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principles of macroeconomics

Questions and Answers of Principles Of Macroeconomics

LO27.2 Analyze the balance sheet the United States uses to account for the international payments it makes and receives.
LO27.1 Explain how currencies of different nations are exchanged when international transactions take place.
13. American apparel makers complain to Congress about competition from China. Congress decides to impose either a tariff or a quota on apparel imports from China. Which policy would Chinese apparel
12. Draw a domestic supply-and-demand diagram for a product in which the United States does not have a comparative advantage.What impact do foreign imports have on domestic price and quantity? On
11. Suppose that if Iceland and Japan were both closed economies, the domestic price of fish would be $100 per ton in Iceland and$90 per ton in Japan. If the two countries decided to open up to
10. Suppose that the current international price of wheat is $6 per bushel and that the United States is currently exporting 30 million bushels per year. If the United States suddenly became a closed
9. True or False: If a country is open to international trade, the domestic price can differ from the international price. LO26.3
8. Which of the following are benefits of international trade? LO26.2 Choose one or more answers from the choices shown.a. A more efficient allocation of resources.b. A higher level of material
7. We see quite a bit of international trade in the real world. And trade is driven by specialization. So why don’t we see full specialization—for instance, all cars in the world being made in
6. Suppose that the opportunity-cost ratio for watches and cheese is 1C ≡ 1W in Switzerland but 1C ≡ 4W in Japan. At which of the following international exchange ratios (terms of trade) will
5. Suppose that the opportunity-cost ratio for fish and lumber is 1F ≡ 1L in Canada but 2F ≡ 1L in Iceland. Then should specialize in producing fish while should specialize in producing lumber.
4. Suppose that the opportunity-cost ratio for sugar and almonds is 4S ≡ 1A in Hawaii but 1S ≡ 2A in California. Which state has the comparative advantage in producing almonds? LO26.2a. Hawaii.b.
3. True or False: If Country B has an absolute advantage over Country A in producing bicycles, it will also have a comparative advantage over Country A in producing bicycles. LO26.2
2. In Country A, the production of 1 bicycle requires using resources that could otherwise be used to produce 11 lamps. In Country B, the production of 1 bicycle requires using resources that could
1. In Country A, a worker can make 5 bicycles per hour. In Country B, a worker can make 7 bicycles per hour. Which country has an absolute advantage in making bicycles?LO26.2a. Country A.b. Country B.
14. last word What was the central point that Bastiat was trying to make in his imaginary petition of the candlemakers?
13. What is offshoring of white-collar service jobs and how does that practice relate to international trade? Why has offshoring increased over the past few decades? Give an example (other than that
12. What form does trade adjustment assistance take in the United States? How does such assistance promote political support for free-trade agreements? Do you think workers who lose their jobs
11. Identify and state the significance of each of the following trade-related entities: (a) the WTO; (b) the EU; (c) the eurozone;and (d) NAFTA. LO26.6
10. How might protective tariffs reduce both the imports and the exports of the nation that levies tariffs? In what way do foreign firms that “dump” their products onto the U.S. market in effect
9. In 2013, manufacturing workers in the United States earned average compensation of $36.34 per hour. That same year, manufacturing workers in Mexico earned average compensation of$6.82 per hour.
8. Evaluate the effectiveness of artificial trade barriers, such as tariffs and import quotas, as a way to achieve and maintain full employment throughout the U.S. economy. How might such policies
7. “The potentially valid arguments for tariff protection—military self-sufficiency, infant industry protection, and diversification for stability—are also the most easily abused.” Why are
6. Why is a quota more detrimental to an economy than a tariff that results in the same level of imports as the quota? What is the net outcome of either tariffs or quotas for the world economy?LO26.4
5. What is an export supply curve? What is an import demand curve? How do such curves relate to the determination of the equilibrium world price of a tradable good? LO26.3
4. Suppose Big Country can produce 80 units of X by using all its resources to produce X or 60 units of Y by devoting all its resources to Y. Comparable figures for Small Nation are 60 units of X and
3. Explain: “The United States can make certain toys with greater productive efficiency than can China. Yet we import those toys from China.” Relate your answer to the ideas of Adam Smith and
2. Distinguish among land-, labor-, and capital-intensive goods, citing an example of each without resorting to book examples.How do these distinctions relate to international trade? How do
1. Quantitatively, how important is international trade to the United States relative to the importance of trade to other nations?What country is the United States’ most important trading partner,
LO26.6 Identify and explain the objectives of GATT, WTO, EU, eurozone, and NAFTA and discuss offshoring and trade adjustment assistance.
