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    This document discusses the nature of economics and provides answers to review questions about microeconomic and macroeconomic issues. It states that scarcity causes economic issues because people cannot consume as much as they like. It identifies that questions about product prices, labor wages, and whole economies are microeconomic or macroeconomic issues respectively.

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    This document discusses the nature of economics and provides answers to review questions about microeconomic and macroeconomic issues. It states that scarcity causes economic issues because people cannot consume as much as they like. It identifies that questions about product prices, labor wages, and whole economies are microeconomic or macroeconomic issues respectively.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    13 views1 page

    Answers Ch01

    Uploaded by

    Ikechukwu
    This document discusses the nature of economics and provides answers to review questions about microeconomic and macroeconomic issues. It states that scarcity causes economic issues because people cannot consume as much as they like. It identifies that questions about product prices, labor wages, and whole economies are microeconomic or macroeconomic issues respectively.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    King: Economics

    Chapter 1 – The Nature of Economics

    Answers to Questions for Review

    1.1 They are all caused by scarcity, because the people concerned cannot consume as

    much as they would like.

    1.2 (a), (c), and (e) are microeconomic issues, concerned with the price of a product

    traded in one market and with the wages of labour in two labour markets. (b), (d),

    and (f) are macroeconomic issues, concerned with economies as a whole.

    © Oxford University Press, 2012. All rights reserved.

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