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Assignment
Review Lesson 1
Directons: Answer each of the questions below.
1. Indicate if each newspaper headline below deals with a microeconomics (micro) or a macroeconomics (macro) issue.
• Pepsi to Introduce a New flavor• Russia Devalues Currency• Red Cross Needs Blood• Microsoft Still Tied-Up in Legal battle• Federal Reserve Lowers Interest Rates• Congress to Tackle Social Security• Unemployment Reaches 20-Year Low• Catholic Church Recruits More Priests• Wal-Mart to Open 10 New Stores this Year• China Tries to Limit the Number of Births• YMCA Seeks Volunteers• U.S. Trade Deficit Widens• Library Extends Hours• CBS Has New Fall Line-Up• Michigan State Wins Four in a Row
2. Identify three decisions that you (micro) have made recently.
3. Identify three decisions that our government (macro) has made recently. Use the internet, the newspaper, or television news to research this information.
4. List three resources that you allocate daily. Identify three ways in which you come by these resources.
5. Identify three material things you would like to own. Are these needs or wants? Explain.
Scenario 1: The government is currently spending three billion, one hundred million on programs and brings in three billion, five hundred million through taxation. Does this create a budget surplus or deficit? Explain.
a. In trip calculation, it is observed that a Wal-Mart store driver successfully made a total of 104 trips in a given period of time. During field calculation, it is shown that the calculated number of trips is actually 128. What is th..
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