Explain How Microeconomics Differs from Macroeconomics and Then Categorize the Following

question 29

Essay

Explain how microeconomics differs from macroeconomics and then categorize the following questions as either microeconomic or macroeconomic questions:
(a) How will interest rates change when the Federal Reserve Bank increases money supply?
(b) How will Nike's market share change when Reebok increases their marketing expenditures?
(c) How does a tariff on imported steel affect the U.S. steel industry?
(d) Should Wal-Mart renovate its stores nationwide?
(e) Should the government lower income taxes to stimulate consumption?

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Definitions:

Distributive Justice

The perceived fairness of how rewards and resources are distributed among members of a group or society.

CRM

Stands for Customer Relationship Management; a technology for managing a company's relationships and interactions with current and potential customers.

Inventory Management

The process of ordering, storing, and using a company's inventory, including the management of raw materials, components, and finished products.

Calendar Management

Scheduling appointments, telephone calls, or “to-do” lists.