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microeconomics principles

Questions and Answers of Microeconomics Principles

1.5. In most big cities, taxicab fares are fairly standardized, and they are regulated by local governments. For the sake of simplicity, assume that a cab driver works for a licensed taxicab company,
1.4.a. Many HMOs pay their doctors based, in part, on how many patients the doctor sees in a day. What problems does this incentive system create?b. IfHMOs pay their doctors a fixed salary, what
1.3. In his path-breaking book Managerial Dilemmas, political scientist Gary Miller says that a good corporate culture is one that gets workers to work together even when they face prisoner's
1.2. What type of systems in the United States help overcome the incentives of physicians to order medically unnecessary tests?
1.1. Let's tie together this chapter's story on incentives with Chapter 15's story about cartels.Suppose your economics professor grades on a curve: The average score on each test becomes a B- . If
1.10. In early 2004, Donald Trump took the idea of using a tournament for hiring executives to a whole new level with the premiere of the TV how The Apprentice. On the show, a group of contestants
1.9. Waiters and waitresses are generally paid very low hourly wages and receive most of their compensation from customer tips.a. As the owner of a restaurant, what do you want from your wait
1.8.a. Why do so many charitable activities like marathons, walks, and SK runs give the participants "free" t-shirts, wristbands, hats, bumper stickers, and so forth?b. Charitable organizations could
1.7. When an accused defendant is brought before a judge to schedule a trial, the judge may release the defendant on his or her "own recognizance"or the judge may demand that the defendant post bail,
1.6. Let's return to the question we posed in the chapter: Suppose that the big environment risk is not bad professors but rather hard material.Imagine, for example, that some classes are more
1.5. In the movie business, character actors are typically paid a fixed fee, while movie "stars"are typically paid a share of the box office revenues. Why the difference? Try to give two explanations
1.4. In the short, readable classic Congress: The Electoral Connection, David Mayhew uses the basic ideas of incentives and information as a pair of lenses through which to view members of Congress.
1.3. Who do you think is in favor of forbidding baseball player contracts from including bonuses based on playing skill? Owners or players? Why?
1.2. One reason it's difficult for a manager to set up good incentives is because it's easy for employees to lie about how they'll respond to incentives. For example, Simple Books pays Mary Sue to
1.1. In 1975, economist Sam Peltzman publi hed a study of the effects of recent safety regulations for automobiles. His re ults were surprising:Increased safety standards for automobiles had no
1.8. The typical corporate executive's incentive package offers higher pay when the company's stock does well. One proposal for such executive merit pay is to instead pay executives based on whether
1.7. Unlike in the previous question, sometimes, piece rates don't work so well. Why might the following incentive mechanisms turn out to be more trouble than they're worth?a. An industrial materials
1.6. Why are salespeople so much more likely than other kinds of workers to be paid on a "piece rate" (i.e., on commission)? What is it about the kind of work they do that makes the high commission +
1.5. Let's return to Big Idea Four (thinking on the margin) back in Chapter 1. Why are calls to give harsher penalties to drug dealers and kidnappers often met with warnings by economists?
