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foundations of economics

Questions and Answers of Foundations Of Economics

Induced consumption is induced by __________ . ( LO5 )
Dissaving takes place when __________ . ( LO5 )
The consumption function states that __________ . ( LO3 )
The APS + the APC = __________ . ( LO1 )
The average propensity to consume is found by dividing __________ by__________ . ( LO1 )
About __________ percent of what Americans spend on consumption is spent on services. ( LO1 , 3 )
Which statement is true? (LO6)a) Consumption spending accounts for about 60 percent of our GDP.b) The basic long-term trend in consumption spending as a percentage of GDP has been downward.c) The
Which statement is true? ( LO1 , 8 )a) Americans save much more of their incomes than they did 20 years ago.b) In 2009, our APC was a little below 1.0.c) Although the U.S. does not have the highest
Which one of the following statements is the most accurate? ( LO6 , 8 )a) The American consumer was largely responsible for Japan’s economic resurgence since World War II.b) China, as the world’s
Twenty years from now our disposable income will rise from $30 trillion to $31 trillion. On the basis of past trends in saving habits of American consumers, what would be your best guess regarding
As a nation’s income falls, induced consumption. ( LO5 )a) risesb) fallsc) remains the same
Boyd and Dianne Call earn $100,000 a year. They went deeply into debt after paying $75,000 for their daughter Chelsea’s wedding and $50,000 for their daughter Kaylynne’s sweet sixteen party.
Our consumption spending tends to rise as the stock of liquid assets in the hands of consumers and credit availability. ( LO6 )a) rises, risesb) falls, fallsc) rises, fallsd) falls, rises
Which is the most accurate statement? ( LO8 )a) The American personal savings rate would be higher if we counted capital gains as income which is not spent.b) An average propensity to save of .02
When disposable income is $2,000 billion, consumption is . ( LO3 )a) 2$3,500 billiond) $3,500 billionb) 0e) $4,000 billionc) $2,000 billion Consumption ($ billions) 12,000 10,000 8,000 6,000 4,000
Consumption is equal to 5,000 at a disposable income of . ( LO3 )a) $2,000 billiond) $8,000 billionb) $4,000 billione) $10,000 billionc) $6,000 billion Consumption ($ billions) 12,000 10,000 8,000
Savings is equal to zero at a disposable income of. ( LO4 )a) 0d) $6,000 billionb) $2,000 billione) $8,000 billionc) $4,000 billion Consumption ($ billions) 12,000 10,000 8,000 6,000 4,000 2,000 45 0
The average propensity to save . ( LO1 )a) is disposable income divided by savingsb) is a measure of the additional saving generated by additional incomec) is negative at very high income levelsd)
Autonomous consumption expenditures are. ( LO5 )a) equal to induced consumption expendituresb) proportional to disposable incomec) not infl uenced by incomed) infl uenced primarily by the saving
Induced consumption expenditures. ( LO5 )a) fall as income risesb) are always equal to autonomous consumption expendituresc) plus saving equals total consumption expendituresd) represent consumption
Which of the following relations is not correct? ( LO1 , 2 )a) MPC 1 MPS 5 1d) 1 2 APS 5 APCb) APC 1 APS 5 1e) 1 2 MPC 5 MPSc) MPS 5 MPC 1 1
When income is equal to consumption, saving is. ( LO3 , 4 )a) negativeb) zeroc) positived) impossible to calculate because there is insuffi cient information
When income levels are very low, C is. ( LO3 )a) zerob) lower than incomec) higher than income
The consumption function tells us that, as income rises, consumption . ( LO3 )a) declinesb) remains the samec) rises more slowly than incomed) rises more quickly than income
The largest component of C is . ( LO3 )a) durable goodsb) servicesc) nondurable goods
The largest component of GDP is . ( LO3 )a) net exportsc) consumptionb) investmentd) government purchases
As disposable income rises, . ( LO5 )a) autonomous C risesc) induced C risesb) autonomous C fallsd) induced C falls
According to the permanent income hypothesis, if a person received a windfall of $100,000, he would spend that year. ( LO7 )a) some of itc) nearly all of itb) most of itd) all of it
The minimum amount that people will spend even if disposable income is zero is called consumption. ( LO5 )a) autonomousb) inducedc) total
When disposable income is zero, . ( LO5 )a) autonomous consumption is equal to induced consumptionb) autonomous consumption is equal to total consumptionc) induced consumption is equal to total
When the C line crosses the 45-degree line, saving is. ( LO3 , 4 )a) positiveb) negativec) zerod) impossible to calculate because there is not enough information to know
Since 1955 Americans have been spending. ( LO3 )a) a larger percentage of their incomes on servicesb) a smaller percentage of their incomes on servicesc) about the same percentage of their incomes on
How much was our APC and APS in 2009? (Hint: Look at Figure 1 near the beginning of this chapter.)
The marginal propensity to consume (MPC) for a nation is .85. Explain what this means.
Explain the relationship between consumption and saving.
