Question 1 Which question is an example of a microeconomic question? What should the federal government do to reduce the trade deficit with Japan? Will the inflation rate remain relatively stable this year? Will the merger of two beer producers likely lead to higher cost of beer consumer in the economy? What factors are contributing to the steep rise in the federal government’s total debt? o Question 2 4P Which of the following is consistent with the law of demand? An increase in the price of coke causes a decrease in the quantity of coke demanded. A decrease in the price of egg rolls causes a decrease in the quantity of egg rolls demanded: An increase in the people’s craving for pizza causes buyers to buy more pizza. A decrease in the price of tacos causes sellers to want to sell less.
4 pts Farmers selling some of their soybeans in storage because they anticipate a lower price of soybeans in the near future would cause a rightward shift in the current supply of soybeans. movement up along the current supply curve of soybeans. O movement down along the current supply curve of soybeans. leftward shift in the current supply of soybeans. D Question 10 4 pts Which of the following would cause a leftward shift of the supply curve for cell-phone services? a tax on cell-phone producers an increase in price of cell-phones a subsidy to cell phone producers a decrease in orice of cell phones
(1) The answer is (C)
We first of all must know that macroeconomics deal with
questions related to economy as a whole such as inflation,
unemployment, interest rate, taxes etc.
On the other hand microeconomics deal with questions
related to an individual or market. Such as supply and demand etc.
Out of all the above given statements, statement C is a
microeconomic question. As it is concerned about 2 producers at
(2) The answer is (A)
According to the law of demand there exist an inverse
relationship between prices and quantity demanded. Thus In
statement A it is clearly given that when the price of coke rise,
the quantum demanded for coke would fall.
(3) The answer is (A)
If farmers expect the price of soyabean to fall in the
near future, they would increase the current supply of soyabean
which would be signified by a rightward shift in the supply curve
(4) The answer is (D)
If the price of cell phone falls, this would cause a
leftward shift in the supply of cell phones due to the law of
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