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foundations of economics

Questions and Answers of Foundations Of Economics

Trump imposes tariffs on solar panels and washing machines President Donald Trump has imposed a 30 percent tariff on imports of solar panels and a 20 percent tariff on washing machines.Explain who in
Read Eye on Globalization and draw two graphs to show how U.S. consumers gain from iPads manufactured in China and why Chinese workers also gain.
The price of gasoline in Europe is about three times that in the United States, mainly because the European gas tax is higher than the U.S. gas tax. How would an increase in the gas tax in the United
A steelmaking plant pollutes the air and water so __________.A. The marginal social cost of producing steel exceeds the marginal private cost by the amount of the marginal external cost.B. The
A renewable common resource is used sustainably if ________.A. Private benefits and public benefits are equalB. Private benefits equal private costsC. The rate of renewal of the resource equals its
Overfishing occurs if, at the quantity caught, ________.A. Marginal social cost equals marginal private cost plus marginal external costB. Marginal social benefit equals the fishers’ marginal
Waukesha deserves a shot at Great Lakes water supply The city of Waukesha, Wis., has applied to borrow water from Lake Michigan under the Great Lakes Compact, an agreement between the states and
When ITQs are assigned, the market price of an ITQ equals the______.A. Marginal benefit consumers receive from the fish caughtB. Marginal private cost of fishingC. Marginal external cost of fishingD.
Permits to test for oil, gas in Atlantic under review Nine permits for seismic testing to look for oil and gas off the East Coast are under review. Are the oil and gas reserves public goods, private
The Pacific islands ‘tuna cartel’ is boosting jobs by watching fish Monitoring fishing vessels could be a growth industry in the Pacific island nations that govern the world’s largest tuna
Read Eye on the Market For Used Cars and then describe the used-car market in the United States. How many used cars get traded per year and at what average price? How does the market enable buyers to
A market with asymmetric information is one in which ______.A. Sellers offer a product for sale at a low price and buyers are pleased to get a bargainB. Sellers know how reliable the product is and
Judy knows that her car is a lemon and offers it for sale. If the used-car market is working efficiently, will buyers know whether her car is a lemon? Why or why not?
Zaneb is a high-school teacher and is well known in her community for her honesty, integrity, and sense of social responsibility. She is shopping for a used car. She plans to borrow the money to pay
The lemons problem arises in markets in which ______.A. Sellers are better informed than buyers about which products are reliableB. Buyers are better informed than sellers about which products are
Some car dealers offer used cars for sale with warranties and some offer them without warranties. Describe the equilibrium in the market for used cars. Is the market efficient?
Draw a graph of Amy’s budget line. Can Amy buy 7 cans of soda and 2 cups of coffee a week? Can she buy 7 cups of coffee and 2 cans of soda a week? What is the relative price of a cup of coffee?Amy
Is there an adverse selection problem in a transaction between Mary and an insurance company? Explain why or why not.Mary is an 18-year-old student, who recently bought a used car. Mary is looking to
What are the key economic problems in providing an efficient quantity and distribution of health-care insurance and service? Explain how the U.S. health-care system addresses these problems.
Moral hazard arises in the insurance market because ________.A. Buyers of insurance have private information that they can useB. Insurance companies can offer a range of premiums to buyersC. Buyers
If you have private information that you are a more aggressive driver than your driving record indicates, would you buy collision insurance? If the insurance company offers you a large deductible or
What problems does Canada’s universal health insurance system address and what problem does it create?
The private market delivers too little health care because ________.A. Insurance companies cannot avoid the problems of moral hazard and adverse selectionB. Too many young healthy people buy
What obstacles to efficiency does optional health insurance create?President Obama campaigned on a health-care reform plan that did not include mandatory health insurance. Hillary Clinton wanted
What is Laurence Kotlikoff’s proposal for fixing health care in the United States? Draw a graph to illustrate how his proposal would work and show whether it could be efficient.
Read Eye on the Market For Used Cars and then explain how a warranty signals that a car isn’t a lemon and why it is in a used-car dealer’s self-interest to offer a warranty.