LO26.5 Analyze the validity of the most frequently presented arguments for protectionism.
LO26.4 Analyze the economic effects of tariffs and quotas.
LO26.3 Describe how differences between world prices and domestic prices prompt exports and imports.
LO26.2 Define comparative advantage and demonstrate how specialization and trade add to a nation’s output.
LO26.1 List and discuss several key facts about international trade.
7. True or False. The MB = MC level of immigration is likely to be achieved if we simply let in every person who wishes to immigrate to the United States. LO25.5
6. True or False. Research indicates that immigration causes large decreases in the average American wage. LO25.3
5. Migration between North Korea and South Korea has been prohibited since the end of the Korean War in 1953. South Korea is now much richer than North Korea and has a much higher marginal product of
4. Use the accompanying tables for Neon and Zeon to answer the questions that follow. Assume that the wage rate shown equals hourly output and income, and that the accumulated output and income are
3. True or False. Because older adults have more human capital, they are more likely to migrate to another country than younger adults. LO25.2
2. The primary reason people immigrate to the United States is: LO25.2a. To escape political or religious oppression back home.b. To reunite with family members.c. To improve earnings and living
1. Each year, the number of legal immigrants to the United States is ___________ the number of illegal immigrants. LO25.1a. Less than.b. Equal to.c. Greater than.d. Less than, but only in most years,
11. last word What was the single most important reason for the decline in illegal immigration between 2007 and 2009?What other factors were at play? Going forward, why might people think it more
10. If someone favors the free movement of labor within the United States, is it inconsistent for that person to also favor restrictions on the international movement of labor? Why or why not? LO25.5
9. Why are so many state and local governments greatly concerned about the federal government’s allegedly lax enforcement of the immigration laws and congressional proposals to grant legal status
8. Why is each of these statements somewhat misleading?(a) “Illegal immigrants take only jobs that no American wants.”(b) “Deporting 100,000 illegal immigrants would create 100,000 job openings
7. In July 2007 The Wall Street Journal (WSJ) reported that a growing shortage of skilled labor in Eastern European countries such as Slovakia was driving up wages in key industries and reducing
6. What is a “brain drain” as it relates to international migration?If emigrants are highly educated and received greatly subsidized education in the home country, is there any justification for
5. Suppose initially that immigrant labor and native-born labor are complementary resources. Explain how substantial immigration might change the demand for native-born workers, altering their wages.
4. How might the output and income gains from immigration shown by the simple immigration model be affected by (a) unemployment in the originating nation, (b) remittances by immigrants to the home
3. Suppose that the projected lifetime earnings gains from migration exceed the costs of moving. Explain how the decision to move might be reversed when a person considers present value. LO25.2
2. In what respect is the economic decision to move across international borders an investment decision? Why do economic migrants move to some countries but not to others? Cite an example of an
1. Which of the following statements are true? Which are false?Explain why the false statements are untrue. LO25.1a. More immigrants arrive to the United States each year illegally than legally.b.
LO25.5 Demonstrate how economics can inform current immigration discussions and attempts to reform immigration laws.
LO25.4 Relate how illegal immigration affects employment and wages in low-wage labor markets and impacts state and local budgets.
LO25.3 Explain how immigration affects average wages, resource allocation, domestic output, and group income shares.
LO25.2 Discuss why economists view economic immigration as a personal human capital investment.
LO25.1 Describe the extent of legal and illegal immigration into the United States.
7. True or False. Under the PPACA, Americans are free to decide for themselves whether or not they should have health insurance coverage. LO24.6
6. Ralph will consume any health care service just as long as its MB exceeds the money he must pay out of pocket. His insurance policy has a zero deductible and a 10 percent copay, so Ralph only has
5. By increasing demand, health insurance creates: LO24.4a. A deadweight loss related to overconsumption.b. A deadweight loss related to underconsumption.c. Neither of the above.
4. All MegaCorp employees who stay on the job for more than three years are rewarded with a 10 percent pay increase and coverage under a private health insurance plan that MegaCorp pays for. Tina
3. A patient named Jen visits Dr. Jan. Dr. Jan is nearly certain that Jen only has a cold. But because Dr. Jan is afraid of malpractice lawsuits, she orders an extensive battery of tests just to make
2. Which of the following make a person less likely to have health insurance? (Select one or more answers from the choices shown.) LO24.3a. Working for a larger firm.b. Being a low-wage worker.c.
