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foundations macroeconomics

Questions and Answers of Foundations Macroeconomics

The full-employment quantity of labor _______.A. increases if labor becomes more productiveB. cannot increase because everyone who wants a job has oneC. increases as the economy moves along its
The natural unemployment rate _______.A. increases if unemployment benefits become more generousB. increases in a recessionC. increases as the average age of the labor force risesD. decreases as
Job rationing ________.A. increases the natural unemployment rateB. has no effect on the natural unemployment rateC. increases labor turnover as firms compete for high quality laborD. decreases the
An efficiency wage results in all of the following except _________.A. a decrease in the rate of labor turnoverB. an increase in the full-employment quantity of laborC. greater work effortD. an
Explain why sustained growth of real GDP per person can transform a poor country into a wealthy one.
In 2015, India’s real GDP grew by 7.3 percent a year and its population grew by 1.3 percent a year. If these growth rates are sustained, in what years woulda. Real GDP be twice what it was in
Describe how potential GDP per person has grown since 1960.
Explain how saving and investment in capital change labor productivity. Why do diminishing returns arise? Provide an example of diminishing returns. Use a graph of the productivity curve to
Explain the link between labor hours, labor productivity, and real GDP.
Which of the events increase potential GDP and which decrease it?
Which of the events raise the real wage rate and which lower it?Use the following list of events, which occur in the United States one at a time, to work this Problem.Dell introduces a new
Which of the events increase the equilibrium quantity of labor and which decrease it?Use the following list of events, which occur in the United States one at a time, to work this Problem.Dell
Sort the items into four groups: those that change the production function, those that change the demand for labor, those that change the supply of labor, and those that do not change the production
When the price level is rising at ______ and the real interest rate is 1 percent a year, the nominal interest rate is 3 percent a year.A. 4 percent a yearB. 3 percent a yearC. 2 percent a yearD. 1
When the CPI increases from 200 in 2016 to 210 in 2017 and the nominal wage rate is constant at $10 an hour, the real wage rate ______.A. increases by 10 percentB. increases to $15 an hourC.
If nominal GDP increases by 5 percent a year and the GDP price index rises by 2 percent a year, then real GDP increases by ________.A. 7 percent a yearB. 3 percent a yearC. 2.5 percent a yearD. 10
Of the alternative measures of the price level, _________ overcomes the bias of the CPI and is a better measure of the cost of living because it _________.A. GDP price index; uses a current basketB.
The CPI bias arises from all of the following items except ________.A. the introduction of new goods and servicesB. the improved quality of goodsC. the goods and services bought by poor peopleD.
When the price level_______, the inflation rate ______.A. rises rapidly; increasesB. rises rapidly; is highC. falls; is zeroD. rises slowly; falls
The BLS reported that the CPI in July 2010 was 226. This news tells you that _______.A. consumer prices during July were 226 percent higher than they were during the base yearB. the CPI inflation
The CPI measures the average prices paid by __________ for _________.A. urban consumers; a fixed basket of consumption goods and servicesB. urban consumers; the average basket of goods and services
To maintain this real interest rate, how must the nominal interest rate change if the inflation rate falls to 4.5 percent a year?Brazil keeps interest rates on hold Brazil’s inflation rate climbed
Calculate the real interest rate in Brazil?Brazil keeps interest rates on hold Brazil’s inflation rate climbed to 10.7 percent at the end of 2015 and the country’s Monetary Policy Committee kept
Imagine that you are given $1,000 to spend and told that you must spend it all buying items from a Sears catalog. But you do have a choice of catalog. You may select from the 1903 catalog or from
In 1988, the average wage rate was $9.45 an hour and in 2008 the average wage rate was $18.00 an hour. The CPI in 1988 was 118.3 and in 2008 it was 215.3. Which real wage rate is higher?
The table shows the quantities of the goods that Harry bought and the prices he paid during two consecutive weeks. Harry€™s CPI market basket contains the goods he bought in Week 1.
