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micro economics

Questions and Answers of Micro Economics

What are the two basic functions of the International Monetary Fund?
What is meant by the Bretton Woods system being a gold‐exchange standard? How were exchange rates determined under the Bretton Woods system? Under what conditions were nations allowed to change
What was the procedure for nations to borrow from the IMF?
In what way did the Bretton Woods system operate as intended? In what way did it not? How did the Bretton Woods system evolve over the years?
What is meant by the General Arrangements to Borrow? Standby arrangements? Swap arrangements? Special Drawing Rights? Gold pool? Two‐tier gold market?
Explain what happens if the nation of Problem 2 (call it Nation A) stops borrowing after the first year, but before it repays its loan, another nation borrows $10 million of Nation A's currency from
Briefly discuss each of the following economic ideas: People are rational, people respond to economic incentives, and optimal decisions are made at the margin?
Jay Bhattacharya and Kate Bundorf of Stanford University have found evidence that people who are obese and who work for firms that provide health insurance receive lower wages than workers at those
McDonald's typically serves breakfast until only 10:30 a.m. on weekdays and 11:00 a.m. on weekends. In 2015, the company began to experiment with serving breakfast all day at various locations in San
Why does scarcity imply that every society and every individual face trade-offs?
The Food and Drug Administration (FDA) is part of the federal government's Department of Health and Human Services. Among its other functions, the FDA evaluates the safety and effectiveness of drugs
Would you expect a centrally planned economy to be better at productive efficiency or allocative efficiency? Be sure to define productive efficiency and allocative efficiency in your answer.
Leonard Fleck, a philosophy professor at Michigan State University, has written: When it comes to health care in America, we have limited resources for unlimited health care needs. We want everything
Suppose that your college decides to give away 1,000 tickets to the football game against your school's biggest rival. The athletic department elects to distribute the tickets by giving them away to
What is the difference between productive efficiency and allocative efficiency?
What is the difference between efficiency and equity? Why do government policymakers often face a trade-off between efficiency and equity?
According to Forbes magazine, in 2015 Bill Gates was the world's richest person, with wealth of $79.2 billion. Does Bill Gates face scarcity? Does everyone? Are there any exceptions?
Late in the semester, a friend tells you, "I was going to drop my psychology course so I could concentrate on my other courses, but I had already put so much time into the course that I decided not
Consider an organization that exists to help the poor. The members of the organization are discussing alternative methods of aiding the poor, when a proponent of one particular method asserts, "If
An article on espn.com about declining attendance at college football games noted that schools in the central time zone had particular problems with attendance at games that started at 11 a.m. The
In a market economy, why does a firm have a strong incentive to be productively efficient and allocatively efficient? What does the firm earn if it is productively and allocatively efficient, and
Alberto Chong of the University of Ottawa and several colleagues conducted an experiment to test the efficiency of government postal services around the world. They mailed letters to nonexistent
Why do economists use models? How are economic data used to test models?
Describe the five steps economists follow to arrive at a useful economic model?
What is the difference between normative analysis and positive analysis? Is economics concerned mainly with normative analysis or positive analysis? Briefly explain.
Dr. Strangelove's theory is that the price of mushrooms is determined by the activity of subatomic particles that exist in another universe parallel to ours. When the subatomic particles are emitted
Briefly explain which of the following statements represent positive analysis and which represent normative analysis. a. A 50-cent-per-pack tax on cigarettes will lead to a 12 percent reduction in
Warren Buffet is the chief executive officer of the investment firm Berkshire Hathaway and one of the wealthiest people in the world. In an editorial in the Wall Street Journal, Buffet argued that
In a paper written by Bentley College economists Patricia M. Flynn and Michael A. Quinn, the authors state: We find evidence that Economics is a good choice of major for those aspiring to become a
The Making the Connection feature explains that there are both positive and normative elements to the debate over whether medical schools should charge tuition and whether hospitals should continue
An article in the Wall Street Journal discussing Sanadu's prospects for successfully selling its home medical devices observes, "Another challenge will be getting doctors on board with the idea of
Is every economic issue either strictly microeconomic or strictly macroeconomic? Briefly explain.
