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foundations of economics

Questions and Answers of Foundations Of Economics

2. 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
1. Compare the method used by Box-Office Mojo to calculate real box-office receipts with the method used on p. 472 to calculate the real price of a postage stamp. Compare and contrast the real
Use the following information to work Problems 8 and 9.CPI: Inflation rate picks up in August The CPI rose 3.8% in August compared to a year earlier. Food prices rose 4.6%and clothing prices were up
7. In 2013, Annie, an 80-year-old, is telling her granddaughter Mary about the good old days. Annie says that in 1933, you could buy a nice house for$15,000 and a jacket for $5. Mary says that in
6. Table 3 shows the prices that Terry paid for some of his expenditures in June and July 2013. Explain and discuss why these prices might have led to commodity substitution or outlet substitution.
5. What was the percentage increase in production between 2000 and 2010, and by what percentage did the cost of living rise between 2000 and 2010?
4. Calculate nominal GDP in 2000 and in 2010 and the percentage increase in nominal GDP between 2000 and 2010.
Use the following information to work Problems 4 and 5.The GDP price index in the United States in 2000 was about 90, and real GDP in 2000 was $11 trillion (2005 dollars). The GDP price index in 2010
3. Tables 1 and 2 show the quantities of the goods that Suzie bought and the prices she paid during two consecutive weeks. Suzie’s CPI market basket contains the goods she bought in Week 1.
2. In Brazil, the reference base period for the CPI is 2000. By 2005, prices had risen by 51 percent since the base period. The inflation rate in Brazil in 2006 was 10 percent, and in 2007, the
1. In Canada, the reference base period for the CPI is 2002. By 2012, prices had risen by 21.6 percent since the base period. The inflation rate in Canada in 2013 was 1.1 percent. Calculate the CPI
The real interest rate equals the nominal interest rate minus the inflation rate
The real wage rate equals the nominal wage rate divided by the CPI and multiplied by 100.
To adjust a money value (also called a nominal value) for inflation, we express the value in terms of the dollars of a given year.
The PCE price index excluding food and energy is used to calculate the core inflation rate, which shows the inflation trend.
Both the GDP price index and the PCE price index use current information on quantities and to some degree overcome the sources of bias in the CPI.
Other measures of the price level include the GDP price index, the PCE price index, and the PCE price index excluding food and energy.
The CPI cannot provide an accurate measure of price changes because of new goods, quality improvements, and substitutions that consumers make when relative prices change.
The CPI does not include all the items that contribute to the cost of living.
The CPI is calculated by dividing the cost of the CPI market basket in the current period by its cost in the base period and then multiplying by 100.
The Consumer Price Index (CPI) is a measure of the average of the prices of the goods and services that an average urban household buys.
The real interest rate that Sally earned equals the nominal interest rate minus the inflation rate, which is 7.0 − 7.3 = −0.3 percent. Sally’s real interest rate was negative. (If Sally had
3. The inflation rate during the year equals (177 - 165) , 165 * 100 = 7.3 percent.
2. The real wage rate in 2006, expressed in dollars of the reference base year, equals ($80 ÷ 202) × 100, or $39.60 an hour. The real wage rate in 2011, expressed in dollars of the reference base
To calculate the real price, divide the nominal price by the CPI and multiply by 100. Table 2 shows the calculations. The real price was highest in 2011, when it was 159 cents (1982–1984 cents) per
3. Sally worked all year and put her savings into a mutual fund that paid a nominal interest rate of 7 percent a year. During the year, the CPI increased from 165 to 177. What was the real interest
1. Table 1 shows the price of gasoline and the CPI for four years. The reference base period is 1982–1984. Calculate the real price of gasoline each year. In which year was this real price highest
3. Is there any substitution bias in the CPI that uses the 2012 basket? Explain
2. Calculate the CPI in 2013 if the CPI basket contains the 2013 quantities.
1. Calculate the CPI in 2013 if the CPI basket contains the 2012 quantities.
3 Adjust money values for inflation and calculate real wage rates and real interest rates.
2 Explain the limitations of the CPI and describe other measures of the price level.
1 Explain what the Consumer Price Index (CPI) is and how it is calculated.
The Labor Department said that the economy added 146,000 jobs in November, and the unemployment rate fell to 7.7% from 7.9% in October. But it fell mainly because workers dropped out of the labor
U.S. unemployment rate lowest since 2008
6. Describe the relationship between the unemployment rate and the natural unemployment rate as the output gap fluctuates between being positive and being negative.
5. Distinguish among the three types of unemployment: frictional, structural, and cyclical. Provide an example of each type of unemployment in the United States today.
4. Explain the relationship between the percentage of employed workers who have part-time jobs and the business cycle.
3. Describe two examples of people who work part time for economic reasons and two examples of people who work part time for noneconomic reasons.
2. Calculate the unemployment rate and the labor force participation rate, and compare these rates with those in the United States in 2013.
1. Classify each of the 10 people into the labor market category used by the BLS. Who are part-time workers and who are full-time workers? Of the parttime workers, who works part time for economic
Household 4: Mimi and Henry are retired. Son Hank is a professional artist, who painted for 12 hours last week and sold one picture.
Household 3: Ari had no work last week but was going to be recalled to his regular job in two weeks. Partner Kosta, after months of searching for a job and not being able to find one, has stopped
Household 2: Joey, a full-time bank clerk, was on vacation. Wife, Serena, who wants a full-time job, worked 10 hours as a part-time checkout clerk.
