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introduction to economic

Questions and Answers of Introduction To Economic

Identify “inequality traps” that might inhibit economic growth. LO3
How do unequal rights for women affect economic growth? LO3
Are property rights a perquisite for economic growth?Explain. LO3
How do more children per family either restrain or expand income-earning potential? LO3
Why are incomes so much more unequal in poor nations than in developed ones? (See World View, p. 468.) LO1
If a poor nation must choose between building an airport, some schools, or a steel plant, which one should it choose? Why? LO3
If you had only $14 to spend per day (the U.S. poverty threshold), how would you spend it? What if you had only $2 a day (the World Bank “severe poverty” threshold)? LO1
Why should Americans care about extreme poverty in Haiti, Ethiopia, or Bangladesh? LO2
Discuss how global poverty can be reduced.
Classify how many people in the world are poor.
Explain how U.S. and global poverty are defi ned.
The following schedules summarize the supply and demand for trifflings, the national currency of Tricoli:Triffling price(U.S. dollars per triffling) 0 $4 $8 $12 $16 $20 $24 Quantity demanded (per
For each of the following possible events, indicate whether the global value of the U.S. dollar will A: rise or B: fall.(a) American cars become suddenly more popular abroad.(b) Inflation rates in
According to the World View on page 447, what was the peso price of a euro in March 2009?
If inflation raises U.S. prices by 3 percent and the U.S. dollar appreciates by 4 percent, by how much does the foreign price of U.S. exports change? %
Between 1980 and 1985, by how much did the dollar appreciate (Figure 21.3)? %
If a PlayStation 3 costs 30,000 yen in Japan, how much will it cost in U.S. dollars if the exchange rate is(a) 120 yen 5 $1?(b) 1 yen 5 $0.00833?(c) 100 yen 5 $1?
If a pound of U.S. pork cost 50 rupiah in Indonesia before the Asian crisis, how much did it cost when the dollar value of the rupiah fell by 80 percent?
According to the World View on page 447, which nation had(a) The cheapest currency?(b) The most expensive currency?
What can China do with its U.S. dollar reserves? What impact will that have? LO3
Is a stronger dollar good or bad for America?Explain. LO3
How would each of these events affect the supply or demand for Japanese yen? LO1( a ) Stronger U.S. economic growth.( b ) A decline in Japanese interest rates.( c ) Higher inflation in the USA.
If a nation’s currency depreciates, are the reduced export prices that result “unfair”? LO3
In the World View on page 450, who is Farshad Shahabadi referring to as “everyone else”? LO1
In what sense do fixed exchange rates permit a country to “export its inflation”? LO1
Under what conditions would a country welcome a balance-of-payments deficit? When would it not want a deficit? LO3
How would rapid inflation in Canada alter our demand for travel to Canada and for Canadian imports? Does it make any difference whether the exchange rate between Canadian and U.S. dollars is fixed or
How do changes in the foreign value of the U.S. dollar affect foreign enrollments at U.S. colleges? LO3
Why would a decline in the value of the dollar prompt foreign manufacturers such as BMW to build production plants in the United States? LO3
Summarize how changes in exchange rates affect prices, output, and trade fl ows.
Explain how exchange rates are established.
Identify the sources of foreign-exchange demand and supply.
Suppose the following table reflects the domestic supply and demand for compact disks (CDs):Price($) 18 16 14 12 10 8 6 4 Quantity supplied 8 7 6 5 4 3 2 1 Quantity demanded 2 4 6 8 10 12 14 16(a)
Suppose the two islands in Problem 4 agree that the terms of trade will be one for one and exchange 10 pearls for 10 pineapples.(a) If Alpha produced 6 pearls and 15 pineapples while Beta produced 30
Alpha and Beta, two tiny islands off the east coast of Tricoli, produce pearls and pineapples. The following production possibilities schedules describe their potential output in tons per year.Alpha
If it takes 48 farm workers to harvest 1 ton of strawberries and 8 farm workers to harvest 1 ton of wheat, what is the opportunity cost of 5 tons of strawberries?
Suppose a country can produce a maximum of 10,000 jumbo airliners or 2,000 aircraft carriers.(a) What is the opportunity cost of an aircraft carrier?(b) If another country offers to trade six planes
Which countries are the two largest export markets for the United States? (See Table 20.3.)
Which consumers benefited from the dumping cases mentioned in the World View on page 431? LO3
Who gains and who loses from nontariff barriers to Mexican trucks (World View, p. 437)? LO3
Why did President Obama pursue “Buy American”rules if they actually hurt the economy? LO3
On the basis of News on page 439, how do U.S. furniture manufacturers feel about NAFTA? How about farmers? LO3
Domestic producers often base their claim for import protection on the fact that workers in country X are paid substandard wages. Is this a valid argument for protection? LO1
Suppose we refused to sell goods to any country that reduced or halted its exports to us. Who would benefit and who would lose from such retaliation? Can you suggest alternative ways to ensure import
How does international trade restrain the price behavior of domestic firms? LO3
If a nation exported much of its output but imported little, would it be better or worse off? How about the reverse, that is, exporting little but importing a lot? LO2
What would be the effects of a law requiring bilateral trade balances? LO2
Suppose a lawyer can type faster than any secretary.Should the lawyer do her own typing? Can you demonstrate the validity of your answer? LO1
Explain how trade barriers affect prices, output, and incomes.
Assess what the gains from trade are.
Discuss what comparative advantage is.
If older workers have a tax elasticity of labor supply equal to 0.20, by how much will their work activity decline when they hit the Social Security earnings-test limit? (Assume explicit taxes of 30
