Decide whether the following statements are: I. Microeconomics or Macroeconomics

Decide whether the following statements are: (0.5 mark each) I. Microeconomics or Macroeconomics 1) The price of gasoline. 2)

Decide whether the following statements are:

I. Microeconomics or Macroeconomics

The price of gasoline.

The national unemployment rate.

The quantity of new cars sold each year.

The wage rate paid to steel workers.

The amount of national output in an economy.

Energy consumption by a firm.

Aggregate demand in an economy

Solutions

Expert Solution

As we know that, Economics is divided into two branches: Macroeconomics and Macroeconomics. Microeconomics studies the behavior of a particular individual or firm, it's price ,demand and supply. In other words microeconomics is the mininature study of the econnomy. On the other hand macroeconomics studies the whole economy like aggregate demand, aggregate supply, aggregate price , total employment and unemployment in the economy. Macroeconomics studies aggregates of the econnomy.

From the seven points mentioned.

1). Microeconomics concept.

2). Macroeconomics concept.

3). Microeconomics concept.

4). Microeconomics concept.

5). Macroeconomics concept.

6). Microeconomics concept.

7). Macroeconomics concept.

Hope you got the answer.

Thanks ?

Rahul Sunny answered 1 year ago

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