Question

Which of the following are microeconomic problems? (You may select more than one answer.)(a) Work/leisure choice.(b) Marketing strategy.(c) Recession.(d) Inflation.(e) Federal budget deficit.

Answer 1

Answer:

(a) Work/leisure choice

(b) Marketing strategy

Explanation:

Microeconomic issues relate to those that are within the scope and power of individuals, households and firms which means that problems here will relate to decisions that these participants make in relation to resource allocation.

Choices relating to leisure or work have to do with the individual and the resources they would need or derive from either work or leisure and so are a microeconomic problem.

The marketing strategy that a firm should pursue is related to an individual firm and so is a microeconomic problem as well.