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Questions and Answers of Economics

In many situations, a seller of an item entertains bids from a number of buyers but allows one buyer to obtain the good by matching the highest competing offer. Consider the owner of a house who must
Movie distributors sell films to local exhibitors via sealed competitive bids. Exhibitors complain about the system of “blind” bidding—that is, they are often forced to bid on a film sight
Two buyers compete for an antique silver bowl in a sealed-bid auction. Each buyer’s value is drawn independently from the range of $0 to $1,000 with all values in the range equally likely. Buyer
Identical items are sold at English auction by one of two methods. One is to auction single items, one at a time. The other is to hold an initial English auction in which the high bidder has the
A half-dozen firms are competing to secure a highway contract from a local government via sealed bid. When bids are opened, the winning firm’s bid is 40 percent below the next-lowest bid.a. How
Reliant Press produces business forms for large customers: major banks, insurance companies, and the government. More than half of its sales are by competitive bid. Its largest facility receives an
Firms J and K are competing to supply high-tech equipment to a government buyer. Firm J’s expected production cost is $105 million, and its profit requirement (on top of this) is $5 million. (The
Firm S plans to sell an office building via an English auction. The firm expects two buyers to bid, each with a value uniformly distributed between $300,000 and $360,000. In addition, firm S knows it
Explain whether LP techniques can be used in each of the following economic settings.a. There are increasing returns to scale in production.b. The objective function and all constraints are linear,
Which of the following formulations can be solved via the LP method?a. Maximize: x + 2y, subject to: x + y ≥ 2 and 3x - y ≥ 4.b. Maximize: xy, subject to: x + y ≤ 2 and 3x - y ≥ 4.c.
A manager has formulated the following LP problems. Use graphical methods to find the optimal solutions. (In each, all variables are nonnegative.)a. Maximize: 10x + 15y, subject to: 2x + 5y ≤ 40
Consider an LP problem in which a firm produces multiple goods (A and B) using two inputs (X and Y) in limited supply. Suppose a technological advance increases the amount of good A that can be
An athlete carefully watches her intake of calcium, protein, and calories. Her breakfast diet consists mainly of milk and cereal, whose prices and nutrient contents appear in the following table:She
A firm produces tires by two separate processes that require different quantities of capital (K), labor (L), and raw materials (M). Process 1 requires one unit of K, four units of L, and two units of
Consider again the investment problem that opened the chapter.a. Suppose the portfolio manager limits the portfolio to treasury bills and treasury bonds. Using a graph, find the proportions of each
A soft-drink producer must decide how to divide its spending between two forms of media: television advertising and magazine advertising. Each 30-second commercial on prime-time network television
A lumber company uses labor (L) and capital (K) to produce joint products, hardwood (H) and plywood (P). These items can be produced by one of two processes:Process 1: 1 unit of L and 2 units of K to
A 30-year-old investment analyst has been experimenting with Optimum Eating, a new iPhone app. The app shows you how to divide the proportion of your weekly meals among the four categories listed in
A Boston-based middle manager recently received an exciting e-mail offer from American Airlines. Because of her long-time loyalty, she is eligible to obtain LIFETIME Platinum elite status on American
Multiple Choice Questions:1. If a good is scarce,a. It only needs to be limited.b. It is not possible to produce any more of the good.c. Our unlimited wants exceed our limited resources.d. Our
Multiple Choice Questions:1. Which of the following is most likely a topic of discussion in macroeconomics?a. An increase in the price of a pizzab. A decrease in the production of VCRs by a consumer
In most countries the birth rate has fallen as incomes and the economic opportunities for women have increased. Use economics to explain this pattern.
Write your own definition of economics. What are the main elements of the definition?
Are the following topics ones that would be covered in microeconomics or macroeconomics?a. The effects of an increase in the supply of lumber on the home-building industryb. Changes in the national
Identify which of the following headlines represents a microeconomic topic and which represents a macroeconomic topic.a. "U.S. Unemployment Rate Reaches Historic Laws"b. "General Motors Closes Auto
The Environmental Protection Agency asks you to help them understand the causes of urban pollution. Air pollution problems are worse the higher the Air Quality Index. You develop the following two
Do any of the following statements involve fallacies? If so, which ones do they involve?a. Because sitting in the back of classrooms is correlated with getting lower grades in the class, students
In the 1940s, Dr. Melvin Page conducted a national campaign to stop people other than infants from drinking milk.According to Page, milk was a dangerous food and a leading cause of cancer. He pointed
Are the following statements normative or positive, or do they contain elements of both normative and positive statements?a. A higher income-tax rate would generate increased tax revenues. Those
In the debate about clean air standards we have often heard the statement, "A nation as rich as the United States should have no pollution." Why is this a normative statement? Would it help you make
Answer the following questions:a. What is the difference between self-interest and selfishness?b. Why does inaction have consequences?c. Why are observation and prediction more difficult in economics
Using the map analogy from the chapter, talk about the importance of abstraction. How do you abstract when taking notes in class?