1. Which of the following best describes the United States’ level of health care spending as compared to that of other nations?LO24.1a. The lowest of all nations.b. A bit lower than average.c.
18. last word What are the three major cost-reducing features of the Singapore health care system? Which one do you think has the largest effect on holding down the price of medical care in
17. What were the objections made by opponents of the PPACA? LO24.6
16. How does the PPACA attempt to ensure affordable health insurance for the poor? LO24.6
15. Why is the PPACA’s attempt to extend insurance coverage to all Americans so costly? How does the PPACA attempt to obtain the funds needed to extend insurance coverage to all Americans? LO24.6
14. What are health savings accounts (HSAs)? How might they reduce the overconsumption of health care resulting from traditional insurance? How might they introduce an element of price competition
13. What are (a) preferred provider organizations and (b) health maintenance organizations? In your answer, explain how each is designed to alleviate the overconsumption of health care LO24.5
12. What is the rationale for exempting a firm’s contribution to its workers’ health insurance from taxation as worker income?What is the impact of this exemption on allocative efficiency in the
11. How is the moral hazard problem relevant to the health care market? LO24.4
10. Using the concepts in Chapter 7’s discussion of consumer behavior, explain how health care insurance results in an overallocation of resources to the health care industry. Use a demand and
9. How do advances in medical technology and health insurance interact to drive up the cost of medical care? LO24.4
8. Briefly discuss the demand and supply factors that contribute to rising health costs. Specify how (a) asymmetric information,(b) fee-for-service payments, (c) defensive medicine, and(d) medical
7. What are the estimated income and price elasticities of demand for health care? How does each relate to rising health care costs? LO24.4
6. List the special characteristics of the U.S. health care market and specify how each affects health care problems LO24.3
5. What are the main groups without health insurance? LO24.3
4. What are the implications of rapidly rising health care prices and spending for (a) the growth of real wage rates, (b) government budgets, and (c) offshoring of U.S. jobs? Explain LO24.2
3. Briefly describe the main features of Medicare and Medicaid, indicating how each is financed LO24.1
2. What are the “twin problems” of the health care industry as viewed by society? How are they related? LO24.1
1. Why would increased spending as a percentage of GDP on, say, household appliances or education in a particular economy be regarded as economically desirable? Why, then, is there so much concern
LO24.6 Summarize the goals of the Patient Protection and Affordable Care Act and the major changes that it institutes.
LO24.5 Describe the cost-containment strategies that rely on altering the financial incentives facing either patients or health service providers.
LO24.4 List the demand and supply factors explaining rising health care costs.
LO24.3 Discuss the problem of limited access to health care for those without insurance.
LO24.2 Relate the economic implications of rising health care costs.
LO24.1 Convey important facts about rising health care costs in the United States.
6. In the taste-for-discrimination model, an increase in employer prejudice against African-American workers would cause the discrimination coefficient to _______________ and the demand curve for
5. If women are crowded into elementary education and away from fire fighting, wages in fire fighting will tend to be _______________ than if women weren’t crowded into elementary education.
4. Suppose that the last dollar that Victoria receives as income brings her a marginal utility of 10 utils while the last dollar that Fredrick receives as income brings him a marginal utility of 15
3. Suppose that a society contains only two members, a lawyer named Monique and a handyman named James.Five years ago, Monique made $100,000 while James made$50,000. This year, Monique will make
2. Some part of income inequality is likely to be the result of discrimination.But other factors responsible for inequality include(select as many as apply): LO23.2a. Differences in abilities and
1. Suppose that the United States has a Gini ratio of 0.41 while Sweden has a Gini ratio of 0.31. Which country has a more equal distribution of income? LO23.1a. The United States.b. Sweden.c. They
15. last word Go to Table 1 in the Last Word and compute the ratio of average wealth to median wealth for each of the 7 years.What trend do you find? What is your explanation for the trend? The
14. Use a demand-and-supply model to explain the impact of occupational segregation or “crowding” on the relative wage rates and earnings of men and women. Who gains and who loses from the
13. Males under the age of 25 must pay far higher auto insurance premiums than females in this age group. How does this fact relate to statistical discrimination? Statistical discrimination implies
12. The labor demand and supply data in the following table relate to a single occupation. Use them to answer the questions that follow. Base your answers on the taste-for-discrimination model.
11. What are the essential differences between social insurance and public assistance programs? Why is Medicare a social insurance program, whereas Medicaid is a public assistance program?Why is the

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