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State whether the following issues are microeconomic or macroeconomic. a. The overall unemployment rate _ macroeconomics b. A tax that affects workers in the automobile industry._ microeconomics c. The inflation rate_ macroeconomics d. Prices of electronic goods_ macroeconomics e. Real GDP_ macroeconomicS
MICROECONOMICS Q&A QUESTION We study economics because of a resources b money c scarcity d economists have convinced universities it is a necessary field of study QUESTION What does the adage ‘There is no such thing as a free lunch’ mean? a To get something we like, we usually have to give up another thing we like b Even people on welfare have to pay for food these days c The cost of living is always increasing d All costs are measured in dollars QUESTION Economic models are usually composed of: a plastic b beautiful people c assumptions only d diagrams and equations QUESTION Economists understand that people respond to: a the wishes of policymakers b Incentives c threats more than rewards d tax breaks, but not tax hikes QUESTION Assume a firm can produce a combination of 60 units of X together with 80 units of Y but to produce 70 units of X, the firm can only produce 60 units of Y What is the opportunity cost to produce 10 more units of X? a Two units of Y b 10 units of X c One-half a unit of X d 20 units of Y QUESTION A market economy rewards people according to: a their need for goods and services b how willing they are to work c their ability to produce things of cultural importance d their ability to produce things that other people are willing to pay for QUESTION Which of the following is a positive economic statement? a The government should close income tax loopholes that enable people to avoid paying tax b We should redistribute income to reduce poverty c Everyone should live at the same standard of living d If the price of petrol rises, a smaller quantity of it will be bought QUESTION State whether the following issues are microeconomic or macroeconomic a The overall unemployment rate _ macroeconomics b A tax that affects workers in the automobile industry._ microeconomics c The inflation rate_ macroeconomics d Prices of electronic goods_ macroeconomics e Real GDP_ macroeconomics ... units of Y QUESTION A market economy rewards people according to: a their need for goods and services b how willing they are to work c their ability to produce things of cultural importance d... We should redistribute income to reduce poverty c Everyone should live at the same standard of living d If the price of petrol rises, a smaller quantity of it will be bought QUESTION State whether