True or False:1. When our limited wants exceed our unlimited resources, we face scarcity.2. Choices are costly because we must give up other opportunities that we value.3. Living in a world of
True or False:1. Rationality could not apply to criminals.2. Economic theories do not abstract from the particular details of situations so they can better focus on every aspect of the behavior to be
Multiple Choice Questions:1. Which of the following is part of the economic way of thinking?a. When an option becomes less costly, individuals will become more likely to choose it.b. Costs are
Multiple Choice Questions:1. Which of the following is not true?a. Voluntary exchange is expected to be advantageous to both parties to the exchange.b. What one trader gains from a trade, the other
Which of the following goods are scarce?a. Garbageb. Salt water in the oceanc. Clothesd. Clean air in a big citye. Dirty air in a big cityf. A public library
Explain the difference between poverty and scarcity.
The automotive revolution after World War II reduced the time involved for travel and shipping goods. This innovation allowed the U.S. economy to produce more goods and services since it freed
The price of a one-way bus trip from Los Angeles to New York City is $150.00. Sarah, a school teacher, pays the same price in February (during the school year) as in July (during her vacation), so
McDonald's once ran a promotion that whenever St. Louis Cardinal's slugger Mark McGwire hit a home run into the upper deck at Busch Stadium, McDonald's gave anyone with a ticket to that day's game a
List the opportunity costs of the following:a. Going to collegeb. Missing a lecturec. Withdrawing and spending $100 from your savings account, which earns 5 percent interest annuallyd. Going
Which of the following activities require marginal thinking, and why?a. Studyingb. Eatingc. Drivingd. Shoppinge. Getting ready for a night out
Should you go to the movies this Friday? List the factors that affect the possible benefits and costs of this decision.Explain where uncertainty affects the benefits and costs.
Explain why following the rule of rational choice makes a person better off.
Which of the following are positive incentives? Negative incentives? Why?a. A fine for not cleaning up after your dog defecates in the parkb. A trip to Hawaii paid for by your parents or significant
Modern medicine has made organ transplants a common occurrence, yet the number of organs that people want far exceeds the available supply. According to CNN, 10 people die each day because of a lack
Throughout history, many countries have chosen the path of autarky, choosing to not trade with other countries. Explain why this path would make a country poorer.
Farmer Fran can grow soybeans and corn. She can grow 50 bushels of soybeans or 100 bushels of corn on an acre of her land for the same cost. The price of soybeans is $1.50 per bushel and the price of
Which region has a comparative advantage in the following goods:a. Wheat: Colombia or the United States?b. Coffee: Colombia or the United States?c. Timber: Iowa or Washington?d. Corn: Iowa or
Why is it important that the country or region with the lower opportunity cost produce the good? How would you use the concept of comparative advantage to argue for reducing restrictions on trade
People communicate with each other in the market through the effect their decisions to buy or sell have on prices. Indicate how each of the following would affect prices by putting a check in the
Prices communicate information about the relative value of resources. Which of the following would cause the relative value and, hence, the price of potatoes to rise?a. Fungus infestation wipes out
Imagine that you are trying to decide whether to cross a street without using the designated crosswalk at the traffic signal.What are the expected marginal benefits of crossing? The expected marginal
True or False:1. In economics, labor includes physical and mental effort, and land includes natural resources.2. Entrepreneurship is the process of combining labor, land, and capital together to
True or False:1. Good economic thinking requires thinking about average amounts rather than marginal amounts.2. Positive incentives are those that either increase benefits or reduce costs, resulting
Multiple Choice Questions:1. Which of the following is not a question that all societies must answer?a. How can scarcity be eliminated?b. What goods and services will be produced?c. Who will get the
Multiple Choice Questions:Use the diagram to answer questions 1 through 4..:.1. Currently, it is not possible to produce ata. point A.b. point B.c. point E.d. point G.e. either point E or point G.2.
Multiple Choice Questions:1. Which of the following is the most accurate statement about a production possibilities curve?a. An economy can produce at any point inside or outside its production
What are the three basic economic questions? How are decisions made differently in a market economy than in planned economies?
Recently the American Film Institute selected Citizen Kane as the best movie of all time. Citizen Kane is a fictional psychological biography of one of the most powerful newspaper publishers in
As women's wages and employment opportunities have expanded over the past 50 years, Americans have purchased more and more labor-saving home appliances like automatic washers and dryers, dishwashers,
Identify where the appropriate entries go in the circular flowdiagram.
