Distinguish Between Microeconomics

b. Label each of the following news headlines as a microeconomic or macroeconomic topic. (i) Edmonton woman wins over 21 million in lottery Micro economy (ii) Oil closes above 120 a barrel for the first time Macro economy (iii) Bank of Canada raises interest rates Macro economy (iv) Dropout problem at high school Micro economy 2. On a graph of the circular flow, label the flows in which the following occur. a. wages paid by firms b. dividends paid by businesses c. capital owned by households and used by firms d. land rented to businesses e. cars sold by firms to households 3. Identify the following as consumption or investment goods or both. Justify your answers. a. an iPod Consumption good as it can only be consumed b. a share of stock Investment good as it is a investment only. c. the Trans-Canada highway Consumption good as we can utilize its services. d. a ski lift Consumption and investment good- as we can utilize its services and also gain return from it e. an unsold truck by a GM plant in Ontario Consumption good- as we do not expect to get any return on it, it is only a consumption