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microeconomics principles applications

Questions and Answers of Microeconomics Principles Applications

10. Using the demand and supply diagrams (one for each market), show what short-run changes in price and quantity would be expected in the following markets if terrorism-related worries about air
9. In the United States, corn is often used as an ingredient in animal feed for livestock. Why does an increase in the use of corn to make ethanol, an additive that is used in gasoline, raise the
8. Suppose the prices of illegal drugs fall in your community at the same time that police drug seizures increase. Which is the best explanation for this?a. Fewer drugs are being supplied locally.b.
7. Suppose you notice that the prices of fresh fish have been rising while the amounts sold have been falling in recent years. Which of the following is the best explanation for this?a. Consumer
6. Consider problem 5. Suppose that there is a drought in Sri Lanka that reduces the supply of tea by 400 billion pounds at every price. Suppose demand does not change.a. Write down in a table the
5. Consider the following supply and demand model of the world tea market (in billions of pounds).a. Is there a shortage or a surplus when the price is $.38? What about $.34?b. What are the
4. Suppose a decrease in consumers’ incomes causes a decrease in the demand for chicken and an increase in the demand for potatoes. Which good is inferior and which is normal? How will the
3. Use the supply and demand model to explain what happens to the equilibrium price and the equilibrium quantity for frozen yogurt in the following cases:a. There is a large expansion in the number
1. For each of the following markets, indicate whether the stated change causes a shift in the supply curve, a shift in the demand curve, a movement along the supply curve, and/or a movement along
5. Consider an upward-sloping straight line that has a slope of 1. It bisects the positive xy quadrant. Select any point on the line. What must be true about the distances between the origin and the
3. Consider two variables that change over time, which we will denote as Numerator and Denominator. Consider also a combination of the two variables, denoted as Ratio, formed by the formula:a. If
2. The following table shows the number of physical examinations given by doctors at an HMO with three different-size clinics: small, medium, and large. The larger the clinic, the more patients the
1. The table below presents data on the debt and the debt to GDP ratio predicted by the Congressional Budget Office for the United States for each year through 2015.a. Construct a time-series plot of
10. “When you look at the economies of the United States, Europe, or Japan, you see most of the ingredients of a market economy. For example, consider bicycles.Prices in the bicycle market are free
9. Suppose decreased production of oil in the Middle East causes the price of oil to rise all over the world.Explain how this change in the price signals information to U.S. producers of various
8. Tracy tells Huey that he can improve his economics grade without sacrificing fun activities or his grades in other courses. Can you imagine ways in which this might be possible? What does that
7. A small country produces only two goods, cars and cakes. Given its limited resources, this country has the following production possibilities:Cars Cakes 0 200 25 180 50 130 75 70 100 0a. Draw the
6. Suppose you must divide your time between studying for your math final and writing a final paper for your English class. The fraction of time that you spend studying math and its relation to your
5. Suppose Tina and Julia can produce brownies and romantic poems (which can be combined to make a lovely gift) in the following combinations in a given week:a. If Tina and Julia are each currently
4. Suppose you have 2 boxes of chocolate chip cookies and a friend of yours has 2 gallons of milk.Explain how you can both gain from trade. Is this a gain from trade through better allocation or
3. Allison will graduate from high school next June.She has ranked her three possible postgraduation plans in the following order: (1) work for two years at a consulting job in her hometown
2. Michelle Wie, a teenage golf prodigy who earned$16 million in endorsements and $4 million in prize money and appearance fees in 2006, announced that she would enroll as a student at Stanford
1. Suppose that you are president of the student government, and you have to decide how to allocate a $20,000 fund for guest speakers for the year.Conan O’Brien and Will Ferrell each cost $10,000
