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modern principles of economics

Questions and Answers of Modern Principles Of Economics

What does each point on a supply curve represent?
Define producer surplus.
What does each point on a demand curve represent?
What is a marginal change?
What do different points on a demand curve represent?
Define consumer surplus.
Explain why the long-run elasticity of demand for a good may differ from the short-run elasticity.
Explain how a price change has both “income effects”and “substitution effects” on buyer behavior.
Can you illustrate the income elasticity of demand using a single demand curve? Why or why not?
Give one example of a normal good and one example of an inferior good.
What is the equation for calculating the price elasticity of supply?
Sketch, on a single graph, a relatively price-elastic supply curve and a relatively price-inelastic supply curve. (Make sure that they go through the same point.)
What are examples of goods that are price elastic?What are some examples of price inelastic goods?
Describe quantity and revenue responses to price changes when the price elasticity of demand takes on the following values: (a) 0, (b) between 0 and 1, (c) 1, (d) greater than 1.
How can we represent revenues on a graph?
What is the relationship between elasticity and how a firm’s revenues change as it changes its prices?
Is elasticity the same thing as the slope of a curve?
How does elasticity change along a linear demand curve?
What is the “technical definition” of a price-elastic demand? What is the technical definition of a priceinelastic demand?
What is the formula for the price elasticity of demand?
Explain the difference between precision and accuracy.
Name three ways in which supply can be inadequate.
Explain the difference between market value and social value.
Name five nonprice determinants of demand for a product purchased by households.
Define and sketch a demand curve.
Name six nonprice determinants of supply for a product sold by firms.
Define and sketch a supply curve.
Imagine trying to run a contemporary market economy without each of the following. What problems do you think would arise? What might people have to do to get around the lack of each one?a. Moneyb.
What is the difference between static and dynamic analysis?
What are some of the implications of market power?
How do transaction costs affect the workings of markets?
What are some of the major advantages of markets?
List three major types of markets in terms of how prices are set.
Give several examples of ways in which trust can be established.
Give three different meanings of the term “market.”
What is the informal sphere? Where is it most significant?
What is a public good? Why might it be difficult for private businesses to supply public goods?
What are some major characteristics of the business sphere?
What are some major characteristics of the public purpose sphere?
What are some major characteristics of the core sphere?
What does a contextual economic model take into account that is not present in the basic neoclassical model?
What are some of the assumptions of the basic neoclassical model? Why are markets said to be efficient according to this model?
What is a model? How does the ceteris paribus assumption simplify the creation of a model?
What is a positive (direct) relationship? What is a negative (inverse) relationship?
What are the three main modes of economic investigation?Describe each.
The notion of scarcity reflects the idea that resources cannot be stretched to achieve all the goals that people desire. But what makes a particular resource “scarce”? If a resource seems to be
In each of the following, indicate which of the four essential economic activities is taking place.a. Ms. Katar, an executive at Acme Manufacturing, directs the cleanup of one of the company’s old
What is the relationship between a society’s PPF and resource maintenance?
What kinds of decisions would make a PPF expand over time? What kinds of decisions would make it contract over time?
Draw a societal PPF, and use it to explain the concepts of tradeoffs (opportunity cost), attainable and unattainable output combinations, and efficiency.
How do abundance and scarcity create the possibility of, and the necessity for, economic decision making?
Define negative and positive externalities, and give examples of each.
What is an economic actor?
What are some examples of final goals?
What is the goal of efficiency?
Is the attainment of wealth a final goal?
What is the difference between positive and normative questions? Give a couple of examples of each.
Name the four essential economic activities.
1.Question 2 Identify an example of two variables that are correlated, but where there is no direct causal link between the two variables.
1.Question 1 Researchers are eager to quantify the effect that studying abroad has on a student’s academic performance after returning to his/her home institution, because they want to quantify the
1.Which of the following consumption functions best fits the values in the table below? 1. C 6+0.8Y 2. C 4+0.75Y 3. C 2+0.6Y 4. C 3 0.5Y
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
1.Of the following four scenarios, which survey results are likely to be the most statistically significant and which are likely to be the least statistically significant. Explain your
1.[Related to the Economics in Practice ] 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 homes in
1.[Related to the Economics in Practice ] 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 premise was
