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microeconomics

Questions and Answers of Microeconomics

1. Does this production possibilities curve show increasing opportunity costs? Explain.
What is the circular flow model?
What is the income flow?
What is the goods and services flow?
What are factor markets?
What are product markets?
What is a market failure?
How does a market system allocate scarce resources?
What are the roles of buyers and sellers in a market?
What is a market?
How can we summarize the production possibilities curve?
How do we show economic growth on the production possibilities curve?
What is the law of increasing opportunity costs?
How is opportunity cost measured?
What is efficiency?
Adam was a university graduate with a double major in economics and art.A few years ago, Adam decided that he wanted to pursue a vocation that utilized both of his talents. In response, he shut
Titanic, an epic romance about the sinking of the Titanic, has made the most money of any film in history. Unlike Titanic, Citizen Kane was not a box office success. Do you think Hollywood will make
Recently, the American Film Institute selected Citizen Kane as the best movie of all time. Citizen Kane is a fictional psychological biography of one of the most powerful newspaper publishers in
What are the three basic economic questions? How are decisions made differently in a market economy than in command economies?
Which region has a comparative advantage in the following goods?
The price of soybeans is $1.50 per kilogram and the price of corn is $0.60 per kilogram. Show the benefits to Fran of specialization. What should she specialize in?
Farmer Fran can grow soybeans and corn. She can grow 1500 kilograms of soybeans or 3000 kilograms of corn on a hectare of her land for the same cost.
Under China’s family planning laws (commonly referred to as its one-child policy), those who follow the policy are offered rewards, loans, and other forms of social assistance, depending on
The penalty for drug trafficking in Singapore is death. Do you think there would be more drug traffickers in Singapore if the mandatory sentence was five years, with parole for good behaviour?
Which of the following are positive incentives? Negative incentives? Why?a. a fine for not cleaning up after your dog defecates in the parkb. a trip to Hawaii paid for by your parents or significant
Imagine that you are trying to decide whether to cross a street without using the designated crosswalk at the traffic signal. What are the expected marginal benefits of crossing? What are the
Assume the total cost of producing widgets was $4200 for 42 units; $4257 for 43 units; $4332 for 44 units; and $4420 for 45 units.a. What is the marginal cost of producing the 43rd unit? The 45th
Assume the total benefits to Mark from trips to a local amusement park during the year are given by the following schedule: 1 trip, $60; 2 trips, $115;3 trips, $165; 4 trips, $200; 5 trips, $225; 6
Pizza Pizza once ran a promotion that whenever the Ottawa Senators scored six goals or more, Pizza Pizza gave everyone with a ticket to that day’s game a free slice of pizza. If holders of ticket
You work as a tutor at your school, making $15 per hour. Yesterday, you decided to cancel your two-hour tutoring appointment in order to meet friends for a coffee. The coffee cost you $3.50. What was
The price of a one-way bus trip from Toronto to Ottawa is $150. Sarah, a schoolteacher, pays the same price in February (during the school year) as in July (during her vacation), so the cost is the
9. Which of the following goods are scarce?a. garbageb. salt water in the oceanc. clothesd. clean air in a big citye. dirty air in a big/
8. The automotive revolution after World War II reduced the time involved for travel and shipping goods. This innovation allowed the Canadian economy to produce more goods and services since it freed
7. Explain the difference between poverty and scarcity.
6. Do any of the following statements involve fallacies? If so, which ones do they involve?
5. The following statement represents which fallacy in thinking? Explain why.
4. Which of the following economic statements are positive and which are normative?
3. Are the following statements normative or positive, or do they contain both normative and positive statements?a. A higher income tax rate would generate increased tax revenues. Those extra
2. Would the following topics be covered in microeconomics or macroeconomics?a. the effects of an increase in the supply of lumber on the home-building industryb. changes in the national unemployment
1. Write your own definition of economics. What are the main elements of the definition?
3. Who will get the goods and services?
2. How are the goods and services to be produced?
1. What is to be produced?
Who will get the goods and services?
How are the goods and services to be produced?
What is to be produced?
How do specialization and trade lead to greater wealth and prosperity?
What are positive and negative incentives?
Can we predict how people will respond to changes in incentives?
What do we mean by marginal thinking?
Why are “free” lunches not free?
What do we give up when we have to choose?
Why do we have to make choices?
3. Do you think entrepreneurs are born, or do you think anyone can learn to be an entrepreneur? What provides the foundation for your opinion?
2. From an economic perspective, what do you think differentiates entrepreneurs from others working in business?
