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business
introduction to economic

Questions and Answers of Introduction To Economic

According to the data in Table 17.3,(a) How much profit per share did Intel earn in 2008? $(b) How much of that profit did it pay out in dividends? $
According to the data in Table 17.3,(a) How much profit per share did Google earn in 2008? $(b) How much of that profit did it pay out in dividends? $
If a $48 per share stock has a P/E ratio of 20 and pays out 40 percent of its profits in dividends,(a) How large is its dividend? $(b) What is the implied rate of return? %
If a $40 stock pays a quarterly dividend of $1, what is the implied annual rate of return? %
What is the price of Google stock now? What has caused the change in price since its 2004 IPO at $85 a share?(See News, p. 371.) LO3
What considerations might have created the difference between the coupon rate and current yield on GM bonds(Table 17.5)? LO2
How does a successful IPO affect WHAT, HOW, and FOR WHOM the economy produces? LO1
Why is it considered riskier to own stock in a software company than to hold U.S. Treasury savings bonds?Which asset will generate a higher return? LO3
If you could finance a new venture with either a stock issue or bonds, which option would you choose? What are their respective (dis)advantages? LO1
Why would anyone sell a bond for less than its face(par) value? LO2
Why would anyone buy shares of a corporation that had no profits and paid no dividends? What’s the highest price a person would pay for such a stock? LO2
If there were no organized financial markets, how would an entrepreneur acquire resources to develop and produce a new product? LO1
Explain how risks and rewards are refl ected in current values..
Summarize key fi nancial parameters for stocks and bonds.
Discuss the difference between stocks and bonds.
At the time of the National Football League strike in 1987, the football owners made available the following data:Revenue Source of Revenue Before the Strike During the Strike Television $973,000
Complete the following table:Wage rate $5 $6 $7 $8 $9 $10 $11 Quantity of labor supplied 80 120 155 180 200 210 215 Marginal factor cost
Complete the following table:Wage rate $14 $13 $12 $11 $10 $9 $8 $7 Quantity of labor demanded 0 5 20 50 75 95 110 120 Marginal wage(a) At what wage rate(s) is the marginal wage below the nominal
How will union mergers affect the market power of unions? LO2
Why was the 2007 UAW strike (News, p. 346) so short? LO2
In 1998, teaching assistants at the University of California struck for higher wages and union recognition, something they had sought for 14 years. How did the availability of replacement workers
Why are farm workers much less successful than airplane machinists in securing higher wages? LO2
Nonunionized firms tend to offer wage rates that are close to rates paid by unionized firms in the same industry. How do you explain this? LO3
Are large and powerful firms easier targets for union organization than small firms? Why or why not? LO1
Does a strike for a raise of 5 cents an hour make any sense? What kinds of long-term benefits might a union gain from such a strike? LO1
Collective bargaining sessions often start with unreasonable demands and categorical rejections. Why do unions and employers tend to begin bargaining from extreme positions? LO2
Explain how unions affect nonunion wages.
Identify the factors that affect collective bargaining outcomes.
Describe how unions secure higher wages.
(a) If the elasticity of labor supply is 0.20, by how much would the quantity of labor supplied have increased as the result of the 2009 hike in the minimum wage (Table 15.2)? %(b) If the elasticity
The following table depicts the number of grapes that can be picked in an hour with varying amounts of labor:Number of pickers (per hour) 1 2 3 4 5 6 7 8 Output of grapes (in flats) 20 38 53 64 71 74
Assume that the following data describe labor-market conditions:Wage rate (per hour) $3 $4 $5 $6 $7 $8 $9 $10 Labor demanded 50 45 40 35 30 25 20 15 Labor supplied 20 30 40 50 60 70 80 90 On the
Apples can be harvested by hand or machine. Handpicking yields 60 pounds per hour, mechanical pickers yield 90 pounds per hour. If the wage rate of human pickers is $8 an hour and the rental on a
If the price of strawberries doubled, how many pickers would be hired at $4 an hour, according to Table 15.1?
Suppose a wage increase from $15 to $17 an hour increases the number of job applicants from 42 to
(a) Figure 15.8, how many workers are unemployed at the equilibrium wage?(b) How many workers are unemployed at the minimum wage?
According to the News on page 335, what percent of jobs would be lost if the minimum wage were increased to $9.50?
According to the News on page 321, what was the situation in the 2009 NYC labor market?A: labor surplus B: labor shortage C: equilibrium
By what percent did(a) The federal minimum wage increase between July 1990 and July 2008? (See Table 15.2.)(b) Average compensation per hour increase between 1990 and 2008? (See the tables at end of
(a) How many runs did Manny bat in per game? (See News, p. 331).(b) If his salary were based on RBIs alone, how much would each RBI be worth in a 160-game season?
Why didn’t President Obama set pay limits on baseball players who play in publicly funded stadiums (News, p. 331)? Why did he single out bank executives (News, p. 338? LO2
The minimum wage in Mexico is less than $1 an hour.Does this make Mexican workers more cost-effective than U.S. workers? Explain. LO2
Is it possible that the president of the United States is overpaid? How should his MRP be measured? LO2
In 2007 the president of the University of Southern California was paid $900,000 and the football coach was paid $4 million. Does this make any sense? LO2
Who is hurt and who is helped by an increase in the legal minimum wage? Under what circumstances might a higher minimum not reduce employment? LO3
How might you measure the marginal revenue product of ( a ) a quarterback and ( b ) the team’s coach? LO2
Is this course increasing your marginal productivity? If so, in what way? LO2
Explain why marginal physical product would diminish as(a) More secretaries are hired in an office.(b) More professors are hired in the economics department.(c) More construction workers are hired to
According to the World View on page 324 does the substitution effect or the income effect dominate in India?In Russia? Why might this be the case? LO1
