Identify Whether Each of the Following Topics Would Be Primarily

question 192

Essay

Identify whether each of the following topics would be primarily a concern of microeconomics or macroeconomics:
a. The decision by a household to eat in rather than go out for dinner this evening.
b. The unemployment rate increased from 4.5 to 4.8 percent.
c. A decision by the Bank of Canada to decrease the supply of money in the economy.
d. The general level of prices increased by 5 percent last year.
e. The price of bicycles increased by $30 last year.
f. The family restaurant chain closed down after losing much of its customer base to fast-food competitors over the last few years.

---

Definitions:

Social Inequality

The presence of unequal chances and benefits for various social roles or statuses within a community or society.

Hunting And Gathering

An ancient subsistence strategy involving the hunting of animals and foraging of plant life, oftentimes practiced by nomadic societies.

Foraging Societies

Those in which people live by searching for wild plants and hunting wild animals. Such societies predominated until about 10,000 years ago. Inequality, the division of labor, productivity, and settlement size are very low in such societies.

Service Sector

A segment of the economy that involves providing services rather than producing goods, including industries like banking, healthcare, and education.