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foundations macroeconomics

Questions and Answers of Foundations Macroeconomics

10. The following table contains some of the CPI components for the United Kingdom between 2009 and 2016.Every component is a part per 1,000.What are the reasons for the changes in average spending
9. The country of Francania produces and consumes only three goods: lemonade, croissants, and blouses. The quantity produced and price of each good in 2020 and 2021 are given in the following
8. With the rise of globalization, supply chains are spread across the world. Suppose the following are the stages of producing pencils in Germany:• A German-based pencil company develops the
7. In 1966, two of baseball’s best pitchers, both playing for the Los Angeles Dodgers, formed a two-player union. They demanded a $1 million 3-year contract to be split equally. They eventually
6. Most products we buy go through several intermediate processes before we can purchase them. Suppose the stages and the associated transaction values involved in the production of a tin of coffee
5. The following table gives data for a small country, Barboras.a. Use the data to calculate GDP for this economy using the expenditure method.b. Calculate the value of Barboras’ GNP. Does
4. Suppose there are two neighboring countries in a multicountry world: Plastakia and Recylopia. Both countries have the same currency, Bogs. Plastakia’s GDP per capita is 5,380 Bogs, its GDP is
3. To generate estimates of GDP, the Bureau of Economic Analysis must aggregate a variety of data sources, such as expenditure surveys.a. What measurement problems might the government face in trying
2. By how much would GDP change as a result of each of the following changes? Briefly explain your answers.a. A couple decides that their child should visit a private language tutor as opposed to
1. Which of the following would be considered a final good in the calculation of Armenian GDP? Explain your answers.a. All the actors and members of staff employed for a popular TV show, produced by
2. From 1941 to 1942, U.S. real GDP rose 18.9%, even though real consumption, real (private) investment, and real net exports all fell. How is this possible? Explain this important episode in
1. Let’s use the different components of GDP from the national income accounting identity and the Evidence-Based Economics section to examine the types of events that you read about in the news.
19. How is the CPI similar to the GDP deflator?
18. What are the key differences between the CPI and the GDP deflator?
17. Why is it essential to differentiate between real and nominal growth rates of GDP?
16. In 1968, Robert F. Kennedy gave an address in which he criticized the usefulness of GDP. His key observations are quoted here: “Our Gross National Product, now, is over $800 billion dollars a
15. Nobel laureate Simon Kuznets, who did significant work on national income accounts in the 1930s, said that the welfare of a nation can scarcely be inferred from a measurement of national income.
14. When would a country’s GDP exceed its GNP?
13. You decide to cook your own meal rather than eat in a restaurant. How will this affect GDP?
12. Describe three important factors that GDP leaves out.
11. How might more rapid income per capita growth in a country with low income like Zimbabwe improve the wellbeing of the citizens of the United States in ways that are both measured and not measured
