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Identify which of the following questions is a microeconomic question
Identify which of the following questions is a microeconomic question.
A. Will a rise in tax rates result in a decrease in economic growth?
B. Will a shortage of plumbers lead to a rise in the wage rate received by plumbers?
C. Will the value of the Mexican peso rise in the foreign exchange market?
D. What is the cause of a government budget deficit?
Expert Solution
The correct answer is B. Will a shortage of plumbers lead to a rise in the wage rate received by plumbers?
Explanation: all other options given in the question are examples of macroeconomics. Shortage of plumbers is a microeconomic concept because it will study only the plumber's market and change in wages received by them.
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