The people on Coral Island buy only juice and cloth. The CPI market basket contains the quantities bought in 2016. The average household spent $60 on juice and $30 on cloth in 2016 when the price of
Pete is a student who spends 10 percent of his expenditure on books and supplies, 30 percent on tuition, 30 percent on rent, 10 percent on food and drink, 10 percent on transportation, and the rest
Compare the method used by Box-Office Mojo to calculate real box-office receipts with the method to calculate the real price of a postage stamp. Compare and contrast the real variables that each
Read Eye on Box Office Hits on p. 184 and using BLS data for the CPI in 1982 and 1997, determine which movie had the greater real box office revenues, E.T.: The Extra-Terrestrial, which earned $435
By what percentage did the prices of other items in the CPI basket change?Falling oil prices pushed the CPI down 0.1 percent in December 2015. Energy prices fell 2.4 percent and the price of gasoline
Given the further information that the weight on energy prices in the CPI is 8 percent, by how much would the CPI have changed in December 2015 if energy prices had not changed?Falling oil prices
In 2015, Annie, an 80-year-old, is telling her granddaughter Mary about the good old days. Annie says that in 1935, you could buy a nice house for $15,000 and a jacket for $5. Mary says that in 2015
Calculate the unemployment rate and the labor force participation rate, and compare these rates with those in the United States in 2016.Use the following information gathered by a BLS labor market
Real GDP per person is not an accurate measure of the standard of living because it ______.A. Includes the goods and services that governments buyB. Omits the goods and services that people produce
The following statements about the business cycle are correct except ______.A. It is a regular predictable cycle in real GDP around potential GDPB. From the peak to the trough, the economy is in a
When using the income approach to measure GDP at market prices, in addition to summing all factor incomes it is necessary to ________.A. Subtract depreciation because profit is not reported as net
The expenditure approach to measuring U.S. GDP equals _________.A. The sum of U.S. consumption expenditure and U.S. investmentB. U.S. government expenditure minus taxes paid by AmericansC. All
Saving equals ________.A. Income minus consumption expenditure minus net taxesB. Income minus net taxesC. Total income minus total expenditureD. Net taxes minus government expenditure
Calculate nominal GDP in 2016 and 2017.Use the table, which shows an economy€™s total production and the prices of the final goods it produced in 2016 and 2017. GDP data for 2016 Quantity
In the market for cell phones, which of the following events increases the supply of cell phones?A. New technology lowers the cost of making a cell phoneB. Rise in the price of an e-book reader (a
In the countries to which the immigrants return, explain how employment, the real wage rate, and potential GDP would change.Suppose that the United States cracks down on illegal immigrants and
Explain how the U.S. real wage rate, U.S. employment, and U.S. potential GDP would change.Suppose that the United States cracks down on illegal immigrants and returns millions of workers to their
When floods wiped out the banana crop in Central America, the equilibrium price of bananas ________ and the equilibrium quantity of bananas ________.A. Rose; increasedB. Rose; decreasedC. Fell;
A decrease in the demand for chocolate with no change in supply will create a ________ of chocolate at today’s price, but gradually the price will ________.A. Surplus; fallB. Shortage; fallC.
