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microeconomics

Questions and Answers of Microeconomics

Q-10 Is it likely that all U.S. jobs one day will have moved abroad?Why or Why not?
Q-9 How does globalization reduce the costs of production?
Q-8 True or false? Two countries can achieve the greatest gains from trade by each producing the goods for which it has a comparative advantage and then trading those goods
Q-7 Steve can bake either 4 loaves of bread or 8 dozen cookies a day.Sarah can bake either 4 loaves of bread or 4 dozen cookies a day. Show, using production possibility curves, that Steve and Sarah
Q-6 What argument underlies the general laissez-faire policy argument?
Q-5 When a natural disaster hits the midwestern United States, where most of the U.S. butter is produced, what happens to the U.S. production possibility curve for guns and butter?
Q-4 Your firm is establishing a trucking business in Saudi Arabia. The managers have noticed that women are generally paid much less than men in Saudi Arabia, and they suggest that hiring women would
Q-3 Identify the point(s) of inefficiency and efficiency. What point(s) are unattainable? Y B A X C D
Q-2 If no resource had a comparative advantage in the production of any good, what would the shape of the production possibility curve be? Why?
Q-1 In the graph below, what is the opportunity cost of producing an extra unit of good X in terms of good Y ? Y 5 4 3 2 1 0 1 2 3 4 5 X
LO2-4 Explain how globalization is guided by the law of one price.
LO2-3 State how, through comparative advantage and trade, countries can consume beyond their individual production possibilities.
LO2-2 Relate the concepts of comparative advantage and efficiency to the production possibility curve.
LO2-1 Demonstrate trade-offs with a production possibility curve.
12. Is a good economist always objective? Explain your answer.
11. Prospect theory suggests that people are hurt more by losses than they are uplifted by gains of a corresponding size. If that is true, what implications would it have for economic policy?
10. Name three ways a limited number of dormitory rooms could be rationed. How would economic forces determine individual behavior in each? How would social or legal forces determine whether those
9. Tyler Cowen, an economist at George Mason University, presents an interesting case that pits the market against legal and social forces. The case involves payola—the payment of money to disk
8. Name an economic institution and explain how it affects economic decision making or how its actions reflect economic principles.
7. About 100,000 individuals in the United States are waiting for organ transplants, and at an appropriate price many individuals would be willing to supply organs. Given those facts, should human
6. Go to two stores: a supermarket and a convenience store.a. Write down the cost of a gallon of milk in each.b. The prices are most likely different. Using the terminology used in this chapter,
5. Economics is about strategic thinking, and the strategies can get very complicated. Suppose you kiss someone and ask whether the person liked it. You’d like the person to answer “yes” and
4. A Wall Street Journal article asked readers the following questions. What’s your answer?a. An accident has caused deadly fumes to enter the school ventilation system where it will kill five
3. Adam Smith, who wrote The Wealth of Nations, and who is seen as the father of modern economics, also wrote The Theory of Moral Sentiments . In it he argued that society would be better off if
2. Economist Steven Landsburg argues that if one believes in the death penalty for murderers because of its deterrent effect, using cost/benefit analysis we should execute computer hackers—the
1. At times we all regret decisions. Does this necessarily mean we did not use the economic decision rule when making the decision?
6. Radical economists believe that all of economics, like all theorizing or storytelling, is value-laden.Theories and stories reflect the values of those who compose them and tell them. For instance,
5. The textbook model assumes that individuals have enough knowledge to follow the economic decision rule.a. How did you decide what college you would attend?b. Did you have enough knowledge to
4. In October of 2004, the supply of flu vaccine fell by over 50 percent. The result was that the vaccine had to be rationed, with a priority schedule established: young children, people with
3. Economic institutions are “habits of thought” that organize society.a. In what way might patriarchy be an institution and how might it influence the labor market?b. Does the free market or
2. In “Rational Choice with Passion: Virtue in a Model of Rational Addiction,” Andrew M. Yuengert of Pepperdine University argues that there is a conflict between reason and passion.a. What might
1. Is it possible to use objective economic analysis as a basis for government planning? (Austrian)
18. State whether the following statements belong in positive economics, normative economics, or the art of economics. ( LO1-5 )a. In a market, when quantity supplied exceeds quantity demanded, price
17. What is the difference between normative and positive statements? ( LO1-5 )
16. Distinguish between theorems and precepts. Is it possible for two economists to agree about theorems but disagree about precepts? Why or why not? ( LO1-4 )
15. Does economic theory prove that the free market system is best? Why? (Difficult) ( LO1-4 )
14. What is an economic model? What besides a model do economists need to make policy recommendations? ( LO1-4 )
13. Individuals have two kidneys, but most of us need only one. People who have lost both kidneys through accident or disease must be hooked up to a dialysis machine, which cleanses waste from their
12. Give two examples of political or legal forces and explain how they might interact with economic forces. ( LO1-3 )
11. Give two examples of social forces and explain how they keep economic forces from becoming market forces. ( LO1-3 )
10. Suppose your college has been given $5 million. You have been asked to decide how to spend it to improve your college. Explain how you would use the economic decision rule and the concept of
