Microeconomics D. U.s. Essay

7. Indicate whether each of the following statements applies to microeconomics or macroeconomics a. The unemployment rate in the U.S. was 9.0% in April 2011. Macroeconomics b. A U.S. softwargon firm discharged 15 workers last month and transferred the work to India. Microeconomics c. A unexpected check in central Florida reduce the citrus crop and caused the price of oranges to rise. Microeconomics d. U.S. output, adjusted for inflation, grew by 2.9% in 2010. Macroeconomics e. experience week Wells Fargo Bank lowered its interest rate on business loans by one-half of 1 percentage point. Microeconomics f. The consumer price index rose by 1.6% in 2010.Macroeconomics11. Explain how (if at all) each of the following events accepts the location of a countrys work possibilities curve. a. The quality of education make ups. The curve provide shift outer. Better education leads to higher productivity of labors, inventions and technological advantages. b. The number of unemployed worker s increases. This should not affect the curve. Production moves inward, away from the curve. c. A new technique improves the efficiency of extracting copper from ore. The curve should shift outward as more production is possible with existing resources. d. A devastating earthquake destroys numerous production facilities. The curve should shift inward with the destruction of resources/capital.Chapter 21. Contrast how a market system and a want economy try to cope with economic scarcity. A market system allows for the private ownership of resources and coordinates economic activity through market prices. Participants act in their own self interest and examine to maximize satisfaction or profit through their own decisions regarding consumption or production. Goods and services are produced and resources are supplied by whoever is willing to do so. The result is competition and widely dispersed economic power.The command economy is characterized by public ownership of nearly all prop erty resources and economic decisions are do through central planning. The planning board, appointed by the government, determines production goals for each enterprise. The division of output mingled with capital and consumer goods is centrally decided based on the boards long-term priorities. 10. In a sentence, describe the meaning of the phrase invisible hand. Acting in your own self interest to increase profit and at the same time helping society and the economy.