Attempts Average: 11 S. Problems and Applications Q Classity the following topic

Question

Attempts Average: 11 S. Problems and Applications Q Classity the following topics as relating to microeconomics or macroeconomics Topic s Macroeconomics The effect of minimum-wage law on unemployment The effect of government subsidies on the agricultural industry The relationship between the inflation rate and the unemployment rate The effect of a change in price of one good on a related good A firm's decision about whether to continue production or to shut down Grade It Now Save & Continue Contnue without saving

Explanation / Answer

5. Ans :

Explanation :

Micro economics deals with individual units whereas macro economics studies the whole economy.Micro economics is a small concept whereas macro economics is a large concept.

6. Ans:

Explanation : Normative statements are subjective and based on value judgment where as positive statements are objective and based on facts.

Topic Microeconomics Macroeconomics The effect of minimum wage law
on employment - Yes The effect of government subsidies on the agricultural industry
- Yes The relationship between inflation rate and the unemployment rate - Yes The effect of a change in price of one good on a related good Yes - A firm's decision about whether to continue production or to shut down yes -

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