I need the attached document reworded in your own words please
#7 Indicate whether each of the following statements applies to microeconomics or macroeconomics:
The unemployment rate in the United States was 9.0% in April 2011.
macro
A U.S. software firm discharged 15 workers last month and transferred the work to India.
micro
An unexpected freeze in central Florida reduced the citrus crop and caused the price of oranges to rise. Microeconomics examines the decision making of specific economic units or institutions (citrus market).
Micro
D) Last week Wells Fargo Bank lowered its interest rate on business loans by one-half of 1 percentage point.
Micro
E). The consumer price index rose 1.6% in 2010.
macro
#11:
Explain how (if at all) each of the following events affects the location of a country’s production possibilities curve:
A) The quality of education increases.
B) The number of unemployment workers increases.
C) A new technique improves the efficiency of extracting copper from ore.
D) A devastating earthquake destroys numerous production facilities
The production possibility curve represents the different combinations of goods and services that can be produced in a fully
employed economy. Therefore, each one would affect the PPC:
A) Improving education would move the curve outward to actual growth,
B) An increase in unemployment should not affect the location of the curve. The Point of production moves inward, away from the curve.
C) New techniques would move the curve out causing more production growth (opposite effect to unemployment),
D) Earthquake would be the worst of all by way of destroying land, labor, and capital causing a huge down fall in to the production possibility curve.
Chapter 2
#1:
Contrast how market system and a command economy try to cope with economic scarcity.
Contrast how a market system and a command economy try to cope with economic scarcity.
A market system allows for the private ownership of resources and coordinates economic activity
through market prices. Participants act in their own self-interest and seek to maximize
satisfaction or profit through their own decisions regarding consumption or production. Goods
and services are produced and resources are supplied by whoever is willing to do so. The result is
competition and widely dispersed economic power.
The command economy is characterized by public ownership of nearly all property resources and economic decisions are made through central planning. The planning board, appointed by the government determines production goals for each enterprise.
# 10
In a sentence, describe the meaning of the phrase “invisible hand.”
It means to give without being noticed.