1.4. The basketball player Tim Hardaway was once promised a big bonus if he made a lot of assists.Can you think of any problems that such an incentive scheme might cause? Many professional athletes
1.3. Punishments can be an incentive, not just rewards. Consider an assembly line. Why wouldn't you necessarily want to reward the fastest worker on the assembly line? What other incentive system
1.2. An American church sends 10 missionaries to Panama for three years to find new converts.Every six months, the missionary with the most new converts gets to be the supervising missionary for the
1.1. This chapter had three big lessons. Each of the following situations illustrates one and (we think) only one of those lessons. Which one?a. Militaries throughout the world give medals,
1.8. Let's say that Tom, who is 25 years old, wants to smoke a cigarette. Consider the following two situation .a. Tom is moking. Suddenly, the government comes along and tells Tom that he cannot do
1.7. Sometimes poor countries have a lot of people;India has more than 1 billion re ident . Indian are relatively poor, and we know that as families become wealthy, they tend to limit their number of
1.6. Some people feel inequality is ju tified if the people with unequal outcomes accepted risks voluntarily; it was simply the case that orne won and some lost. Imagine two people, each spending
1.5. You would probably sacrifice yourself to save all ofhumanity, but you probably wouldn't sacrifice yourself to save the life of one random stranger. What number is your cutoff: How many lives
1.4. If the rich countries were able to send individual cash payments to people in poor countries, bypassing possibly corrupt governments, would you let rich countries pay people in poor countries to
1.3. Philosopher Alastair Norcross poses the following question. Suppose that 1 billion people are suffering from a moderately severe headache that will last a few hours. The only way to alleviate
1.2.a. In your view, when should governments enforce a "live and let live" rule: on issues that matter most to people (e.g., matters oflife and death, matters of how much income to give to the
1.1. Should responsible adults be allowed to sell a kidney? Why or why not? If so, what restrictions would you place on such sales, if any?
1.8. Compare a Rawlsian view with a utilitarian view on the question of whether it should be legal to copy movies and music freely.
1.7. Based on the tools from this chapter, how could a person reasonably justify a ban on gambling?
1.6. What do you think best describes the reason that trade in recreational drugs is illegal: fear of exploitation, meddlesome preferences, notions of fairness, paternalism, concerns about equality,
1.5.a. The "trolley problem" is a famous ethical puzzle created by Philippa Foot: You are the conductor of a trolley (or subway or streetcar or train) that is heading out of control down a track.
1.4. Let's see how a utilitarian dictator would arrange things for Adam, Eve, and Lilith.One heroic assumption that utilitarians make is that you can actually compare happiness and misery across
1.3. The line between "having a meddlesome preference" and "recognizing an externality"is not always clear. Both are way of saying,"What you're doing bother me." A we used it in this chapter, a
1.2. Some people say that the right to equal treatment ha no price. But it seems that most people don't really believe that: Those are just polite words that we tell one another. Consider the
1.1. To a Rawl ian, would the world be better off without the Harry Potter novels and one additional billionaire?
1.6. Would a "global utilitarian" (someone who values the utility of everyone in the world equally, without giving more weight to people in their own country) who lives in America want more
1.5. Rawlsians upport government income redistribution to the worst-off members of" ociety." If "society" means the whole world, how much redistribution might be involved?In other words, what
1.4.a. Just thinking about yourself, if you did not know in advance whether you were a Red, Blue, or Green person, would you rather live in ociety A, B, C, or D that are discussed in the Rawl's
1.3. One ofNozick's arguments against utilitarianism was the "utility monster":a person who always gets enormous happiness from every extra dollar, more happiness than anyone else in society. If such
1.2. Of the three ethical theories we discuss(Rawlsian, utilitarian, and Nozickian), which two are most different from the third? In what way are the two different from the third?
1.1.a. In this chapter, we never actually defined"exploitation." What is one dictionary definition of the word?b. Decide whether the six cases of alleged ex ploitation we discussed earlier in the
1.6. In the 1998 Minnesota gubernatorial election, there were three main candidates: Norm Coleman (the Republican), Jesse "The Body"Ventura (an Independent), and Hubert Humphrey (the Democrat).
