Problem
1. Explain the difference between macroeconomics and microeconomics. Give examples of the areas of concern to each branch of economics.
2. Which of the following are microeconomic issues? Which are macroeconomic issues?
a. How will an increase in the price of Coca-Cola affect the quantity of Pepsi-Cola sold?
b. What will cause the nation's inflation rates to fall?
c. How does a quota on textile imports affect the textile industry?
d. Does a large federal budget deficit reduce the rate of unemployment in the economy?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.