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business
foundations of economics

Questions and Answers of Foundations Of Economics

List and discuss the automatic stabilizers.
Calculate and apply the multiplier.
Analyze the recessionary and infl ationary gaps.
Summarize and discuss the Keynesian policy prescriptions.
Describe equilibrium and disequilibrium and distinguish between them.
Summarize the Keynesian critique of the classical system.
Demonstrate the interaction between aggregate demand and aggregate supply.
Explain and discuss the real balance, interest rate, and foreign purchases effects.
Analyze classical equilibrium.
Discuss Say’s law.
Compute the misery index.
Name and explain the theories of infl ation.
Construct a consumer price index.
List and identify the types of unemployment.
Calculate the unemployment rate.
Understand how economic forecasting is done.
List and discuss various business cycle theories.
Analyze the business cycle.
Explain and analyze the Genuine Progress Index and compare it to GDP.
List and explain the shortcomings of GDP as a measure of national economic well-being.
Calculate per capita GDP.
Discuss how our GDP compares to those of other nations.
Compare and contrast nominal GDP and real GDP and compute real GDP.
Distinguish among Gross Domestic Product, Net Domestic Product, and National Income.
List and illustrate the two things to avoid when compiling GDP.
Defi ne and discuss GDP.
Summarize the world trade agreements and discuss the free trade zones.
Discuss the imports and exports of the world’s leading trading nations.
Analyze the graphing of the C + I + G + Xn line.
Summarize post–World War II trends in our imports and exports.
Demonstrate the relationship between specialization and exchange.
Explain and discuss the basis for international trade.
Explain and discuss the economic role of government.
List and discuss the sources of state and local government revenue.
Summarize recent federal tax legislation.
List and discuss the sources of federal government revenue.
Identify and discuss the types of taxes.
Defi ne and compute the average and marginal tax rates.
Analyze the graph of the C + I + G line.
Defi ne and discuss federal, state, and local government spending.
Analyze the graph of the C + I line.
List and discuss the determinants of the level of investment.
Explain how capital is accumulated.
Show how savings gets invested.
Defi ne investment and identify its main components.
List the three types of business fi rms and discuss their advantages and disadvantages.
Explain why we spend so much and save so little.
Interpret and assess the permanent income hypothesis.
List and discuss the determinants of consumption.
Calculate autonomous and induced consumption.
Explain the savings function.
Explain the consumption function.
Defi ne and compute the marginal propensity to consume and the marginal propensity to save.
Defi ne and compute the average propensity to consume and the average propensity to save.
Apply supply and demand analysis to real-world problems.
Explain how price fl oors cause surpluses.
Explain how price ceilings cause shortages.
Explain what causes shifts in demand and supply.
Determine the equilibrium point in the market for a specifi c good, given data on supply and demand at different price levels.
Defi ne and explain supply .
Defi ne and explain demand in a product or service market.
Discuss the economic transformation of China.
Summarize and explain the decline and fall of the communist system.
Defi ne and describe the “isms”:capitalism, fascism, communism, and socialism.
Discuss the economic role of capital and its importance.
Describe and explain government failure.
Describe and illustrate market failure and externalities.
Analyze the circular fl ow model.
Explain the concepts of the profi t motive, the price mechanism, competition, and capital.
List and explain the three questions of economics.
Identify and explain the factors which enable an economy to grow.
Defi ne and explain productive effi ciency.
Identify and explain the three concepts upon which the law of increasing costs is based.
Describe the concept of the production possibilities curve and how it is used.
Describe and distinguish among the concepts of full employment, full production, and underemployment.
Explain and apply the concept of opportunity cost.
Name the four economic resources and explain how they are used by the entrepreneur.
Identify the central fact of economics and explain how it relates to the economic problem.
Defi ne economics.
Assess America’s place in history.
Differentiate the “new economy” from the “old economy.”
Summarize the economic highlights of each decade since the 1950s.
List and discuss the major recessions we have had since World War II.
Discuss the impact of World War II on our economy.
Describe the effect of the Great Depression on our economy and evaluate the New Deal measures to bring about recovery.
Summarize America’s economic development in the 19th century.
A tax on candy will be paid by ______.A. only buyers if the demand for candy is inelastic B. only sellers if the supply of candy is inelastic C. buyers and sellers if the demand for candy is elastic
Suppose that Congress caps executive pay at a level below the equilibrium.• Explain how the quantity of executives demanded, the quantity supplied, and executive pay will change, and explain why
Are China’s price controls price floors or price ceilings? Draw a graph to illustrate the shortages of coal and gasoline created by the price controls.
Table 3 shows the demand and supply schedules for mushrooms. Suppose that the government introduces a price support for mushrooms of $6 per pound. Who gains and who loses? What are the quantity of
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 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?
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.
If the city government imposes a rent ceiling of $600 a month, what is the rent and how many apartments are rented? If a black market develops, how high could the black market rent be? Explain.
What is the rent and how many apartments are rented? If a rent ceiling of$900 a month is set, what is the rent and how many apartments are rented?
If basketballs are taxed at $6 a ball, what is the excess burden of the tax? Is the demand for basketballs or the supply of basketballs more inelastic?Explain your answer.
If sellers of basketballs are taxed $6 a ball, what price does the seller receive and how many do they sell? What is the tax revenue collected?
If buyers of basketballs are taxed $6 a ball, what price does the buyer pay and how many do they buy? What is the tax revenue collected?
The allocation of resources is fair ______.A. in the rules view if everyone has equal opportunity B. in the results view if most resources are distributed to the poorest people C. in the rules view
Suppose that all salons agree to charge $40 a haircut. What is the change in consumer surplus, the change in producer surplus, and the deadweight loss created?

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