Indicate whether each of the following statements applies to microeconomics or macroeconomics: a. The unemployment rate in the United States was 3.7 percent in December 2018
b. A U. S. software firm laid off 15 workers last month and transferred the work to India.
c. An unexpected freeze in central Florida reduced the citrus crop and caused the price of oranges to rise.
d. U. S. output, adjusted for inflation, increased by 2.3 percent in 2017.
e. Last week Wells Fargo Bank lowered its interest rate on business loans by one-half of 1 percentage point.
f. The consumer price index rose by 2.2 percent from November 2017 to November 2018.

Ida sidha karya company is a family-owned company located on the island of bali in indonesia. the company produces a handcrafted balinese musical instrument called a gamelan that is similar to a xylophone. the gamelans are sold for $860. selected data for the company’s operations last year follow: units in beginning inventory 0 units produced 320 units sold 285 units in ending inventory 35 variable costs per unit: direct materials $ 135 direct labor $ 355 variable manufacturing overhead $ 30 variable selling and administrative $ 15 fixed costs: fixed manufacturing overhead $ 64,000 fixed selling and administrative $ 27,000 the absorption costing income statement prepared by the company’s accountant for last year appears below: sales $ 245,100 cost of goods sold 205,200 gross margin 39,900 selling and administrative expense 31,275 net operating income $ 8,625 required: 1. under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? 2. prepare an income statement for last year using variable costing. what is the amount of the difference in net operating income between the two costing methods?

2. the language of price controls consider the market for rental cars. suppose that, in a competitive market without government regulations, the equilibrium price of rental cars is $58 per day, and employees at car rental companies earn $19.50 per hour. complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. statement price control effect there are many teenagers who would like to work at car rental companies, but the minimum-wage law sets the hourly wage at $23.00. the government has instituted a legal minimum price of $87 per day for rental cars. the government prohibits car rental companies from renting out rental cars for more than $87 per day.

If a team of three workers, each making the u. s. federal minimum wage, produced these 12 rugs, what would the total labor cost be? don't forget that these workers would be working overtime.