UNIT 1 (8 marks) Classify the following as microeconomics or macroeconomics and provide a justification for...
UNIT 1 (8 marks) Classify the following as microeconomics or macroeconomics and provide a justification for your choice.
(i) The effect of changes in household saving rates on the growth rate of national income.
(ii) The effect of rising oil prices on employment in the airline industry.
(iii) A comparison of alternative tax policies and their respective impacts on the rate of the nation’s economic growth.
(iv)Changes in the nation’s unemployment rate over short periods of time.
Homework Answers
a) As it is related to the ingle household in the economy it will be part of the micro economy, If it was related to the national saving it was macro economics.
b) It i related to rising oil prices and one industry in the market it will be part of the micro economics, if it was related to the employment overall in the market it would have been macro economics.
c) It will be part of the macro economics because it concerns whole economic growth of the nation.
d) It will be part of the macro economy because it is related to the nation's unemployment that is not limited to a single industry.
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