Econ

Question 1

Identify the statements as either a microeconomic issue or a macroeconomic issue.

In January of 2014, a person made a personal budget.

microeconomics
macroeconomics

The Canadian unemployment rate was lower in January of 2014 than it was in January of 2012.

microeconomics
macroeconomics

A person blames inflation for the general increase in prices at the grocery stores throughout British Columbia.

macroeconomics
microeconomics

A person gets a raise at work.

microeconomics
macroeconomics

Answer 1

Identify the statements as either a microeconomic issue or a macroeconomic issue.

In January of 2014, a person made a personal budget.

microeconomics

The Canadian unemployment rate was lower in January of 2014 than it was in January of 2012.

macroeconomics

A person blames inflation for the general increase in prices at the grocery stores throughout British Columbia.

macroeconomics

A person gets a raise at work.

microeconomics

What is the diffrence :
Mic :
Mac:

Question 2

The Core Principles of Economics — End of Chapter Problem
Use the cost-benefit principle to evaluate the following:

a. You are about to buy a calculator for $10, and the sales-person tells you that the model you want to buy is on sale for $5 at the
store’s other branch, which is a 20 minute drive away.

You should make the trip to the other branch if:
…

b. You are about to buy a laptop for $1,000 and the sales-person tells you that the model you want to buy is on sale for $995 at
the store’s other branch, which is a 20 minute drive away.

You should make the trip to the other branch if:
…

c. Your choice in parts a and b should be … in both scenarios. But some people may ignore costs and focus on the percentage saved because … change how people view the decision.

Answer 2

a. your making the trip is less than 5$

b. ///////////////////////////////////////////

c. the same
framing effects