1.5. In the previous question, you showed that sometimes there may be no policy that beats every other policy in a majority rule election and, as a result, the agenda can determine the outcome. In
1.4. We mentioned that the median voter theorem doesn't always work, and sometimes a winning policy doesn't exist. This fact has driven economists and political scientists to write thousands of
1.3. Political scientist Jeffrey Friedman and law professor Ilya Somin say that since voters are largely ignorant, that is an argument for keeping government simple. Government, they say, should
1.2.a. When a drought hits a country, and a famine is possible, what probably falls more: the demand for food or the demand for haircuts? Why?b. Who probably suffers more from a deep drought: people
1.1.Is rational ignorance the whole explanation for why voters allow programs like the sugar quota to persist? Perhaps not. In the early 1900s, the government of New York City was controlled by a
1.8. Let's rewrite a sentence from the chapter concerning the Roman Empire: "As the American Empire grew, courting politicians Political Economy and Public Choice • CHAPTER 19 • 381 in Washington
1.7. The following figure shows the political leanings of 101 voters. Voters will vote for the candidate who is closest to them on the spectrum, as in the typical median voter story. Again as usual,
1.6. Driving along America's interstates, you'll notice that few rest areas have commercial businesses.Vending machines are the only reliable source of food or drink, much to the annoyance of the
1.5. In the television show Scrubs, the main character J. D. is a competent and knowledgeable doctor.He also has very little information outside of the field of medicine, admitting he doesn't know
1.4. In his book The Myth if the Rational Voter, our GMU colleague Bryan Caplan argues that not only can voters be rationally ignorant, they can even be rationally irrational. People in general seem
1.3. We mentioned that voters are myopic, mostly paying attention to how the economy is doing in the few months before a presidential election.If they want to be rational, what should they do
1.2. An initiative on Arizona's 2006 ballot would have handed out a $1 million lottery prize every election: The only way to enter the lottery would be to vote in a primary or general election. How
1.1. David Mayhew's classic book Congress:The Electoral Connection argued that members of Congress face strong incentives to put most of their efforts into highly visible activities like foreign
1.8. Perhaps it was in elementary school that you first realized that if everyone in the world gave you a penny, you'd become fantastically rich. This insight is at the core of modern politics. Sort
1.7. Let's walk through the median voter theorem in a little more detail. Consider a town with three voters, Enrique, Nandini, and Torsten. The big issue in the upcoming election is how high the
1.6. The "median voter theorem" is sometimes called the "pivotal voter theorem." This is actually a fairly good way to think of the theorem. Why?
1.5. True or false?a. During Bangladesh's worst famine, average food per person was much lower than usual.b. Democracies are less likely to kill their own citizens than other kinds of governments.c.
1.4. If a particular government policy-like a decision to go to war or to raise taxes-only works when citizens are informed, is that an argument for that policy or against that policy?
1.3. Around 130 million voters participated in the 2008 U.S. presidential election. Imagine that you are deciding whether to vote in the next presidential election. What do you think is the
1.2.a. How many famines have occurred in functioning democracies?b. What percentage of famines occurred in countries without functioning democracies?
1.1. Which of the following is the smallest fraction of the U.S. federal budget? Which are the two largest categories of federal spending?Welfare Interest on the federal debt Defense Foreign aid
1.The experience that was had in this common course and condition, tried sundry years and that amongst godly and sober men, may well evince the vanity of that conceit ofPlato's and other ancients
1.5. It's one of the ironies of American history that when the pilgrims first arrived at Plymouth Rock, they promptly set about creating a communal society in which all shared equally in the produce
1.4. Canada's Labrador Peninsula (which includes modern-day Newfoundland and most of modern-day Quebec) was once home to an indigenous group, the Montagnes, who, in contrast to their counterparts in
1.A typical "public goods game" is quite simple:Everyone in the experiment is given, say, $5 each, theirs to take home if they like. They're told that if they donate money to the common pool, all the
1.3. The economic theory of public goods makes a very clear prediction: If the benefits of some action go to strangers, not to yourself, then you won't do that action. Economists have run dozens of
1.2. Some media companies (especially in music and movie industries) run ads claiming that downloading or copying media is the same thing as stealing a CD or DVD from a store.Let's see if this is the
1.1.a. Two girls are sharing a cold chocolate milk, as in the picture below. How long do you think it will take them to drink all the milk?How long would it take if each girl had her own glass and
1.7. Economists typically remind people to weigh the costs of an action against the benefits of that action. Let's invent some examples where it'just too expensive or too risky to solve the very real
1.6. The massive stone faces that pepper Easter Island puzzled people for centuries. What happened to the civilization that erected these faces? A clue is that the island currently has no trees.