A minimum wage set above the market equilibrium wage rate ________.A. Increases both employment and the quantity of labor suppliedB. Decreases unemployment and raises the wage rate of those
A rent ceiling creates a ________ of housing if it ________ the equilibrium rent.A. Surplus; is less thanB. Shortage; is less thanC. Surplus; exceedsD. Shortage; exceeds
Figure 5.1 shows the flows of income and expenditure in an economy. In 2013, U was $2 trillion, V was $1.5 trillion, W was $7 trillion, J was $1.5 trillion, and Z was zero. Calculate total income,
Calculate nominal GDP in 2016 and 2017.An economy produces only funand food. The table shows the prices and the quantities of fun and food producedin 2016 and 2017. The base year is 2016. GDP data
Calculate the percentage increase in real GDP in 2017.An economy produces only fun and food. The table shows the prices and the quantities of fun and food produced in 2016 and 2017. The base year is
If potential GDP was $270 in 2016 and it grew by 1 percent in 2017, in which phase of the business cycle is the economy? Explain.An economy produces only fun and food. The table shows the prices and
Which component of GDP changed because retail sales increased? Which component of GDP changed because business inventories increased?The Commerce Department reported that in December 2015, retail
Explain the effect of the fall in net exports on GDP.The Commerce Department reported that in December 2015, retail sales rose by 0.2, net exports decreased, inventories held by businesses rose by
Does the statement that total sales by businesses fell by 0.6 percent mean that GDP decreased by 0.6 percent? Explain your answer.
Read Eye on the Booms and Busts and explain why the NBER reported that the 2008 recession began before real GDP had fallen for two successive quarters.
In France, real GDP was the same in 2012 as it had been in 2011, but in the last quarter of 2012 and the first quarter of 2013, France’s real GDP decreased. In the United States, real GDP increased
Classify each of the following items as a final good or service or an intermediate good or service and identify it as a component of consumption expenditure, investment, or government expenditure on
Calculate Iberia’s GDP.Use the following data on the economy of Iberia.Net taxes $18 billionGovernment expenditure $20 billionSaving $15 billionConsumption expenditure $67
Calculate Iberia’s imports of goods and services.Use the following data on the economy of Iberia.Net taxes $18 billionGovernment expenditure $20 billionSaving $15
A ________ is a final good and ________ is an intermediate good.A. New car bought by a student; a used SUV bought by a dealerB. New textbook; a used textbookC. New iPhone bought by a student; a new
The base year is 2016. Calculate real GDP in 2016 and 2017. Use the table, which shows an economy€™s total production and the prices of the final goods it produced in 2016 and 2017,
Calculate the percentage increase in real GDP in 2017.Use the table, which shows an economy€™s total production and the prices of the final goods it produced in 2016 and 2017, GDP data for
China reported that its real GDP grew by 6.9 percent in 2015, down from 7.3 percent in 2014. Experts think that China has overstated its true growth rate and many fear that its growth will slow
Gross domestic product is the market value of all the _______ in a given time period.A. Goods and services bought by AmericansB. Goods and services produced by American companies in all countriesC.
Other things remaining the same, a fall in the price of peanuts will ________.A. Increase the supply of peanutsB. Decrease the supply of peanut butterC. Decrease the quantity supplied of peanutsD.
In the market for jeans, which of the following events increases the demand for a pair of jeans?A. The wage rate paid to garment workers rises.B. The price of a denim skirt (a substitute for jeans)
Which of the following events illustrates the law of demand? Other things remaining the same, a rise in the price of a good will ________ .A. Decrease the quantity demanded of that goodB. Increase
China’s economic slowdown could help reduce the cost of steel used by U.S. auto makers.Explain how an economic slowdown in China influences the global steel market. What happens to the equilibrium
Bacon is 25 percent cheaper now than a year ago and bacon sales are up 13 percent on the year. At the same time, the bird flu virus is killing millions of chickens, raising egg prices.Explain how
“Raising the minimum wage to $15 an hour will … bring dignity and respect to 2.2 million people, many of whom have been forced to live in poverty for too long,” said Governor Andrew Cuomo.
During Valentine€™s week, more people buy chocolates and chocolates offer their chocolates in special red boxes, which cost more to produce than the everyday box. Set out the three-step
If the price of chocolates is $17.00 a box, describe the situation in the market. Explain how market equilibrium is restored.The table shows the demand and supply schedules for boxes of chocolates in
Concerns about the U.S. winter wheat crop and dry conditions in other wheat-producing nations have increased the price of wheat.Explain how an upcoming harvest influences today’s price of wheat.
What is the effect on the equilibrium in the orange juice market if orange juice becomes more popular and a cheaper robot is used to pick oranges?
