Differentiate Between Macroeconomics And Microeconomics Assignment Differentiate between Macroeconomics and Microeconomics. (2 pts) Why might pesticides

Differentiate Between Macroeconomics And Microeconomics Assignment Differentiate between Macroeconomics and Microeconomics. (2 pts) Why might pesticides be good for your health? (2 pts) Economics is sometimes defined as “the science of choice”.Economics can be viewed about how to make smart decisions.Economics teaches us how to think and make decisions logically and scientifically in order to make ourselves as well of as possible.Using what we learned in class, please discuss the process that you should use when making decisions—especially important ones—about your life.(6 pts) At age 21, a student graduates from college after investing a total of $40,000 in his/her education.Because of the education, the student will earn an additional $500,000 of salary over their lifetime.Using the rule of 70 and assuming a 7% return on investment, please discuss if the investment in education was as good economic investment.Assume the student will retire at age 71.Please show your work.(5 pts). Refer to Table 1 when answering the questions that follow.Each question is worth 2 points. (10 pts total) Table 1: Production/Consumption Information MSC SMT Labor Force 500 100 Output/Worker/Hour: Bearings 40 50 Tires 80 1,000 Which company has an absolute advantage in producing bearings?How can you tell? Which company has an absolute advantage in producing tires?How can you tell? Which company has a comparative advantage in producing bearings?How can you tell? Which company has a comparative advantage in producing tires?How can you tell? Should the two companies find a way to work together?Why or why not? Why are diamonds more expensive than water? ( 2 pts) Almost every time gasoline prices increase quickly, a chorus of complaints can be heard from the public about how the big oil companies are ripping off consumers.However, if oil companies can make more money any time they want simply by increasing prices whenever they want, why wouldn’t oil executives raise prices every day and keep them high? Please base your discussion on the principles of economics you learned in class. (4 pts) Airlines will often give you a lower ticket price if you stay over a Friday and/or Saturday night versus flying home on Friday.Basing your discussion in economics, please discuss why airlines give you this discount. (2 pts) Your friend has a large herb garden and grows “special” leafy, green produce to be sold at a local medicine shop.Your friend comments, “I hired a college student who was on summer vacation to help me this summer and my production doubled.Next summer, I think I’ll hire two or maybe three additional student helpers which should allow me to increase my output by three or four times.”Using economic terminology, please discuss the phenomenon that your friend has experienced in his business.In the long-run, can your friend realistically expect to increase the size of his operation forever and continue to experience a proportional increase in production?Why or why not? (5 pts) Using what you learned in this course, please discuss this statement: “Monopolies are only successful because they can charge any price they want—therefore monopolies are always bad.” (5 pts) For the following statements, please discuss why you agree/disagree with the statement.Your answers should be made using economic terminology and theory. (10 pts total) It is more fair to tax the rich versus the poor. (2 pts) Payroll taxes should be reformed to remove the income limit (all your earnings get taxed versus only the first $132,900). (2 pts) Sales taxes are the best type of tax. (2 pts) People who have property along the river are the only ones who should pay the tax (property tax) for flood control. (2 pts) Sin taxes–taxes on sin items like alcohol/cigs/etc—are good. (2 pts) Give two examples of a negative externality and two examples of a positive externality.Explain why market outcomes are inefficient in the presence of externalities. (6 pts)Give an example of a private solution to an externality.Why are private economic participants sometimes unable to solve the problems caused by an externality? (3 pts)Spammers on the internet are considered a problem.What choices does the government have in responding to this problem?Provide specific examples of each.You answer needs to include at least three of the broad areas available to government. (6 pts)Differentiate between private goods, public goods and common resources.Also, please provide an example of each. Which type of goods should the government get involved in managing?Why? (10 pts)Create an economic argument as to why the public sector (government) should not help fund a Vikings stadium.Then, create another economic argument as to the public sector should help fund a stadium.Given these two contrasting views, how might we find a solution?(5 pts) Is the concept of discrimination consistent with other economic theory that you have learned? Why or why not? (4 pts) Why do white men make more money than women and minorities?Is this earnings gap due to discrimination? What else might account for the earnings gap? (5 pts)People make choices, and choices have consequences. Discuss some choices that people make which can impact the value of their labor. (5 pts)Evaluate the following statement: “the founders made a country that said if you want it you can get it. We’re not going to guarantee you it. We’re not going to go out of our way to make sure you get it. But if you want it, you can get it.” How do you feel about this statement? (3 pts)