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foundations macroeconomics

Questions and Answers of Foundations Macroeconomics

Suppose that this year, tomato growers in Florida lobby the U.S. government to impose an import quota on Mexican tomatoes. Explain who, in the United States, would gain and who would lose from such a
What is the quantity of pesticide produced if no one owns the lake and what is the efficient quantity of pesticide? What is the deadweight loss?Figure 1 illustrates the unregulated market for a
What is the efficient number of students? If colleges are private (no government involvement), how many people enroll, what is the tuition, and what is the deadweight loss?Figure 1 shows the marginal
Classify each of the following items as a public good, a private good, a natural monopoly good, or a common resource:• Fire protection• A seat at the final match of the U.S. Open (tennis)• A
If the common pasture were converted to private land and fenced off, what quantity of milk would be produced? Cows graze on common pasture and can produce milk in the amounts shown in Table 1. The
Classify each of the items in the list as a private good, a public good, a common resource, or a natural monopoly good. Explain each classification. Use the following list of items to work Problems 1
Lawmakers set to allow speedier Arctic drilling The U.S. government will allow Arctic drilling that would speed the development of oil and gas reserves off the Alaskan coast. Environmentalists say
If hikers and others were required to pay a fee to use the Appalachian Trail, would the use of this common resource be more efficient? Would it be even more efficient if the most popular spots such
Ohio governor vetoes Ohio bill on Lake Erie water use In 2008, the eight U.S. states and two Canadian provinces adjoining the lakes negotiated the Great Lakes Compact to prevent the region’s water
Explain the effect of the eathquake on the price of a good used car and the price of a lemon.
How might City Safe create adverse selection and moral hazard?
What are the sources of inefficiency in the U.S. health-insurance market?
Describe the situation if health care is delivered using the same methods that deliver basic education to all Americans. How would the health-care system you’ve described compare with that in the
List the combinations of burgers and magazines that Jerry can afford. Jerry’s burger and magazine budget is $12 a week. The price of a burger is $2, and the price of a magazine is $4.
What is the relative price of a magazine? Explain your answer. Jerry’s burger and magazine budget is $12 a week. The price of a burger is $2, and the price of a magazine is $4.
In a week, Erin buys 1 six-pack of soda and sees 2 movies when a movie ticket is $10, soda is $5 a six-pack, and she has $25 to spend. If her budget increases and she has $50 to spend on soda and
In 2007, Americans downloaded 800 million singles at 99¢ each and 40 million albums at $10 each. They also bought 3 million singles on a disc at $4.75 each and 500 million albums on discs at $15.
Lee’s accountant recorded the depreciation on Lee’s cottage during 2011 as $7,000. What did the accountant say Lee’s profit or loss was? Lee, a programmer, earned $35,000 in 2010, but in 2011,
The Detroit Institute of Arts cut its staff by 56 full-time and 7 part-time employees and canceled some of this year’s planned exhibitions. As the number of workers decreased and some exhibitions
The growing season has just begun and pigweed is spreading quickly, towering above the plants, and crowding out sunlight. This new breed of pigweed is resistant to herbicides. Scientists estimate
Table 1 shows the demand schedule for Lin’s Fortune Cookies. Calculate Lin’s marginal revenue for each quantity demanded. Compare Lin’s marginal revenue and price. In what type of market does
Why did old GM file for bankruptcy?
How will the new GM overcome the problems of the old GM?
In what type of market is each of the following goods and services sold? Explain your answers.• Breakfast cereals• Cell phones• The only restaurant in a small town• Oranges• Cable TV in a
With a strictly enforced rent ceiling of $600 a month, is the housing market efficient? What is the deadweight loss? Is the housing market fair? Explain.Figure 1 shows the rental market for
Is the minimum wage of $8 an hour efficient? Who gains and who loses from the minimum wage of $8 an hour? Is it fair? Figure 1 shows the market for tomato pickers in southern California.Figure 1
With a price support set at $8 per pound, is the market for tomatoes efficient? Who gains and who loses from the price support? What is the deadweight loss? Could the price support be regarded as
If the FTC raises the minimum wage by $21 a week, what wage per week will low-skilled workers be paid? Will the outcome be efficient? Use the following information to work Problems 6 and 7.
The tax on cigarettes has risen from 39¢ to $1.01 a pack—an increase of 62¢ a pack. Before the tax hike, cigarettes were $5 a pack. In the past, a price increase of 10 percent cut cigarette
Explain why Phil Mickelson pays his own Social Security tax and the PGA (the Professional Golf Association) pays none of it.
Is a tax on land rent or a tax on capital income more inefficient? Explain.
In 2010, California legislators pledged to pass a soda tax in light of a new study linking soft drink consumption to obesity and related problems that cost California $41 billion a year in medical
Draw a graph to show the effects of the $3 tax on the buyer’s price, the seller’s price, the quantity of cigarettes bought, the tax revenue, the consumer surplus, the producer surplus, and the
Describe the effect of these municipal taxes on car rentals at airports. Who pays more of the tax: the renter or the car company?Use the following news clip to work Problems 9 and 10. Tax bites on
Why do you think municipalities tax things that travelers buy as a way of raising the revenue to build local venues? Use the following news clip to work Problems 9 and 10. Tax bites on travelers go
If the government subsidizes colleges so that the efficient number of students will enroll, what is the cost to taxpayers? Use the following information to work Problems 5 to 7. The marginal cost of
If the government offers vouchers to students and values them so that the efficient number of students will enroll, what is the value of the voucher? Use the following information to work Problems 5
What is the equilibrium wage rate and how many tomato pickers are employed? If California introduces a minimum wage of $4 an hour, how many tomato pickers are employed and how many are
What are the equilibrium price and quantity of tomatoes? Is the market for tomatoes efficient?Figure 1 shows the market for tomatoes.Figure 1 FIGURE 1 Price (dollars per pound) 12+ 10 8 6 2 0
If the government introduces a price support at $8 per pound, what is the quantity of tomatoes produced, the quantity demanded, and the subsidy received by tomato farmers?Figure 1 shows the market
Economics studies choices that arise from one fact. What is that fact?
How does a new Starbucks in Beijing, China, influence self-interest and the social interest?
How does Facebook influence self-interest and the social interest?
Was Kate’s decision to play the third hour of tennis rational?Every week, Kate plays tennis for two hours, and her grade on each math test is 70 percent. Last week, after playing for two hours,
In deciding whether to take a cruise would you face a tradeoff?
How would you make a rational choice about taking a cruise?
What would be the marginal benefit from a cruise? What would be the marginal cost of a cruise?
Why would you expect a lower price to increase the number of people who decide to take a cruise?
Eminem is giving away tickets to his show in a 1,500-seat theater in Detroit. What is free and what is scarce? Explain your answer. Use the following information to work Problems 10 to 12. Hundreds
Because all the tickets were free, was the marginal benefit from the concert zero? Explain your answer. Use the following information to work Problems 10 to 12. Hundreds line up for 5 p.m. Eminem
On Friday June 16, 2011, the headlines in List 1 appeared inThe Wall Street Journal. Classify each headline as a signal that the news article is about a microeconomic topic or a macroeconomic topic.
Draw a time-series graph of the quantity of compact discs sold. Say in which year or years the quantity sold (a) was highest, (b) was lowest, (c) increased the most, and (d) decreased the most. If
Table 2 provides data on the price of a balloon ride, the temperature, and the number of rides a day. Draw graphs to show the relationship between• The price and the number of rides, when the
Draw a scatter diagram to show the relationship between quantities sold of music videos and singles downloads. Describe the relationship.Use the following information in Table 1 to work Problems 1
Calculate the slope of the relationship when x equals 2 and x equals 4. How does the slope change as the value of x increases?Use the following data on the relationship between two variables x and y
Table 3 provides data on the price of hot chocolate, the temperature, and the number of cups a week. Draw graphs to show the relationship between• The price and the number of cups of hot chocolate,
Name the four broad categories of goods and services that we use in economics.Provide an example of each (different from those in the chapter) and say what percentage of total production each
Name the four factors of production and the incomes they earn.
Distinguish between the functional distribution of income and the personal distribution of income.
In the United States, which factor of production earned the largest share of income in 2010 and what percentage did it earn?
What microloans miss The 2006 Nobel Peace Prize winner Muhammad Yunus has said that “all people are entrepreneurs” and that microloans will pull poor people out of poverty.Only 14 percent of
Describe what, how, and for whom goods and services are produced in developing economies.
Describe the flows in the circular flow model in which consumption expenditure, purchases of new national defense equipment, and payments for labor services appear. Through which market does each of
Indicate on a graph of the circular flow model, the real or money flow in which the following items belong:• You pay your tuition.• The University of Texas buys some Dell computers.• A student
Buzz surrounds Apple’s iPhone. Can you explain:• Why doesn’t Apple manufacture the iPhone at its own factory in the United States?• Why doesn’t Apple offer a cheaper version of the iPhone
On a graph of the circular flow model, indicate in which real or money flow each entry in List 2 belongs.List 2 LIST 2 General Motors pays its workers wages. IBM pays a dividend to its stockholders.
