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Determine whether each of the following topics would more likely be studied in microeconomics or macroeconomics
Determine whether each of the following topics would more likely be studied in microeconomics or macroeconomics.
a) The effect of federal government spending on the national unemployment rate.
b) A consumer's optimal choice when buying a flat-screen TV.
c) The effect of an increase consumer income on demand for smart phones.
Expert Solution
Microeconomics is a branch of economics that helps to study the consumer's and sellers' individual behavior whereas macroeconomics is a branch of economics that helps to study the behavior of all the consumers and sellers as a whole. In this case,
a) The effect of federal government spending on the national unemployment rate is a macroeconomic concept as it considers the whole economy.
b) A consumer's optimal choice when buying a flat-screen TV is a microeconomic concept as it is a particular consumer-centric.
c) The effect of an increased consumer income on demand for smartphones is a microeconomic concept as it is consumer-centric.
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