10. What is meant by capital depreciation?
9. Why is owning a home an important source of capital income?
8. How is the level of economic activity calculated using the income method?
7. Which category of expenditure accounts for the highest share of GDP in the United States?
6. How is GDP calculated using expenditure-based accounting?
5. How is production-based accounting used to estimate GDP? Discuss the role of value added.
4. Use the circular flow diagram to show how expenditure, production, and income relate to one another.
3. What is an accounting identity? Explain the accounting identity Production = Expenditure = Income.
2. How is GDP defined?
1. Find and list three recent stories in the media that would typically be studied in macroeconomics. (Cite the date and source of the stories you choose.) Discuss why they would fall within the
15. Draw the demand curve and the supply curve for a market in which the equilibrium price is negative. (Hint: Reread the discussion—Letting the Data Speak—of the crude oil market in Cushing,
14. Suppose the demand for hand sanitizer is QD = 70 - 4P, and the supply of hand sanitizers is QS = 10 + 2P, where P is the price of a unit of hand sanitizer.a. Find the equilibrium price and
13. The equilibrium price of coffee in an economy, measured in dollars, is about $2,000 per ton. To help the coffee farmers earn a higher income, the government set the price to $2,500 per ton.a. How
12. As part of U.S. sugar policy (in 2013), the government offered to buy raw sugar from domestic sugarcane mills at an average price of 18.75 cents per pound. This government offer was made for as
11. Lobsters are plentiful and easy to catch in August but scarce and difficult to catch in November. In addition, vacationers shift the demand curve for lobsters further to the right in August than
10. Paris decides to increase the consumption of natural juices by imposing a maximum price of €3 per glass.The current equilibrium price is €4. Sketch the supply and demand for natural juice
9. Suppose that while explaining this chapter to your classmate, she tells you that when the supply curve shifts to the left, the price will increase. This increase in price will lead to an increase
8. A freshwater aqua farm in Singapore can breed tiger prawns and tilapia. Recently, it was found that there may be a risk of contracting a type of disease from the consumption of tiger prawns—this
7. For each of the following situations, sketch the demand curve as accurately as possible.a. There are 2 buyers of ostrich feathers. For any price above £6, these two buyers want nothing. For any
6. Suppose nuclear reactors primarily provide the energy supply in your country. Your country is both sunny and windy at the same time and, therefore, many people have decided to set up solar panels
5. Thailand is the world’s second-largest producer of hard drives after China. In 2011, there were severe floods in Thailand. Because the hard drive manufacturing factories had to shut down due to
4. Sketch supply and demand curves for the housing market and label the equilibrium price and quantity.a. A booming economy increases the demand for housing.Show the shift in the demand curve on your
3. The following two incidents involve simultaneous shifts in the demand and the supply curves. Analyze the final effects on the equilibrium price and quantity after the changes. Explain your
2. Suppose your country has been doing well since the end of the global financial crisis and, therefore, the wages have increased by 30 percent since 2008. In parallel, active workers represent 75
1. Suppose the following table shows the quantity of glitter that is demanded and supplied at various prices in European Country A.a. Use the data in the table to draw the demand and supply curves in
11. Recall from the Evidence-Based Economics section that governments can raise or lower the domestic price of gasoline by respectively taxing or subsidizing its sale. Using the Law of Demand,
10. Assume a shipping company is offering a Mediterranean cruise along Greece for anyone who lives in your city at the fixed price of €200 (the normal price is around€2,000). However, only a
9. How do the following affect the equilibrium price in a market?a. A rightward shift in demandb. A leftward shift in supplyc. A leftward shift in supply and a rightward shift in demand of the same
8. Explain how the following factors will affect the supply curve for cars.a. An increase in the working age population of a country.b. A restriction on the inflow of foreign labor employed in the
7. What is the difference between willingness to accept and willingness to pay? For a trade to take place, does the willingness to accept have to be lower, higher, or equal to the willingness to pay?
6. Suppose the price of crude oil rises from $55.66 per barrel in February 2020 to $62.28 per barrel in February 2021. The quantity supplied increases from 500 gallons to 720 gallons. What does this
5. In what ways do you think renewable energy is affecting the demand curve of oil?Questions
4. Explain how the following factors will affect the demand curve for houses in an economy.a. Commercial banks raise the housing loan rate.b. An increase in immigration results in a large increase in
2. How would you define diminishing marginal benefits?Using the examples below, explain if it is possible to experience diminishing marginal benefits.a. You are an ardent fan of animated movies. Are
1. How would you define a perfectly competitive market?Use an example to explain how you would apply the concept of ceteris paribus (holding all else equal) in such a market.
9. Your firm has a marginal revenue given by the equation MR = 24 - Q. This means that the third unit of output brings in 24 - 3 = +21 of additional revenue. The marginal cost for your firm is MC = 4
8. It is possible to use equations to do marginal analysis.Suppose your firm has a marginal revenue given by MR = 21 - 2Q. This means that the fifth unit of output brings in 21 - 2(5) = $11 of
7. Scott is planning on buying a car. He can choose between six types of powering: petrol, diesel, gas, hybrid, electric, or hydrogen. Being environmentally conscious, his total benefit will reflect
6. Viktoria, a business consultant, has to travel quite frequently from Singapore to other parts of Asia. She has a frequent flyer card with Singapore Airlines and can choose from four different
5. Richard has begun running to improve his health. The first column lists the distance he is jogging in meters, the second column the total benefits in U.S. dollars.Meters ran Total Benefit 0 0 500
4. Pascal is taking three courses this semester: economics, calculus, and statistics. Pascal’s goal is to maximize his average grade on the three term exams. Using optimization in marginal
3. Determine if the following statements use optimization by total values or optimization by marginal analysis.a. Kelly is working as an administrator at a university.The university is now facing the
2. Suppose you applied to three jobs and are accepted for all three. Considering all factors:a. How would you make an optimal decision about which job to choose?b. The jobs that you have applied for
1. Suppose you are making two different decisions: the first decision is to buy a financial stock. The second decision is to buy a good to consume. Identify how you would behave in each decision to
1. You are an apartment hunter looking for housing in the Portland, Oregon, area. You would like to pay about$950 per month, so you search for apartments near the ring of highways around the city
9. A normative model answers optimization questions like what the optimal way of solving things is. Why do you think economists are being taught early on about normative models and optimization?
