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Questions and Answers of Economics

What are the “twin problems” of the healthcare industry as viewed by society? How are they related?
Briefly describe the main features of Medicare and Medicaid, indicating how each is financed.
What are the implications of rapidly rising healthcare prices and spending for?(a) The growth of real-wage rate,(b) Government budgets, (c) Offshoring of U.S. jobs? Explain.
Who are the main groups without health insurance?
List the special characteristics of the U.S. health care market and specify how each affects health care problems.
What are the estimated income and price elasticities of demand for health care? How does each relate to rising health care costs?
Briefly discuss the demand and supply factors that contribute to rising health costs. Specify how (a) Asymmetric information,(b) Fee-for-service payments, (c) Defensive medicine, (d) Medical ethics
How do advances in medical technology and health insurance interact to drive up the costs of medical care?
Using the concepts in Chapter 7’s discussion of consumer behavior, explain how health care insurance results in an overallocation of resources to the health care industry. Use a demand and supply
How is the moral hazard problem relevant to the health care market?
What is the rationale for exempting a firm’s contribution to its workers’ health insurance from taxation as worker income? What is the impact of this exemption on allocative efficiency in the
Comment on or explain: a. Providing health insurance to achieve equity goals creates a trade-off with the efficient allocation of resources to the health care industry.b. If the government were to
Briefly describe (a) “Play or pay,” (b) Tax credits and vouchers, and (c) National health insurance as means of increasing access to health care. What are the major criticisms of national health
What are? (a) Preferred provider organizations (b) Health maintenance organizations? In your answer, explain how each is designed to alleviate the overconsumption of health care.
What major factors led to the inclusion of prescription drug coverage under Medicare? Is the insurance purchased directly from the Federal government or from private insurers? What is the annual
What are health savings accounts (HSAs)? How might they reduce the overconsumption of health care resulting from traditional insurance? How might they introduce an element of price competition into
Compare and contrast the general policy approach of the Massachusetts health care reform of 2006 and the Federal law that created health savings accounts. Are the two laws compatible with one
Which of the following statements are true? Which are false? Explain why the false statements are untrue. a. More immigrants arrive to the United States each year illegally than legally.b. The
In what respect is the economic decision to move across international borders an investment decision? Why do economic migrants move to some countries, but not to others? Cite an example of an
Suppose that the projected lifetime earnings gains from migration exceed the costs of moving. Explain how the decision to move might be reversed when a person considers present value.
Use the accompanying table for Neon and Zeon to answer the questions that follow. Assume that the wage rate shown equals hourly output and income and that the accumulated output and income are the
How might the output and income gains from immigration shown by the simple immigration model be affected by (a) Unemployment in the originating nation,(b) Remittances by immigrants to the home
Suppose initially that immigrant labor and native-born labor are complementary resources. Explain how a substantial immigration might change the demand for native-born workers, altering their wages.
What is a “brain drain” as it relates to international migration? If emigrants are highly educated and received greatly subsidized education in the home country, is there any justification for
In July 2007 The Wall Street Journal (WSJ) reported that a growing shortage of skilled labor in Eastern European countries such as Slovakia was driving up wages in key industries and reducing
Why is each of these statements somewhat misleading? (a) “Illegal immigrants take only jobs that no American wants.” (b) “Deporting 100,000 illegal immigrants would create 100,000 job openings
Why are so many state and local governments greatly concerned about the Federal government’s allegedly lax enforcement of the immigration laws and congressional proposals to grant legal status
If someone favors the free movement of labor within the United States, is it inconsistent for that person also to favor restrictions on the international movement of labor? Why or why not?
What were the five main features of the proposed immigration reform of 2007? Which of these features, as general principles, do you support? Which do you oppose? Explain your reasoning.
Why do you think macroeconomists focus on just a few key statistics when trying to understand the health and trajectory of an economy? Would it be better to try to make use of all possible data?
Consider a nation in which the volume of goods and services is growing by 5 percent per year. What is the likely impact of this high rate of growth on the power and influence of its government
A mathematical approximation called t he rule of 70 tells us that the number of years that it will take something that is growing to double in size is approximately equal to the number 70 divided by
Why is there a trade-off between the amount of consumption that people can enjoy today and the amount of consumption that they can enjoy in the future? Why can’t people enjoy more of both? How does
How does investment as defined by economists differ from investment as defined by the general public? What would happen to the amount of investment made today if firms expected the future returns to
Why, in general, do shocks force people to make changes? Give at least two examples from your own experience.
