ECON 1010 Quiz: Macro quiz 3

Chapter 6 deals with the transition between Micro and Macro Economics. So I am going to list a series of questions where you must determine if it is a macro or micro statement. If it is macro convert it to micro. If it is micro, then convert to a macro. 1. Should I go to grad school or take a job? 2. What determines SMCCs policies on course offerings? 3. Should the government make community colleges tuition free? 4. What determines Hanaford's wage policies in Portland?

The following equations describe the macro-economy:

Consumption function: C = 50 + 0.5(Y-T)
Taxes: T = 0.2Y
Government spending: G = 100
Investment: 200 - 10000i
Real Money Supply: M/P = 100
Real Money demand: M^d / P = 2Y - 20000i

Derive the IS and LM curves

What is the difference between micro vs macro?