The following table shows the relationship between the price of custard pies and the number of pies Jacob buys per week:a. Is the relationship between the price of pies and the number of pies Jacob
The following table gives information about the quantity of glasses of lemonade demanded on sunny and overcast days:Plot the data from the table on a graph similar to Figure 1A.5 on page 31. Draw two
Using the information in Figure 1A.2 on page 29, calculate the percentage change in Ford's auto sales from one year to the next. During which year did sales fall at the highest rate?Figure 1A.2:
Real GDP in 2012 was $15,369 billion. Real GDP in 2013 was $15,710 billion. What was the percentage change in real GDP from 2012 to 2013? What do economists call the percentage change in real GDP
Assume that the demand curve for Pepsi passes through the following two points:Price per bottle of Pepsi _________________ Number of bottles(In dollars) ____________________________ Demanded$2.50
What is the area of the triangle shown in the following figure?
What is scarcity? Why is scarcity central to the study of economics?
Do you agree with the following statement: "The problem with economics is that it assumes that consumers and firms always make the correct decisions. But we know that everyone makes mistakes?"
According to the FBI Bank Crime Statistics, there were nearly 4,000 bank robberies in the United States in 2014. The FBI claims that banks have made themselves easy targets by refusing to install
The grading system plays an important role in student learning. In their book Effective Grading: A Tool for Learning and Assessment in College, Barbara Walvoord and Virginia Anderson state that
The federal government subsidizes some loans to college students. Typically, the more students who participate in these programs and the more they borrow, the higher the cost to the federal
Many universities and corporations offer a health and wellness program that helps their employees improve or maintain their health and get paid (a relatively small amount) for doing so. The programs
Suppose that from 2020 to 2025, the resources Apple uses to produce its automobiles remain constant, while improvements in technology in 2025 allow Apple to produce the additional quantity of
Assume that the figure below accurately represents Apple's PPFs for 2020 and 2025 and that in 2025 it has customer orders for 110,000 four-door sedans and 65,000 two-door convertibles? Explain
What do economists mean by scarcity? Can you think of anything that is not scarce according to the economic definition?
You have exams in economics and chemistry coming up, and you have 5 hours available for studying. The following table shows the trade-offs you face in allocating the time you will spend studying each
Suppose the U.S. president is attempting to decide whether the federal government should spend more on research to find a cure for heart disease. Imagine that you are the president's economic advisor
State government Medicaid programs provide medical insurance to poor and disabled people. Under federal law, the programs must provide reimbursements to people who use any prescription drug that has
Lawrence Summers served as secretary of the Treasury in the Clinton administration and as director of the National Economic Council in the Obama administration. He has been quoted as giving the
In The Wonderful Wizard of Oz and his other books about the Land of Oz, L. Frank Baum observed that if people's wants were limited enough, most goods would not be scarce. According to Baum, this was
What is a production possibilities frontier? How can we show efficiency on a production possibilities frontier? How can we show inefficiency? What causes a production possibilities frontier to shift
What does increasing marginal opportunity costs mean? What are the implications of this idea for the shape of the production possibilities frontier?
Draw a production possibilities frontier that shows the trade-off between the production of cotton and the production of soybeans.a. Show the effect that a prolonged drought would have on the initial
One of the trade-offs Tesla faces is between safety and the maximum range someone can drive an all-electric car before having to recharge it. For example, adding steel to a car makes it safer but
In addition to making cars, Tesla planned to open a new factory in Nevada in 2016 to make batteries, including home storage battery packs. What is the opportunity cost to Tesla of investing in a
An economist remarks that "the cost of consuming a book is the combination of the retail price and the opportunity cost of the time spent reading." Isn't the cost of consuming a book just the price
Suppose we can divide all the goods produced by an economy into two types: consumption goods and capital goods. Capital goods, such as machinery, equipment, and computers, are goods used to produce
Use the following production possibilities frontier for a country to answer the questions.a. Which point or points are unattainable? Briefly explain why.b. Which point or points are efficient?
What is absolute advantage? What is comparative advantage? Is it possible for a country to have a comparative advantage in producing a good without also having an absolute advantage? Briefly explain.
Imagine that the next time the Indianapolis Colts play the New England Patriots at Lucas Oil Stadium in Indianapolis, Colts star quarterback Andrew Luck has a temporary lack of judgment and plans to
After Russia seized what had formerly been the Ukrainian territory of Crimea in February 2014, the United States and many other countries imposed economic sanctions that reduced the ability of Russia
In colonial America, the population was spread thinly over a large area, and transportation costs were very high because it was difficult to ship products by road for more than short distances. As a
During the 1928 U.S. presidential election campaign, Herbert Hoover, the Republican candidate, argued that the United States should import only products that could not be produced here. Do you
In discussing dividing up household chores, Emily Oster, an economist at the University of Chicago, advises, "No, you shouldn't always unload the dishwasher because you're better at it." If you are
The chapter mentions that in 1965, married women with children did an average of 32 hours of housework per week, while men did an average of only 4 hours of housework-a total of 36 hours of
What is the basis for trade: absolute advantage or comparative advantage? How can an individual or a country gain from specialization and trade?
