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macroeconomics

Questions and Answers of Macroeconomics

Research by economists Susan Helper, Morris Kleiner, and Yingchun Wang found that the use of pay-forperformance, or piece-rate pay, has declined in manufacturing industries in recent decades. They
According to a columnist in the Wall Street Journal, “The fact that smart, ambitious children who attend elite colleges also do well in life doesn’t mean the first caused the second.” Briefly
In discussing “output-based compensation schemes,” such as piece-rate systems, Stanford economist Edward Lazear observed, “One major advantage of this approach is that it accommodates a variety
An article in the Wall Street Journal discussed the large amounts that music companies are willing to pay in contracts with some hip hop or rap artists. According to the article, these large
A report from an economic policy organization concludes, “Yes, automation has led to job displacements in particular occupations and industries in the past, but there is no basis for claiming that
WeWork buys or rents office space and converts it to shared space that it then rents to individuals and firms. According to an article in the Wall Street Journal, until it agreed to stop doing so as
What is the largest source of revenue for the federal government? What is the largest source of revenue for state and local governments?
If you sell a house or an apartment in New York City (NYC), you must pay a real estate transfer tax to both the city and the state. A real estate blog asks the question “Who Pays Transfer Taxes
The federal government imposes a tax on sales of cigarettes. The federal Centers for Disease Control and Prevention compiled the data shown in the following table.Based on these data, is the federal
Use the information in Table 17.2 to calculate the total federal income tax paid, the marginal tax rate, and the average tax rate for people with the following incomes. (For simplicity, assume that
An article in the New York Times observed: “Income inequality is now significantly driven by well-paid college graduates marrying one another, and by poorly paid high school dropouts doing the
Use the following table to answer the questions.a. What is the average tax rate at each income level?b. Based on these data, is the tax progressive or regressive? Briefly explain.c. Is it possible to
In a column in the Washington Post, Roger Lowenstein wrote, Raising mobility should be a priority—and as a guide to policy, it is less controversial, and less politicized, than [reducing]
Use the following Lorenz curve graph to answer the questions.a. Did the distribution of income become more equal in 2020 than it was in 2019, or did it become less equal? Briefly explain.b. If area A
We saw in Chapter 4, Solved Problem 4.4 that Seattle levies a tax on soda of 1.75 cents per ounce. A report prepared by Jesse Jones-Smith of the University of Washington and Nadine Chan of the
Draw a Lorenz curve showing the distribution of income for the five people in the following table. Name Lena David Steve Jerome Lori Annual Earnings $70,000 60,000 50,000 40,000 30,000
An article in the Wall Street Journal outlined a variety of proposals by candidates for the 2020 Democratic nomination for president to raise tax rates on people earning high incomes. One proposal
In an opinion column in the New York Times, Mark Rank of Washington University, St. Louis described research he carried out with Thomas A. Hirschl of Cornell University. They tracked individuals
Currently, the Social Security and Medicare programs are funded by payroll taxes rather than by the federal personal income tax. In 2019, the payroll tax for Social Security was 12.4 percent on wage,
An opinion column in the Wall Street Journal argues that “companies that buy health insurance on behalf of workers are, in effect, giving them some of their compensation in the form of benefits.
Evaluate the following statement: “Policies to redistribute income are desperately needed in the United States. Without such policies, the roughly 12 percent of the population that is currently
According to an article in the Washington Post, during her campaign for the 2020 Democratic presidential nomination, Massachusetts Senator Elizabeth Warren considered proposing an increase in federal
Each year Forbes magazine compiles a list of the 400 wealthiest Americans. An analysis of how the people on the list earned their wealth found: “In 1984, less than half the people on The Forbes 400
What’s the difference between active policy and passive policy? How do the two approaches differ in their assumptions about how well the economy works on its own?
How can expectations influence the effectiveness of discretionary policy?
Why do some economists prefer that policy be shaped by predictable rules rather than by the discretion of policy makers?
Explain the shape of the short-run Phillips curve and the long-run Phillips curve.
What are the gains from international trade, and why might countries still decide to trade even if no country has a comparative advantage?
How do trade restrictions harm the economy, and why do they persist?
Identify international efforts to reduce trade barriers.
Identify five arguments often used to justify trade restriction. What are some unintended consequences of protecting certain industries from international competition?
What are the major accounts in the balance of trade, and how do they balance out?
Describe how the foreign exchange rate is determined. Use a diagram and explain the shapes of the curves.
What is the purchasing power parity theory, and how well does the Big Mac index support it?
Trace the evolution of exchange rate regimes from the gold standard to the current system.