Calculate the values of A, B, C, and D in the table. Does the principle of diminishing marginal utility apply to Ben’s consumption of orange juice? Why or why not?Use the table, which shows Ben’s
A consumer’s consumption possibilities depend on all of the following items except ________.A. The prices of the goods that the consumer wants to buyB. The consumer’s budgetC. The quantities of
Read Eye on Song Downloads and Streaming. In 2018, Americans downloaded 400 million singles at $1.20 each and 50 million albums at $10 each. They also bought 52 million albums on CDs at $13 each and
Suppose that the price of soda remains at $l a can but the price of coffee rises to $3 a cup. Draw Amy’s new budget line. If she buys 6 cans of soda, what is the maximum number of cups of coffee
Jane’s budget line ________.A. Shifts outward with no change in its slope if her budget increases and prices don’t changeB. Rotates inward if the prices of both goods double and her budget
Total utility _____ and marginal utility ____ as more of a good is consumed.A. Increases; increasesB. Diminishes; diminishesC. Increases; diminishesD. Diminishes; increases
When the price of a burger is $4, Martha has $24 to spend, and the price of pasta falls from $8 to $4 a dish, how many burgers and dishes of pasta does Martha buy? What are two points on Martha’s
The paradox of value arises when people _______.A. Prefer to buy cheap goods rather than expensive goodsB. Spend more on expensive useless goods than on cheap useful goodsC. Buy so much of a useful
When Erin has $25 to spend, she sees 2 movies at $10 a movie ticket and buys 1 six-pack of soda. Calculate the price of soda. If her budget for soda and movies increases to $50, what is the change in
Len’s body board factory rents equipment for shaping boards and hires students. The table sets out Len’s total product schedule. Construct Len’s marginal product and average product schedules.
Compare the student’s marginal utility of the Apple Music plan with that of a person with the same budget.Apple Music Offering Six-Month Free Trial to Students Students can now get a six-month free
Joe runs a shoe shine stand at the airport. Joe has no skills, no job experience, and no alternative job. Entrepreneurs in the shoe shine business earn $10,000 a year. Joe pays the rent of $2,000 a
If the ATC curves of a Wal–Mart store and a 7–Eleven store are like those in Eye on Retailers’ Costs on p. 369, and if each type of store operates at its minimum ATC, which store has the lower
A firm’s cost of production equals ________.A. All the costs paid with money, called explicit costsB. The implicit costs of using all the firm’s own resourcesC. All explicit costs and implicit
The table shows some of the costs incurred at Bill’s Bakery. Calculate the values of A, B, C, D, and E. Show your work. L I 2 3 4 5 TP 100 240 380 440 470 TVC 350 700 TC AFC AVC 850 с 3.50 B
Sonya used to earn $25,000 a year selling real estate, but she now sells greeting cards. The return to entrepreneurship in the greeting cards industry is $14,000 a year. Over the year, Sonya bought
The average product of labor increases as output increases if _______.A. Marginal product exceeds average productB. Average product exceeds marginal productC. Total product increasesD. Marginal
Explain why the output at which average variable cost is at a minimum is smaller than the output at which average total cost is at a minimum. Len’s body board factory pays $60 a day for equipment
Construct Yolanda’s marginal product and average product schedules. Over what range of workers does Yolanda’s experience increasing marginal returns?Yolanda runs a bullfrog farm. When she employs
Marginal returns start to decrease when more and more workers _______.A. Have to share the same equipment and workspaceB. Produce less and less outputC. Require jobs to be too specializedD. Produce
Construct Yolanda’s total variable cost and total cost schedules. Calculate Yolanda’s total fixed cost.Yolanda runs a bullfrog farm. When she employs 1 person, she produces 1,000 bullfrogs a
The table shows the costs incurred at Pete’s peanut farm. Complete the table. L 0 1 2 3 10 0 4 44 I 2 TP 0 L
Average variable cost is at a minimum when ______.A. Marginal cost equals average variable costB. Average total cost is at a minimumC. Marginal cost exceeds average fixed costD. Average total cost
At what output is Yolanda’s average total cost at a minimum?Yolanda runs a bullfrog farm. When she employs 1 person, she produces 1,000 bullfrogs a week. When she hires a second worker, her total
An increase in the wage rate ______.A. Shifts the average total cost curve and the marginal cost curve upwardB. Shifts the average fixed cost and average variable cost curve upwardC. Increases
Solar and wind got so cheap, so fast Solar panels and wind turbines are more efficient than they used to be and they cost less to produce. Explain how the facts reported in the news clip affect the
When average variable cost is at its minimum level, marginal product _________.A. Equals average productB. Exceeds average productC. Is less than average productD. Is at its maximum level
Starbucks is going venti in China Starbucks has opened a 30,000-square-foot Roastery in Shanghai, twice as large as its Roastery in Settle. Starbucks plans to open a new coffee shop in China every 15
In the long run, with an increase in the plant size, _____ .A. The short-run average total cost curve shifts downwardB. The long-run average cost curve slopes downwardC. The short-run average total
Read Eye On Retailers’ Costs and draw a graph to show how the retailers’ cost curves would change if they introduced cost-saving self-checkouts.
