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macroeconomics

Questions and Answers of Macroeconomics

18. This question pertains to the addendum to Chapter 2. The following tables show the production possibilities for two hypothetical countries, Italia and Nire. Which country has the comparative
17. *As the skill level (and therefore earnings rate) of, say, an architect, computer specialist, or chemist increases, what happens to his or her opportunity cost of doing other things? How is the
16. During the last three decades, entrepreneurs like Steve Jobs, Sam Walton, and Michael Dell have earned billions of dollars. Do you think the average American is better or worse off as the result
15. In this chapter, it was stated that a private-property right also involves having the right to transfer or exchange what you own with others. However, selling your organs is a violation of
14. Consider the following questions:a. Do you think that your work effort is influenced by whether there is a close link between personal output and personal compensation(reward)? Explain.b. Suppose
13. Two centuries ago, there were more buffalo than cattle in the United States. Even though millions of cattle are killed for beef consumption each year, the cattle population continues to grow
12. *In many states, ticket scalping, or reselling tickets to entertainment events at prices above the original purchase price, is prohibited. Who is helped and who is hurt by such prohibitions? How
11. *Chick-fil-A’s “Eat Mor Chikin” advertising campaign features three cows holding signs that say things like: “Save the cows, eat more chicken.” If consumers began eating more chicken
10. Why is exchange important to a nation’s prosperity? How does trade influence the quantity of output that trading partners are able to produce? In a market economy, will there be a tendency for
9. *What forms of competition does a private-property, marketdirected economy authorize? What forms does it prohibit?
8. *Does a 60-year-old tree farmer have an incentive to plant and care for Douglas fir trees that will not reach optimal cutting size for another 50 years?
7. What is the law of comparative advantage? According to the law of comparative advantage, what should be the distinguishing characteristics of the goods a nation produces? What should be the
6. If you have a private-ownership right to something, what does this mean? Does private ownership give you the right to do anything you want with the things that you own? Explain. How does private
5. What is the major function of the middleman? Would people be better off if there were no middlemen? Why or why not?
4. *“People in business get ahead by exploiting the needs of their consumers. The gains of business are at the expense of suffering imposed on their customers.” Evaluate this statement.
3. It takes one hour to travel from New York City to Washington, D.C., by air, but it takes five hours by bus. If the airfare is $110 and the bus fare is $70, which would be cheaper for someone whose
2. *Economists often argue that wage rates reflect productivity. Yet, the wages of house painters have increased nearly as rapidly as the national average, even though these workers use approximately
1. “If Jones trades a used car to Smith for $5,000, nothing new is created. Thus, there is no way the transaction can improve the welfare of people.” Is this statement true? Why or why not?
14. *Should the United States attempt to reduce air and water pollution to zero? Why or why not?
13. Suppose that in an effort to help low-skill workers the government raises the permissible minimum wage to $10 per hour. Can you think of any unintended secondary effects that will result from
12. Why can’t we consume as much of each good or service as we would like? If we become richer in the future, do you think we will eventually be able to consume as much of everything as we would
11. *Which of the following are positive economic statements and which are normative?a. The speed limit should be lowered to 55 miles per hour on interstate highways.b. Higher gasoline prices cause
10. *“I examined the statistics for our basketball team’s wins last year and found that, when the third team played more, the winning margin increased. If the coach played the third team more, we
9. *“Positive economics cannot tell us which agricultural policy is better, so it is useless to policy makers.” Evaluate this statement.
8. *“Individuals who economize are missing the point of life. Money is not so important that it should rule the way we live.” Evaluate this statement.
7. A restaurant offers an “all you can eat” lunch buffet for $10. Shawn has already eaten three servings, and is trying to decide whether to go back for a fourth. Describe how Shawn can use
6. Self-interest is a powerful motivator. Does this necessarily imply that people are selfish and greedy? Do self-interest and selfishness mean the same thing?
5. *“The economic way of thinking stresses that good intentions lead to sound policy.” Is this statement true or false? Explain your answer.
4. *In recent years, both the personal exemption and child tax credit have been increased in the United States. According to the basic principles of economics, how will the birthrate be affected by
3.a. What method is used to ration goods in a market economy? How does this rationing method influence the incentive of individuals to supply goods, services, and resources to others?b. How are
2. *“The government should provide such goods as health care, education, and highways because it can provide them for free.” Is this statement true or false? Explain your answer.
1. Indicate how each of the following changes would influence the incentive of a decision-maker to undertake the action described.a. A reduction in the temperature from 80° to 50° on one’s
The Clinton-Greenspan policy mix As described in this chapter, during the Clinton administration the policy mix changed toward more contractionary fiscal policy and more expansionary monetary policy.