(a) On the graph below, depict the wages, income, and Social Security benefits at different hours of work for a worker aged 62–64 who earns $15 per hour and is eligible for $12,000 in Social
How large a monthly Social Security check will a retiree get if her maximum benefit is $1,600 per month and she continues working for wages of $2,000 per month? (See Table 19.2.)
What is the breakeven level of income for Social Security as depicted in Figure 19.6?
Draw a graph showing how benefits, total income, and wages change under the following conditions:Wage rate 5 $10 per hour Welfare benefit 5 $6,000 2 0.5 (wages . $3,000)Identify here and label on the
A welfare recipient can receive food stamps as well as cash welfare benefits. If the food stamp allotment is set as follows, Food stamps 5 $6,000 2 0.30 (wages)(a) How high can wages rise before all
Suppose the welfare benefit formula is Benefit 5 $4,800 2 0.67 (wages . $5,000)(a) What is the marginal tax rate on(i) The first $5,000 of wages?(ii) Wages above $5,000?(b) How large is the benefit
Why don’t we give poor people more cash welfare instead of in-kind transfers like food stamps, housing assistance, and Medicaid? LO3
How would the distribution of income change if Social Security were privatized? LO1
Should the Social Security earnings test be eliminated?What are the benefits and costs of doing so? LO2
In what ways do younger workers pay for Social Security benefits received by retired workers? LO2
Once someone has received TANF welfare benefits for a total of 5 years, they are permanently ineligible for more TANF benefits. Should they receive any further assistance? How will work incentives be
If poor people don’t want to work, should they get welfare? What about their children? LO3
What’s so hard about guaranteeing everyone a minimal level of income support? What problems arise? LO2
If we have to choose between compassion and incentives, which should we choose? Do the terms of the trade-off matter? LO3
Discuss the trade-offs between equity and effi ciency.
Explain how transfer programs affect labor supply and total output.
Describe the major income transfer programs.
(a) On the graph below, draw the supply and demand for labor represented by the following data:Wage $1 2 3 4 5 6 7 8 9 10 11 12 Quantity of labor Supplied 1 2 3 4 5 6 8 10 12 14 17 20 Demanded 20 18
If Obama’s proposed marginal tax rates (p. 391) were enacted, by how much would the total tax increase for the example on page 386?
Following are hypothetical data on the size distribution of income and wealth for each quintile(one-fifth) of a population:Quintile Lowest Second Third Fourth Highest Income 5% 10% 15% 25% 45%Wealth
What is the effective tax rate with Dick Armey’s proposed flat tax (p. 396) for a family of four with earnings of(a) $30,000? %(b) $60,000? %(c) $90,000? %
What percentage of income is paid in Social Security taxes by a worker earning(a) $30,000? %(b) $80,000? %(c) $200,000? %(d ) What kind of tax is this? (A: progressive; B: regressive; C: proportional)
By how much might the quantity of labor supplied decrease if the tax elasticity of supply were 0.15 and the marginal tax rate increased from 35 to 39 percent? %
If the tax elasticity of supply is 0.20, by how much will the quantity supplied decrease when the marginal tax rate increases from 35 to 45 percent? %
Using Table 18.1, compute the taxable income and taxes for the following taxpayers:Gross Exemptions Taxable Taxpayer Income and Deductions Income Tax A $ 20,000 $ 7,000 B 40,000 28,000 C 80,000
In 2008 what was the Obamas’(a) Nominal tax rate? %(b) Effective tax rate? %
How much more income tax would President Obama have paid in 2008 (News, p. 389) if he had used no “loopholes”? (Use tax rates in Table 18.1) $
If U2’s tax bill falls by $1 million when the band relocates to the Netherlands (World View, p. 387), who really pays for the band’s charitable contributions? LO3
What share of taxes should the rich pay (see Figure 18.4)?Should the poor pay any taxes? LO3
If tax breaks for the rich really stimulated investment and growth, wouldn’t everyone benefit from them?Why would anyone oppose them? LO3
Is a tax deduction for tuition likely to increase college enrollments? How will it affect horizontal and vertical equities? LO3
If the tax elasticity of supply were zero, how high could the tax rate go before people reduced their work effort?How do families vary the quantity of labor supplied when tax rates change? LO3
If a new tax system encouraged more output but also created greater inequality, would it be desirable? LO3
How might a flat tax affect efficiency? Fairness? LO3
What loopholes reduced President Obama’s tax bill(see News, p. 389)? What’s the purpose of those loopholes? LO1
Do inequalities stimulate productivity? In what ways?Provide two specific examples. LO3
Why are incomes distributed so unevenly? Identify and explain three major causes of inequality. LO3
What goods or services do you and your family receive without directly paying for them? How do these goods affect the distribution of economic welfare? LO2
Explain the nature of the equity-effi ciency trade-off
Identify what makes taxes more or less progressive.
Summarize how the U.S. tax system is structured.
How much interest accrued each day on the cash payoff of the MegaMillions jackpot? (See Table 17.1.)
What is the current yield on a $1,000 bond with a 6 percent coupon if its market price is(a) $900?(b) $1,000?(c) $1,100?
Compute the market price of the GM bonds described in Table 17.5 if the yield falls to 20 percent.
Locate the stock quotation for General Motors Corporation in today’s newspaper (traded on the New York Stock Exchange). From the information provided, determine(a) Yesterday’s percentage change
What was the expected return on Columbus’s expedition, assuming that he had a 50 percent chance of discovering valuables worth $1 million, a 25 percent chance of bringing home only$10,000, and a 25
What is the present discounted value of $10,000 that is to be received in 5 years if the market rate of interest is(a) 0 percent?(b) 5 percent?(c) 10 percent?
If the market rate of interest is 4 percent, what is the present discounted value of $1,000 that will be paid in(a) 1 year?(b) 5 years?(c) 10 years?

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