Household 1: Candy worked 20 hours last week setting up her Internet shopping business. The rest of the week, she completed application forms and attended two job interviews. Husband Jerry worked 40
As the unemployment rate fluctuates around the natural unemployment rate, real GDP fluctuates around potential GDP and the output gap fluctuates between negative and positive values
Potential GDP is the real GDP produced when the economy is at full employment.
Full employment occurs when there is no cyclical unemployment and at full employment, the unemployment rate equals the natural unemployment rate.
Unemployment can be frictional, structural, or cyclical.
The labor force participation rate of women has increased, and the labor force participation rate of men has decreased.
The unemployment rate fluctuates with the business cycle, increasing in recessions and decreasing in expansions.
The labor force participation rate is the labor force as a percentage of the working-age population.
The unemployment rate is the number of people unemployed as a percentage of the labor force, and the labor force is the sum of the number of people employed and the number unemployed.
Unemployment benefits
The real wage rate
The pace of structural change
The age distribution of the population
2. Describe the trends in the participation rates of men and women and of all workers.
unemployment rate the lowest and what brought low unemployment in that decade? In which decade was the average unemployment rate the highest and what brought high unemployment in that decade?
1. Figure 1 shows the unemployment rate in the United States from 1960 to 2010. In which decade—the 1960s, 1970s, 1980s, 1990s, or 2000s—was the average
3 Describe the types of unemployment, define full employment, and explain the link between unemployment and real GDP.
2 Describe the trends and fluctuations in the indicators of labor market performance in the United States.
1 Define the unemployment rate and other labor market indicators.
6. If the base year is 2012, use the chained-dollar method to calculate real GDP in 2012 and 2013. In terms of what dollars is each of these two real GDPs measured?
4. Using the chained-dollar method, calculate real GDP in 2012 and 2013. In terms of what dollars is each of these two real GDPs measured?
7. If the base year is 2013, compare the growth rates of nominal GDP and real GDP in 2013.
6. If the base year is 2013, use the chained-dollar method to calculate real GDP in 2012 and 2013. In terms of what dollars is each of these two real GDPs measured?
5. Using the chained-dollar method, compare the growth rates of nominal GDP and real GDP in 2013.
4. Use the chained-dollar method to calculate real GDP in 2012 and 2013. In terms of what dollars is each of these two real GDPs measured?
3. Calculate the value of 2012 production in 2013 prices and the percentage increase in production when valued at 2013 prices.
2. Calculate the value of 2013 production in 2012 prices and the percentage increase in production when valued at 2012 prices.
1. Calculate nominal GDP in 2012 and nominal GDP in 2013.
12. The road less traveled If we are right, this year is different and global growth will rise to an abovetrend pace during the second half of 2013
11. Where do sales of previously owned homes appear in the circular flow of expenditure and income? Explain how a fall in sales of previously owned homes affects real GDP.
Explain how a fall in new home sales affects real GDP.
10. Where do new-home sales appear in the circular flow of expenditure and income?
Use the following information to work Problems 10 and 11.Cash-paying vultures pick bones of U.S. housing market as mortgages dry up New-home sales fell to an annual pace of 250,000 in February, an
9. Calculate the percentage increase in production in 2014.
8. The base year is 2013. Calculate real GDP in 2013 and 2014.
7. Calculate nominal GDP in 2013 and 2014.
6. Calculate Iberia’s imports of goods and services.Use Table 2, which shows an economy’s total production and the prices of the final goods it produced in 2013 and 2014, to work Problems 7 to 9.
5. Calculate Iberia’s GDP.
4. Explain where these activities appear in the National Income and Product Accounts of Japan.Use the data on the economy of Iberia in Table 1 to work Problems 5 and 6.
3. Explain where these activities appear in the National Income and Product Accounts of the United States.
1. 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
The Human Development Index takes some other factors into account.
Real GDP omits some goods and services and ignores some factors that influence the standard of living.
We use real GDP per person expressed in purchasing power parity dollars to compare the standard of living among countries.
We use real GDP to determine when the economy has reached a business cycle peak or trough.
We use real GDP per person to compare the standard of living over time.
Real GDP is the value of production using the prices of a base year and the quantities produced in the current year.
Nominal GDP is the value of production using the prices of the current year and the quantities produced in the current year.
A country’s GNP is similar to its GDP, but GNP is the value of production by factors of production supplied by the residents of a country.
BEA measures GDP by summing expenditures and by summing incomes.With no errors of measurement the two totals are the same, but in practice, a small statistical discrepancy arises.
We can value goods and services either by what they cost to produce(incomes) or by what people are willing to pay (expenditures).
GDP is the market value of all final goods and services produced within a country in a given time period.
2. Do the differences in real GDP per person correctly rank the standard of living in these four countries? What additional information would we need to be able to make an accurate assessment of the
1. In which pair (or pairs) of countries is it easiest to compare the standard of living? And in which pair (or pairs) is it most difficult? Explain why.
4. Table 2 shows some data for an economy. If the base year is 2013, calculate the economy’s nominal GDP and real GDP in 2014
3. Calculate U.S. GNP and U.S. national income in 2010.

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