Question

in the simple circular - flow diagram, the participants in the economy are households and firms. households and government. households, firms, and government. firms and government. question 8 2 pts which of the following would likely be studied by a microeconomist rather than a macroeconomist? the impact of minimum - wage laws on employment in the fast food industry the effect of a war on government spending the effect of a national healthcare program on the nations unemployment rate a comparison of alternative tax policies and their respective impacts on the rate of the nations economic growth question 9 2 pts figure 2 - 8

Explanation:

1. In the simple circular - flow diagram, the basic participants are households that provide factors of production and consume goods and services, and firms that produce goods and services and demand factors of production.
2. Microeconomics focuses on individual markets, industries, and firms. The impact of minimum - wage laws on employment in the fast - food industry is a microeconomic topic as it pertains to a specific industry. Macroeconomics deals with the economy as a whole, such as government spending in general (effect of war on government spending), national unemployment rate (effect of national healthcare program on unemployment), and national economic growth (comparison of tax policies on economic growth).

Answer:

Question 7: households and firms.
Question 8: The impact of minimum - wage laws on employment in the fast food industry