Question

Question: For each of the following, list whether the topic is microeconomic or macroeconomic in nature:

(a.) The price of gasoline.

(b.) The national unemployment rate.

(c.) The quantity of new cars sold each year.

(d.) The wage rate paid to steel workers.

(e.) The amount of national output in an economy.

Answer 1

(a.) The price of gasoline-Microeconomics;because microeconomics is dealing with only one good but the rising or falling of all prices would be macro.

(b.) The national unemployment rate-Macroeconomics

The macroeconomics is an economic perspective that looks at the economy as a whole and focusing on goals like growth in the standard of living, unemployment, and inflation.

(c.) The quantity of new cars sold each year-Microeconomics

(d.) The wage rate paid to steel workers-Microeconomics

(e.) The amount of national output in an economy- Macroeconomics