Tom will maximize his total utility if he buys the quantities of pasta and milk at which ______.A. The marginal utility from pasta equals the marginal utility from milkB. He spends all of his budget
Suppose that the U.S. government puts an import quota on roses. Show on your graph the consumer surplus that is redistributed to producers and importers and also the deadweight loss created by the
The first table shows the demand schedule for electricity from a coal-burning utility. The second table shows the utility’s cost of producing electricity and the external cost of the pollution
What is dumping? Who in the United States loses from foreign firms’ dumping of solar panels and washing machines?Trump imposes tariffs on solar panels and washing machines President Donald Trump
Explain what an antidumping tariff is. What argument might U.S. solar panel and washing machine manufacturers use to get the government to raise the tariff?Trump imposes tariffs on solar panels and
Electricity has a negative production externality because _____.A. Its marginal benefit decreases as more of it is consumed.B. The marginal private cost of producing it increases as more of it is
The marginal cost of educating a college student online is $3,000 a year. The table shows the marginal private benefit schedule from a college education. The marginal external benefit is 50 percent
A warming Arctic could cost the world $70 trillion.A study warns that the Arctic is warming at an accelerating pace that will cost nearly $70 trillion. But keeping the temperature rise to 1.5 Celsius
The marginal cost of educating a college student online is $3,000 a year. The table shows the marginal private benefit schedule from a college education. The marginal external benefit is 50 percent
The marginal cost of educating a college student online is $3,000 a year. The table shows the marginal private benefit schedule from a college education. The marginal external benefit is 50 percent
Whole foods to become first national supermarket to ban plastic straws Whole Foods is set to completely ban plastic straws and will introduce paper straws across all its stores in the U.S., Canada
Steel production creates pollution. If a tax is imposed on steel production equal to the marginal external cost of the pollution it creates, ______.A. Steel producers will cut pollution to zero.B.
A good or service with a positive externality is one which ______.A. Everyone wants to have access toB. Is produced in the social interestC. The marginal social benefit exceeds the marginal private
Because education generates a positive externality, ______.A. Everyone who wants a college education should get oneB. Graduates’ marginal benefit exceeds the society’s value of the educationC.
Oregon legislative committee passes cap-and-trade bill Lawmakers are moving Oregon a step closer to adopting what would be the nation’s second economywide carbon pricing scheme, after
Some climate activists are cooling on a carbon tax A carbon tax is popular among economists, but it is increasingly out of favor among left-wing climate activists, who are pushing for a Green New
Do you live in the city with the worst traffic?Boston has the worst traffic congestion in the nation. Commuters there spend an average of 164 hours a year going nowhere, which costs $2,291 in lost
Describe the government actions that could decrease carbon emissions. Explain why the government is not using them more aggressively.
