic variables.arrow_forward
- 1.1 Factors of production A. are normative concepts. B. are studied primarily in microeconomics. C. represent the classification of different resources available to an economy. D. represent the trade-offs as you move along the demand curve. E. represent the trade-offs as you move along the isoquant curve. Use the following information to answer questions 1.2 to 1.4: Suppose the demand for a product can be represented by Qd = 100 - 5P, while the supply is given by the equation Qs = -12 + 3P, where price is in rand. 1.2 The equilibrium price for the product is the following: A. R6.67 В. R15 С. R5 D. R20 E. None of the above values. 1.3 At the equilibrium, the quantity is А. 45. В. 33. C. 18. D. 25. E. None of the above values.arrow_forwardBusiness anca Ayon Action Chapter 2 Understanding Basic Economics Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Learning Objectives (1 of 2) 2.1 Define economics, and explain why scarcity is central to economic decision making. 2.2 Differentiate among the major types of economic systems. 2.3 Explain the interaction between demand and supply. Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved What Is This Thing Called The Economy? (1 of 1) Economy - The sum total of all the economic activity within a given region Introd . This chapter off - A brief introduction professional's perspec - A high-level look at the stu economic systems, and the demand • Understanding basic economi successful business managen Copyright © 2017, 201 Learning Objectives (2 2.4 Identify four macroeconom understanding the behavior of 2.5 Outline the debate over de key roles that governments pla 2.6 Identify the major ways of Copyright © 2017, 2 What Is This Thing C…arrow_forward(1) Classify the following topics as relating to microeconomics or macroeconomics. (5) 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 moneyarrow_forward
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