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macroeconomics principles

Questions and Answers of Macroeconomics Principles

If the graph of the relationship between two variables slopes. upward (to the right), the graph has a positive slope.
Stretching or compressing the scale on an axis can be misleading.
Suppose your friend, who is a history major, claims that economic models are useless because they are so unreal- istic. He claims that since the models leave out so many descriptive details about the
Perhaps the biggest economic question is "How can we organize our lives so that when each of us makes choices in our self-interest, these choices also promote the social interest?" When Nike builds a
Indicate whether each of the following statements is positive or normative. If it is normative (positive), rewrite it so that it becomes positive (normative).a. The government ought to reduce the
Starting fresh, if the price of a bumper car ride rises to $8, how many rides will Branko now take? Explain why.
Assume Branko's benefits are the same as in Short Answer Problem
a. If Branko chooses by comparing total benefit and total cost, how many rides will be take? TABLE 1 Ride 1st 2nd 3rd Marginal benefit 10 7 4 Marginal cost 5 5 5b. If Branko chooses by comparing
Branko loves riding the bumper cars at the amusement park, but he loves the experience a little less with each suc- cessive ride. In estimating the benefit he receives from the rides, Branko would be
Suppose the government builds and staffs a hospital to pro- vide "free" medical care.a. What is the opportunity cost of the free medical care?b. Is it free from the perspective of society as a whole?
Ashley, Doug, and Mei-Lin are planning to travel from Halifax to Sydney. The trip takes one hour by airplane and five hours by train. The air fare is $100 and train fare is $60. They all have to take
"If all people would only economize, the problem of scar- city would be solved." Agree or disagree, and explain why.
The common element to making personal, business, and government policy decisions is to evaluatea. total benefits and total costs to find greatest gain.b. marginal benefits and marginal costs to find
Which of the following statements is false? An economic modela. is tested by comparing predictions with the facts.b. is difficult to test because of the simultaneous operation of many factors.c.
A normative statement is a statement regardinga. what is usually the case.b. the assumptions of an economic model.c. what ought to be.d. the predictions of an economic model.e. what is.
Which of the following statements is normative?a. Scientists should not make normative statements.b. Warts are caused by handling toads.c. As compact dise prices fall, people will buy more of them.d.
Which of the following is a positive statement?a. Low rents will restrict the supply of housing.b. High interest rates are bad for the economy.e. Housing costs too much.d. Owners of apartment
A positive statement isa. about what ought to be.b. about what is.c. always true.d. capable of evaluation as true or false by observation and measurement.e. b and d.
Monika will choose to eat a seventh pizza slice ifa. the marginal benefit of the seventh slice is greater than its marginal cost.b. the marginal benefit of the seventh slice is less than its marginal
Economists assume thata. self-interested actions are all selfish actions.b. consumers and producers pursue their self-interest while politicians and public servants pursue the social interest.c.
Marginal benefit is thea. total benefit of an activity.b. additional benefit of a decrease in an activity.c. additional benefit of an increase in an activity.d. opportunity cost of a decrease in an
Which of the following sayings best describes opportunity cost?a. "Make hay while the sun shines."b. "Money is the root of all evil."c. "Boldly go where no one has gone before."d. "There's no such
The opportunity cost of attending universitya. depends on what you expect to eam with your degree.b. must be greater than the money cost of attending university.c. must be less than the money cost of
Renata has the chance to either attend an economics lecture or play tennis. If she chooses to attend the lecture, the value of playing tennis isa. greater than the value of the lecture.b. not
When the government chooses to use resources to build a dam, those resources are no longer available to build a high- way. This illustrates the concept ofa. a market.b. macroeconomics.c. opportunity
When boats fish in international waters, that is certainly a(n)a. self-interested choice.b. altruistic choice.c. globalization choice.d. factor of production choice.e. choice in the social interest.
The knowledge and skill obtained from education and training isa. labourb. human capital.c. physical capital.d. entrepreneurship.e. technological know-how.
Which statement about incomes earned by factors of production is false?a. Land earns rent.b. Natural resources car rent.e. Labour earns wages.d. Capital earns profit.e. Entrepreneurship earns profit.
All of the following are resources excepta. natural resources.b. tools.c. entrepreneurship.d. government.e. land.
The trends over the past 60 years in what we produce show that has shrunk. has expanded and.a. manufacturing; servicesb. manufacturing: agriculturec. agriculture; services.d. agriculture;
The two big economic questionsa. arise from scarcity.b. summarize the scope of economics.c. describe choices we make.d. examine incentives that influence choices.e. are all of the above.