1.[Related to the Economics in Practice ] In a randomized oneyear trial of 100 elm trees with Dutch Elm Disease, 50 are slated to receive only a fungicide treatment (we will call this Group A), and
1.Identify each of the following scenarios as examples of causation, positive correlation, and/or negative correlation, and explain your answers.a. More attorneys own expensive foreign sports cars
1.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.Describe the selection bias likely to exist in the following situations:a. A study of 5,000 office workers in Chicago found that those who ate fast food for lunch three or more times per week were
1.1. Design another experiment using difference-indifferences to understand the effect of a policy change at your college. There is a lively debate among economists and policymakers on the effect of
1.1. Can you think of another medical designation for which a regression discontinuity technique might be useful? Per capita health care costs in the United States are quite high, even relative to
1.Question 2 A commonly discussed problem among the global poor is the lack of a credit history. How would this hold poorer households back in terms of increasing their income and wealth?
1.Question 1 Property Rights and the Rule of Law are considered essential for promoting economic growth in developing countries. How do these two features promote economic growth?
1.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
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
1.You have been hired as an economic consultant for the nation of Ishtar. Ishtar is a developing nation that has recently emerged from a 10-year civil war; as a result, it has experienced appreciable
1.Explain how each of the following can limit the economic growth of developing nations.a. Insufficient capital formationb. A shortage of human resourcesc. A lack of social overhead capital
1.[Related to the Economics in the Practice ] In addition to fewer marriages within extended families, explain what other positive effects are likely to occur in the rural, flood-prone areas of
1.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,
1.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 the
1.[Related to the Economics in Practice ] Corruption in a government is often accompanied by inefficiency in the economy. Why should this be true?
1.[Related to the Economics in Practice ] Find another example of the use of cell phones as a way to improve market functioning in a developing economy.
1.An offshoot of microfinance that has grown significantly over the past several years is an idea known as crowdfunding. With crowdfunding, individuals, businesses, and communities seek monetary
1.In China, rural property is owned collectively by the village while being managed under long-term contracts by individual farmers. Why might this be a problem in terms of optimal land management,
1.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). They are poor,
1.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
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.The small West African nation of Equatorial Guinea is designated as an upper middle-income country by the World Bank, with a GNI per capita of more than $7,000 when measured in U.S. dollars.
1.[Related to the Economics in Practice ] A paper released by the World Bank in 2014 states that while economic growth is essential for reducing poverty rates, growth by itself is not enough, and
1.1. Use a supply-and-demand graph to show the impact of cell phones in India on prices in the fishing market. Kerala is a poor state in a region of India. The fishing industry is a major part of the
1.1. What do you think happens to the overall marriage rate as a result of the embankment? In Bangladesh, as in many other low-lying countries, river flooding often leaves large swaths of land under
1.1. As corruption falls in a country, cost of production often falls. Why? Many people have argued that one barrier to economic development in a number of countries is the level of corruption and
1.1. Why might growth in the overall economy not have led to more improvement in the stunting rate? The first of the Millennium Development Goals is to substantially cut the number of households who
1.The currency of Atlantis is the wimp. In 2018, Atlantis developed a balance-of-payments deficit with the United States as a result of an unanticipated decrease in exports; U.S. citizens cut back on
1.Question 2 During 2015 and 2016, the Mexican Peso depreciated substantially in value, and many Mexican commentators lamented a tragic occurrence and blamed then-President Enrique Peña Nieto. Why
1.Question 1 Tania is a Costa Rican graduate student at the University of Florida. She earns a small salary as a graduate student, and she sends a portion of that income to her family in Costa Rica
1.The data in the following table represents price level changes and interest rate changes over a one-year period for three countries: Astoria, Borgia, and Calistoga. Based on the data, explain what
1.Do a Web search and find a Website where you can look up historical exchange rates. Find the exchange rates between the U.S. dollar and the euro, the Canadian dollar, the Japanese yen, and the
1.The exchange rate between the U.S. dollar and the British pound is a floating rate, with no government intervention. If a large trade deficit with Great Britain prompts the United States to impose
1.Canada is the second-largest trading partner for the United States (just recently surpassed by China). In 2017, U.S. exports to Canada were more than $340 billion and imports from Canada totaled

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