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business
macroeconomics principles

Questions and Answers of Macroeconomics Principles

1.1. What is consumer sovereignty?
1. 2. Do you believe that the government has a right to influence or otherwise interfere in consumer decisions? What additional policies, if any, do you think are needed regarding consumer behaviors?
1.1. In what ways do you think money can buy happiness? In what ways can having a lot of money decrease one’s happiness? How does money enter into your own conception of what happiness means?
1. 3. Over time, does average happiness increase as a country’s average income increases?
1. 2. Is average happiness higher in countries with higher average incomes?
1.1. Within one country, are those with higher incomes happier, on average?
1.2. Do you think that green consumerism is an oxymoron? Do you think that your own consumer behaviors are environmentally sustainable? Why or why not?
1.1. ink about one product you have purased recently that is not mentioned in the text. Try to list the environmental impacts of this product, considering the production, consumption, and
1.2. ink about at least one fashion item you own, su as an item of clothing, jewelry, or accessory, that you think says a lot about who you are. What do you think it says about you? Do you
1.1. What are your reference groups? Describe why you consider these your reference groups? What are your aspirational groups? Why do you aspire to be a member of these groups?
1. 2. What do you know about views on consumerism in other countries, either from what you have read or what you have observed from traveling? Whi societies, if any, do you find too focused on
1.1. Considering what you know about the societies in whi your grandparents or great-grandparents grew up, would you say that they lived in a “consumer society”? How do you think their views
1. 2. Explain in words why the total utility curve has the shape that it does in Figure 8.4
1. 5. Mat ea concept in Column A with an example in Column B.Column A Column Ba. Self-interestb. Altruism 1. Finding a restaurant that is close by and has food that is “good enough”2.
1.4. Consider a rational, profit-maximizing business firm. What motivations might the firm have that are not directly related to making a profit? For example, what if the firm made a donation to a
1. 3. How does time discounting affect your own decision making? Do you do things today with a view toward future benefits, or do you look mainly for short-term satisfaction? Does your time discount
1. 2. Consider the process of applying to college and oosing a college to aend if admied. Would you say that this process involves:a. Maximizing behaviorb. Satisficing behaviorc. Meliorating
1.1. Whi of the following is consistent with the view of human behavior as purely self-interested?Whi may indicate broader motivations?a. Miael sells his car on eBay.b. Jane joins a
1. 22. What are some policy examples of "nudges"?
1. 21. What is libertarian paternalism?
1. 20. What are the policy implications of behavioral economics?
1. 19. What is loss aversion?
1. 18. Summarize the model of economic behavior in contextual economics.
1. 17. Explain the concept of bounded rationality.
1. 16. What is meliorating?
1. 15. What is satisficing?
1. 14. What are some of the insights from neuroeconomics?
1. 13. What does the evidence indicate about the relationship between selfishness and happiness?
1. 12. Does the scientific evidence indicate that people act only out of self-interest?
1. 11. Does behavioral economics suggest that people's decisions can be significantly influenced by outside factors?
1. 10. Does the evidence suggest that people should always make economic decisions without relying upon their emotions?
1. 9. What is the difference between a high and low time discount rate?
1. 8. What is the anoring effect?
1. 7. Why is the default oice in a decision so important?
1. 6. How can "framing" affect decision making?
1. 5. What is the availability heuristic?
1.4. What is behavioral economics?
1. 3. What are the policy implications of the neoclassical model?
1. 2. What is the neoclassical model?
1.1. Did Adam Smith think that people were always self-interested?
1. 2. What do you think about libertarian paternalism as a way to guide policies? Do you think there are any problems with this approa?
1.1. Do you think “satisficing” should be considered rational behavior? What about “meliorating”? For example, recall the example of the fisherman who compares ea fish that he cates to
1. 2. Discuss how one or more conclusions reaed by behavioral economists help you to understand an experience that you have had making an economic decision.
1.1. Can you think of any other economic situations where people seem to make irrational decisions? For the most part, do you think people are rational or irrational?
1. 2. Do you believe economics should strive, as mu as possible, to be value free? What do you think are the advantages and disadvantages of this approa?
1. 3. Mat ea concept in Column A with a definition or example in Column B.Column A Column Ba. Tariff 1. Economic weakness resulting from too mu import dependenceb. Import substitution 2.
1. 2. Continuing the Ricardian story from Section 2.1 of this apter, suppose that England were, aer a while, to put a tariff on imports of Portuguese wine. Since we only have wine and cloth in
1. 27. What are some of the conflicts between developed and developing countries over trade issues?
1. 26. What are some of the advantages and disadvantages of bilateral and regional trade agreements?
1. 25. How can a trade war make both countries worse off?