Look again at the information in Figure 2.4 on page 49. Choose a rate of trading cherries for apples different from the rate used in the text (15 pounds of cherries for 10 pounds of apples) that will
Using the same amount of resources, the United States and Canada can both produce lumberjack shirts and lumberjack boots, as shown in the following production possibilities frontiers:a. Who has a
Suppose the United Kingdom and Norway both produce oil and fish oil, which are sold for the same prices in both countries.The following table shows the combinations of both goods that each country
Suppose that France and Germany both produce schnitzel and wine. The following table shows combinations of the goods that each country can produce in a day:a. Who has a comparative advantage in
Can an individual or a country produce beyond its production possibilities frontier? Can an individual or a country consume beyond its production possibilities frontier? Explain.
If Nicaragua can produce with the same amount of resources twice as much coffee as Colombia, explain how Colombia could have a comparative advantage in producing coffee?
What is a circular-flow diagram, and what does it demonstrate?
Evaluate the following argument: "Adam Smith's analysis of the market system is based on a fundamental flaw: He assumes that people are motivated by self-interest. But this isn't true. I'm not
Writing in the New York Times, Michael Lewis argued that "a market economy is premised on a system of incentives designed to encourage an ignoble human trait: self interest." Do you agree that
Some economists have been puzzled that although entrepreneurs take on the risk of losing money by starting new businesses, on average their incomes are lower than those of people with similar
In a report on property rights around the world, Peruvian economist Hernando De Soto noted the increasing evidence of a strong relationship between "economic successes and countries that include
According to an article on Phillyburbs.com, some farmers in rural Pennsylvania are causing a "stink" by using pig manure for fertilizer. The farmers purchase the pig manure, which is an organic
The British historian Thomas Macaulay once remarked that copyrights are "a tax on readers." In what sense are copyrights a tax on readers? If copyrights are a tax on readers, why do governments enact
In the court case over whether anyone could use Conan Doyle's character Sherlock Holmes without paying a fee, Judge Posner argued that the first Sherlock Holmes story was written in 1887, so allowing
What are the two main categories of participants in markets? Which participants are of greatest importance in determining what goods and services are produced?
What is a free market? In what ways does a free market economy differ from a centrally planned economy?
What is an entrepreneur? Why do entrepreneurs play a key role in a market system?
Under what circumstances are firms likely to produce more of a good or service? Under what circumstances are firms likely to produce less of a good or service?
What are property rights? What role do they play in the working of a market system? Why are independent courts important for a well-functioning economy?
Identify whether each of the following transactions will take place in the factor market or in the product market and whether households or firms are supplying the good or service or demanding the
Nobel Prize-winning economist Kenneth Arrow of Stanford University once wrote that the argument that the outcomes in a market system "may be very different from, and even opposed to, intentions is
In a famous essay on the market system, the economist Leonard Read discussed how a pencil sold by the U.S. firm Eberhard Faber Pencil Company (now owned by Paper Mate) was made. He noted that logging
In late 2014, oil prices were falling, but some energy traders were convinced that oil prices would begin to rise within a few months. According to a news story, these expectations were causing some
What do economists mean by shortage? By surplus?
What happens in a market if the current price is above the equilibrium price? What happens if the current price is below the equilibrium price?
In The Wealth of Nations, Adam Smith discussed what has come to be known as the "diamond and water paradox":Nothing is more useful than water: but it will purchase scarce anything; scarce anything
An article discusses the market for autographs by Mickey Mantle, the superstar center fielder for the New York Yankees during the 1950s and 1960s: "At card shows, golf outings, charity dinners, Mr.
Comic book fans eagerly compete to buy copies of Amazing Fantasy No. 15, which contains the first appearance of the superhero Spider-Man. At the same time the publisher printed copies of the comic
If a market is in equilibrium, is it necessarily true that all buyers and sellers are satisfied with the market price? Briefly explain.
A news story from 2015 about the oil market stated, "the global glut of crude that has hit [oil] prices is starting to shrink." a. What does the article mean by a "glut"? What does a glut imply about
Draw a demand and supply graph to show the effect on the equilibrium price in a market in the following situations. a. The demand curve shifts to the right. b. The supply curve shifts to the left?
According to one news story, the cost of producing 4K televisions has been declining. According to a second story, many people have switched from watching programs on television sets to watching them

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