1. unemployment in Nova Scotia 2. interest rates 3. wages for farm workers 4. inflation rates...

1. unemployment in Nova Scotia
2. interest rates
3. wages for farm workers
4. inflation rates
5. government's farm price supports
6. monopoly practices in Canada

Refer to the above information to answer this question. Which of the above are macroeconomic concepts?

a	1, 2 and 4.
b	2, 3 and 6.
c	2, 4 and 6.
d	2, 3 and 5.

Solutions

Expert Solution

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Answer
c) 2,4 and 6

Microeconomics deals with individuals or a small group .In other words , it has a limited scope .
Macroeconomics looks at the economy as a whole and determines the course of the government decisions and their impacts .

2. interest rates is a Macroeconomic issue because it has an impact on the economy as a whole
4. Inflation rates refers to the rise in he general price level . IT has impact on the entire economy.THerefore it is macroeconomic variable.
6. Monopoly practices in canada is a macroeconomic variable as it views canada as a single unit of study .

3. and 5. both are limited in their scope as they focus on farmer's Income and agriculture and are there microeconomic variables.
1. Unemployment in Nova Scotia is a microeconomic variable as it only deals with Nova Scotia and not the country as a whole .Nova Scotia is just a province in Eastern Canada.

Rahul Sunny answered 1 year ago

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