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macroeconomics principles

Questions and Answers of Macroeconomics Principles

1.2. What is a model? How does the ceteris paribus assumption simplify the creation of a model?
1.1. What are the three main modes of economic investigation? Describe each.
1. 2. “Indeed it has been said that democracy is the worst form of government,” said British Prime Minister Winston Churchill (1874 1965), “except all those other forms that have been tried
1.1. In what sense is the term “market” being used in each of the following sentences? “Go to the market and get some bananas.” “The market is the best invention of humankind.” “The
1. 2. Consider the following activities. Which ones do you think would expand society’s PPF in the future? Which ones would shrink it? (There may be room for disagreement on some.)a. Increasing
1.1. Suppose that your study time can be allocated to studying either for this course or for another course. Your two “outputs” are your grades in each course. Draw a production possibilities
1. 2. Model building is sometimes compared to map making. If someone asks you how to get to your house, what will you put on the map you draw for them? What if the question asked has to do with the
1.1. Consider the following examples of investigation. For each one, indicate which mode of investigation it most closely represents—empirical, theoretical, or historical.a. A biologist tries to
1. 5. Match each concept in Column A with a definition or example in Column B:Column Aa. Keynesian economics Column B 1. Lowering the income tax rateb. Classical economicsc. Monetary policyd. Fiscal
1. 4. State whether the following statements are true or false. If false, also write a corrected statement.a. Fiscal policy refers to government influences on credit and interest rates.b.
1. 3. State whether the following statements are true or false. If false, also write a corrected statement.a. Macroeconomics is about the activities of government agencies.b. Economic growth always
1. 2. Classify each of the following as to whether it is an example of a positive question or a normative question (some may have elements of both).a. “What is the level of country x’s national
1.1. The more you pay attention to what is going on in the macroeconomy around you, the more meaningful this class will be to you. Find an article in a newspaper or newsmagazine (hard copy or online)
1. 10. Name two or more global issues that will likely shape the development of macroeconomics in the twenty-first century.
1. 9. What historical developments and concerns motivated—and what beliefs characterized—the classical economists? The school of Keynesian economics? The work of the monetarists? The synthesis of
1. 8. What is the “precautionary principle”?
1. 7. What global developments have caused financial, social, and ecological sustainability or restoration to become increasingly prominent as macroeconomic concerns?
1. 6. Why are macroeconomic fluctuations a cause for concern?
1. 5. What is economic development? What factors are important in ensuring that economic growth benefits a country’s population as a whole?
1. 4. What is meant by “living standards growth”? Is this the same as“economic growth”?
1. 3. What is the difference between positive and normative questions?
1. 2. How does macroeconomics differ from microeconomics?
1.1. What is economics?
1. 2. The fact that economists do not always agree and that there are alternative “schools” of macroeconomic thought can sometimes seem confusing. It may help to think about or discuss in a group
1.1. Which major historical events influenced the development of macroeconomics as a field of study? In addition to the problems listed in the text, do you think there are other current problems that
1. 2. No one would argue that the goal of macroeconomics is to make people worse off! Yet this outline of macroeconomic goals suggests that trying too hard to achieve some narrowly defined goals may
1.1. Which of the macroeconomic goals discussed in this section do you think should have the highest priority? Why? Are there other major goals that you think are missing from the preceding
1. ■ Are economic activities ecologically sustainable into the future? Is the natural environment that supports life being treated in a way that will sustain its quality into the future? Or is it
1. ■ Are economic activities socially sustainable into the future? Are disparities between the “haves” and the “have-nots” accelerating or diminishing? Are they based on justifiable
1.■ Are economic activities financially sustainable into the future? Or is a country incurring a high amount of debt that may create a heavy burden on its future inhabitants?
1.2. Are you familiar with the following terms? While you will study them in detail in this course, see how well you can come up with a definition for them just from your previous knowledge. (It does
1.1. You have evidently made a decision to dedicate some of your personal resources of time and money in college to studying economics. Why?What do you hope to learn in this course that will be
1. 3. Mat ea concept in Column A with an example in Column B.Column A Column Ba. A legal barrier to entry 1. Lobbying to get a concessionb. Predatory pricing 2. Patent rightsc. Rent-seeking
1. 2. Suppose that two oligopolistic retail ains are considering opening a new sales outlet in a particular town. e anges to ea firm’s profits, depending on the actions taken, are given
1.1. When Braeburn Publishing priced its poetry book at $5, it sold 5 books, and when it priced the volume at $8, it sold 4 books. You can calculate that its revenues were higher with the higher
1. 17. How can government lobbying be reformed to reduce the negative social impacts of market power?
1. 16. What is some of the evidence suggesting further regulation of market concentration is warranted?
1. 15. What are concentration ratios, and how can they determine whether an industry is oligopolistic?
1. 14. How can firms in oligopoly markets cooperate to increase profits?
1. 13. Demonstrate how a payoff matrix can be used to model business behavior in a duopoly.
1. 12. What market conditions aracterize oligopoly?
1. 11. Are monopolistically competitive markets efficient? Explain.
1. 10. How is a monopolistically competitive firm imagined to maximize profits?
1. 9. What market conditions aracterize monopolistic competition?
1. 8. Explain, with a graph, how a price-discriminating seller behaves.
1. 7. List and describe four cases in whi monopolies might be efficient.
1. 6. Explain, with a graph, how monopoly market power generally leads to inefficiency.
1. 5. In what ways are monopolies inefficient?