8. Identify the distinction between optimization in levels and optimization in differences. Do they yield the same result?
7. Economists like using marginal analysis to illustrate a point. Suppose you have been working very hard and are considering taking a vacation. Use marginal analysis to illustrate how you would
5. Suppose you are trying to open a store at a local shopping mall. There are two open spaces: one is on the ground floor near the entrance; the other is on the topmost floor. Both spaces are
3. Suppose your workplace does not have a cafeteria and you have to go out during your lunch break to grab a bite to eat. You have two options: an expensive restaurant that is two minutes away or a
A3. Suppose the following table shows the relationship between revenue that the Girl Scouts generate and the number of cookie boxes that they sell.Number of Cookie Boxes Revenue 50
A2. Consider the following data that show the quantity of coffee produced in Brazil from 2004 to 2012.Year Production (in tons)2004 .................................. 2,465,710 2005
A1. How would you represent the following graphically?a. Income inequality in the United States has increased over the past 10 years.b. All the workers in the manufacturing sector in a particular
9. An economist believes that the consumption patterns of a household can be determined by using the equation C = a + bI, where I is the income, a denotes a positive number, and b a percentage.a. Is
8. In 2016, most British voters decided that the United Kingdom should exit the European Union (EU). This withdrawal is popularly known as Brexit. How can we use this to demonstrate the effects of EU
7. An independent variable is a variable whose value does not depend on another variable, whereas a dependent variable is a variable whose value depends on another variable. Assume that ACT scores
6. During the summer of 2015, the European Union (EU)experienced a record number of applications from asylum seekers. Some said they are economic migrants who just want to take advantage of the
5. As the text explains, it can sometimes be very difficult to sort out the direction of causality.a. As opposed to the United States, which has serious speed limits, in Germany, many places have no
4. A study in 1991 have found that hormone replacement therapy (HRT), used to treat symptoms of menopause, reduces coronary heart disease risk. Do you think this study is strong evidence in favor of
3. This chapter stressed the importance of using appropriate samples for empirical studies. Consider the following two problems in that light.a. Imagine you are a sociologist and your task is to find
2. The average score for a class of 30 students is 70. The score for the top 20 students in the class averaged at 75.What is the average score of the remaining 10 students in the class?
1. Some studies have found that people who owned guns were more likely to be killed with a gun. Do you think this study is strong evidence in favor of stricter gun control laws? Explain.
2. In the second Evidence-Based Economic module, we discussed how Philip Oreopoulos used a natural experiment involving compulsory schooling laws to infer that the return to one additional year of
1. Let’s return to our examination of whether workers with 4-year college degrees earn more than workers with high school degrees. In the first Evidence-Based Economics module, we provided data
10. Suppose you had to find the effect of smoking on cancer.Would you choose to run a randomized experiment or would it make sense to use natural experiments here? Explain.
9. Why is it necessary to conduct experiments before releasing new drugs in a market? Why is randomization needed for experiments?
8. What is data? Is it always numerical? How is data used in empirical analysis? Give an example.
7. Consider the following examples and state whether there is positive correlation, negative correlation, or zero correlation between the variables.a. A person’s gender and how well they drive a
6. Explain why correlation does not equal causation. Give examples where the cause and effect relationship between events is not necessarily clear.
5. Why does the size of the sample matter in an empirical argument?
4. How is the mean calculated from a series of observations?Suppose a supermarket near you sells 4 types of fruit juice (apple, orange, lemon, and grape). The price of the apple juice is €3, the
3. Are economic models detailed or simplified versions of reality? Could economists build perfect economic models?Why?
2. Explain how economists study the economic behavior of a society empirically. By using hypotheses, confirmed by empirical evidence, how do the economists and the empirical evidence contribute to
1. Why do economists use the scientific method? Explain your answer by arguing for and against the use of this method.
9. It is the night before your trip to Spain and you must decide how many hours to spend on expanding your vocabulary. The total benefits column shows how many more Spanish words you expect to learn.
8. Use the concepts discussed in this chapter to answer the following problems:a. Oskar is about to join a new factory where he has the option of joining a trade union. Being a part of the trade
7. In 2014, California was in its third year of a major drought. With water supplies dwindling, Governor Brown issued a plea for a voluntary 20 percent reduction in water use. This target was not
6. Consider the following three statements:a. Your friends are coming over for lunch and you realize you have forgotten to get groceries. You go to the local market, where there are about 50 stalls.
5. Consider the following three statements:a. You are planning a conference in St. Petersburg, Russia, and your closing gala will be on a cruise boat in November. Do you think hosting the event on a

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