9. Suppose you currently earn $30,000 a year. You are considering a job that will increase your lifetime earnings by $300,000 but that requires an MBA. The job will mean also attending business
8. What is the opportunity cost of buying a $20,000 car? ( LO1-2 )
7. Economists Henry Saffer of Kean University, Frank J.Chaloupka of the University of Illinois at Chicago, and Dhaval Dave of Bentley College estimated that the government must spend $4,170 on drug
6. You rent a car for $29.95. The first 150 miles are free, but each mile thereafter costs 15 cents. You plan to drive it 200 miles. What is the marginal cost of driving the car? ( LO1-2 )
5. List one recent choice you made and explain why you made the choice in terms of marginal benefits and marginal costs. ( LO1-2 )
4. Calculate, using the best estimates you can: ( LO1-2 )a. Your opportunity cost of attending college.b. Your opportunity cost of taking this course.c. Your opportunity cost of attending
3. List two microeconomic and two macroeconomic problems. ( LO1-1 )
2. State whether the following are primarily microeconomic or macroeconomic policy issues: ( LO1-1 )a. Should U.S. interest rates be lowered to decrease the amount of unemployment?b. Will the fact
1. Why does the textbook author focus on coordination rather than on scarcity when defining economics? ( LO1-1 )
Q-10 Tell whether the following five statements belong in positive economics, normative economics, or the art of economics.1. We should support the market because it is efficient.2. Given certain
Q-9 John, your study partner, is a free market advocate. He argues that the invisible hand theorem tells us that the government should not interfere with the economy. Do you agree?Why or why not?
Q-7 There has been a superb growing season and the quantity of tomatoes supplied exceeds the quantity demanded. What is likely to happen to the price of tomatoes?
Q-8 True or false? Economists should focus their policy analysis on institutional changes because such policies offer the largest gains.
Q-6 Your study partner, Joan, states that market forces are always operative.Is she right? Why or why not?
Q-5 Ali, your study partner, states that rationing health care is immoral—that health care should be freely available to all individuals in society.How would you respond?
Q-4 John, your study partner, has just said that the opportunity cost of studying this chapter is about 138 the price you paid for this book, since the chapter is about 138 of the book. Is he
Q-3 Can you think of a reason why a cost/benefit approach to a problem might be inappropriate?Can you give an example?
Q-2 Say you bought a share of Oracle for $100 and a share of Cisco for $10. The price of each is currently $15. Assuming taxes are not an issue, which would you sell if you need $15?
Q-1 Classify the following topics as primarily macroeconomic or microeconomic:1. The impact of a tax increase on aggregate output.2. The relationship between two competing firms’ pricing
LO1-5 Distinguish among positive economics, normative economics, and the art of economics
LO1-4 Explain how economic insights are developed and used.
LO1-3 Explain real-world events in terms of economic forces, social forces, and political forces.
LO1-2 Discuss various ways in which economists use economic reasoning.
LO1-1 Define economics and identify its components.
2. how many units of goods or services to produce in order to maximize profits.
1. what price to charge and
How do we know if the monopolist is making a profit or a loss?
How does the monopolist determine the profit-maximizing output?
How is perfect competition economically efficient?
What are increasing-cost and decreasing-cost industries?
What are constant-cost industries?
What is the long-run equilibrium for the competitive firm?
What happens to economic profits and losses in the long run?
3. If a firm is competing in a perfectly competitive market, which should they be concerned more about—revenues or profits—and why?
2. Can you describe why you think firms that are competing strictly on price tend to be large firms? Why can’t smaller firms compete with these large firms? Do you see this as a barrier to entry
1. Can you think of any business that competes in an absolutely perfectly competitive market in which price is the only deciding factor of the product?Can you describe the attributes of that product?
Can we review the short-run production decisions of an individual competitive firm?
What is the individual firm’s short-run supply curve?
How do we determine if a firm is generating an economic profit or loss?
How do firms maximize profits?
What is average revenue and marginal revenue?
What effect will a change in market price have on an individual price taker’s?
What does the individual price taker’s demand curve look like?
Why is it useful to study the perfectly competitive market structure?
What are the four major market structures?
Suppose an oil producer’s average total cost of producing a barrel of oil has been $20 a barrel and the oil producer can sell that oil to a distributor for $23 a barrel. On average, this seems like
What is likely to happen to your marginal costs when adding output requires working beyond an eight-hour day, if workers must be paid time-and-a-half wages beyond an eight-hour day?
As a movie exhibitor, you can choose between paying a flat fee of $5000 to show a movie for a week and paying a fee of $2 per customer. Will your choice affect your fixed and variable costs? How?
Why would cost curves shift?
How is the long-run average total cost curve created?
What is the relationship between marginal cost and average variable and average total cost?
What is the relationship between marginal and average amounts?
What is marginal cost?
What are average costs?
What are fixed costs, variable costs, and total costs?
How does production in the short run behave?
What is the difference between the short run and the long run?
What are profits?
3. Considering your response to question (2) above, do you think firms should directly benefit from the positive externalities that their firms produce for society? If so, how could society

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