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Which of the following is a microeconomic question? a
Which of the following is a microeconomic question? a. What is the overall price level in the economy? b. What are the variables that determine the price of a specific good? c. How can we best encourage economic growth? d. How can we reduce the unemployment rate among Hispanic men? e. What are the total production levels in the economy?
Expert Solution
The answer is: b. What are the variables that determine the price of a specific good? This question is looking at an individual product, not the national economy.
a. What is the overall price level in the economy? The economy operates at the macro level.
c. How can we best encourage economic growth? Economic growth is driven by macro level variables.
d. How can we reduce the unemployment rate among Hispanic men? Unemployment rates are a macro level development, even among different ethnic groups.
e. What are the total production levels in the economy? The economy operates at the macro level.
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