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survey of economics

Questions and Answers of Survey Of Economics

=+between the points for John’s and Susan’s salaries and taxes using the arc method? How would you interpret that value for slope?c. What happens to the slope as salary increases? What does this
=+a. If you were to plot these points on a graph, what would be the average slope of the curve between the points for Eduardo’s and Camila’s salaries and taxes using the arc method? How would you
=+John 3,000 454 Camila 94,000 | 23,927 Peter 37,000 | 7,020
=+Annual inco Name Annual salary | me tax owed Susan $22,000 De Eduardo 63,000 | 14,317
=+9. This table illustrates annual salaries and income tax owed by five individuals. Despite receiving different annual salaries and owing different amounts of income tax, these five individuals are
=+axes. What is the argument made then?b. Should the insurance company ask the city to send fewer firefighters to any fire in order to reduce its payouts to policy holders?
=+8. An insurance company has found that the severity of property damage ina fire is positively related to the number of firefighters arriving at the scene.a. Draw a diagram that depicts this finding
=+d. As the wage rate increases from $60 to $75, how does the number of hours worked respond according to the relationship depicted here? What is the average slope of the curve between Diego’s and
=+cc. As the wage rate increases from $15 to $30, how does the number of hours worked respond according to the relationship depicted here? What is the average slope of the curve between Athena’s
=+a. Which variable is the independent variable? Which is the dependent variable?b. Drawa scatter diagram illustrating this relationship. Draw a (nonlinear) curve that connects the points. Put the
=+wage rate and work different hours, these five workers are otherwise identical.Name Quantity of la | Wage rate (pe bor(hourspe| hour) week)Athena 30 $15 Boris 35 30, Curt 37 45 Diego 36 60 Emily
=+6. The base of a right triangle is 10, and its area is 20. What is the height of this right triangle? 7. The accompanying table shows the relationship between workers’ hours of work per week and
=+1 20 yo piu 4 o 12 3 6 x 0 5 10 15 20 x Panel (c) Panel (d) y 50 10 40 bovnnnnnnnnnnn . 8 30 : 6 20 4 10 2 pop 4 piu ii iu 10 20 30 40 50x 12 Krugman/Wells, Microeconomics, Se, © 2018 Worth
=+diagram of this curve. Does it have a maximum or a minimum? 5. For each of the accompanying diagrams, calculate the area of the shaded right triangle.y Panel (a) y Panel (b)5 100 4 80 3 60 [oem . &
=+the slope of the curve changes from —0.3, to -0.8, to -2.5, measured by the point method. Draw a schematic diagram of this curve. How would you describe the relationship illustrated in your
=+a. In panel (a), what is the slope of the line? Show that the slope is constant along the line.b. panel (b), what is the slope of the line? Show that the slope is constant along the line. 4. Answer
=+know is that the units shown on the vertical axis are the same as the units on the horizontal axis.Panel (a) Panel (b) y x x Krugman/Wells, