3) Iindicate whether each of the following statements applies to microeconomics or macroeconomics: a. The unemployment rate in Canada was 7.0 percent in January 2005. (Macro) b. A Canadian software firm discharged 15 workers last month and transferred the work to India. (Micro) c. Last week the Scotia Bank lowered its interest rate on business loans by one-half of 1 percentage point (Micro) d. The consumer price index rose by 2.2 percent in 2005. (Macro) 4) What are the important functions of an entrepreneur? Ans: Takes initiative, make decisions for business, innovative and bears risks