Catalogue companies are the classic example of perfectly inflexible prices because once they print and ship out their catalogues they are committed to selling at the prices printed in their
Why are prices sticky? Explain the two reasons given in this chapter and then try to think of two more.
Why do some economists believe that better inventory control software may help to reduce the frequency and severity of recessions? Could differences in technology explain why recessions appear to be
In what ways are national income statistics useful?
Explain why an economy’s output, in essence, is also its income.
Why do economists include only final goods and services in measuring GDP for a particular year? Why don’t they include the value of the stocks and bonds bought and sold? Why don’t they include
What is the difference between gross private domestic investment and net private domestic investment? If you were to determine net domestic product (NDP) through the expenditures approach, which of
Why are changes in inventories included as part of investment spending? Suppose inventories declined by $1 billion during 2008. How would this affect the size of gross private domestic investment and
Use the concepts of gross investment and net investment to distinguish between an economy that has a rising stock of capital and one that has a falling stock of capital. “In 1933 net private
Define net exports. Explain how U.S. exports and imports each affect domestic production. Suppose foreigners spend $7 billion on U.S. exports in a specific year and Americans spend $5 billion on
To the right is a list of domestic output and national income figures for a certain year. All figures are in billions. The questions that follow ask you to determine the major national income
Using the following national income accounting data, compute(a) GDP,(b) NDP,(c) NI. All figures are in billions.Compensation of employees ......... $194.2U.S. exports of goods and services......
Why do national income accountants compare the market value of the total outputs in various years rather than actual physical volumes of production? What problem is posed by any comparison over time
Suppose that in 1984 the total output in a single-good economy was 7000 buckets of chicken. Also suppose that in 1984 each bucket of chicken was priced at $10. Finally, assume that in 2000 the price
The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal
Which of the following are included in this year’s GDP? Explain your answer in each case. a. Interest on an AT&T corporate bond.b. Social Security payments received by a retired factory worker.c.
What government agency compiles the U.S. NIPA tables? In what U.S. department is it located? Of the several specific sources of information, name one source for each of the four components of GDP:
Why is economic growth important? Why could the difference between a 2.5 percent and a 3 percent annual growth rate be of great significance over several decades?
Suppose an economy’s real GDP is $30,000 in year 1 and $31,200 in year 2. What is the growth rate of its real GDP? Assume that population is 100 in year 1 and 102 in year 2. What is the growth rate
When and where did modern economic growth first happen? What are the major institutional factors that form the foundation for modern economic growth? What do they have in common?
Why are some countries today much poorer than other countries? Are today’s poor countries destined to always be poorer than today’s rich countries? If so, explain why. If not, explain how
What are the four supply factors of economic growth? What is the demand factor? What is the efficiency factor? Illustrate these factors in terms of the production possibilities curve.
Suppose that Alpha and Omega have identically sized working-age populations but that annual hours of work are much greater in Alpha than in Omega. Provide two possible explanations.
Suppose that work hours in New Zombie are 200 In year 1 and productivity is $8 per hour worked. What is New Zombie’s real GDP? If work hours increase to 210 in year 2 and productivity rises to $10
To what extent have increases in U.S. real GDP resulted from more labor inputs? From higher labor productivity? Rearrange the following contributors to the growth of productivity in order of their
True or false? If false, explain why. a. Technological advance, which to date has played a relatively small role in U.S. economic growth, is destined to play a more important role in the future.b.
Explain why there is such a close relationship between changes in a nation’s rate of productivity growth and changes in its average real hourly wage.
Relate each of the following to the recent productivity acceleration: a. Information technology.b. Increasing returns.c. Network effects.d. Global competition.
Provide three examples of products or services that can be simultaneously consumed by many people. Explain why labor productivity greatly rises as the firm sells more units of the product or service.
Productivity often rises during economic expansions and falls during economic recessions. Can you think of reasons why? Briefly explain.
Based on the information in this chapter, contrast the economic growth rates of the United States and China over the last 25 years. How does the real GDP per capita of China compare with that of the
What are the four phases of the business cycle? How long do business cycles last? How do seasonal variations and long-run trends complicate measurement of the business cycle? Why does the business
What factors make it difficult to determine the unemployment rate? Why is it difficult to distinguish between frictional, structural, and cyclical unemployment? Why is unemployment an economic
Since the United States has an unemployment compensation program that provides income for those out of work, why should we worry about unemployment?