1. 4. How does a pure monopolist maximize profits?
1. 3. Describe three types of barriers to entry, giving examples of ea.
1. 2. What market conditions aracterize pure monopoly?
1.1. List and briefly define the three idealized market structure types in addition to perfect competition.
1. 2. Suppose that a seller in a duopoly needs to decide whether to spend a lot or a lile on advertising.Assume that the consumers are already reasonably well informed about the product, so the
1.1. What would it mean for two sellers to act noncooperatively, in a “prisoner’s dilemma” manner? What real world examples can you think of? What, instead, would it mean for these two sellers
1. 2. Do you think that the amount of variety in the goods and services that you are offered as a consumer is excessive? Just about right? Too limited? Do some forms of nonprice competition have
1.1. ink of a somewhat differentiated good or service that you can buy locally in any number of different places—for example, a gallon of gasoline or a cup of coffee. Do you observe differences
1. 2. Does it sometimes make sense to have just one company in arge of providing something? Some users of electronics are frustrated by the la of compatibility among their gadgets and between
1.1. On many campuses, the official college or university bookstores used to have monopoly power in selling textbooks to students. What would you call this kind of monopoly? Is it still the case at
1. 5. Mat ea item in Column A with an example in Column B.Column A Column Ba. Condition for perfect competition 1. Accounting profitsb. Business perspective on competition 2. I buy an iPhone
1. 4. Suppose that a perfectly competitive firm manufactures gizmos with the following cost structure(including all opportunity costs):antity of gizmos Total cost ($)0 75 1 150 2 250antity of
1.3. Continuing with the bicycle firm described in the previous problem, consider how the firm’s decision making will ange as the price of bicycles anges. For ea of the following, make a
1. 2. Suppose a firm that manufactures bicycles has the following cost structure:antity of bicycles Total cost ($)0 50 1 100 2 200 3 400 4 800a. How mu does this firm have in fixed costs?b.
1.1. e Top Not Grill’s marginal costs of producing take-out meals are described below.antity of meals Marginal cost ($)0 16 25 37 410antity of meals Marginal cost ($)5 12 6 17a.
1. 19. Under what conditions are perfectly competitive markets economically efficient?
1. 18. What are network externalities?
1. 17. What is path dependence?
1. 16. Would a seller be expected to operate at a loss in the long run?
1. 15. How should a producer decide whether to operate at a loss or shut down production in the short run?
1. 14. What is a sunk cost? How does it influence production decisions, according to economic theory?
1. 13. What is the perfectly competitive market equilibrium?
1. 12. What is the graphical relationship between market conditions and an individual perfectly competitive seller’s production decision?
1. 11. What happens to economic profits in a perfectly competitive market in the long run?
1. 10. What is the rule for profit maximization using marginal analysis?
1. 9. How do we determine the profit-maximizing level of production using analysis of total costs and total revenues?
1. 8. What is the difference between accounting and economic profits?
1. 7. What does the demand curve for a perfectly competitive seller look like?
1.6. What are the four conditions of perfect competition?
1.5. What is the economists’ perspective on competition and market power?
1. 4. What is the citizen perspective on competition and market power?
1. 3. What is the consumer perspective on competition and market power?
1. 2. What is the business perspective on competition and market power?
1. 2. An interesting book published in the 1990s, titled No Contest, argues for the restructuring of society to promote cooperation rather than competition. e book contends that the pervasive
1.1. Try to think of other examples, not mentioned in the text, of path dependence or network externalities. Do you think that these situations are inefficient? Do you think that government policy
1.2. Suppose that you are halfway through a particular course and you decide that you are not learning anything useful and the rest of the course is not worth your effort (obviously we are not
1.1. “Why would anyone run a business if he couldn’t make a profit?” is is a frequent response to economists’ idea that all firms in a particular market make zero “economic profits.”a.
1. 2. How useful do you think the model of a perfectly competitive market presented in this section is in explaining economic behavior in the real world? What do you think is the most relevant
1.1. Explain, in your words without a table or a graph, why economic profits fall to zero in a perfectly competitive market.
1. 2. In addition to the markets mentioned in this section, can you think of any other markets that meet the assumptions of perfect competition?
1.1. Suppose that you are thinking of starting your own business. Would you want to start a business in a perfectly competitive market? What do you think are the advantages and disadvantages of
1. 2. Can you think of an example of an economic actor that is not a business firm but that has “market power” in the sense defined in the text?
1.6. Suppose that in her first hour of work, Lynn can hand-knit four pairs of miens. During her second consecutive hour, Lynn can hand-knit three additional pairs of miens, and during her third
1.5. Ramona designs Web pages and needs the jolt that she gets from the caffeine in cola drinks to keep herself awake and alert. e total product curve for the relationship between her cola
1. 4. Suppose that you have started a small business offering computer consulting. Mat ea concept in Column A with an example in Column B.Column A Column Ba. Fixed input 1. e more months
1.3. e production relationship between the number of apters that Tiffany studies in her history book(the variable input) and the number of points that she will earn on a history exam (the
1. 2. A nonprofit organization dedicated to health care wants to open a new hospital near a residential neighborhood. A group of residents of that neighborhood protests this decision, claiming that
1. 18. How do we define the efficient scale of production?
1.17. Sket a long-run average cost curve illustrating economies of scale, constant returns to scale, and diseconomies of scale.
1.16. What are economies of scale?
1. 15. What are average costs?
1. 14. Sket a total cost curve illustrating fixed cost and decreasing, constant, and increasing marginal costs.

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