The first big economic question about goods and services includes all of the following excepta. what to produce.b. why produce.c. how to produce.d. what quantities to produce.e. who gets what is
Microeconomics studies all of the following except thea. decisions of individual firms.b. effects of government safety regulations on the price of cars.c. global economy as a whole.d. prices of
The branch of economics that studies the choices of indi- vidual households and firms is calleda. macroeconomics.b. microeconomics.c. positive economics.d. normative economics.e. home economics.
The problem of scarcity existsa. only in economies with government.b. only in economies without government.c. in all economies.d. only when people have not optimized.e. now, but will be eliminated
Scarcity differs from poverty because available resources is called the problem ofa. opportunity cost.c. b. scarcity. normative economics.d. what to produce.e. who will consume.a. resources exceed
The fact that human wants cannot be fully satisfied with
Economics is a useful policy tool for governments and businesses, but not for individuals.
The main economics policy tool is to compare total costs act selfishly. and total benefits to find the solution with the greatest gain.
Economists assume that it is human nature for all people to
Economists test positive statements about how the world works to weed out those that are wrong.
Tradeoffs and opportunity costs are the key concepts for understanding the economic way of thinking.
A positive statement is about what is, while a normative statement is about what will be.
When the opportunity cost of an activity increases, the incentive to choose that activity increases.
Choices made in the pursuit of self-interest always promote the social interest.
In economics, the definition of "capital" includes financial assets like stocks and bonds.
"When do choices made in the pursuit of the social interest also promote self-interest?" is one of the big economic questions.
In economics, the definition of "land" includes nonrenew- able resources but excludes renewable resources.
"How do choices determine what, how, and for whom goods and services are produced?"" is one of the big economic questions. Two Big Economic Questions
Economics studies the choices people make to cope with scarcity and the institutions that influence and reconcile choices.
Entrepreneurs bear the risks arising from the business deci- sions they make.
Economics explains how we use unlimited resources to satisfy limited wants.
15. (LO 7) Can an economy grow too fast? What might be some of the problems of high growth?
14. (LO 7) Does a high income level mean a higher standard of living? Why, or why not?
13. (LO 6) Assume that an economy can produce either 300 tonnes of coffee and no rubber, or 100 tonnes of rubber and no coffee. You may further assume that this 3:1 coffee/rubber ratio is constant.
12. (LO 3) Kant Skatte is a professional player in the National Hockey League. Because he loved the game so much, Kant dropped out of high school and worked very hard to develop his physical strength
11. (LO 5) To what extent is the organization of a family based on the four Cs? Give examples of how each of the four Cs is used to assign household chores to its members. What blend of the four Cs
10. (LO 2) Explain the analogy between the use of theory and the use of a map.
9. (LO 6) Suppose the country of Catalona produces leather shirts and leather moccasins, and the production of each requires the same amount of leather and the same tools.Workers in Catalona are
8. (LO 6) Illustrate economic growth using a production possibilities curve (remember to label the axes). What are two possible causes of economic growth?
7. (LO 2, 6) Write down a normative statement that relates to economics. Next, change your statement to make it a positive one.
6. (LO 5) Identify and explain the four factors of production and the names given to payments received by each.Intermediate (Problems 7–9)
5. (LO 2) Explain why the discipline of economics is sometimes called the science of choice.
4. (LO 3) Below is a list of economic goods. You are to decide whether each is a consumer good (C), a capital good(K), or possibly both (B), depending on the context in which it is used.a) A pair of
3. (LO 3) Below is a list of resources. Indicate whether each is labour (L), capital (K), land (N), or enterprise (E).a) An irrigation ditch in Manitobab) The work done by Jim Plum, a labourer who
2. (LO 2) Identify each of the following statements as positive or normative:a) Canada is the best country in the world to live in.b) Canada’s national income has risen for the last five years.c)
1. (LO 7) Match the letters on the left with the numbers on the right. Place the correct letter in the blank. (Data refer to Canada.)a) over $40 000 per person 1. inflationb) 2.2 percent per year 2.
