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business
introduction to economic

Questions and Answers of Introduction To Economic

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
The sources of foreign-exchange demand and supply.
Which consumers benefited from the dumping cases mentioned in the World View on page 401? LO3
Who pays for sugar quotas? (See News, page 406.) How could the quotas be eliminated? LO3
What is the “bright future” referred to in the News on page 399? How do wine imports affect it? LO3
On the basis of News on page 409, 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
Who pays the economic cost of Social Security? In what ways? LO2
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
The trade-offs between benefit levels, marginal tax rates, and costs.
What share of taxes should the rich pay (see Figure 18.4)? 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 the president’s tax bill (see News, page 362)? What’s the purpose of those loopholes?How else might those purposes be achieved? 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
The nature of the equity-efficiency trade-off.
What is the price of Google stock now? What has caused the change in price since its 2004 IPO at $85 a share(News, page 345). LO3
What considerations might have created the difference between the coupon rate and current yield on GM bonds(Table 17.5)? LO2
What factors affect the outcomes of collective bargaining.
Is “excessive” CEO pay a public issue or a private issue? LO2
According to the World View on page 300 does the substitution effect or the income effect dominate in India?In Russia? Why might this be the case? LO1
You need a government permit (allotment) to grow tobacco. Who gains or loses from such regulation? LO2
What are the economic costs of the externalities caused by air toxins? Or beach closings? (See News, page 265.)How would you measure their value? LO1
Who gains or loses by denying Virgin Air permission to fly U.S. air routes (World View, page 256)? LO2
The News story on page 247 describes how Nynex inflated its regulated costs. What advantage did Nynex gain from this practice? How else might a regulated company pad its costs? LO2
Should the airline industry be reregulated? LO3
According to the World View on page 238, what gives brand names their value? LO1
How do new product offerings like breakfast sandwiches (News, page 234) affect Starbucks sales and profits? LO1
The News article on page 237 suggests that most consumers can’t identify their favorite cola in blind taste tests. Why then do people stick with one brand? What accounts for brand loyalty in
What is the source of Starbucks’ “confidence” in the News on page 231? LO1
The unique characteristics of monopolistic competition.
Dominos and Pizza Hut hold 66 percent of the delivered-pizza market. Should antitrust action be taken? LO1
Using the payoff matrix in Table 10.4 , decide whether Universal should cut its price. What factors will influence the decision? LO3
The Ivy League schools defended their price-fixing arrangement (see page 219) by arguing that their coordination assured a fair distribution of scholarship aid. Who was hurt or helped by this
What reasons might Northwest Airlines have for not matching its rivals’ fare increases? (See News, page 215.) LO3
Identify three products you purchase that aren’t listed in Table 10.2 . What’s the structure of those three markets? LO1
How might the high concentration ratio in the credit card industry ( Table 10.2 ) affect the annual fees and interest charges on credit card services? LO2
If an oligopolist knows rivals will match a price cut, would he ever reduce his price? LO3
Why might OPEC members have a difficult time setting and maintaining a monopoly price? (See World View, page 218.) LO2
Why does RC Cola depend on advertising to gain market share? (See News, page 212.) Why not offer cheaper sodas than Coke or Pepsi? LO3
What entry barriers exist in ( a ) the fast-food industry,( b ) cable television, ( c ) the auto industry, ( d ) illegal drug trade, and ( e ) beauty parlors? LO1
How many bookstores are on or near your campus? If there were more bookstores, how would the price of new and used books be affected? LO1
Why doesn’t Microsoft comply fully with EU edicts about code sharing? (See World View, page 203.) LO1
Do price reductions and quality enhancements on Microsoft products prove that Microsoft is a perfectly competitive firm? What should be the test of competitiveness? LO3
How might consumers benefit from a merger of XM and Sirius (News, page 199)? How might they lose? LO3
What similarities exist between the AT&T and Microsoft antitrust cases? What should the government do? LO3
What entry barriers helped protect the following? LO1(a) The Russian sable monopoly (see World View, page 188).(b) The Ticketmaster monopoly (see News, page 193).(c) The CNN monopoly (see World View,
What would have happened to iPod prices and features if Apple had not faced competition from iPod clones(Chapter 8)? LO1
In 1990, a federal court decided that Eastman Kodak had infringed on Polaroid’s patent when it produced similar instant-photo cameras. The court then had to award Polaroid compensation for damages.
Why don’t monopolists try to establish “the highest price possible,” as many people allege? What would happen to sales? To profits? LO1
Is single ownership of a whole industry necessary to exercise monopoly power? How might an industry with many firms achieve the same result? Can you think of any examples? LO1
The objective in the game of Monopoly is to get all the property and then raise the rents. Can this power be explained with market supply and demand curves? LO1
How a monopolist sets price.
What will drive the price of an iPhone down to $99?How long will it take? LO2
Identify two products that have either ( a ) fallen sharply in price or ( b ) gotten significantly better without price increases. How did these changes come about? LO3
What would happen to iPod sales and profits if Apple kept price and profit margins high? LO1
Is “long-run” equilibrium permanent? What forces might dislodge it? LO2
How far are mobile-phone prices likely to fall in India?(See World View, page 179.) LO3
As the price of computers fell, what happened to their quality? How is this possible? LO3
What might cause catfish prices to rise far enough to eliminate losses in the industry? (See News, page 165.) LO2
Why have flat-panel TV prices fallen so much? (See World View, page 168.) LO2
What industries do you regard as being highly competitive? Can you identify any barriers to entry in those industries? LO1
Why wouldn’t producers necessarily want to produce output at the lowest average cost? Under what conditions would they end up doing so? LO1
Why would anyone want to enter a profitable industry knowing that profits would eventually be eliminated by competition? LO2
How society benefits from perfect competition.
Why economic profits approach zero in competitive markets.
If a perfectly competitive firm raises its price above the prevailing market rate, how much of its sales might it lose? Why? Can a competitive firm ever raise its prices?If so, when? LO1
Is Apple Computer a perfectly competitive firm?Explain your answer. LO1 1
What was the opportunity cost of Mr. Fujishige’s farm?(See News, page 145.) Is society better off with another Disney theme park? Explain. LO2
What costs did GM eliminate when it idled its Lansing plant (News, page 159.) How about Ford? LO3
What rate of output is appropriate for a “nonprofit” corporation (such as a hospital)? LO2
Why wouldn’t a profit-maximizing firm want to produce at the rate of output that minimizes average total cost? LO2
If a firm is incurring an economic loss, would society be better off if the firm shut down? Would the firm want to shut down? Explain. LO2
How many fish should a commercial fisherman try to catch in a day? Should he catch as many as possible or return to dock before filling the boat with fish? Under what economic circumstances should he
How can the demand curve facing a firm be horizontal if the market demand curve is downward-sloping? LO1
What economic costs will a large corporation likely overlook when computing its “profits”? How about the owner of a family-run business or farm? LO2
How a competitive firm’s supply curve is derived.
What a perfectly competitive firm is.
What is the economic cost of doing this homework? LO1
How would your productivity in completing course work be measured? Has your productivity changed since you began college? What caused the productivity changes?How could you increase productivity
Why don’t more U.S. firms move to Mexico to take advantage of low wages there? Would an identical plant in Mexico be as productive as its U.S. counterpart? LO1
Are colleges subject to economies of scale or diseconomies? LO3
Corporate funeral giants have replaced small family-run funeral homes in many areas, in large part because of the lower costs they achieve. (See News, page 135.) What kind of economies of scale exist

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