Which of the following statements about U.S. production is correct?A. Government goods and services and export goods and services each account for the same percentage of total production.B. Capital
Which points are attainable? Explain why.Figure 1 shows an economy’s PPF and identifies some production points. Use this figure to work Problems 2 to 4.Figure 1 FIGURE 1 Cars (thousands per week)
Which points are efficient and which points are inefficient? Explain why.Figure 1 shows an economy’s PPF and identifies some production points. Use this figure to work Problems 2 to 4.Figure 1
Which points illustrate a tradeoff? Explain why. Figure 1 shows an economy’s PPF and identifies some production points. Use this figure to work Problems 2 to 4.Figure 1 FIGURE 1 Cars (thousands per
How does an economy grow? Explain why economic growth is not free.
Who has a comparative advantage in producing snowboards? Who has a comparative advantage in producing skis?Tony and Patty produce skis and snowboards. Tables 1 and 2 show their production
If Tony and Patty specialize and trade, what are the gains from trade?Tony and Patty produce skis and snowboards. Tables 1 and 2 show their production possibilities. Each week, Tony produces 5
The people of Foodland have 40 hours of labor a day to bake pizza and bread. Table 1 shows the maximum quantity of either pizza or bread that Foodland can bake with different quantities of labor. Can
GM and the UAW agree on restructuring workers’ jobs. This restructuring, with no change in the wage rate, will save GM billions in labor costs. How will this cost-cutting agreement change GM’s
Oil prices breached the $100-a-barrel mark Wednesday after OPEC said it could not reach an agreement about raising crude production. Draw a graph to show the oil market in equilibrium. Suppose that
Explain why the dry weather will lead to a rise in the price of bread.Use the following information to work Problems 7 and 8.Pricier bread and cereal. Coming soon?Wheat and corn prices surged about
Use graphs to show why the price of corn has risen and show its effect on the price of cereals.Use the following information to work Problems 7 and 8.Pricier bread and cereal. Coming soon?Wheat and
If after heavy rain and low production, the weather improves and coffee growers enjoy bumper crops, how does• The demand for coffee change?• The supply of coffee change?• The price of coffee
Is the demand for this good elastic, unit elastic, or inelastic? When the price of a good increased by 10 percent, the quantity demanded of it decreased by 2 percent.
China is estimated to become the world’s largest luxury goods market over the next decade, boosted by rising incomes and a transition from saving to spending culture. Are luxury goods normal goods
If the price of a wool sweater did not change, calculate the cross elasticity of demand for wool sweaters with respect to the price of home heating oil. Are home heating oil and wool sweaters
Calculate the U.S. price elasticity of supply of corn. Is this supply elastic?Use the following information to work Problems 8 and 9.Record U.S. corn crop, up 24%, is forecast The USDA reported that
Calculate the world price elasticity of supply of corn.Use the following information to work Problems 8 and 9.Record U.S. corn crop, up 24%, is forecast The USDA reported that world corn production
In May 2011, higher food prices forced consumers to cut spending.Source: CNN Money, June 4, 2011 Is the demand for food elastic or inelastic? Explain your answer.
“In a market in which demand is price inelastic, producers can gouge consumers and the government must set high standards of conduct for producers to ensure that consumers gets a fair deal.” Do
On Figure 1, mark two points: Point A at which production is efficient but too much coffee is produced for allocative efficiency; and point B, the point of allocative efficiency.Use Figure 1, which
If the price of a DVD rises to $20, what is the change in consumer surplus? Figure 1 shows the demand curve for DVDs and the market price of a DVD.Figure 1 FIGURE 1 Price (dollars per DVD) 25+ 20 15
If the price of a DVD falls to $10, what is the change in producer surplus?Figure 1 shows the supply curve of DVDs and the market price of a DVD.Figure 1 FIGURE 1 Price (dollars per DVD) 20 15 10 5
At the market equilibrium, what are consumer surplus, producer surplus, and total surplus? Is the market for paper efficient? Why or why not?Figure 1 shows the market for paper.Figure 1 FIGURE 1
Lobbyists for a group of news magazines persuade the government to pass a law that requires producers to sell 50 tons of paper a day. Is the market for paper efficient? Why or why not? Shade the
Interior Secretary Ken Salazar said he hoped American families would take the opportunity during these hard times to enjoy an affordable weekend vacation in our national parks. Most Americans live
Explain what moral hazard is and why and how deposit insurance induces a moral hazard problem.
Give two examples of fixed exchange rates within Canada.
Describe the role of the IMF.
If an increase in the current account deficit finances an increase in domestic investment, what implications does this have for the future performance of the economy?
Why is it appropriate to use a small open-economy model to explain events in Canada?
Explain what the New Keynesian model predicts about comovements in the data if monetary policy is conducted optimally.
How does the New Keynesian model fit the key business cycle facts.
What is the key difference between the New Keynesian model and the models.

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