If the government taxes Internet service $15 a month, does the buyer or the seller pay more of the tax? What is the tax revenue? What is the excess burden of the tax? Is the tax proportional,
In an hour, a baker earns $10, a gas pump attendant earns $6, and a copy shop worker earns $7. Suppose that the government introduces an income tax of $1 an hour. Calculate the marginal tax rates for
The supply of land is perfectly inelastic so a tax on land rent is ______.A. Efficient and the landowner pays all of the taxB. Inefficient because the renter pays all of the taxC. Inefficient if the
Figure 8.2 illustrates the labor market in a country that does not tax labor income. Suppose that the government introduces a Social Security tax on workers of $2 per hour.Data from in Figure 8.2How
The demand for labor is more elastic than the supply of labor. A Social Security tax imposed equally on workers and employers ______.A. Raises the wage rate by more than the Social Security taxB.
Figure 8.2 illustrates the labor market in a country that does not tax labor income. Suppose that the government introduces a Social Security tax on workers of $2 per hour.Data from in Figure 8.2If
A study of the Bush tax cuts of 2001 noted that the top 1 percent of income earners reaped the biggest benefits. What assumptions about the elasticities of demand and supply for high-wage labor and
The ______ principle of fairness is the proposition that ______.A. Benefit; people should pay taxes equal to the benefits they receive from the public goods bought with the tax revenueB. Benefit;
Holland proposes a new aviation tax The Dutch government is planning a new aviation tax on passenger and cargo flights departing from Dutch airports. Passenger flights will pay 7 euros ($8) per
It's been 25 years since the federal gas tax went up The federal gas tax is the same 18.4 cents a gallon that was set in 1993. Over the 25 years, the cost of building and maintaining roads and
Explain how Congress can decide who pays the taxes, regardless of the elasticities of supply and demand. In your explanation, distinguish between taxes that do and taxes that do not impact the margin
It's been 25 years since the federal gas tax went up The federal gas tax is the same 18.4 cents a gallon that was set in 1993. Over the 25 years, the cost of building and maintaining roads and
Why can we be confident that the market for avocados is competitive and that a decrease in supply rather than the greed of avocado growers is the reason for the August 2018 rise in price?
Chinese hog farms ‘panic’ as swine virus shrinks herds China produces half the world’s pork, but 80 percent of China’s hog farms are not going to restock as a swine fever spreads. Farmers
Why the allocation of tickets is inefficient if the re-selling of tickets is made illegal.
Suppose that Congress caps executive pay at a level below the equilibrium.a. Explain how the quantity of executives demanded, the quantity supplied, and executive pay will change. Why is the outcome
A price floor influences the outcome of a market if it is ______.A. Set below the equilibrium priceB. Set above the equilibrium priceC. An incentive for buyers to increase demand for the goodD. An
Why a mismatch between intention and outcome is inevitable if a price regulation seeks to block the laws of supply and demand.
New York has the highest cigarette taxes in the country. The price of an average pack of cigarettes in New York City is $13. The combined state and city taxes are $5.85 a pack. The average income of
If a tax of $1 a can is imposed on the buyers of sugary drinks, the demand for sugary drinks ______ and the price that buyers pay ______.A. Doesn’t change; doesn’t changeB. Doesn’t change;
New York has the highest cigarette taxes in the country. The price of an average pack of cigarettes in New York City is $13. The combined state and city taxes are $5.85 a pack. The average income of
A tax on sugar will be paid by only ______.A. Buyers if the supply of sugar is perfectly elasticB. Sellers if the demand for sugar is perfectly inelasticC. Buyers if the demand for sugar is perfectly
Concerned about the political fallout from rising gas prices, the government cuts the tax on gasoline.Explain the effect of this tax cut on the price of gasoline and the quantity bought if, at the
New York has the highest cigarette taxes in the country. The price of an average pack of cigarettes in New York City is $13. The combined state and city taxes are $5.85 a pack. The average income of
If the government imposes a new tax on plastic bags, ______.A. Total surplus from bags shrinks by more than the amount of tax collectedB. Total surplus from bags shrinks by the amount of the tax
Concerned about the political fallout from rising gas prices, the government cuts the tax on gasoline.Explain the effect of this tax cut on the price of gasoline and the quantity bought if, at the

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