1. What do you think is the single most important thing you’ll learn from studying economics that will assist you in your career?
3. For whom? Finding the answers requires a knowledge of the basics of economics decision making.
2. How to produce it?
1. What to produce?
What are goods and services?
What distinguishes macroeconomics from microeconomics?
What is economics?
What are positive analysis and normative analysis?
What distinguishes between correlation and causation?
Why are observations and predictions harder in the social sciences?
What are economic theories?
14. Suppose capital and labor are perfect substitutes in production for clothing: 2 units of capital or 2 units of labor produce 1 unit of clothing. Suppose capital and labor are perfect complements
10. If Crusoe and Friday regard food and clothing as perfect 1-for-1 substitutes, what should each produce?
5. How will your answer to Problem 4 change if A wants to sell 3 units of clothing and B wants to sell 2 units of food?
8. How might a critic respond to the claim that taxes always make the allocation of resources less efficient?
7. Why is the slope of the production possibilities frontier equal to the ratio of marginal production costs?
5. In general equilibrium, can there be excess demand for every good?
4. How do the initial endowments constrain where we end up on the contract curve?
2. Distinguish among the terms “Pareto superior,” “Pareto preferred,” and “Pareto optimal.”
1. You are the president of a small island nation that has never engaged in trade with any other nation. You are considering the possibility of opening the economy to international trade. The chief
1. In the economy shown in Figure 18W.11, suppose that a technical change occurs in the clothing industry that makes any given combination of labor and capital yield twice as much clothing as before.
2. For an economy like the one described above, suppose the price per unit of labor and the price per unit of capital are both equal to $4/hr. Suppose also that in clothing production we have
1. Suppose point S in Figure 18W.1 lies 25 units above OA and 25 units to the right of OA. Verify that Bill’s initial endowment at S is 75 units of food and 175 units of clothing.
1. Suppose Ann has an initial allocation of 50 units of food and 100 units of clothing in Figure 18W.4. She regards food and clothing as perfect, 1-for-1 substitutes. Bill regards them as perfect,
10. True or false: The fact that the voter turnout is significantly greater in close presidential elections than in one-sided ones provides clear support for the proposition that voters are rational.
7. Viewer-supported television stations often give contributors “free” gifts for making contributions at various levels. (“Two handsome News Hour coffee mugs for a donation of$120.”) Based on
4. Consider the scenario described in Problem 3, but now consider that the marginal cost of providing parks measured in hundreds of dollars is Determine the optimal size of local parks.
3. Ten identical consumers all have individual willingness-to-pay curves for a public good—say, local parks (where P is measured in hundreds of dollars and Q is measured in acres). Construct and
2. On the assumption that the public good described in Problem 1 is provided at the optimal level, how much should the state charge each citizen each time he or she uses the public good?
7. Why is a negative income tax, by itself, unable to solve the redistribution problem?
6. Describe two forms of inefficiency associated with rent seeking.
4. In what way does a private good produced under conditions of increasing returns to scale resemble a public good?Describe the trade-off between flexibility and cost that confronts users of such
3. Why would even rich citizens be likely to oppose having equal tax payments by rich and poor alike?
15. Same as Problem 14, except now the payoff values of each person area. If Smith and Jones are payoff maximizers and make their decisions individually, what will they do?b. If Smith and Jones can
14. Smith and Jones face the choice of driving to work early or late. If they both drive to work at the same time, each gets in the way of the other on the road, and so their daily commute takes
7. A village has six residents, each of whom has $1000. Each resident may either invest his money in a government bond, which pays 11 percent/yr, or use it to buy a year-old steer, which will graze
6. Give three examples of the tragedy of the commons on your campus.
5. Why do most property laws limit private coastal property to the waterline at high tide?
3. Suppose you are the party who can avoid a particular external effect at the lowest cost. Why might you favor a general rule that assigns liability to whichever party can avoid damage at the lowest
2. Does the assignment of liability matter for distributional reasons?
1. When negotiation costs are negligible, why is the assignment of liability for externalities irrelevant for efficiency?
8. Around 1890 the vineyards in Bordeaux were infected by Phylloxera, a louse that attacks the vine’s roots. To preserve the original grape varieties, the Bordeaux vines were grafted onto roots
4. If everyone’s marginal tax rate is 50 percent and if the interest rate on taxable government bonds is 8 percent, what will be the interest rate on nontaxable government bonds?
8. Who will typically achieve a higher expected return on their investments: young investors or older investors with more immediate need for retirement income?
7. Give three examples of peak-load pricing used in your community.

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