(LO 6) Table 1.21 contains the production possibilities data for capital goods and consumer goods in the economy of New Harmony.Please see the Answer Key (on Connect) for the solution to the
10. (L0 4) Below are the data for the maximum production of the only two products for the countries of Oz and Zas.Oz 40 food units OR 20 equipment units Zas 20 food units OR 30 equipment unitsa) If
Consumer goods 50 40 30 20 10 0 TABLE 1.18 Hours Pages 2 80 4 130 6 160 8 175 10 180a) From this information, complete the production possibilities in Table 1.20b) From Table 1.19, draw Jennifer’s
9. (LO 6) Jennifer is planning how to spend a particularly rainy Sunday, and the choice is between watching video movies (each lasting two hours) or studying her economics textbook. She has 10 hours
8. (LO 6) The data in Table 1.18 are for the small country of Xanadu. Assume that the economy is originally producing combination C, but technological change occurs that enables it to produce 60
7. (LO 5) The data below show the total production (in millions) of the only two goods produced in Kitchener and Waterloo, two small planets in deep space:Kitchener: 16 kiwis or 12 trucks; Waterloo:
6. (LO 6) Shangri-La produces only two goods: bats and balls. Each worker comes with a fixed quantity of material and capital, and the economy’s labour force is fixed at 50 workers. Table 1.16
Number of Production Number of Production Workers of Balls Workers of Bats 0 0 0 0 10 150 10 20 20 250 20 36 30 325 30 46 40 375 40 52 50 400 50 55 TABLE 1.16a) From these data, calculate Utopia’s
4. (LO 6) Utopia produces only two products: cheese and wine. The production levels are shown in Table 1.13.A B C D E F Cheese 0 Wine 0 TABLE 1.14 A B C D E F Wheat 0 20 35 45 50 52 Cars 21 20 18 14
3. (LO 6) Table 1.12 shows the production possibilities for the country of Emilon.A B C D E Rice 0 50 90 120 140 Beef 50 45 35 20 0 TABLE 1.12 CHEESE WINE% Inputs Output % Inputs Output 0 0 0 0 20 30
2. (LO 6) Table 1.11 shows the production possibilities for the country of Emilon.Complete the following (approximate) possibilities for Emilon:a) 130 rice and beefb) rice and 40 beef Which of the
How much tea is gained and what is the cost in coffee?a) In moving from u to v tea is gained at the cost of .b) In moving from w to x tea is gained at the cost of .c) In moving from y to z tea is
1. (LO 6) Answer the questions below based on Figure 1.12, which is for the country of Quantz
17. Graph the following equations on a single graph, using the same scale for each axis, with the horizontal axis to 120 and the vertical axis to 200, both in squares of 10.a) Y = ½Xb) Y = 40 + Xc)
16. What are the equations that correspond to the four lines shown in Figure T.14?
15. What are the values of the slopes of the four lines shown in Figure T.13?
Price per CD Quantity (hundreds of thousands)$20 20 19 30 18 40 17 50 16 60 15 70 14 80a) Graph the table with the price on the vertical (y) axis and the quantity on the horizontal (x) axis.b) What
13. Given the lines shown in Figure T.12, complete the following tables, and calculate the equations for the lines:a) Y X 020 40 60 80 100 Y X 020 40 60 80 100 b)FIGURE T.12 TABLE T.12
12. Complete the following schedules, and plot the following equations:a) Y = -200 + 2X Y X 0100 200 300 400 Y X 0100 200 300 400b) Y = 500 - 4X
11. Table T.11 shows the dollar value of commercial sea fishing in Canada for 2002.a) From these data, construct a bar chart.b) Construct a pie chart showing the percentage of the total that each
10. T or F The logic fallacy post hoc, ergo propter hoc means“after this, therefore because of this.”
9. T or F If the equation Y = 5 + 2X were plotted, the slope of the line would be equal to 1/2.
8. T or F The slope of a straight line is measured by dividing the run by the rise.
7. T or F Since disposable income and consumer spending both rise together over time, there is a direct relationship between the two.
6. T or F Three popular types of graphs are pie charts, bar graphs, and line graphs.
5. T or F Spending on social services is the largest category of spending by (all) governments in Canada.
4. T or F The largest single source of government tax revenue is personal income taxes.
3. T or F Over 50 percent of Canada’s exports are resources.
2. T or F Ontario has the largest provincial economy and the largest provincial population, and it is Canada’s largest province in area.
1. T or F Canada is the world’s largest country in area and has 1 percent of the world’s population.
“Given the incentive of elected political officials to spend and their reluctance to tax, two-thirds approval of the House and Senate should be required for both spending measures and increases in
Does an increase in the national debt increase the supply of money (M1)? Can the money supply increase when the U.S. Treasury is running a budget surplus?
How does foreign ownership of Treasury bonds influence the incentive of U.S. policy makers to follow sound policies? Is this good or bad? Explain.*

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