Would you continue to work after winning a lottery prize of $50,000 a year for life? Would you change schools, jobs, or career objectives? What factors besides income influence work decisions? LO1
Why are you doing this homework? What are you giving up? What utility do you expect to gain? LO1
Explain how wage fl oors alter labor-market outcomes.
Discuss how market wage rates are established.
Identify what factors shape labor supply and demand.
Suppose there are 100 grain farmers, each with identical cost structures as shown in the following table:Production Costs (per farm) Demand Output Total Cost Price Quantity Demanded(bushels per day)
Assume that the unregulated supply schedule for milk is the following:Price (per pound) 5¢ 7¢ 8¢ 10¢ 14¢Quantity supplied 42 53 63 76 103(billions of pounds per year)(a) Draw the supply and
Suppose that consumers’ incomes fall 20 percent, which results in a 3 percent drop in consumption of farm goods at current prices. What is the income elasticity of demand for farm goods?
Suppose the market price of wheat is $2 per bushel.(a) Would a farmer sell wheat to the market or to the government (CCC)? (See Table 14.2.)(b) How much of a countercyclical payment per bushel would
Has President Obama succeeded in triming farm subsidies(News, p. 315)? Why or why not? LO3
You need a government permit (allotment) to grow tobacco.Who gains or loses from such regu lation? LO2
If two-thirds of all U.S. farms fail to earn a profit, why do they stay in business? LO3
Why do farmers prefer price supports to direct payments? LO2
Farmers can eliminate the uncertainties of fluctuating crop prices by selling their crops in futures markets (agreeing to a fixed price for crops to be delivered in the future).Who gains or loses
Why doesn’t the United States just give its crop surpluses to poor countries? What problems might such an approach create? LO3
Are large price movements inevitable in agricultural markets? What other mechanisms might be used to limit such movement? LO1
Would the U.S. economy be better off without government intervention in agriculture? Who would benefit?Who would lose? LO3
Describe how subsidies affect farm prices, output, and incomes.
Identify some mechanisms used to prop up farm prices and incomes.
Explain what makes the farm business different from others.
The following cost schedule depicts the private and social costs associated with the daily production of apacum, a highly toxic fertilizer. The sales price of apacum is $22 per ton.Output (in tons) 0
Suppose three firms confront the following costs for pollution control:Total Costs of Control Emissions Reduction (tons per year) Firm A Firm B Firm C 1 $ 40 $ 50 $ 30 2 85 130 140 3 160 220 280 4
How much more per ton is New York City paying to recycle rather than just dump its garbage (News, p. 297)?
Using the high estimate of costs and low estimate of benefits for pollution controls (News, p. 296), what is the average benefit per dollar spent?
Most people pay nothing for each extra pound of garbage they create. Yet the garbage imposes external costs on a community. In view of this factor, what’s an appropriate price for garbage
In some states, mining for coal leaves large mounds of rubble, which poses flooding problems, causes land damage, and is unsightly. The following table shows the estimated annual social benefits and
How high would its pollution-control costs have to be before a firm would “pay to pollute” a ton of carbon dioxide? (see World View, p. 294) $
Might the exemption of China from Kyoto CO 2 limits give it an incentive to increase CO 2 emissions, whose later reduction it could sell (tradable permits)? LO1
Should the United States have signed the Kyoto treaty? What are the arguments for and against U.S.participation? LO3
If a high per-bag fee were charged for garbage collection, how would consumers respond? LO3
“The issuance of a pollution permit is just a license to destroy the environment.” Do you agree? Explain. LO3
What economic costs are imposed by mandatory sorting of trash? LO3
Suppose we established a $100,000 fine for water pollution. Would some companies still find that polluting was economical? Under what conditions? LO3
Does anyone have an incentive to maintain auto-exhaust control devices in good working order? How can we ensure that they will be maintained? Are there any costs associated with this policy? LO1
Why would auto manufacturers resist higher fuel efficiency standards? How would their costs, sales, and profits be affected? LO1
Should we try to eliminate all pollution? What economic considerations might favor permitting some pollution? LO2
What are the economic costs of the externalities caused by air toxins? Or beach closings? (See News, p. 284.)How would you measure their value? LO1
Recommend alternative strategies for reducing pollution.
Explain why zero pollution may not be desirable.
Describe how markets encourage pollution.
Suppose a corporation has two subsidiaries, one of which is unregulated and sells all of its output to the other, regulated subsidiary. Permitted profits at the regulated subsidiary are equal to 10
If the average U.S. worker produces $100,000 of output per year, what is the annual opportunity cost of the federal regulatory workforce ( Table 12.1 )?
According to the News on page 270, how much will annual shipping costs increase for each saved life?
Suppose a natural monopolist has fixed costs of $24 and a constant marginal cost of $2. The demand for the product is as follows:Price (per unit) $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 Quantity
Do total profits (A) decrease, (B) increase, or (C) stay the same when new technology reduces average total costs (shifts ATC downward in Figure 12.2 ) in(a) An unregulated natural monopoly?(b) A
In Figure 12.2 ,(a) How much profit does an unregulated monopolist earn?(b) How much profit would be earned if MC pricing were imposed?
Who gains or loses by denying Virgin American access to gates at Chicago’s O’Hare airport (News p. 274)? LO2
Will reregulation of cable TV prices slow or hasten competition from alternative technologies? LO3
Why is there resistance to (a) local phone companies providing video and data services and ( b ) mergers of local cable and telephone companies? LO1
If cable TV were completely deregulated, would local monopolies ever confront effective competition? Does profit regulation inhibit or accelerate would-be competition? LO3
How could a local phone or cable company reduce service quality if forced to accept price ceilings? LO2

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