From Problem 5, write down the quarters in which the six traditional recessions started. Find the monthly series in the Federal Reserve Bank of St. Louis (FRED) database for the seasonally adjusted
U.S. postwar recessions This question looks at the recessions over the past 40 years. To work this problem, first obtain quarterly data on U.S. output growth for the period 1960 to the most recent
The rate of growth of output per person was identified as a major issue facing the United States as of the writing of this chapter. Go to the 2015 Economic Report of the President and find a table
Real wages The chapter has presented data on relative wages of high-skill and low-skill workers. In this question, we look at the evolution of real wages.a. Based on the price-setting equation we use
U.S. saving and government deficits This question continues the logic of Problem 9 to explore the implications of the U.S. government budget deficit for the long-run capital stock. The question
The macroeconomic effects of the indexation of wages Suppose that the Phillips curve is given by:\[\pi_{t}-\pi_{t}^{e}=0.1-2 u_{t}\]where\[\pi_{t}^{e}=\pi_{t-1}\]Suppose that inflation in year
According to the data presented in this chapter, about \(44 \%\) of unemployed workers leave unemployment each month.a. Assume that the probability of leaving unemployment is the same for all
Consumption, investment, and the recession of 2001 This question asks you to examine the movements of investment and consumption before, during, and after the recession of 2001.It also asks you to
The Clinton-Greenspan policy mix As described in this chapter, during the Clinton administration the policy mix changed toward more contractionary fiscal policy and more expansionary monetary policy.
From Problem 5, write down the quarters in which the six traditional recessions started. Find the monthly series in the Federal Reserve Bank of St. Louis (FRED) database for the seasonally adjusted
This question looks at the recessions over the past 40 years. To work this problem, first obtain quarterly data on U.S. output growth for the period 1960 to the most recent date from the Web site
The rate of growth of output per person was identified as a major issue facing the United States as of the writing of this chapter. Go to the 2015 Economic Report of the President and find a table
US saving and government deficits This question continues the logic of Problem 9 to explore the implications of the US government budget deficit for the long-run capital stock. The question assumes
From Problem 5, write down the quarters in which the recessions started. Find the monthly series in the Federal Reserve Bank of St. Louis (FRED) database for the seasonally adjusted unemployment rate
Real wages The chapter has presented data on relative wages of high-skill and low-skill workers. In this question, we look at the evolution of real wages.a. Go to the website of the most recent
As described in this chapter, during the Clinton administration, the policy mix changed toward more contractionary fiscal policy and more expansionary monetary policy. This question explores the
According to the data presented in this chapter, about \(44 \%\) of unemployed workers leave unemployment each month.a. Assume that the probability of leaving unemployment is the same for all
Download more recent data from Google mobility index, update Figure 10.1 and comment on the evolution of the pandemic.Data From Figure 10.1:- 4500 4000 3500 3000 2500 2000 1500 1000 500 0 1-1-20
The 1977 Federal Reserve Act, as amended in 1978, 1988 and 2000, governs the behavior of the Federal Reserve.a. In your opinion, does this excerpt from the Act make the policy goals of the Fed
Problem 10 in Chapter 4 asked you to consider the current stance of monetary policy. Here, you are asked to do so again, but with the additional understanding of monetary policy you have gained.Go to
Understanding the Fed’s actions that are needed to stabilize the interest rate The diagram below shows three different money demand curves and a target interest rate i*.Fill in the table below
This section looks at US recessions over the past 60 years. To work out this problem, first obtain quarterly data on US output growth for the period 1960 to the most recent data from www.bea.gov.
This question asks you to examine the movements of investment and consumption before, during and after the recession of 2001. It also asks you to consider the response of investment and consumption
Consider each table below. Is the data presented consistent with the Phillips curve model of wage determination? Each table has a point \(A\) and a point B. Startyour answer with true/false/
In a 2012 book, The New Geography of Jobs (a book described by Barack Obama as 'a timely and smart discussion of how different cities and regions have made a changing economy work for them', and by
Nature, a leading science magazine, argues (https://www.nature.com/articles/d41586-020-01518-y) that COVID19 will force universities to confront long-standing challenges in higher education, such as
Compute the change in stock market prices by sector in the UK and Ireland up to the current date (that is the day you are studying this chapter). Is the distinction between affected and non-affected
Go to the website of the FRED economic data base and download the quarterly series for real personal disposable income per capita (series name A229RX0Q048SBEA (billions of chained 2012 dollars)), the
A European recession and the US economya. In 2017, European Union spending on US goods accounted for 19\% of US exports (see Table 18.2), and US exports amounted to \(12.3 \%\) of US GDP (see Table
Plot the values of velocity you found in Problem 7, and comment on the volatility (i.e., fluctuations) of velocity.Data from Problem 7Suppose the liquidity preference function is given byFor the data
Nominal and real interest rates around the worlda. There are a few episodes of negative nominal interest rates around the world. Some may or may not be in play as you read this book. The Swiss
Unemployment durations and long-term unemployment According to the data presented in this chapter, about \(44 \%\) of unemployed workers leave unemployment each month.a. Assume that the probability
Political expectations, inflation, and unemployment Consider a country with two political parties, Democrats and Republicans. Democrats care more about unemployment than Republicans, and Republicans
A European recession and the U.S. economya. In 2014, European Union spending on U.S. goods accounted for \(18 \%\) of U.S. exports (see Table 17-2), and U.S. exports amounted to \(15 \%\) of U.S. GDP
Fill in the blanks to make the following statements correct.a. If a wine shop in Alberta buys a case of wine from Chile, the transaction is recorded as a(n) __________ in the account, which is a
Fill in the blanks to make the following statements correct.a. A depreciation of the Canadian dollar means that it takes __________ Canadian dollars to purchase one unit of foreign currency, and
Fill in the blanks to make the following statements correct.a. If the exchange rate is determined by the equality of supply and demand for foreign exchange and the central bank makes no
The table below shows Sophie’s financial details for 2016. Answer the following questions about her “balance of payments.”a. What is Sophie’s “trade balance”? Explain.b. What is
The diagram below shows the demand for foreign currency and the supply of foreign currency. The equilibrium exchange rate is e*. Assume that Canada has a purely flexible exchange rate.a. Show in the
What is the probable effect of each of the following on the exchange rate of a country, other things being equal?a. The quantity of oil imports is greatly decreased, but the expenditure on imported
Many commentators are perplexed when they observe a depreciation of the Canadian dollar but not a reduction in the Canadian trade deficit. Explain why there is not a precise relationship between the
The diagram below shows the demand for foreign currency and the supply of foreign currency. The equilibrium exchange rate is e*.a. Suppose the Bank of Canada decides to fix the exchange rate at e1.
