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Questions and Answers of Economics

Abraham Lincoln once said “You can fool all of the people some of the time, and some of the people all of the time, but you cannot fool all of the people all of the time.” How can a central bank
Predict the impact an unexpected decrease in the money supply would have on the following variables in the short run and in the long run?a. The inflation rate.b. The unemployment rate.c. Real
Predict whether unemployment will increase or decrease as a result of each of the following monetary policies. If it is unanticipated? What if it is anticipated?a. A reduction in the discount rate
If money wages are rising faster than output prices?a. What is happening to real wages?b. What would happen to unemployment as a result?c. What would happen to SRAS as a result?
Is there any way that, starting from a long-run stable price equilibrium, an increase in aggregate demand could result in an increase in unemployment and a decrease in RGDP?
Answer the following questions.a. Why does an upward shift in the Phillips curve correspond to an upward shift in the short-run aggregate supply curve?b. Why does a movement up and to the left along
Why is the credibility of the monetary authorities so crucial to quickly overcoming expected inflation?
Suppose the following data represent points along a short-run Phillips curve. Are the data consistent with what you would expect? Why or whynot?
How are the long-run Phillips curve and the long-run aggregate supply curve related?
How would each of the following likely affect long-run and/or short-run aggregate supply and employment in the macro-economy?a. An increase in the productivity of the labor force due to increased
Why do economists who believe people form rational expectations have little faith that announced changes in monetary policy will have substantial effects on real output?
Does stagflation contradict the theory of the Phillips curve?
True or False:1. The inverse relationship between the rate of unemployment and the rate of inflation is called the Phillips curve.2. If output prices rise faster than money wages, real wages will
True or False:1. Rational expectations economists tend to believe that people anticipate the results of government policy moves.2. If people’s expectations instantly and accurately reflected the
True or False:1. Activist economists believe that discretionary macroeconomic policy can make the economy less unstable.2. Most economists think that unemployment will remain close to the natural
Multiple Choice1. Which of the following is a market?a. A garage saleb. A restaurantc. The New York Stock Exchanged. An eBay auctione. All of the above2. In a competitive market,a. There are a number
Multiple Choice1. An upward-sloping supply curve shows thata. Buyers are willing to pay more for particularly scarce products.b. Suppliers expand production as the product price falls.c. Suppliers
Is the market for laptop computers local, national, or global?
Sid moves from New York City, where he lived in a small condominium, to rural Minnesota, where he buys a big house on five acres of land. Using the law of demand, what do you think is true of land
The following table shows Hillary’s demand schedule for Cherry Blossom Makeup. Graph Hillary’s demand curve. Price Quantity Demanded(dollars per ounce) (ounces per
The following table shows Cherry Blossom Makeup demand schedules for Hillaryâ€™s friends, Barbara and Nancy. If Hillary, Barbara, and Nancy constitute the whole market for Cherry Blossom Makeup,
What would be the effects of each of the following on the demand for hamburger in Hilo, Hawaii? In each case, identify the responsible determinant of demand.a. The price of chicken falls.b. The price
What would be the effect of each of the following on the demand for Chevrolets in the United States? In each case, identify the responsible determinant of demand.a. The price of Fords plummets.b.
The following graph shows three market demand curves for cantaloupe. Starting at point A,a. Which point represents an increase in quantity demanded?b. Which point represents an increase in demand?c.
Using the demand curve, show the effect of the following events on the market for beef:a. Consumer income increases.b. The price of beef increases.c. An outbreak of "mad cow" disease occurs.d. The
Draw the demand curves for the following goods. If the price of the first good listed rises, what will happen to the demand for the second good, and why?a. Hamburger and ketchupb. Coca-Cola and
If the price of ice cream increased,a. What would be the effect on the demand for ice cream?b. What would be the effect on the demand for frozen yogurt?
Using the graph below, answer the following questions:a. What is the shift from D1 to D2 called?b. What is the movement from b to a called?c. What is the movement from a to b called?d. What is the
Felix is a wheat farmer who has two fields he can use to grow wheat. The first field is right next to his house and the topsoil is rich and thick. The second field is 10 miles away in the mountains
Show the impact of each of the following events on the oil market.a. OPEC becomes more effective in limiting the supply of oil.b. OPEC becomes less effective in limiting the supply of oil.c. The
The following table shows the supply schedule for Rolling Rock Oil Co. Plot Rolling Rock's supply curve on a graph. Price Quantity Supplied(dollars per barrel) (barrels per month)$5
The following table shows the supply schedules for Rolling Rock and two other petroleum companies. Armadillo Oil and Pecos Petroleum. Assuming these three companies make up the entire supply side of
If the price of corn rose,a. What would be the effect on the supply of corn?b. What would be the effect on the supply of wheat?
