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business
modern principles of economics

Questions and Answers of Modern Principles Of Economics

How are “market values” determined for goods and services that are not exchanged in markets or when data is not available?
Explain why the following two approaches arrive at the same number for the value of a final good: (a) looking at the market price of the good and (b) counting up the value-added at each stage of its
Explain why, in a simple economy, the three approaches would yield the same figure for the value of total production.
What are the three approaches to GDP measurement?
Explain four key phrases that appear in the definition of GDP.
Explain the difference between gross and net investment.
What forms of capital assets are tracked by the BEA?
What are the four accounting sectors of the economy, according to the BEA? What sorts of entities are included in each sector?
Who compiles the National Income and Product Accounts?
For what purpose was national accounting in the United States originally begun?
Name two or more global issues that will likely shape the development of macroeconomics in the twenty-first century.
What historical developments and concerns motivated—and what beliefs characterized—the classical economists? The school of Keynesian economics? The work of the monetarists? The synthesis of
What is the “precautionary principle”?
What global developments have caused financial, social, and ecological sustainability or restoration to become increasingly prominent as macroeconomic concerns?
Why are macroeconomic fluctuations a cause for concern?
What is economic development? What factors are important in ensuring that economic growth benefits a country’s population as a whole?
What is meant by “living standards growth”? Is this the same as “economic growth”?
What are some of the problems that can be created by large price swings?
Describe how and why sellers of a good might adjust the quantity of what they produce, rather than the price.
What is “information asymmetry,” and how does it lead to inefficiently high insurance premiums?
Is the health-care industry competitive? Explain.
Does present-day U.S. farm policy “protect” the farmer? Explain.
Explain why the U.S. government would pay farmers to leave their land fallow.
Describe two theories used to describe the behavior of oligopolists.
What market conditions characterize oligopoly?
Are monopolistically competitive markets efficient?Explain.
How is a monopolistically competitive firm imagined to maximize profits?
What market conditions characterize monopolistic competition?
List and describe four cases in which monopolies might be efficient.
In what ways are monopolies inefficient?
How does a pure monopolist maximize profits?
Describe three types of barriers to entry, giving examples of each.
What market conditions characterize pure monopoly?
List and briefly define the three market structure types in addition to perfect competition.
Under what conditions are perfectly competitive markets economically efficient?
What is path dependence?
Would a seller be expected to operate at a loss in the long run?
How should a producer decide whether to operate at a loss or shut down production in the short run?
What is a sunk cost? How does it influence production decisions, according to economic theory?
What is the perfectly competitive market equilibrium?
What happens to economic profits in a perfectly competitive market in the long run?
What is the rule for profit maximization using marginal analysis?
What are the four conditions of perfect competition?
What is market power?
How do we define the efficient scale of production?
Sketch a long-run average cost curve illustrating economies of scale, constant returns to scale, and diseconomies of scale.
Sketch a total cost curve illustrating fixed cost and decreasing, constant, and increasing marginal costs.
Distinguish among fixed cost, variable cost, total cost, and marginal cost.
Sketch a total product curve illustrating increasing returns, constant returns, and diminishing returns.
Describe the meaning of diminishing returns, constant returns, and increasing marginal returns, and explain how each might come about.
What is marginal product?
How can we express a production function graphically?
What is a limiting factor in production?
Name all the categories that comprise economic costs.
What is the “triple bottom line” and how does it differ from the traditional economic assumption about the goal of production?
What are the two main types of financial capital?
What is social capital?
What are the two main types of human capital?
What are the two main types of manufactured capital?
What is a sustainable socioeconomic system?
What are the two main types of natural capital?
What are the five major types of capital?
How can we distinguish a stock from a flow using a diagram?
What distinguishes a stock from a flow?
What are some economic policies to address climate change?
What do most economic analyses of climate change conclude? What are some major differences?
What are the projections for future greenhouse gas emissions, considering both developed and developing countries?
What is climate change?
What policies are needed to provide for the efficient provision of public goods?
Why do someone’s marginal benefits differ from his willingness to pay in the case of a public good?
How can we model the demand for a public good in a simple society with two individuals?
What are free riders?
Can voluntary donations result in the efficient provision of public goods?
What is the likely equilibrium outcome for a public good in a private market?
What policies can be implemented in the case of a common property resource?
How do we determine the efficient outcome for a common property resource?
How can we determine the utilization or harvest for a common property resource without any regulation?
How can we model the market for a common property resource?
What is the supply curve for an artificially scarce good?
How do economists define congestion?
What are the two characteristics of artificially scarce goods? Provide some examples.
What are the two characteristics of common property goods? Provide some examples.
What are the two characteristics of public goods?Provide some examples.
What are the two characteristics of private goods?Provide some examples.
How does a system of tradable pollution permits operate?
Demonstrate how a firm would respond to a pollution tax, using a graph.
What are the four main approaches for regulating pollution levels?
What is the precautionary principle?
How can human lives be valued?
What is discounting? How do we calculate a present value using discounting?
What is cost-benefit analysis?
What are revealed preference methods? What are stated preference methods?
What are replacement cost methods?
What is the cost of illness method? Why is it considered a lower-bound estimate?
What is nonmarket valuation? What are the four main nonmarket valuation techniques?
What are nonuse benefits? What is total economic value?
What is intrinsic value?
What is the willingness-to-pay principle?
What is an upstream tax? What is a revenue-neutral tax?
How progressive is the overall tax system in the United States?

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