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microeconomics principles applications

Questions and Answers of Microeconomics Principles Applications

*Should policy makers seek to set the tax on an economic activity at a rate that will maximize the revenue derived from the tax? Why or why not? Explain.
“We should impose a 20 percent luxury tax on expensive automobiles (those with a sales price of $50,000 or more)in order to collect more tax revenue from the wealthy.” Will the burden of the
*Suppose Congress were to pass legislation requiring that businesses employing workers with three or more children pay these employees at least $20 per hour. How would this legislation affect the
What is the nature of the deadweight loss accompanying taxes? Why is it often referred to as an “excess burden”?
What impact do government grants and loans to college students have on the cost of going to college? Are students the primary beneciary of these subsidies? Discuss.
What is meant by the incidence of a tax? Explain why the statutory and actual incidence of a tax often differ.
What is a black market? What are some of the main differences in how black markets operate relative to legal markets?
Analyze the impact of an increase in the minimum wage from the current level to $15 per hour. How would the following be affected?a. employment of people previously earning less than$15 per hourb.
The tax on cigarettes in New York City is one of the highest in the nation––$5.85 per pack. Does this tax raise a lot of revenue for New York City? Why or why not? What are some of the secondary
*To be meaningful, a price ceiling must be below the market price. Conversely, a meaningful price oor must be above the market price. What impact will a meaningful price ceiling have on the quantity
What is the difference between a price ceiling and a priceoor? If a price ceiling for a good is set below the market equilibrium, what will happen to the quality and future availability of the good?
Suppose that college students in your town persuaded the town council to enact a law setting the maximum price for rental housing at $400 per month. Will this help or hurt college students who rent
*How will a substantial increase in demand for housing affect the wages and employment of carpenters, plumbers, and electricians?
Do business rms operating in competitive markets have a strong incentive to serve the interest of consumers? Are they motivated by a strong desire to help consumers? Are “good intentions”
What is the invisible hand principle? Does it indicate that selfinterested behavior within markets will result in actions that are benecial to others? What conditions are necessary for the invisible
*What’s wrong with this way of thinking? “Economists claim that when the price of something goes up, producers increase the quantity supplied to the market. But last year, the price of oranges
What must an entrepreneur do to earn a prot? How do the actions of rms earning prots inuence the value of resources?What happens to the value of resources when losses are present?If a rm making
*“Production should be for people and not for prot.” Answer the following questions concerning this statement:a. If production is protable, are people helped or harmed?Explain.b. Are people
What factors determine the cost of producing a good or service?Will producers continue to supply a good or service if consumers are unwilling to pay a price sufcient to cover the cost?
*“The future of our industrial strength cannot be left to chance.Somebody has to develop notions about which industries are winners and which are losers.” Is this statement by a newspaper
How is the market price of a good determined? When the market for a product is in equilibrium, how will consumers value an additional unit compared to the opportunity cost of producing that unit? Why
Dene consumer surplus and producer surplus. What is meant by economic efciency, and how does it relate to the gains of consumers and producers?
What is being held constant when the supply curve is constructed for a specic good like pizza or automobiles?Explain why the supply curve for a good slopes upward to the right.
*Are prices an accurate measure of a good’s total value?Are prices an accurate measure of a good’s marginal value?What’s the difference? Can you think of a good that has high total value but
What is the law of supply? How many of the following“goods” do you think conform to the general law of supply?Explain your answer in each case.a. gasolineb. cheating on examsc. political favors
What is being held constant when a demand curve for a specic product (shoes or apples, for example) is constructed?Explain why the demand curve for a product slopes downward to the right.
*Which of the following do you think would lead to an increase in the current demand for beef?a. higher pork pricesb. higher consumer incomec. higher prices of feed grains used to feed cattled.
This question pertains to the addendum to Chapter 2.The following tables show the production possibilities for two hypothetical countries, Italia and Nire. Which country has the comparative advantage
*As the skill level (and therefore earnings rate) of, say, an architect, computer specialist, or chemist increases, what happens to his or her opportunity cost of doing other things?How is the time
During the last four decades, entrepreneurs like Steve Jobs, Sam Walton, and Elon Musk have earned billions of dollars. Do you think the average American is better or worse off as the result of the
In this chapter, it was stated that a private property right also involves having the right to transfer or exchange what you own with others. However, selling your organs is a violation of federal
Consider the following questions:a. Do you think that your work effort is inuenced by whether there is a close link between personal output and personal compensation (reward)? Explain.b. Suppose the
Two centuries ago, there were more buffalo than cattle in the United States. Even though millions of cattle are killed for beef consumption each year, the cattle population continues to grow while
*In many states, ticket scalping, or reselling tickets to entertainment events at prices above the original purchase price, is prohibited.Who is helped and who is hurt by such prohibitions? How can
Chick-l-A’s “Eat Mor Chikin” advertising campaign features three cows holding signs that say things like “Save the cows, eat more chicken.” If consumers began eating more chicken and less
Why is exchange important to a nation’s prosperity? How does trade inuence the quantity of output that trading partners are able to produce? In a market economy, will there be a tendency for both
*Does a 60-year-old tree farmer have an incentive to plant and care for Douglas r trees that will not reach optimal cutting size for another 50 years?