What is the effect on the equilibrium price and equilibrium quantity of orange juice if the price of apple juice decreases and the wage rate paid to orange grove workers increases?
Why can we be confident that the market for coffee is competitive and that a decrease in supply rather than the greed of coffee growers is the reason for the 2014 rise in price?
Read Eye on the Price of Coffee and explain how we know that the price increased in 2014 because the supply of coffee decreased and not because the demand for coffee increased.
Are Venezuela’s price controls price floors or price ceilings? Draw a graph to illustrate the shortages of food created by the price controls.The government of Venezuela controls the price of food
Use the demand and supply model to explain how heavy rain will change the prices of corn and soybeans.Heavy rain has delayed the planting of corn and soybean and soggy conditions have slowed the
The table shows the demand and supply schedules for student workers at campus venues. If the college introduces a minimum wage of $11.50 an hour, how many students are employed and how many students
“As more people buy fuel-efficient hybrid cars, the demand for gasoline will decrease and the price of gasoline will fall. The fall in the price of gasoline will decrease the supply of gasoline.”
The table shows the demand and supply schedules for running shoes. What is the market equilibrium? If the price is $70 a pair, describe the situation in the market. Explain how market equilibrium is
If the price of frozen yogurt falls, the quantity of ice cream consumed will decrease and the price of ice cream will rise.Use the laws of demand and supply to explain whether the statements is below
The United States does not allow oranges from Brazil (the world’s largest producer of oranges) to enter the United States. If Brazilian oranges were sold in the United States, oranges and orange
Explain how each of the following events changes the demand for or supply of air travel. Airfares tumble, while long-distance bus fares don’t change.The price of jet fuel rises.Airlines reduce
Mary makes 10 pies and 20 cakes a day and her opportunity cost of producing a cake is 2 pies. Tim makes 20 pies and 10 cakes a day and his opportunity cost of producing a cake is 4 pies. If Mary
The table shows the PPF of an island community. Choose the best statement.A. This community has enough resources to produce 2 pounds of fish and 36 pounds of berries.B. This community cannot produce
Explain why it is not possible for everyone to have free Internet access to education, news, jobs, and more.
Sketch a PPF with education and news on the x-axis and other goods and services on the y-axis before and after the Internet.Everyone should have free Internet access to education, news, jobs, and
Explain how Internet access has changed the production possibilities and the opportunity cost of producing education and news.Everyone should have free Internet access to education, news, jobs, and
If the farm adopted a new technology, which allows it to use fewer resources to fatten chickens, explain how the farm€™s production possibilities will change. Explain how the opportunity
Provide two examples of economics being used as a tool by (a) A student, (b) A business, and (c) A government. Classify your examples as dealing with microeconomic topics and
Suppose that the government introduces a minimum wage of $0.80 an hour. What is the real wage rate, the quantity of labor employed, potential GDP, and unemployment? Does the unemployment arise from
Which of the events increase potential GDP and which decrease potential GDP?Use the following list of events that occur one at a time to workThe Middle East cuts supplies of oil to the United
What is the quantity of labor employed, potential GDP, the real wage rate, and total labor income?The two tables set out information about the economy of Nautica. Use this information to work
Which of the events raise the real wage rate and which of the events lower the real wage rate?Use the following list of events that occur one at a time to work Problem.The Middle East cuts supplies
Which of the events increase the equilibrium quantity of labor and which decrease the equilibrium quantity of labor?Use the following list of events that occur one at a time to work Problem.The
Sort the items into four groups: those that change the production function, those that change the demand for labor, those that change the supply of labor, and those that do not change the production
Calculate the quantity of labor employed, the real wage rate, and potential GDP.Use the information set out in the tables above about the economy of Athabasca to work this Problem. Production
If the labor force participation increases, explain how employment, the real wage rate, and potential GDP change.Use the information set out in the tables above about the economy of Athabasca to work

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