11. What roles do prices play in a market economy?
10. What are the three basic questions that any economic system must address?
9. What are the key ingredients of a market economy?
8. How can financial crises cause inefficiencies?
4.2 Which of the following consumption functions best fits the values in the table below?1. C = 10 + 0.5Y 2. C = 6 + 0.8Y 3. C = 4 + 0.7Y 4. C = 10 + 0.2Y
4.1 The data in the table below was used to estimate the following consumption function: C = 10 + 0.5Y On a graph, draw the consumption function and plot the points from the table. Calculate the
3.1 Of the following scenarios, which survey results are likely to be most statistically significant and which are likely to be least statistically significant. Explain your answer.Scenario 1: 1000
2.5 Refer to the previous problem. At the end of 2015, the mayor of East Magoo made the following statement:“Even after we increased the energy use tax, average power consumption increased in our
2.4 [related to the Economics in Practice on p. 493] The neighboring towns of East Magoo and West Magoo are divided by the Quincy River. The towns are similar in geographic size and population. The
2.3 [related to the Economics in Practice on p. 491] In 1991, economists Joshua D. Angrist and Alan B. Krueger published a study on the correlation between date of birth and years of schooling. The
2.2 [related to the Economics in Practice on p. 490] In a randomized one-year trial of 100 elm trees with Dutch Elm Disease, 50 are slated to receive only a fungicide treatment (we will call this
2.1 Identify each of the following scenarios as examples of causation, positive correlation or negative correlation and explain your answers.a. Most students who subscribe to online courses tend to
1.2 A classic example of selection bias occurred during World War II. During the war, the British were losing many airplanes over enemy territory and therefore decided to add armor plating to their
1.1 Describe the selection bias likely to exist in the following situations.a. A study of 3600 Australian children showed that children who sleep early and wake up early have a lower BMI as compared
3.2 The text mentions that in the developing world, teacher absenteeism is a serious problem, averaging 19 percent across six poor countries. An article in the Journal of Economic Perspectives states
3.1 As the text states, investment in human capital is an important ingredient for a nation’s economic growth. The data in the following table shows the net enrollment rates in primary school as a
2.12 You have been hired as an economic consultant for the nation of Dashtar. Dashtar is a developing nation that has recently emerged from a long civil war and, as a result, it has experienced
2.11 Explain how each of the following can limit growth of developing nations:a. Lack of saving and Investmentb. Unskilled laborc. Lack of social overhead capital
2.10 [related to the Economics in the Practice on p. 476] In addition to fewer marriages within extended families, explain what other positive effects are likely to occur in the rural, flood-prone
2.9 Although brain drain is generally associated with developing countries, the recent debt crisis in Greece has generated an exodus of highly educated human capital from this country. In Greece,
2.8 The distribution of income in a capitalist economy is likely to be more unequal than it is in a socialist economy.Why is this so? Is there a tension between the goal of limiting inequality and
2.7 [related to the Economics in Practice on p. 473]Corruption in a government is often accompanied by inefficiency in the economy. Why should this be true?
2.6 [related to the Economics in Practice on p. 479] Find another example of the use of cell phones as a way to improve market functioning in a developing economy
2.5 An offshoot of microfinance that has grown significantly over the past few years is an idea known as crowdfunding. With crowdfunding, individuals, businesses, and communities seek monetary
2.3 Poor countries are trapped in a vicious circle of poverty.For output to grow, they must accumulate capital. To accumulate capital, they must save (consume less than they produce). Because they
2.2 The GDP of any country can be divided into two kinds of goods: capital goods and consumption goods. The proportion of national output devoted to capital goods determines, to some extent, the
2.1 For a developing country to grow, it needs capital. The major source of capital in most countries is domestic saving, but the goal of stimulating domestic saving usually is in conflict with
