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macroeconomics principles

Questions and Answers of Macroeconomics Principles

8. In the United Kingdom, the following tax rates have been implemented: Band Taxable Income Tax Rate Personal Allowance Up to £11,500 0% Basic rate £11,501 to £45,000 20% Higher rate £45,001 to
7. Scott is planning on buying a car. He can choose between 6 types of powering: petrol, diesel, gas, hybrid, electric, or hydrogen. Being environmentally conscious, his total benefit will reflect
6. Viktoria, a business consultant, has to travel quite frequently from Singapore to other parts of Asia. She has a frequent flyer card with Singapore Airlines and can choose from four different
5. Richard has begun running to improve his health. The first column lists the distance he is jogging in meters, the second column the total benefits in U.S. dollars. Meters Ran Total Benefit 0 0 500
4. Pascal is taking three courses this semester: economics, calculus, and statistics. Pascal’s goal is to maximize his average grade on the three term exams. Using optimization in marginal
3. Determine if the following statements use optimization by total values or optimization by marginal analysis.a. Kelly is working as an administrator at a university. The university is now facing
2. Suppose you applied to three jobs and are accepted for all three. Considering all factors:a. How would you make an optimal decision on which job to choose?b. The jobs that you have applied for
1. Suppose you are making two different decisions: the first decision is to buy a financial stock. The second decision is to buy a good to consume. Identify how you would behave in each decision so
9. A normative model answers optimization questions like what is the optimal way of solving things. Why do you think economists are being taught early on about normative models and optimization?
8. Define optimization in differences and optimization in levels. Do they yield the same result?
7. Economists like using marginal analysis to illustrate a point. Suppose you have been working very hard and are considering taking a vacation. Use marginal analysis to illustrate how you would
5. Suppose you are trying to open a store at a local shopping mall. There are two open spaces: one is on the ground floor near the entrance; the other is on the topmost floor. Both spaces are
3. Suppose your workplace does not have a cafeteria. To grab a hot lunch you have to go out during your lunch break. You have two options: an expensive restaurant that is two minutes away or a
2. How is optimization used to predict economic or business outcomes?
1. Are people, households, businesses, and governments always exercising their optimal choice when making decisions?
A3. Suppose the following table shows the relationship between revenue that the Girl Scouts generate and the number of cookie boxes that they sell.Number of Cookie Boxes Revenue 50 $200 150 $600 250
A2. Consider the following data that show the quantity of coffee produced in Brazil from 2004 to 2012. Year Production (in tons) 2004 2,465,710 2005 2,140,169 2006 2,573,368 2007 2,249,011 2008
A1. How would you represent the following graphically?a. Income inequality in the United States has increased over the past 10 years.b. All the workers in the manufacturing sector in a particular
9. It is the night before your economics final exam and you must decide how many hours to study. The total benefits in the following table shows how many more points you will earn because of
8. Use the concepts discussed in this chapter to answer the following problems:a. Oskar is about to join a new factory where he has the option of joining a trade union. Being a part of the trade
7. In 2014, California was in its third year of a major drought. With water supplies dwindling, Governor Brown issued a plea for a voluntary 20 percent reduction in water use. This target was not
6. Consider the following three statements:a. Your friends are coming over for lunch and you realize you have forgotten to get groceries. You go to the local market, where there are about 50 stalls.
5. Consider the following three statements:a. You are planning a conference in St. Petersburg, Russia, and your closing gala will be on a cruise boat in November. Do you think hosting the event on a
4. By taking the train, Alain can travel from Paris to Lille in one hour. The same trip takes 5 hours by bus. The train costs €80 and the bus €20. When Alain is not traveling he can work and earn
3. Your local coffee shop used to be the best in the neighborhood; however, due to a recent change in ownership the quality of the service and products offered has been steadily decreasing.
2. You are thinking about buying a house in London. You find one you like that costs £1,000,000. You learn that, based on the value of the house and your wages, your bank will give you a mortgage
1. You have already purchased (non-refundable and unsellable) tickets to a concert on Friday night. A friend also invites you to her birthday party on Friday. While you like your friend, you
11. Identify the cause and the effect in the following phenomena in a hypothetical country:a. A surge in the price of goods and an increase in the workers’ income.b. A rise in GDP and an increase
10. “Scarcity exists because people have unlimited wants in a world of limited resources.” Explain this statement by giving a real-life example.
9. The problem of free-riding has interested economists for a considerable time. Suppose you are living in a housing project that has 100 apartments. The housing project has its own garden, swimming
8. Suppose the market price of the latest model of iPhone is €759 in Germany. What are the three conditions that will need to be satisfied for the iPhone market to be in equilibrium at this price?
7. Suppose you wish to take a mortgage to buy a new house for your family. However, the houses you like exceed your budget. You are considering three options: choose a neighborhood that is less
5. Why do economic agents have to make trade-offs on any given day of their lives? What kind of non-monetary budget constraints do agents face?
3. Examine the following statements and determine if they are normative or positive in nature. Explain your answers.a. The Euro area of the European Union (EU) is projected to grow by 1.6 percent in
1. Give examples to explain how economic analysis can be positive and normative.2. Economists think of almost all human behavior as the outcome of choices. Do you agree with this statement? Based on
1. 5. Mat ea concept in Column A with an example in Column B.Column A Column Ba. An alternative to wage employment 1. “Insurance adjustor” jobs are traditionally given to men while
