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Classify the following topics as relating to microeconomics or macroeconomics
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
Expert Solution
a.
Microeconomics. The topic covers decision made by households, which fall under microeconomics.
b.
Microeconomics. This topic covers the impact of government regulation on the behavior or actions on firms. For instance, when the government enacts a policy restricting emissions, auto companies are likely to put measures in place to minimize pollution.
c.
Macroeconomics. National saving covers the entire economy.
d.
Microeconomics. This topic deals with decisions made by individual firms.
e.
Macroeconomics. Inflation rate and money supply affect the entire economy.
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