Explain how an increase in your nominal income and a decrease in your real income might occur simultaneously. Who loses from inflation? Who loses from unemployment? If you had to choose between(a)
What is the Consumer Price Index (CPI) and how is it determined each month? How does the Bureau of Labor Statistics calculate the rate of inflation from one year to the next? What effect does
If the CPI was 110 last year and is 121 this year, what is this year’s rate of inflation? What is the “rule of 70”? How long would it take for the price level to double if inflation persisted
Distinguish between demand-pull inflation and cost-push inflation. Which of the two types is most likely to be associated with a negative GDP gap? Which with a positive GDP gap, in which actual GDP
Explain how hyperinflation might lead to a severe decline in total output.
Evaluate as accurately as you can how each of the following individuals would be affected by unanticipated inflation of 10 percent per year: a. A pensioned railroad worker.b. A department-store
Suppose that stock prices were to fall by 10 percent in the stock market. All else equal, would the lower stock prices be likely to cause a decrease in real GDP? How might they predict a decline in
Very briefly summarize the relationships shown by (a) The consumption schedule, (b) The saving schedule, (c) The investment demand curve, (d) The multiplier effect. Which of these relationships are
Precisely how do the APC and the MPC differ? Why must the sum of the MPC and the MPS equal 1? What are the basic determinants of the consumption and saving schedules? Of your personal level of
Explain how each of the following will affect the consumption and saving schedules (as they relate to GDP) or the investment schedule, other things equal:a. A large increase in the value of real
Explain why an upward shift of the consumption schedule typically involves an equal downshift of the saving schedule. What is the exception to this relationship?
Complete the following table:a. Show the consumption and saving schedules graphically.b. Find the break-even level of income. Explain how it is possible for households to dissave at very low income
What are the basic determinants of investment? Explain the relationship between the real interest rate and the level of investment. Why is investment spending unstable? How is it possible for
Suppose a handbill publisher can buy a new duplicating machine for $500 and the duplicator has a 1-year life. The machine is expected to contribute $550 to the year’s net revenue. What is the
Assume there are no investment projects in the economy that yield an expected rate of return of 25 percent or more. But suppose there are $10 billion of investment projects yielding expected returns
What is the multiplier effect? What relationship does the MPC bear to the size of the multiplier? The MPS? What will the multiplier be when the MPS is 0, .4, .6, and 1? What will it be when the MPC
Why is the actual multiplier for the U.S. economy less than the multiplier in this chapter’s simple examples?
Linear equations for the consumption and saving schedules take the general form C = a + bY and S = – a + (1 – b)Y, where C, S, and Y are consumption, saving, and national income, respectively.
Suppose that the linear equation for consumption in a hypothetical economy is C = 40 + .8Y. Also suppose that income (Y) is $400. Determine (a) The marginal propensity to consume, (b) The marginal
What is the central economic idea humorously illustrated in Art Buchwald’s piece, “Squaring the Economic Circle”? How does the central idea relate to recessions, on the one hand, and vigorous
What is an investment schedule and how does it differ from an investment demand curve?
Assuming the level of investment is $16 billion and independent of the level of total output, complete the accompanying table and determine the equilibrium levels of output and employment in this
Using the consumption and saving data in question 2 and assuming investment is $16 billion, what are saving and planned investment at the $380 billion level of domestic output? What are saving and
Why is saving called a leakage? Why is planned investment called an injection? Why must saving equal planned investment at equilibrium GDP in the private closed economy? Are unplanned changes in
What effect will each of the changes listed in Study Question of Chapter 27 have on the equilibrium level of GDP in the private closed economy? Explain your answers. a. A large increase in the value
By how much will GDP change if firms increase their investment by $8 billion and the MPC is .80? If the MPC is .67?
Depict graphically the aggregate expenditures model for a private closed economy. Now show a decrease in the aggregate expenditures schedule and explain why the decline in real GDP in your diagram is
Suppose that a certain country has an MPC of .9 and a real GDP of $400 billion. If its investment spending decreases by $4 billion, what will be its new level of real GDP?
The data in columns 1 and 2 in the accompanying table are for a private closed economy: LO4a. Use columns 1 and 2 to determine the equilibrium GDP for this hypothetical economy.b. Now open up this
Assume that, without taxes, the consumption schedule of an economy is as follows: GDP, Consumption,Billions Billions$100 .......... $120 200 .......... 200 300
Explain graphically the determination of equilibrium GDP for a private economy through the aggregate expenditures model. Now add government purchases (any amount you choose) to your graph, showing

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