1. 4. e U.S. Bureau of Labor Statistics keeps tra of the average wages and number of workers involved in various occupations over time and also makes projections about what jobs may show the
1. 3. Suppose that you observe that the wages for accountants in your town have gone up and that the number of accountants employed has also gone up. Whi one of the following conditions could
1.2. Draw labor market graphs illustrating the following examples that were mentioned in the text.a. A labor demand curve, when very good substitutes for labor in the production process exist.b. e
1.1. Reviewing Chapters 3 and 4 if necessary, illustrate on a labor market graph the following examples that were described in the text.a. A relatively elastic supply curve for wait staff.b. A
1. 23. What is the role of political power in explaining the stagnation of median wages in the United States in recent decades?
1. 22. What has been the trend in median wages in the United States in the past few decades? How does this compare with the trend in corporate profits?
1. 21. How do paid vacation and leave policies in the United States compare to most other countries?
1. 20. How do average work hours per year in the United States compare to most other countries?
1. 19. What are worker cooperatives, and how do they differ from traditional firms in terms of labor organization?
1. 18. What is the economic evidence about how immigration affects wages?
1. 17. What is employment flexibility from the perspective of workers? From the perspective of employers?
1. 16. How has labor market participation anged in the United States in recent decades?
1. 15. What is occupational segregation?
1. 14. How can we identify labor discrimination?
1. 13. What are dual labor markets?
1. 12. What is efficiency wage theory?
1. 11. What is oligopsony?
1. 10. What is monopsony?
1. 9. What are compensating wage differentials?
1. 8. How is human capital important in explaining wage variations?
1. 7. How does the neoclassical labor model explain variations in wages?
1.6. How can we use a supply-and-demand graph to illustrate the operation of a labor market?
1. 5. In what types of labor markets might labor supply be relatively wage elastic? In what types of markets might labor supply be relatively wage inelastic?
1. 4. Why can we generally assume that market labor supply curves will slope upward?
1. 3. Why might the individual labor supply curve bend baward?
1. 2. What are some of the opportunity costs of paid employment?
1.1. In the neoclassical labor model, how does a firm decide on the quantity of labor to hire?
1. 2. Do you think that the relative wages of average workers and top executives reflect their respective marginal revenue product? What kinds of policies would you favor regarding worker pay and
1.1. What evidence have you seen—in your own experience, others’ experiences, or through the media—of increasing “flexibility” in labor markets? Do you think that these anges have been
1. 3. What do you think society should be doing, if anything, to reduce labor market discrimination? Do you have any experience with discrimination in the workplace?
1. 2. is $10.87 for home health aides, $24.29 for firefighters, $38.39 for computer programmers, $56.81 for lawyers, and $76.81 for dentists.44 Based on the information in this section, try to
1.1. According to the U.S. Bureau of Labor Statistics, the hourly median wage in
1. 2. Opticians fit people who have poor eyesight with glasses or contact lenses, prescribed by an optometrist. Beginning in the 1990s, tenological developments in laser eye surgery made surgery
1.1. Suppose that your college or university substantially raises the wages that it offers to pay students who tend computer laboratories, monitoring the equipment and answering questions. What do
1. 6. Mat ea concept in Column A with an example in Column B.Column A Column Ba. Diminishing marginal utility 1. Janet hopes to become a CEO somedayb. Reference group 2. You decide that you
1. 5. Various U.S. government agencies, among them the Food and Drug Administration (FDA) and the Environmental Protection Agency (EPA), include “consumer protection” as one of their goals. e
1. 4. Suppose that Antonio’s total utility from different quantities of snas per day is given by the table below.antity of snas per day Total utility Marginal utilityantity of snas
1. 3. Next, suppose that Monifa’s income stays at $100, but the price of concert tiets drops from $20 to$12.50 ea.a. Draw and carefully label both her original and her new budget lines.b. Can
1. 2. Continuing from the previous exercise, suppose that Monifa’s income rises to $120. Add her new budget line to the previous graph.
1.1. Monifa plans to spend her income on concert tiets and movie tiets. Suppose that she has an income of $100. e price of a concert tiet is $20, and the price of a movie tiet is
1. 25. How would consumption taxation work?
1. 24. How can flexible work-hour policies reduce excessive consumerism?
1. 23. What is voluntary simplicity?
1. 22. About what percentage of Americans are considered compulsive shoppers?
1. 21. What are the results of resear on the relationship between materialistic values and wellbeing?
1. 20. Over time, does average happiness increase as a country’s average income increases?
1. 19. Is average happiness higher in countries with higher average incomes?
1. 18. Within one country, are those with higher incomes happier, on average?
1. 17. What is subjective well-being?
1. 16. What is green consumerism? What is the difference between “deep” and “shallow” green consumerism?
1. 15. What is the ecological footprint approa to quantifying environmental impacts? What are some of the findings of ecological footprint resear?
1. 14. About how mu is spent annually on advertising in the United States, on a per-person basis?
1. 13. What are reference and aspirational groups?
1. 12. What is the difference between absolute and relative deprivation?
1. 11. How has revolving debt in the United States anged over time?
1. 10. What were some of the key developments in the history of consumerism?
1. 9. What is the consumer society?
1. 8. What are some of the limitations of the standard consumer model?
1. 7. What is diminishing marginal utility? What does it imply about the shape of a utility function?
1.6. What is marginal utility?
1. 5. What is a utility function? How can we represent one on a graph?
1.4. How does a budget line ange when the price of one of the items anges?
1. 3. How does a budget line ange when one’s income anges?
1. 2. What is a budget line? How can we show one on a graph?

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