1. What do you think happens to the overall marriage rate as a result of the embankment?
5.1 [related to the Economics in Practice on p. 461]The China–Australia Free Trade Agreement (ChAFTA)is a bilateral Free Trade Agreement (FTA) between the governments of Australia and China. It is
4.4 [related to the Economics in Practice on p. 456] In 2015, the United States and Cuba re-established diplomatic relations, reopening embassies in each other’s capitals for the first time since
4.3 Refer to the previous problem. Assume the market is opened to trade and Indonesia still enters the market by pricing coal at $40 per ton. But as a response to complaints from domestic coal
4.2 The following graph represents the domestic supply and demand for coal.a. In the absence of trade, what is the equilibrium price and equilibrium quantity?b. The government opens the market to
4.1 [related to the Economics in Practice on p. 455] As is stated in the text, NAFTA was ratified by the U.S. Congress in 1993 and went into effect on January 1, 1994, and aside from a few tariffs,
3.3 Some empirical trade economists have noted that for many products, countries are both importers and exporters. For example, India both imports and exports sports goods. How do you explain this?
3.2 You can think of the United States as a set of 50 separate economies with no trade barriers. In such an open environment, each state specializes in the products that it produces best.a. What
3.1 The following table shows imports and exports of goods during 2014-15 for India:exports(in rupee crores)imports(in rupee crores)Electrical machinery and equipment 6,200 20,276 Petroleum products
2.4 Great Britain and the United States produce cheddar cheese and blue cheese. Current domestic prices per pound for each type of cheese are given in the following table:Great Britain United States
2.3 The following table gives recent figures for yield per hectare (in kg/ha) in India and China Wheat Paddy India 1000 3500 China 4000 6600a. If we assume that farmers in India and China use the
2.2 India and Pakistan each produce only Wheat and Rice.Domestic prices are given in the following table:Product india Pakistan Wheat INR 400/Kg PKR 600 /Kg Rice INR 700/Kg PKR 900 /Kg If 1 INR = 1
2.1 Suppose Latvia and Estonia each produce only two goods, tractors and bobsleds. Both are produced using labor alone. Assuming both countries are at full employment, you are given the following
1.1 In terms of value of exports and imports, the top 5 trading partners of India are China, USA, Saudi Arabia, UAE and Republic of Korea. Go to www.infodriveindia.com and search for “India’s
6.2 The town of Mt. Pilot has a 3-member town council that is considering new infrastructure projects for the town:building a new park, buying a new fire truck, and repaving Main Street. The town
6.1 Annie, Blake, and Cornelia are triplets who are trying to decide on a name for their new bakery. They have narrowed their decision down to three choices, and the preferences of each are listed in
5.1 Suppose a special tax was introduced that used the value of one’s automobile as the tax base. Each person would pay taxes equal to 10 percent of the value of his or her car.Would the tax be
3.3 Assume that at a price of $12 per pound, the quantity of cashews demanded is 50 pounds. Now assume that the government imposes an excise tax on cashews of $3 per pound. Draw a graph showing
3.2 You are given the following information on a proposed“cigar tax” in the Republic of Panatela. Panatela collects no other specific excise taxes, and all other government revenues come from a
2.5 The market demand for product X is given by Qd= 6 - 1/2P and the market supply for good X is given by Qs = 2P -14, where P= price per unit.a. Draw a supply-and-demand graph with these curves.What
2.4 The graph below represents equilibrium in a competitive labor market both before and after a payroll tax, which is levied on the employer, has been implemented. Before the payroll tax, the
2.3 In calculating total faculty compensation, the administration of Doughnut University includes payroll taxes(Social Security taxes) paid as a benefit to faculty. After all, those tax payments are
2.2 For each of the following statements, do you agree or disagree? Why?a. Economic theory predicts unequivocally that a payroll tax reduction will increase the supply of labor.b. Corporate income
2.1 A citizens’ group in the Pacific Northwest has the following statement in its charter:■■ “Our goal is to ensure that large, powerful corporations pay their fair share of taxes in this
1.4 Each year around April 15, discussions heat up regarding the tax system in the United States. A number of people are in favor of replacing the current federal income tax with either a flat tax or
