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foundations of economics

Questions and Answers of Foundations Of Economics

2. The global economy has three cell-phone users for every fixed line user. Two in every three cell-phone users live in a developing nation and the growth rate is fastest in Africa. In 2000, 1
Why might Boeing’s decisions in making the Dreamliner be in the social
State some of the tradeoffs that Boeing faces in making the Dreamliner.
Describe some of the changes in what, how, and for whom, that would occur if Boeing manufactured all the components of the Dreamliner at its own factories in the United States.
Why doesn’t Boeing manufacture all the components of the Dreamliner at its own factory in the United States?
1. Boeing’s Dreamliner has had a rocky start.
Use a graph to show where in the circular flow model of the global economy the flows of the components listed on p. 79 appear and where the sales of Dreamliners appear.
Explain how the production of the Dreamliner influences what, how, and for whom, goods and services are produced.
State the factors of production that make the Dreamliner and provide an example of each.
Is the Dreamliner a capital good or a consumption good? Explain why.
How many firms are involved in the production of the Dreamliner and how many are identified in the figure on p. 79?
10. Read Eye on the Dreamliner on p. 79 and then answer the following questions:
How do you think the personal distribution of income would change if all graduates could obtain a well-paying job that uses their knowledge gained in college?
9. For-profit colleges may face aid cuts The Obama Administration proposes a new rule: Federal aid to for-profit colleges will be cut if students in vocational programs graduate without a degree.
8. In the circular flow model, explain the real flow and/or the money flow in which each item in List 1 belongs. Show your answers on a graph.
7. A Job Creation through Entrepreneurship Act, debated in the House of Representatives in 2009, would award grants to small business owners, some of which would be aimed at women, Native Americans,
5. With more job training and more scholarships to poor American students, which special factor of production is likely to grow faster than in the past?
Define that factor of production. What is the income earned by this factor of production called?
4. Which factor of production earns the highest percentage of total U.S. income?
Undiscovered oil in the Arctic Ocean
1,000 shares of Amazon.com stock
Vans used by a baker to deliver bread
3. Explain which of the following items are not factors of production:
A golf ball
A shopping mall
An auto assembly line
2. Explain which of the following items are not capital goods:
A golf ball
A ski lift
A chocolate bar
1. Explain which of the following items are not consumption goods and services:
The circular flow model of the global economy shows the flows of U.S.exports and imports and the international financial flows that result from lending to and borrowing from other countries.
Governments in the circular flow receive taxes, make transfers, and buy goods and services.
The circular flow model of the U.S. economy shows the real flows of factors of production and goods and the corresponding money flows of incomes and expenditures.
3. Explain the circular flow model of the U.S. economy and of the global economy.
The global distribution of income is more unequal than the U.S. distribution.Poverty has fallen in Asia, but it has increased in Africa.
Production in the advanced economies uses more capital (both machines and human), but some developing economies use the latest capital and technologies.
Sixty-one percent of the world’s production (by value) comes from the advanced industrial countries and the emerging market economies.
2. Describe what, how, and for whom goods and services are produced in the global economy.
The incomes people earn (rent for land, wages for labor, interest for capital, and profit for entrepreneurship) determine who gets the goods and services produced.
Goods and services are produced by using the four factors of production:land, labor, capital, and entrepreneurship.
Consumption goods and services represent 85 percent of total production;capital goods represent 15 percent.
2. Of the flows that run between households, firms, and governments in the circular flow model, which ones are real flows and which are money flows?
1. Describe the flows in the circular flow model in which consumption expenditure, purchases of new national defense equipment, and payments for labor services appear. Through which market does each
2. A Clinton Foundation success story is that it loaned $23,000 to Rwandan coffee growers to support improvements to coffee washing stations and provided technical support. What was the source of the
1. Describe what, how, and for whom goods and services are produced in developing economies.
Describe what, how, and for whom goods and services are produced in the global economy.Practice Problems
3 Explain the circular flow model of the U.S. economy and of the global economy.
2 Describe what, how, and for whom goods and services are produced in the global economy.
1 Describe what, how, and for whom goods and services are produced in the United States.
The temperature and the number of cups of hot chocolate, when the price is constant.
The price and the number of cups of hot chocolate, when the temperature is constant.
5. Table 5 provides data on the price of hot chocolate, the temperature, and the number of cups a week. Draw graphs to show the relationship between
4. Calculate the slope of the relationship when x equals 2 and x equals 4. How does the slope change as the value of x increases?
