Which statement represents a microeconomic issue?
A) The unemployment rate fell by 2% last year.
B) Businesses in the United States experienced a decrease in revenues of 5% last month due to the recession.
C) About 15% of teachers were laid off last week.
D) GDP increased by 6% last quarter.

Question

Quizplus · Accepted Answer

The layoff of teachers represents a microeconomic issue because it is specific to a particular industry and its impact is limited to the individuals affected by the layoffs. The other options relate to macroeconomic issues such as the overall unemployment rate, national business revenues, and GDP.

Which Statement Represents a Microeconomic Issue