Classify the following scenarios as microeconomics or macroeconomics using the following options and provide a justification for your choice.
a. macro- examining entire country
b. macro- examining one firm in the economy
c. micro-examining one specific firm
d. micro- examining one sector of the economy
e. macro- examining one sector of the economy
f. micro- examining one individual
Scenarios:
1. The central bank announces that it is increasing the discount rate in an effort to slow the rate of inflation.
2. The Bureau of Labour Statistics projects a 22.5% increase in the number of workers in the healthcare industry from 2008 to 2018.
3. Toyota is contemplating increasing the production of SUV's based on projected future consumer demand.
4. Parliament is debating the option of implementing a Value Added Tax (VAT) as a means to cut the government deficit.
Classify the following scenarios as microeconomics or macroeconomics using the following options and provide a justification for your choice.
a. macro- examining entire country
b. macro- examining one firm in the economy
c. micro-examining one specific firm
d. micro- examining one sector of the economy
e. macro- examining one sector of the economy
f. micro- examining one individual
Scenarios:
1. The central bank announces that it is increasing the discount rate in an effort to slow the rate of inflation.
2. The Bureau of Labour Statistics projects a 22.5% increase in the number of workers in the healthcare industry from 2008 to 2018.
3. Toyota is contemplating increasing the production of SUV's based on projected future consumer demand.
4. Parliament is debating the option of implementing a Value Added Tax (VAT) as a means to cut the government deficit.