Using the graph below, answer the following questions:a. What is the shift from S1 to S2 called?b. What is the movement from a to b called?c. What is the movement from b to a called?d. What is the
What would be the effect of each of the following on the supply of salsa in the United States? In each case, identify the responsible determinant of supply.a. Tomato prices skyrocketb. Congress
What would be the effects of each of the following on the supply of coffee worldwide? In each case, identify the responsible determinant of supply.a. Freezing temperatures wipe out half of Brazil's
The following graph shows three market supply curves for cantaloupe. Compared to point A, which point representsa. An increase in quantity supplied?b. An increase in supply?c. A decrease in quantity
True or False:1. Differences in the conditions under which the exchange between buyers and sellers occurs make it difficult to precisely define a market.2. All markets are effectively global in
True or False:1. A decrease in the price of ice cream would cause an increase in the demand for frozen yogurt, a substitute.2. The law of supply states that, other things being equal, the quantity
Multiple Choice:1. A market will experience a ________ in a situation where quantity supplied exceeds quantity demanded and a _______ in a Situation where quantity demanded exceeds quantity
Multiple Choice:1. If you observed the price of a good decreasing and the quantity exchanged increasing, it would be most likely caused bya. An increase in demand.b. A decrease in demand.c. An
Multiple Choice:1. If, in a given market, the price of inputs increases and income increases (assuming it is a normal good), thena. Price would increase but the change in quantity exchanged would be
When asked about the reason for a lifeguard shortage that threatened to keep one-third of the city’s beaches closed for the summer, the Deputy Parks Commissioner of New York responded that “Kids
Using supply and demand curves, show the effect of each of the following events on the market for wheat.a. The midwestern United States (a major wheat-producing area) suffers a flood.b. The price of
If a price is above the equilibrium price, explain the forces that bring the market back to the equilibrium price and quantity. If a price is below the equilibrium price, explain the forces that
Beginning from an initial equilibrium, draw the effects of the changes in the following list in terms of the relevant supply and demand curves.a. An increase in the price of hot dogs on the hamburger
Use supply and demand curves to show:a. Simultaneous increases in supply and demand, with a large increase in supply and a small increase in demand.b. Simultaneous increases in supply and demand,
The market for baseball tickets at your college stadium, which seats 2,000, is the following:a. What is the equilibrium price?b. What is unusual about the supply curve?c. At what prices would a
What would be the impact of a rental price ceiling set above the equilibrium rental price for apartments? Below the equilibrium rental price?
What would be the impact of a price floor set above the equilibrium price for dairy products? Below the equilibrium price?
Giving in to pressure from voters who charge that local theater owners are gouging their customers with ticket prices as high as $10 per movie, the city council of a Midwestern city imposes a price
Why do price floors and price ceilings both reduce the quantity of goods traded in those markets?
Why do 10 a.m. classes fill up before 8 a.m. classes during class registration? Use supply and demand curves to help explain your answer.
What would happen to the equilibrium price and quantity exchanged in the following cases?a. An increase in income and a decreasing price of a complement, for a normal goodb. A technological advance
Assume the following information for the demand and supply curves for good Z.a. Draw the corresponding supply and demand curves.b. What are the equilibrium price and quantity traded?c. Would a price
Refer to the following supply and demand curve diagram.a. Starting from an initial equilibrium at E, what shift or shifts in supply and/or demand could move the equilibrium price and quantity to each
True or False:1. If the quantity demanded does not equal the quantity supplied, a shortage will always occur.2. At the equilibrium price, the quantity demanded equals the quantity supplied.3. A
Multiple Choice Questions:1. Price elasticity of demand is defined as the _____________ change in quantity demanded divided by the _____________ change in price.a. Total; percentageb. Percentage;
Multiple Choice Questions:1. Price elasticity of demand is said to be greatera. The shorter the period of time consumers have to adjust to price changes.b. The longer the period of time consumers
Multiple Choice Questions:1. An increase in demand will increase the price but not the quantity sold in a market ifa. Supply is perfectly elastic.b. Supply is perfectly inelastic.c. Supply is
In each of the following cases, indicate which good you think has a relatively more price elastic demand and identify the most likely reason, in terms of the determinants of the elasticity of demand
How might your elasticity of demand for copying and binding services vary if your work presentation is next week versus in two hours?
The San Francisco Giants want to boost revenues from ticket sales next season. You are hired as an economic consultant and asked to advise the Giants whether to raise or lower ticket prices next
For each of the following pairs, identify which one is likely to exhibit more elastic demand:a. Shampoo; Paul Mitchell Shampoob. Air travel prompted by an illness in the family; vacation air travelc.
Using the midpoint formula for calculating the elasticity of demand, if the price of a good fell from $42 to $38, what would be the elasticity of demand if the quantity demanded changed from:a. $19
Explain why using the midpoint formula for calculating the elasticity of demand gives the same result whether price increases or decreases, but using the initial price and quantity instead of the
Why is a more narrowly defined good (pizza) likely to have a greater elasticity of demand than a more broadly defined good (food)?