Suppose that Canadian real GDP is equal to potential output, the price level is stable, and the exchange rate is equal to e0, its market-clearing value. There is then an upturn in the world demand
Every few months, The Economist publishes its “Big Mac Index.” Using the current exchange rates, it compares the U.S.-dollar price of Big Macs in several countries. It then concludes that
A former Canadian prime minister once suggested that Canada should try to have balanced trade, industry by industry.a. Do you think this makes sense? Explain.b. How about the idea of balanced trade,
In 2015, a letter to a Canadian national newspaper argued that “the economy of this once wonderful country is in the sewer and the politicians keep on tinkering, not knowing how to fix it.” The
Fill in the blanks to make the following statements correct.a. Economists have designed____________ to better explain and predict the behaviour we observe in the world around us.b. A variable, such
Suppose you want to create a price index for the price of a personal pizza across several Canadian university campuses, as of March 1 , 201 6. The data are as follows:a. Using Calgary as the "base
According to Statistics Canada, Canada's exports and imports of energy (combined totals of fossil fuels, hydro, and nuclear, all measured in petajoules) over a five-year period were as follows:a.
The following questions will provide practice working with simple linear functions. All questions refer to a coordinate graph with the variable \(X\) on the horizontal axis and the variable \(Y\) on
Fill in the blanks to make the following statements correct.a. Ceteris paribus, the price of a product and the quantity demanded are related ________b. Ceteris paribus, the price of a product and the
The following supply and demand schedules describe a hypothetical Canadian market for potash.a. What is the equilibrium price of potash?b. How much potash would actually be purchased if the price was
The following diagram describes the hypothetical demand and supply for canned tuna in Canada in 201 6.a. Suppose the price of a can of tuna is \(\$ 4 .00\). What is the quantity demanded? What is the
Assume you have the following information for the global market for agricultural commodity \(X\). For each scenario, use demand and supply analysis to provide a likely explanation for the change in
Fill in the blanks to make the following statements correct.a. The value of total production of goods and services in Canada is called its _______ National _______ and national _______ are equal
Fill in the blanks to make the following statements correct.a. The labour force includes people who are__________ and people who are _________ The unemployment rate is expressed as the number of
Consider the macroeconomic data shown below for a hypothetical country's economy.a. Compute the output gap for each year.b. Explain how GDP can exceed potential GDP.c. Does real GDP ever fall in the
As explained in the text, the unemployment rate is defined as:a. Explain why people may decide to join the labour force during booms.b. From part (a), explain why the unemployment rate might rise
With the information provided, determine the unemployment rate for each of these hypothetical economies.a. Labour force \(=20\) million; number of people unemployed \(=1.5\) million; population
Consider an imaginary 10 -year period over which output per worker falls, but GDP increases. How can this happen? Do you think this is likely to be good for the economy?
Consider the data shown below for the Canadian Consumer Price Index (CPI), drawn from the Bank of Canada's website.a. Compute the missing data in the table.b. Do average prices ever fall in the time
The data below show the nominal interest rate and the inflation rate for several developed economies as reported in The Economist in February 201 5.a. Compute the real interest rate for each country,
Consider the following data drawn from The Economist. Recall that the Canadian exchange rate is the number of Canadian dollars needed to purchase one unit of some foreign currency.a. Which currencies
When the Canadian dollar depreciates in foreign exchange markets, many people view this as "good" for the Canadian economy. Who is likely to be harmed by and who is likely to benefit from a
Fill in the blanks to make the following statements correct.a. If, when measuring Canada's national output, we add the market values of all firms' outputs in Canada, then we are committing the error
Fill in the blanks to make the following statements correct.a. If nominal GDP increases by 35 percent over a 10 -year period, then it is unclear how much of this increase is due to increases in
In measuring GDP from the expenditure side ( \(\left.\mathrm{GDP}=C_{a}+I_{a}+G_{a}+N X_{a}ight)\), which of the following expenditures are included and within which of the four categories?a.

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