Assignment
Take advantage of the outside sources provided to help you with your assignment. Submit as a Word Document. You will need to answer the following questions in a 600-word response (total for all four questions)
Article: The Difference Between Micro and Macro Economics by NICK GIBSON.
1) Give 3 reasons that explain why the division of labor increases an economy's level of production. Answer this question in one paragraph of about 150 words.
2) Explain why scarcity leads to trade-offs. Answer this question in one paragraph of about 150 words.
3) Identify which of the following would be studied as a part of microeconomics, and which would be studied as a part of macroeconomics. You may do this quite briefly. Simply list the letters A thru J - and write "micro" or "macro" next to each one. Please answer this question in one paragraph of about 150 words.
a - Costco
b - The Bahamas
c - International trade
d - GDP (Gross Domestic Product)
e - Danielle's Plumbing and Heating
f - Debra's Chicken Wings and Soda Fountain
g - Inflation
h - The Red Cross
i - The City of Toledo, Ohio
j - The effects of changes in tax policy
4) Please study this table of monthly production possibilities for Mike, an economics professor at TCIU - Totally Cool Interstate University, and part-time wedding planner. Please answer this question in one paragraph of about 150 words.
A B C D E F
# of econ classes/month 5 4 3 2 1 0
# of weddings/month 0 2 4 6 8 10
What would it cost Mike to move .....
•from C to F
•from D to B
•from E to A
•from B to D.
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also include a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also Include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.