Identify whether each of the following transactions takes place in the factor market or the product market.a. Billy buys a sofa from Home Time Furniture for his new home.b. Home Time Furniture pays
Given the following production possibilities curve:a. Does this production possibilities curve show increasing opportunity costs? Explain.b. What is the opportunity cost of moving from point I to
During wartime, countries shift production from civilian goods, like automobiles and clothing, to military goods, like tanks and military uniforms. When the United States entered World War I in April
How would the following events be shown using a production possibilities curve for shelter and food?a. The economy is experiencing double-digit unemployment.b. Economic growth is increasing at more
In A Bend in the River, Nobel Prize winner V. S. Naipaul describes an underdeveloped country in which the government's constantly changing tax policies and vague laws regarding ownership of property
Using the following table, answer the questions:a. What are the assumptions for a given production possibilities curve?b. What is the opportunity cost of one gun when moving from point B to point C?
Economy A produces more capital goods and fewer consumer goods than Economy B. Which economy will grow more rapidly? Draw two production possibilities curves, one for Economy A and one for Economy B.
Why one nation experiences economic growth and another doesn’t is a question that has intrigued economists since Adam Smith wrote An Inquiry into the Nature and Causes of the Wealth of Nations in
How does education add to a nation’s capital stock?
How does a technological advance that increases the efficiency of shoe production affect the production possibilities curve between shoes and pizza? Is it possible to produce more shoes and pizza or
A politician running for president of the United States promises to build new schools and new space stations during the next four years without sacrificing any other goods and services. Using a
True or False:1. Consumer sovereignty describes how individual consumers in market economies determine what is to be produced.2. Command economies rely on central planning, where decisions about what
True or False:1. Underutilized resources or those not being put to their best uses are illustrated by output combinations along the production possibilities curve.2. We all have an interest in the
Multiple Choice Questions1. In a supply and demand graph, the triangular area under the demand curve but above the market price isa. The consumer surplus.b. The producer surplus.c. The marginal
Multiple Choice Questions1. Other things being equal, for a given tax, if the demand curve is less elastic,a. The greater the tax revenue raised and the greater the deadweight cost of the tax.b. The
Refer to the following exhibit.a. If the price of each karate lesson is P0, the consumer surplus is equal to what area?b. If the price falls from P0 to P1, the change in consumer surplus is equal to
Steve loves potato chips. His weekly demand curve is shown in the following exhibit.a. How much is Steve willing to pay for one bag of potato chips?b. How much is Steve willing to pay for a second
If a freeze ruined this year’s lettuce crop, show what would happen to consumer surplus.
If demand for apples increased as a result of a news story that highlighted the health benefits of two apples a day, what would happen to producer surplus?
How is total surplus (the sum of consumer and producer surpluses) related to the efficient level of output? Using a supply and demand curve, demonstrate that producing less than the equilibrium
If the government’s goal is to raise tax revenue, which of the following are good markets to tax?a. Luxury yachtsb. Alcoholc. Moviesd. Gasolinee. Grapefruit juice
Which of the following do you think are good markets for the government to tax if the goal is to boost tax revenue? Which will lead to the least amount of deadweight loss? Why?a. Luxury yachtsb.
Elasticity of demand in the market for one-bedroom apartments is 2.0, elasticity of supply is 0.5, the current market price is $1,000, and the equilibrium number of one-bedroom apartments is 10,000.
Use the diagram to answer the following questions (a€“d).a. At the equilibrium price before the tax is imposed, what area represents consumer surplus? What area represents producer
Use consumer and producer surplus to show the deadweight loss from a subsidy (producing more than the equilibrium output).
Use the diagram to answer the following questions (aâ€“c).a. At the initial equilibrium price, what area represents consumer surplus? What area represents producer surplus?b. After the price
Use the diagram to answer the following questions (aâ€“c).a. At the competitive output, Q1, what area represents the consumer surplus? What area represents the producer surplus?b. At the larger
The 2000€“2001 California energy crisis produced brownouts, utility company bankruptcies, and worries about high prices. The California electric power regulatory program imposed price
True or False:1. A lower price will increase your consumer surplus for each of the units you were already consuming and will also increase your consumer surplus from increased purchases at the lower
True or False:1. Other things being equal, the more elastic the demand curve or the more elastic the supply curve, the smaller the deadweight loss of a tax.2. If either the supply or demand curve
Multiple Choice Questions1. The presence of negative externalities leads to a misallocation of societal resources becausea. Whenever external costs are imposed on outside parties, the good should not
Multiple Choice Questions1. The market system fails to provide the efficient output of public goods becausea. People place no value on public goods.b. Private firms cannot restrict the benefits from
Indicate which of the following activities create a positive externality, a negative externality, or no externality at all:a. During a live theater performance, an audience member’s cell phone
Draw a standard supply and demand diagram for televisions, and indicate the equilibrium price and output.a. Assuming that the production of televisions generates external costs, illustrate the effect
For each of the following goods, indicate whether they are nonrival and/or nonexclusive. Indicate whether they are private or public goods.a. Hot dogsb. Cable TVc. Broadcast TVd. Automobilese.
Is a lighthouse a public good if it benefits many ship owners? What if it primarily benefits ships going to a port nearby?
Why do you think buffaloes became almost completely extinct on the Great Plains but cattle did not? Why is it possible that you can buy a buffalo burger in a store or diner today?

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