3. Is the relationship between x and y in Table 4 positive or negative? Explain.
2. Draw a time-series graph of the quantity of music videos sold. Say in which year or years the quantity sold (a) was highest, (b) was lowest, (c) decreased the most, and (d) decreased the least. If
1. Draw a scatter diagram to show the relationship between quantities sold of music videos and singles downloads. Describe the relationship.
d. What is the opportunity cost to Tanaka if he rejected an MBL offer?
c. What is the opportunity cost to Tanaka if he accepted an MBL offer?
b. Would a decision to sign Tanaka be made at the margin?
a. Is the above statement positive or normative? Explain your answer.
4. Tanaka: best Japanese pitcher ever?Major League Baseball (MBL) teams in desperate need of an ace starting pitcher are lining up to make offers to Japanese superstar Masahiro Tanaka—and for good
3. Amir is accepted to do a bachelor’s degree at university but he can’t afford the tuition fee, so he decides to take a full-time job. What economic concept did Amir use to make this decision?
c. Did any decisions harm the social interest?
b. Did any decisions also serve the social interest?
a. Identify the economic decision-makers and the decisions made in self-interest.
2. From brewer to bio-tech entrepreneur Kiran Mazumdar-Shaw trained as a master brewer and then used her skills to create a pharmaceuticals business. She employed uneducated workers and paid good
c. Did Mr. Tan make a rational decision? Explain your answer.
Explain your answer.
b. In whose self-interest is this cash injection: Vincent Tan, a Malaysian billionaire, or some other person? Is this cash injection in the social interest?
Source: Wales Online, June 14, 2012a. With a substantial cash injection, would Cardiff City FC still face a scarcity problem? Explain your answer.
1. Cardiff City FC gets more cash Vincent Tan, the owner of Cardiff City FC, says a further £35m cash injection will be made, which will include £10m to pay off the historical debt and a
12. What costs associated with the new auto-emission standards arise from decisions made in self-interest and in the social interest?
11. What costs associated with the new miles-per-gallon requirements arise from decisions made in self-interest and in the social interest?
10. What are two benefits of the new auto-emission standards?
9. What are two benefits of the new miles-per-gallon requirements? Are these benefits in someone’s self-interest or in the social interest?
Obama will drive up miles-per-gallon requirements Obama’s revision of auto-emission and fuel-economy standards will require automakers to boost fuel economy to 35.5 miles per gallon by 2016,
8. Provide two examples of economics being used as a tool by each of a student, a business, and a government. Classify your examples as dealing with microeconomic topics and macroeconomic topics.Use
7. Does the decision to make a blockbuster movie mean that some other more desirable activities get fewer resources than they deserve? Is your answer positive or normative? Explain your answer.
6. Think about each of the items in List 2 and explain how they affect incentives and might change the choices that people make.
5. Provide two examples of a monetary incentive and two examples of a nonmonetary incentive, a carrot and a stick of each, that government policies use to influence behavior.
4. Your school decides to increase the intake of new students next year. To make its decision, what economic concepts would it have considered?Would the school have used the “economic way of
3. On May 3, 2013, the headlines in List 1 appeared in The Wall Street Journal.Classify each headline as a signal that the news article is about a microeconomic topic or a macroeconomic topic.
A doubling of the gas tax might lead to a better public transit system.
Health-care professionals and drug companies recommend that Medicaid drug rebates be made available to everyone in need.
Today, most stores use computers to keep their inventory records, whereas 20 years ago most stores used paper records.
2. Think about the following news items and label each as involving a what, how, or for whom question:
The income a student will earn after graduating
A subscription to the New Yorker magazine
Residence and a meal plan
Tuition and books
1. Which of the following are components of the opportunity cost of being a full-time student? The cost of
13. Read Eye on the Benefit and Cost of School on p. 53 and explain why both you and Alex Rodriguez made the right decision.
12. Is the marginal benefit from the concert zero? Explain your answer.
11. What do you think Eminem’s incentive is to give a free show? Was his decision made in self-interest or in the social interest? Explain your answer.
10. With tickets free and the show to be held in a 1,500-seat Detroit theater, what is free and what is scarce? Explain your answer.
9. Label each of the entries in List 2 as a positive or a normative statement.Use the following information to work Problems 10 to 12.Hundreds line up for 5 p.m. Eminem ticket giveaway Eminem fans
Pru prefers to go skiing, is happy to go to Hawaii, but does not want to take a cruise. Pat prefers to go to Hawaii or to take a cruise but does not want to go skiing. Their decision is to go to
7. What is the social interest? Distinguish it from self-interest. In your answer give an example of self-interest and an example of social interest.8. Pam, Pru, and Pat are deciding how they will
6. Suppose that Jesse Eisenberg had been offered a bigger and better part in another movie and that to hire him for The Social Network, the producer had to double Jesse’s pay. What incentives would

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