a) In Figure 7 , if the supply curve is S 1 , how much are equilibrium price and quantity?b) If the supply changes from S 1 to S 2 , does that represent an increase or decrease in supply?c) How much
a) In Figure 6 , if the demand curve is D 1 , how much are equilibrium price and quantity?b) If demand changes from D 1 to D 2 , does that represent an increase or decrease in demand?c) How much are
Draw in a new supply curve, S 1 , on Figure 5 , showing a decrease in supply. What happens to equilibrium price and quantity? ( LO4 ) Price $6 5 4 3 2 1 Figure 5 S 4 8 12 16 20 24 28 Quantity D
In Figure 5 , fi nd equilibrium price and quantity (in dollars and units, respectively). ( LO3 )
Draw in a new demand curve, D 1 , on Figure 4 , showing an increase in demand. What happens to equilibrium price and quantity? ( LO4 ) Price $12 10 8 6 4 S 2 D 10 20 30 40 50 60 70 Quantity
In Figure 4 , fi nd equilibrium price and quantity (in dollars and units, respectively). ( LO3 )
The strongest criticism of Norway’s economic system has been that . ( LO7 )a) it provides too many benefi tsb) its taxes are too highc) its taxes are too lowd) it doesn’t provide enough benefi ts
Put an X on Figure 7 to represent where our economy operated in 2010. (LO6) Figure 7
Use the data in Figure 6 to illustrate the law of increasing costs numerically. (Hint: Start at point E and move toward point A.) ( LO6 , 7 )
Given the information in Table 1 , below, what is the opportunity cost of going from point B to point C?And of going from point D to point C? ( LO4 ) TABLE 1 Hypothetical Production Schedule for
Fill in the following points on Figure 5 . ( LO6 )Point A: an unemployment rate of 100 percent Point B: an unemployment rate of 20 percent Point C: an unemployment rate of 2 percent Figure 5
In Figure 4 , place point M where there is 100 percent unemployment. ( LO6 ) Figure 4
In Figure 4 , fi ll in a new production possibilities frontier representing substantial economic growth. ( LO6 , 9 )
Fill in the following points on Figure 3 . ( LO6 )Point X: where our economy generally operates Point Y: a serious recession Point Z: a catastrophic depression Point W: economic growth Units of
Do you know any entrepreneurs? What do they do?
Give an example of an opportunity cost for an individual and a nation.
Defi ne and differentiate between absolute advantage and comparative advantage.
Explain the relationship between specialization and exchange.
Summarize the history of U.S. trade.
Assess your chances of ever being poor.
Judge whether welfare reform has been successful.
Discuss and assess the solutions to poverty.
Differentiate between the liberal and conservative theories of poverty.
Explain the main causes of poverty.
List the main government transfer programs to help the poor.
Name and discuss the groups of people who are poor.
Defi ne and discuss poverty in the United States.
List and discuss what determines how income is distributed.
Distinguish between the distribution of income and the distribution of wealth.
Measure the inequality of income distribution in the United States.
Discuss usury, and payday and fringe lenders.
Name and discuss the theories of profi t.
List and discuss how profi ts are determined.
Explain and calculate the present value of future income.
Defi ne capital and how the interest rate is determined.
Demonstrate whether prices are high because rents are high, or whether rents are high because prices are high.
Defi ne and illustrate economic rent.
Defi ne land and how rent is determined.
Discuss the education gap between the rich and the poor.
Explain the effects of employment discrimination on wages.
Defi ne and distinguish between the minimum wage and the living wage.
Differentiate between real wages and money wages and calculate real wages.
Analyze the relationship between high wage rates and economic rent.
Explain and analyze how the wage rate is determined by supply and demand.
Discuss the factors infl uencing the demand for labor.
Interpret the backward-bending individual labor supply curve.
Distinguish among the various groups constituting the supply of labor.
Discuss the pros and cons of the card check law.
Assess the process of collective bargaining.
Discuss and distinguish between the economic power of unions and employers.
Summarize union organizing since the 1950s.
Defi ne and differentiate between craft and industrial unions.
List and explain the major labor legislation.
Summarize the early history of the labor movement.
Explain and analyze the optimum resource mix for the fi rm.
Differentiate between the substitution effect and the output effect.
Discuss changes in resource demand and list the four reasons for these changes.
Discuss and measure marginal revenue product.
Defi ne and measure productivity.
Defi ne and analyze derived demand.
Explain how pharmaceutical fraud is a type of corporate fraud.
Summarize the trend toward bigness.
Discuss and assess corporate corruption.
List and discuss the main industries that were deregulated since the late 1970s.
Name and analyze the types of mergers.

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