nts D Question 32 30 pts 5 & Indicate whether each of the following statements applies to microeconomics or macroeconomics: a. The unemployment rate in the United States was 5.0% in April 2008. b. U.S. output, adjusted for inflation, grew by 2.2% in 2007. helf C. An unexpected freeze in central Florida reduced the citrus crop and caused the price of oranges to rise d. A U.S. software firm discharged 15 workers last month and transferred the work to India. e. The consumer price index rose by 2.8% in 2007. Edit View Insert Format Tools Table 12pt ~ Paragraph B I U A & T V I and ices O words O MA g YUNDAID Question 31 30 pts What effect should each of the following have on the demand for gasoline in a competitive market? State what happens to demand. Explain your reasoning in each case and relate it to a demand determinant. (a) an increase in the number of cars (b) the economy moves into a recession (c) an increase in the price of car insurance, taxes, maintenance (d) consumer expectations of substantial price increases in gasoline worD Question 33 40 pts Suppose the price of widgets rises from $5 to $7 and consumption of widgets falls from 25 widgets a month to 15 widgets. Calculate your price elasticity of demand of widgets. What can you say about your price elasticity of demand of widgets? Is it Elastic, Inelastic, or Unitary Elastic? Why? Please show your work. Edit View Insert Format Tools Table 12pt Paragraph ~ B J U AY ZY TV O words Submit Quiz