Explain How Microeconomics Differs from Macroeconomics and Then Categorize the Following

question 52

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 the money supply?
(b)How will Nike's share of the market 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:

Nuclear Family

A family unit consisting of two parents and their children living together as a single household.

Immediate Offspring

Refers to the direct descendants of an individual or pair, typically their children.

Group Marriage

A marriage-like arrangement between more than two people, where all members are considered to be married to each other.

Eskimos

A term that refers to the indigenous peoples inhabiting the circumpolar regions of Greenland, Canada, and Alaska, often replaced by more specific ethnonyms such as Inuit or Yupik.