Besides income, identify ways that low-income economies differ from high-income economies.
What factors help make workers in high-income economies more productive than workers in other economies?
How could trade restrictions slow economic development in poorer countries?
What are some unintended consequences of foreign aid on economic development?
Explain how the demand and supply of money determine the market interest rate.
Trace the steps between an increase in the money supply and an increase in equilibrium output.
What’s the relevance of velocity’s stability on monetary policy?
What specific policies did the Fed pursue during and after the Great Recession? What new monetary tools were developed to deal with the Great Recession?
Summarize fiscal policy from the Great Depression to stagflation.
Identify some reasons why discretionary fiscal policy may not work very well.
Summarize fiscal policy during the 1980s and 1990s. When and why did the federal budget show a surplus?
Summarize fiscal policy during and after the Great Recession. Contrast the opinions about the effectiveness of fiscal policy during this period?
How have federal spending priorities changed since the 1960s?
Why has the federal budget been in deficit most years since the Great Depression?
What has happened to federal debt in recent decades, and how does the U.S. debt level compare with levels in other countries?
How could a giant federal debt have a negative impact on the economy?
Identify three functions of money and six qualities of the ideal money.
What are subprime mortgages, and what role did they play in the financial crisis of 2008?
What is the Fed, what are its two mandated objectives, and what are some other goals?
What are the main powers and responsibilities of the Federal Reserve System?
Why is using a debit card like using cash, but using a credit card is not?
Why is a bank in a better position to lend your savings than you are?
What portion of Federal Reserve notes circulate outside the United States? How does this affect the United States?
What are the Fed’s tools of monetary policy?
What’s special about a national economy compared to regional, state, or local economies?
Explain the shapes of the aggregate demand curve and the aggregate supply curve.
Identify the five eras of the U.S. economy, and describe briefly what was going on during each.
Classify each of the following as a durable good, a nondurable good, or a service:v a. A gallon of milk b. A lawn mower c. A smartphone d. A manicure e. A pair of shoes f. An eye exam g. A
What is the biggest source of household income, and what is the biggest household expenditure?
Trace the evolution of production over the centuries from the household to the modern corporation.
Identify seven roles of government.
Complete each of the following sentences: a. Goods that are nonrival and nonexclusive are known as .b. are cash or in-kind benefits given to individuals as outright grants from the government. c.
Why does a demand curve slope downward?
Identify five changes that could shift a market demand curve to the right.
Why does the supply curve usually slope upward?
Identify five changes that could shift a market supply curve to the right.
Explain the effect of an increase in consumer income on the demand for a good.
What forces the price down if it is above equilibrium? What forces the price up if it is below equilibrium?
If chocolate is found to have positive health benefits, would this lead to a shift of the demand curve or a movement along the demand curve?
If a severe frost destroys some of Florida’s citrus crop, would this lead to a shift of the supply curve or a movement along the supply curve?
What’s the difference between money income and real income?
Describe fluctuations in economic activity over time. Because economic activity fluctuates, how is long-term growth possible?
The price level grew slightly faster than real GDP between 1947 and 2014. Does this mean that the rising price level masked an actual decline in output? Why or why not?
Describe the two ways of computing GDP and explain why they are equivalent.
Trace through the circular flow model, explaining each of the 10 steps along the way.
Identify the limitations of the national income accounting system.
What is a price index and why is it useful?
What are the leakages from and injections into the circular flow? How are leakages and injections related in the circular flow?
What does the unemployment rate measure, and what are four sources of unemployment?
What are the pros and cons of unemployment insurance?
What is inflation and what are two sources of inflation?
How does unanticipated inflation harm some individuals and harm the economy as a whole?
What’s labor productivity, and why is it important for a nation’s standard of living?
What was happening to U.S. labor productivity during each of the five periods since World War II identified in Exhibit 6, and why does it matter?Exhibit 6
Evaluate the evidence that technological change increases the unemployment rate.
What is a consumption function and what is its slope?
What changes can shift the consumption function up or down?
Why does investment vary more than consumption from year to year?
How does the aggregate expenditure line determine the quantity of aggregate output demanded?
What is the simple spending multiplier?
What determines the shape and position of the short-run aggregate supply curve?
What’s the relationship between the aggregate expenditure line and the aggregate demand curve?
What market forces push the economy toward its potential output in the long run?
Why do shifts of the aggregate demand curve change the price level in the long run but not potential output?
What can shift an economy’s potential output in the long run?

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