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foundations of economics

Questions and Answers of Foundations Of Economics

1. Explain the effect of each event on the demand for cell phones.
The introduction of camera phones makes cell phones more popular.
The price of a call made from a land-line phone increases.
The price of a call made from a cell phone falls.
Producers announce that cell-phone prices will fall next month.
The price of a cell phone falls.
3 Explain how demand and supply determine price and quantity in a market, and explain the effects of changes in demand and supply.
what determines supply.
2 Distinguish between quantity supplied and supply, and explain
1 Distinguish between quantity demanded and demand, and explain what determines demand.
What do the facts in this news clip tell us about the amount of human capital and physical capital in an Italian and American household?
Can you think of an economic reason why Italian men work fewer total hours than Italian women, while American men and women work the same total hours?
If households are allocating their resources efficiently, who usually has a comparative advantage at working in the home, a man or a woman? How can you tell?
Is it possible that American households are producing outside their production possibilities frontier?
2. Men aren’t pulling their weight at home In Italy, women work an average of 57 hours per week, 22 hours in a paid job and 35 hours in the home, doing unpaid housework. Italian men work a total of
How does Chile’s comparative advantage change?
How does Chile’s opportunity cost of other goods and services change?
How does Chile’s opportunity cost of information services change?
How do Chile’s production possibilities change?
1. Google to open first Latin America data center in Chile The Chilean government’s “Start-Up Chile” tech hub initiative is attracting information services entrepreneurs and firms from around
8. In an hour, Sue can produce 40 caps or 4 jackets and Tessa can produce 80 caps or 4 jackets. Who has a comparative advantage in producing caps? If Sue and Tessa specialize and trade, who will gain?
7. 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 cost of
6. If the farm uses its resources efficiently, what is the opportunity cost of an increase in chicken production from 300 pounds to 500 pounds a year?Explain your answer.
5. The people of Foodland have 40 hours of labor a day to bake pizza and bread. Table 1 shows the maximum quantity of either pizza or bread that Foodland can bake with different quantities of labor.
4. Is the $208 million that electricity producers will spend to comply with the new rules part of the opportunity cost of producing electricity?
3. Is the $821 billion that the government would spend on incentive programs and compensation for higher energy prices part of the opportunity cost of producing electricity?
2. Is the $846 billion that electricity producers would pay for the right to emit greenhouse gasses part of the opportunity cost of producing electricity?
1. Would the Waxman-Markey law achieve production efficiency?
9. Read Eye on the Environment on p. 104 and describe a tradeoff faced when deciding how to generate electricity and whether to use wind power
8. If Tom and Abby specialize and trade 15 balls for 1 racket, what are the gains from trade?
7. What is Tom’s opportunity cost of producing a racket? What is Abby’s opportunity cost of a racket? Who has a comparative advantage in producing rackets? Who has a comparative advantage in
Use the following information to work Problems 7 and 8.Figure 1 shows Tom’s production possibilities and Figure 2 shows Abby’s production possibilities. Tom uses all his resources and produces 2
Drought devastates California’s economy.
More people take early retirement.
Some retail workers are re-employed building dams and wind farms.
6. Explain how the following events influence U.S. production possibilities:
5. Describe how the opportunity cost of controlling malaria changes as more resources are used to reduce the number of malaria cases.
4. Make a graph of the production possibilities frontier with malaria control on the x-axis and other goods and services on the y-axis.
The World Health Organization’s malaria chief says that it is too costly to try to fully eradicate the disease. He says that by using nets, medicine, and DDT it is possible to eliminate 90 percent
Use the following information to work Problems 4 and 5.Malaria can be controlled
Explain how the opportunity cost of producing a unit of entertainment changes as more entertainment is produced.
3. What is the opportunity cost of producing an additional unit of entertainment?
2. Is an output of 50 units of entertainment and 50 units of good food attainable and efficient? With a production of 50 units of entertainment and 50 units of good food, do the people of Leisure
Use the following information to work Problems 2 and 3.The people of Leisure Island have 50 hours of labor a day that can be used to produce entertainment and good food. Table 2 shows the maximum
An efficient combination of corn and beef—label this point C.
An unattainable combination of corn and beef—label this point B.
An inefficient combination of corn and beef—label this point A.
1. Table 1 shows the quantities of corn and beef that a farm can produce in a year. Draw a graph of the farm’s PPF. Mark on the graph:
People gain by increasing the production of the item in which they have a comparative advantage and trading.
A person has a comparative advantage in an activity if he or she can perform that activity at a lower opportunity cost than someone else.