1. 24. What does the World Trade Organization do?
1. 23. What are some administrative obstacles that can be used to influence trade?
1. 22. How do countries use subsidies to influence trade?
1. 21. What is a tariff, and have tariffs been increasing or decreasing in recent years?
1. 20. What is the infant industry argument for trade protectionism?
1.19. What is import substitution?
1. 18. List and describe four types of protectionist policies.
1. 17. What is "trade protectionism," and why do countries oen engage in it?
1. 16. What are some of the countries that are most active in international trade, as a percentage of GDP?
1. 15. What is globalization?
1.14. What do we mean when we say that trade is more a story of redistribution than a story of efficiency gains?
1. 13. What is “exporting pollution”?
1.12. What are some of the relationships between trade and the environment?
1. 11. What is “lo-in,” and why is it a potential problem?
1. 10. Why does a country’s vulnerability increase with expanded trade?
1. 9. What are some other advantages of free trade?
1. 8. What is the theory of “factor price equalization”? Does the evidence tend to support it?
1. 7. What does it mean to say that a particular country is suited for labor-intensive production? What is capital-intensive production?
1.6. How do we determine whi country has the comparative advantage in the production of something in the Ricardian model of trade?
1.5. What is meant by the “principle of comparative advantage”?
1. 4. How do we determine the opportunity cost of producing something in the Ricardian model of trade?
1. 3. What is an absolute advantage in the production of something?
1. 2. Explain how more extensive markets tend to produce a higher degree of specialization.
1.1. How does specialization lead to greater productivity, according to Adam Smith?
1. 2. Debates between advocates of “free trade” and advocates of “protectionism” have gone on for hundreds of years. How aware are you of current debates, whi are now oen framed in
1.1. What international trade issues have been in the news recently? What views are presented by different interest groups in trade debates? Are there any issues that particularly affect your
1. 2. What do you suppose Smith or Ricardo would have had to say about the disadvantages of free trade discussed in this apter? Do you agree with them? Why or why not?
1.1. Do you think it is beer to buy products made in your own country? If so, why? Can you think of situations where it is beer to buy foreign products?
1. 2. Can the policy lead to actions that may violate social norms related to issues su as ild labor, unionization rights, or environmental standards?
1.1. Are the net efficiency gains small compared to the magnitude of the losses, especially if those losses impact low-income or other disadvantaged groups?
1. 2. Ricardo’s model discusses benefits to countries at an aggregate level. But what if you were a Portuguese cloth maker or an English winemaker? Might you have a different view about the
1.1. Suppose that in a one-hour period, you can buy six bags of groceries or clean three rooms. Your housemate, however, is slower moving and can buy only three bags of groceries or clean only one
1. 2. Do you currently “specialize” in something? If not, what do you plan to do aer college? Do you hope to develop knowledge or expertise in only one area or more than one? Why?
1.1. Does it make sense that the larger or more extended a market is, the greater would be the incentive to specialize in supplying that market? What if everyone decided to specialize in shoemaking
1. 7. Mat ea concept in Column A with an example in Column B.Column A Column Ba. Consumer surplus 1. Profitsb. e government mandates that the price of milk must be at least $3 per gallon 2.
1. 6. Consider the market for electricity. Suppose that the price of producing energy decreases due to lower fossil fuel costs and the increasing availability of affordable renewable energy.a. How
1. 5. Consider the market for wheat. Suppose that the demand for wheat decreases because of dietary concerns.a. How does the decrease in the demand for wheat affect total net social welfare in the
1. 4. Suppose that the market equilibrium price for a basic medical e-up is $50, in a market in whithere is no health insurance. To encourage more people to get a e-up, the local
1. 3. Consider the following supply sedule for apartments in a local market.Rent (per month)antity of apartments supplied$800 100$700 80$600 60$500 40$400 20$300 0a. Draw the supply curve for
1. 2. Suppose the maximum willingness to pay for a new iPhone by different consumers in a market is given in the table below.Consumer Consumer Maximum Willingness to Pay Maximum Willingness to
1.1. Consider the following demand sedule for umbrellas at a local store:Priceantity demanded per day$20 0$18 5$16 10$14 15$12 20$10 25a. Draw the demand curve for umbrellas. Be sure to label
1. 23. What is market failure?
1. 22. What is the laissez-faire approa to government regulation?
1. 21. How does a price floor affect consumer and producer surplus?
1.20. What limits the quantity sold with a price floor: supply or demand?
1. 19. What is a price floor? How can it be represented in a supply-and-demand graph?
1. 18. What is a deadweight loss? How is it represented in a supply-and-demand graph?
1. 17. How does a price ceiling affect consumer and producer surplus?
1. 16. What limits the quantity sold with a price ceiling: supply or demand?
1.15. What is a price ceiling? How can it be represented in a supply-and-demand graph?

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