1.3 In the United States, 43 states have passed legislation to legalize lotteries, and the states use the lottery proceeds to raise revenue. If you view the price of a lottery ticket as a tax, do you
1.2 [related to the Economics in Practice on p. 425] Using the tax brackets and rates for 2014 on p. 425, compute the total tax for each of the following income levels for a single taxpayer. In each
1.1 Suppose that in 2015, Congress passed and the president signed a new simple income tax with a flat rate of 20 percent on all income greater than $35,000 (no tax on the first $35,000). Assume that
9.1 The following table contains data compiled by the Organisation for Economic Co-operation and Development (OECD). The data reflects the average annual percentage change in real household income by
8.1 Countries within the European Union vary dramatically by their nominal per capita incomes. Though the per capita income of the European Union countries is$27,400, there are some countries that
7.2 Suppose the prevailing equilibrium wage in a labor market is $24.00 per hour. What would be the impact of a minimum wage law that sets the minimum wage in this market at $32.00 per hour? What if
7.1 Around the world, the minimum wage remains a highly debated issue. In July 2015, 22 out of the 28 European Union Member States had a national minimum wage.While the minimum wage was €194 a
6.1 Countries around the world have many different ways of measuring the poverty line. The European Union and many other countries use 60 percent of median household income as the poverty
5.3 Explain how a state government transfer program such as unemployment compensation may actually result in a higher unemployment rate than would occur if the program did not exist.
5.2 [related to the Economics in Practice on p. 407]According to the Economics in Practice, children often“inherit” their parent’s socioeconomic status. What are some ways that governments try
3.6 [related to the Economics in Practice on p. 405]Executive compensation remains a much-debated topic in the United States. Over the past three decades, compensation for CEOs of U.S. corporations
3.4 New PhDs in economics entering the job market find that academic jobs (jobs teaching at colleges and universities) pay about 30 percent less than nonacademic jobs such as working at a bank or a
3.3 Following is a list of establishment categories and average weekly earnings for nonsupervisory employees in a recent year. Using the concepts of “human capital” and“compensating
3.2 Economists call education “an investment in human capital.” Define capital. In what sense is education capital?Investments are undertaken to earn a rate of return.Describe the return to an
3.1 [related to the Economics in Practice on p. 402]Some employers offer tuition reimbursement for their employees who wish to further their education. Do a Web search to find a list of companies
2.3 The tiny Kingdom of Arugula has five residents, and the following table lists the annual income of each of these people. Fill in the table and draw a Lorenz curve showing the distribution of
2.2 Refer to the following Lorenz curve to answer the questions.a. Explain whether the distribution of income was more equal in 2014 or 2015.b. If area A= 2,450 and area B= 450, what is the value of
1.1 Identify which of the three basic sources of income is represented by each of the following:a. Sally receives $240 per week in unemployment compensation.b. Damon receives $100 in dividend
1. given what you have read thus far, can you suggest a few factors that might impede intergenerational mobility?
3.5 Most casino game dealers in Las Vegas are paid minimum wage, and therefore rely on tips for a large portion of their income. Within the past few years, a majority of Las Vegas casinos have
3.3 The issue of misinformation is news has acquired a greater importance in the age of the Internet. In a 2013 Oxford Internet Survey, traditional media like TV and the radio ranked lower than the
3.2 The five busiest airports in the United States are in Atlanta, Chicago, Los Angeles, Dallas-Ft. Worth, and Denver. At these airports there are more than 450 food outlets, with each airport
2.5 [related to the Economics in Practice on p. 390] Do you think companies that issue health insurance should be allowed to inquire about family medical history and the results of genetic testing
2.2 An important and nerve-wracking step in the hiring process is the dreaded interview. Explain the nature of asymmetric information is this setting and employ the ideas of adverse selection and
2.1 The “marriage market” involves an arrangement by which couples meet, get to know each other and eventually may decide to enter in to a marriage contract.a. Explain the nature and role of

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