If the elasticity of demand for hamburgers equals – 1.5 and the quantity demanded equals 40,000, predict what will happen to the quantity demanded of hamburgers when the price increases by 10
Evaluate the following statement: “Along a downward-sloping linear demand curve, the slope and therefore the elasticity of demand are both ‘constant.”
If the midpoint on a straight-line demand curve is at a price of $7, what can we say about the elasticity of demand for a price change from $12 to $10? What about from $6 to $4?
Assume the following weekly demand schedule for Sunshine DVD Rentals in Cloverdale.a. When Sunshine DVD Rentals lowers their rental price from $4 to $3, what happens to its total revenue?b. Between a
The Cowtown Hotel is the only first-class hotel in Fort Worth. The hotel owners hired economics advisors for advice about improving the hotel’s profitability. They suggested the hotel could
A movie production company faces a linear demand curve for its film, and it seeks to maximize total revenue from the film’s distribution. At what level should the price be set? Where is demand
Isabella always spends $50 on red roses each month and simply adjusts the quantity she purchases as the price changes. What can you say about Isabella’s elasticity of demand for roses?
If taxi fares in a city rise, what will happen to the total revenue received by taxi operators? If the fares charged for subway rides, a substitute for taxi rides, do not change, what will happen to
Mayor George Henry has a problem. He doesn’t want to anger voters by taxing them because he wants to be reelected, but the town of Gapville needs more revenue for its schools. He has a choice
Indicate whether a pair of products are substitutes, complements, or neither based upon the following estimates for the cross-price elasticity of demand:a. 0.5b. – 0.5
Using the midpoint formula for calculating the elasticity of supply, if the price of a good rose from $95 to $105, what would be the elasticity of supply if the quantity supplied changed from:a. 38
Why is an increase in price more likely to decrease the total revenue of a seller in the long run than in the short run?
If both supply curves and demand curves are more elastic in the long run than in the short run, how does the incidence of a tax change from the short run to the long run as a result? What happens to
Assume you had the following observations on U.S. intercity rail travel: Between 1990 and 1993 rail travel increased from 17.5 passenger miles per person to 19 passenger miles per person. At the same
True or False:1. If a small change in quantity demanded results from a huge change in price, then demand is said to be elastic.2. A segment of a demand curve has an elasticity less than 1 if the
True or False:1. If demand is inelastic, the price and total revenue will move in opposite directions along the demand curve.2. A straight-line demand curve will have a constant elasticity of demand
Multiple Choice Questions:1. Which of the following is false about input markets?a. The greatest fraction of national income goes to wages and salaries for labor services.b. The price and quantity of
Multiple Choice Questions:1. In a competitive labor market in equilibrium,a. A firm’s MRP = MP x MR.b. A firm’s MRP = MP x P.c. A firm’s MRP = MRC.d. A firm’s wage = MRC.e. All of the
Multiple Choice Questions:1. Monopsony power will not be reduced,a. The lower are search costs.b. The lower are movement costs.c. The more potential employers there are in an area.d. By any of these
The following table shows the Total Output each week of workers on a perfectly competitive cherry farm. The equilibrium price of a pound of cherries is $4. Complete the Marginal Product of Labor and
Which of the following groups are likely to benefit from legislation substantially increasing the minimum wage? Explain why.a. Unskilled workers seeking jobs but lacking experience and education.b.
If a competitive firm is paying $8 per hour (with no fringe benefits) to its employees, what would tend to happen to its equilibrium wage if the company began to give on-the-job training or free
Would the owner of University Pizza Parlor hire another worker for $60 per day if that worker added 40 pizzas a day and each pizza added $2 to University Pizza Parlor’s revenues? Why or why not?
If all individuals have backward-bending labor supply curves, is the labor supply curve for a particular industry or occupation also backward bending?
Professional athletes command and receive higher salaries than teachers. Yet teachers, not athletes, are considered essential to economic growth and development. Why then do athletes receive higher
The availability of jobs at higher real wages motivates many people to migrate—legally or illegally—to the United States. Other things being equal, what impact would a large influx of immigrants
The dean at Middle State University knows that poets generally earn less than engineers in the private market; that is, the equilibrium wage for engineers is higher than that for poets. Suppose that
An entrepreneur considers the following investment opportunity: For an investment of $500 today, he can earn a return of $200 per year over the next three years. Should he undertake the investment if
Indicate which point could correspond to the equilibrium wage and quantity hireda. At the initial equilibrium.b. If the price of the output produced by the labor increased.c. If the price of the
Using supply and demand curves, show how each of the following would affect the demand or supply of workers. In each case, label the new equilibrium wage and quantity.a. Immigration increases
Use the following diagrams to answer a€“c:a. If unions are unable to have any effect on wages, draw the supply curve for the nonunion market.b. If unions become able to restrict the supply
If the marginal revenue product for capital increased, what would it do to the demand for capital, the rental price of capital, and the quantity of capital supplied?
What is the marginal productivity theory of income distribution?

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