1.5. As we've already mentioned, the line between"public good" and "private good" is genuinely blurry. Electronic tolls on roadways are making excludability a little bit easier every year. In your
1.4. We mentioned that the tragedy of the commons is a form of prisoner's dilemma, something we saw back in Chapter 15. As is so often the case in economics, the same model can apply to many
1.3.a. Has the rise of the Internet and file sharing turned media such as movies and music into public goods? Why?b. Taking your answer in part a into account, would government taxation and funding
1.2.a. "A public good is just a good that provides large external benefits." Discuss.b. "A tragedy of the commons occurs when using a good causes massive external costs."Discuss. In parts a andb,
1.1. In 2008, Jean Nouvel won the Pritzker Architecture Prize (the highest prize in architecture). One ofhis most notable works is the Torre Agbar (pictured), a breakthrough skyscraper that lights up
1.8.a. Why did the fish catch increase in New Zealand after the amount that each fi sherman could catch was limited by a quota?b. Given your answer to parta, would an individual fisherman in New
1.7. This chapter noted that chickens and the"chicken of the sea" (tuna) are fundamentally different in terms of population though they are both food. Indeed, chickens are eaten far more than tuna,
1.6.a. The nation of Alphaville has been hunting its deer population to extinction. The government decrees strict limits on the number of hunters, and on the number of rounds of ammunition that each
1.5.a. American bison onced freely roamed the Great Plains. In the 1820s, there were some 30 million bison in the United State but a survey in 1889 counted just 1 ,091. Why were the bison driven to
1.4. Emeril says, "In my economics class, I learned that the only way to fund public goods was to have the government tax citizens to pay for those goods. Is that what you learned?"Rachel responds,
1.3.a. Is education-a college course, for instance-excludable?b. Is education a rival good? That is, if your class has more students, do you get a worse education on average? Do students (and
1.2. Which of the following are free riders, which are forced riders, and which are just people paying for public goods?a. In Britain, Alistair pays a tax to support the British Broadcasting
1.1. Take a look at the following list of goods and services:Apples Open-heart surgery Cable television Farm-raised salmon Yosemite National Park Central Park, New York City The Chinese language The
1.4. In Chapter 8, we analyzed a minimum wage in the usual way, as a price floor, and we showed that a minimum wage creates unemployment. Now suppose that firms must pay the minimum wage but they can
1.3. In a market economy, firms with more workers can make and sell more output-that goes without saying. The marginal product oflabor tells you how much extra revenue each extra worker generates.
1.2. We mentioned that "a [college] degree signals ... something good about the job candidate, namely that they have enough intelligence, competence, and conscientiousness to earn a college degree."
1.1. In the decades after the Civil War, most streetcar companies in the South discriminated against one class of citizens: smokers. Customers who wanted to smoke had to ride in the back of the car.
1.9. In the United States, it's legal to work for free:We call this an "unpaid internship."a. Why will college students take these zero-wage jobs when they could get a minimum wage job instead?b.
1.8. One way that Jim Crow segregation laws operated was by providing worse government Labor Markets • CHAPTER 17 • 341 schools for black students. This widened the human capital gap between
1.7. True or false? Morticians are paid lower wages than other workers because very few people want to work with dead bodies.
1.6.a. The average person doesn't like working the night shift. According to the theory of compensating differentials, are night-shift wages probably higher or lower than day shift wages?b. Most
1.5. Suppose that we tax CEO salaries very highly, as some are proposing in the United States.What is your prediction about CEO perks such as jets and in-house chefs?
1.4. As we saw, unions can raise wages in a sector of the economy by restricting the number of workers in that sector. Let's see what tends to happen to the workers who don't get jobs in those
1.3. We've seen what happens whenjob safety regulations are imposed. Now let' see what happens when they're taken away.a. If a radical free-market, antiregulation government comes to power in the

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