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business
modern principles of economics

Questions and Answers of Modern Principles Of Economics

What is tax incidence analysis? What are some of the findings of this research?
What does the research on the relationship between taxes and economic growth indicate?
What is supply-side economics?
How do overall tax rates in the United States compare with those in other countries?
How have tax revenues changed in the United States over time?
What are federal social insurance taxes?
How is an effective tax rate calculated?
How do marginal tax rates work in calculating one’s income taxes?
What is the difference between total income and taxable income, with respect to federal income taxes?
What are three reasons in support of progressive taxation?
What are the four justifications for taxation?
How does an excise tax affect overall social welfare?
What are the two motivations for taxing a product?
How are government spending priorities related to inequality?
How can tax and wage policies be used to reduce inequality?
Describe the five different philosophical perspectives on inequality.
What are some of the consequences of inequality?
What are some of the causes of growing inequality in the United States?
How does economic inequality in the United States compare to other countries?
What is economic mobility?
How does income and wealth vary by race?
How has income inequality in the United States changed in recent decades?
What tends to be more unequal—the distribution of income or wealth?
What is the Gini ratio? What does a higher value of the ratio signify?
How is a Lorenz curve constructed? What does it measure?
About what share of aggregate income does each quintile of households receive in the United States?
Reviewing Chapters 4 and 5 if necessary, illustrate on a labor market graph the following examples that were described in the text.a. A relatively elastic supply curve for wait staff.b. A virtually
In addition to workers and management executives, who are some other claimants on business revenues?
What are worker cooperatives, and how do they differ from traditional firms in terms of labor organization?
What is occupational segregation?
How can we identify labor discrimination?
What are dual labor markets?
What is efficiency wage theory?
What is oligopsony?
What is monopsony?
How have annual work hours changed in recent decades in the United States and other industrialized countries?
What is employment flexibility from the perspective of workers? From the perspective of employers?
In what types of labor markets might labor demand be relatively wage elastic? In what types of markets might labor demand be relatively wage inelastic?
What is signaling theory in relation to labor markets?
Why might the individual labor supply curve bend backward?
What are some of the opportunity costs of paid employment?
In the traditional neoclassical model, how does a firm decide on the quantity of labor to hire?
What policies might reduce levels of consumerism?REVIEW QUESTIONS
What is voluntary simplicity?
About what percentage of Americans are considered compulsive shoppers?
What are the results of research on the relationship between materialistic values and well-being?
What are the results of research on the relationship between subjective well-being and happiness?
What is subjective well-being?
What is green consumerism? What is the difference between “deep” and “shallow” green consumerism?
What is the ecological footprint approach to quantifying environmental impacts? What are some of the findings of ecological footprint research?
About how much is spent annually on advertising in the United States, on a per-person basis?
What are reference and aspirational groups?
What is the difference between absolute and relative deprivation?
What were some of the key developments in the history of the consumer society?
What is the consumer society?
How does a budget line change when the price of one of the items changes?
How does a budget line change when one’s income changes?
What is a budget line? How can we show one on a graph?
What is consumer sovereignty?
Discuss various ways of defining rationality.Which do you think is best as a basis for economic theory?
Why is self-interest not sufficient as a social organizing principle?
Explain the concept of bounded rationality.
Do people typically engage in optimizing behavior?
What is the effect of time discounting?
What is the anchoring effect?
How does “framing” affect decision making?
What is the rationality axiom?
What is the neoclassical model?
What is the invisible hand?
Give some examples of recent controversies in trade policy.
How can international openness cause a “race to the bottom”?
How does the notion of “dynamic comparative advantage” explain some countries’ adoption of“infant industry” policies?
What does the World Trade Organization do?
What are some international organizations and agreements that involve trade relations?
What is import substitution?
List and describe four types of protectionist policies.
What is “protectionism,” and why do countries often engage in it?
Explain how the concepts of vulnerability and“lock-in” are related. How do they weaken the case for free trade?
What are some other advantages of free trade?
How does free trade produce an incentive to work hard?
What is the theory of “factor-price equalization”?
What does it mean to say that a particular country is labor intensive (or capital intensive)?
On what does a country’s comparative advantage depend?
What is meant by the “principle of comparative advantage”?
Describe the Ricardian model of trade.
Was Adam Smith a revolutionary? Explain.
How does specialization lead to greater productivity?
What is market failure?
What is the laissez-faire approach to government regulation?
How does a price floor affect consumer and producer surplus?
What limits the quantity sold with a price floor:supply or demand?
What is a price floor? How can it be represented in a supply-and-demand graph?
What is a deadweight loss? How is it represented in a supply-and-demand graph?
How does a price ceiling affect consumer and producer surplus?
What limits the quantity sold with a price ceiling:supply or demand?
What is a price ceiling? How can it be represented in a supply-and-demand graph?
Why is a market equilibrium socially efficient?
What is social efficiency? What are some limitations of this concept?
How is market producer surplus represented in a supply-and-demand graph?
How is producer surplus for an individual transaction represented in a supply-and-demand graph?

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