4. Explain how people gain from specialization and trade.
The opportunity cost of economic growth is the decrease in current con-sumption.
Technological change and increases in capital and human capital expand production possibilities.
3. Explain what makes production possibilities expand.
The opportunity cost of producing a good increases as the quantity of the good produced increases.
The opportunity cost of Y is the inverse of the opportunity cost of X.
Along the PPF, the opportunity cost of X (the item measured on the xaxis)is the decrease in Y (the item measured on the y-axis) divided by the increase in X.
2. Calculate opportunity cost.
When production is efficient—on the PPF—people face a tradeoff. If production is at a point inside the PPF, there is a free lunch to be had.
Production at any point on the PPF achieves production efficiency.Production at a point inside the PPF is inefficient.
Points inside and on the PPF are attainable. Points outside the PPF are unattainable.
The production possibilities frontier, PPF, describes the limits to what can be produced by using all the available resources efficiently.
1. Explain and illustrate the concepts of scarcity, production efficiency, and tradeoff using the production possibilities frontier.
2. If Crusoe is producing 10 pounds of fish and 21 pounds of berries, what is his opportunity cost of an extra pound of berries? And what is his opportunity cost of an extra pound of fish? Explain
1. What is his opportunity cost of a pound of berries when Crusoe increases the quantity of berries from 21 pounds to 26 pounds and production is efficient?Does this opportunity cost increase as he
4. Which points illustrate a tradeoff? Explain why.
3. Which points are efficient and which points are inefficient? Explain why.
2. Which points are attainable? Explain why.
1. Table 1 sets out the production possibilities of a small Pacific island economy.Draw the economy’s PPF.Figure 1 shows an economy’s PPF and identifies some production points. Use this figure to
4 Explain how people gain from specialization and trade.
3 Explain what makes production possibilities expand.
2 Calculate opportunity cost.
1 Explain and illustrate the concepts of scarcity, production efficiency, and tradeoff using the production possibilities frontier.
5. China forecast to overtake U.S. by 2016 China is on track for a fourth consecutive decade of rapid growth and will overtake the U.S. as the world’s biggest economy in 2016.Source: Financial
4. Using the data in the table in Question 2, what can you infer about how the goods and services are produced?Compare and contrast how goods and services are produced in your own economy with how
3. Using the data in the table in Question 2, what can you say about who gets the goods and services produced? Compare and contrast the value of goods and services that people in your own economy can
d. Draw a scatter diagram of income per person and agriculture production and think about reasons for the pattern you see.
c. Explore the correlation between income per person and agriculture production.
what is produced in other economies.
b. Compare and contrast what is produced in your own economy with
a. What do these data tell us about differences in what is produced in the listed economies?
If the economy in which you live isn’t in the table, add the data from the CIA World Fact Book Web site.
2. The table provides data from the CIA World Fact Book about seven economies.
c. What are the factors of production that produce Internet service?
b. Is Internet service a capital good or a consumer good or service?
a. How does this news clip illustrate what, how, and for whom goods and services are produced?
can get online. To achieve this goal, he has created internet.org,“a global partnership between technology leaders, nonprofits, local communities, and experts who are working together to bring the
1. Mark Zuckerberg’s big idea: The “next 5 billion”Facebook founder Mark Zuckerberg wants to make it so that anyone, anywhere,
11. Why might incomes of $1 a day and $2 a day underestimate the value of the goods and services that these households actually consume?
10. How is the personal distribution of income in India changing?
Use the following information to work Problems 10 and 11.Poor India makes millionaires at fastest pace India, with the world’s largest population of poor people, also paradoxically created
9. On a graph of the circular flow model, indicate in which real or money flow each entry in List 2 belongs.
8. Compare the scale of agricultural production in the advanced and developing economies. In which is the percentage higher? In which is the total amount produced greater?
Explain how the distribution of personal income in China can be getting more unequal even though the poorest 20 percent are getting richer.
7. China’s prosperity brings income gap The Asian Development Bank [ADB] reports that China has the largest gap between the rich and the poor in Asia. Ifzal Ali, the ADB’s chief economist, claims
Explain how this requirement is likely to affect the growth of human capital in Senegal.
6. In the African nation of Senegal, to enroll in school a child needs a birth certificate that costs $25. This price is several weeks’ income for many families.
5. Which of the entries in List 1 are factors of production? Explain your choice.
4. Which of the entries in List 1 are capital goods? Explain your choice.
3. Which of the entries in List 1 are consumption goods and services? Explain your choice.

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