What is the law of comparative advantage? According to the law of comparative advantage, what should be the distinguishing characteristics of the goods a nation produces? What should be the
If you have a private-ownership right to something, what does this mean? Does private ownership give you the right to do anything you want with the things that you own? Explain. How does private
“If Jones trades a used car to Smith for $5,000, nothing new is created. Thus, there is no way the transaction can improve the welfare of people.” Is this statement true? Why or why not?
Suppose that in an effort to help low-skill workers the government raises the permissible minimum wage to $15 per hour.Can you think of any unintended secondary effects that will result from this
Why can’t we consume as much of each good or service as we would like? If we become richer in the future, do you think we will eventually be able to consume as much of everything as we would like?
Which of the following are positive economic statements and which are normative?a. The speed limit should be lowered to 55 miles per hour on interstate highways.b. Higher gasoline prices cause the
*“I examined the statistics for our basketball team’s wins last year and found that, when the third team played more, the winning margin increased. If the coach played the third team more, we
Self-interest is a powerful motivator. Does this necessarily imply that people are selsh and greedy? Do self-interest and selshness mean the same thing?
*In recent years, the child tax credit has been increased in the United States. According to the basic principles of economics, how will the birthrate be affected by policies that reduce the taxes
a. What method is used to ration goods in a market economy?How does this rationing method inuence the incentive of individuals to supply goods, services, and resources to others?b. How are grades
Indicate how each of the following changes would inuence the incentive of a decision-maker to undertake the action described.a. A reduction in the temperature from 80° to 50° on one’s decision
How does the federal ownership of our national parks influence the incentive to manage them efficiently?
How can the government use market-like policies to reduce the cost of environmental policy?
What can economics tell us about an effective policy on global warming and climate change?Will economic growth help with this problem or make matters worse?
Why do people seek governmental regulation to improve the environment in a market economy?
Can unions increase the wages of all workers?
Can unions increase the wages of their members? What makes a union strong? What factors limit the power of a union?
How much of the U.S. workforce is unionized?
Why is there a major misallocation problem for a few key resources like water?
What do prices indicate has happened to resource availability? Will that trend continue?
Are proved reserves the same thing as the total future supply of a resource?
Why have there been repeated forecasts that the world will run out of key resources? Why have these forecasts been consistently wrong?
What can be done to improve the delivery of health care services?
What is likely to happen to health care prices and expenditures in the future?
Why have the prices of health care services risen so rapidly in recent decades?
How much do Americans spend on health care?
How have the educational choices and career goals of women changed? Will this affect their future earnings?
How has the economic status of women changed in recent decades?
Why are the earnings of women substantially lower than those of men? Is it because of employment discrimination?
Has the crisis changed the structure of the U.S. economy?
What caused the Great Recession of 2008–2009?
Why did housing prices rise rapidly during 2001–2005 and then fall in the years immediately following? Did regulation play a role? Did monetary policy contribute to the housing boom and bust?
Does the Great Depression reflect a failure of markets or a failure of government?
Did monetary and fiscal policy help promote recovery from the Great Depression?
Did the New Deal policies end the Great Depression?
Why was the Great Depression so long and severe?
What caused the Great Depression? Was it the stock market crash of 1929?
Historically, how does the return on stock investments compare with other alternatives?Is it risky to invest in a diverse bundle of stocks over a lengthy time period?
What determines the price of a stock? Can experts forecast the future direction of stock prices?
What is the economic function of the stock market?
Can the political process be counted on to promote economic stability and the efficient allocation of resources?
Can government intervention be counted on to improve the efficiency of markets?
What might be done to reduce the impact of recessions?
What is the primary cause of economic instability?
Why are the views of John Maynard Keynes and Friedrich Hayek often compared and contrasted?
How has the share of the population paying taxes and receiving various types of transfer benefits changed in recent years? How is this likely to influence the fiscal future of the United States?
How does the size of government in the United States compare with other countries?
Do the rich pay their fair share of taxes? Do they pay less now than they did a couple of decades ago?
Do taxes measure the cost of government?
How has the composition of government spending changed in recent decades?
How has government spending per person changed historically in the United States?
Does the Social Security system need to be modernized?
Does Social Security transfer income from the rich to the poor? How does it impact the economic status of blacks, Hispanics, and those with fewer years of life expectancy?
Will the Social Security Trust Fund make it easier to pay the promised benefits to future retirees?
Why will the Social Security program confront problems in the near future?
Is there too much income inequality? Should the government try to reduce inequality? Why or why not?
How widespread is poverty? How has the pove rty rate changed in recent decades? Did the “War on Poverty” help reduce the poverty rate?
How much income mobility exists? Do the rich stay rich whereas the poor stay poor?
How much income inequality is there in the United States? Has the degree of inequality changed in recent years?
How do resource prices and income differences inuence the incentive of people to develop resources and use them productively?
Do trade restrictions create jobs? Does trade with low-wage countries depress wage rates in high-wage countries like the United States?
What accounts for the political popularity of trade restraints?
How have open economies performed relative to those that are more closed?

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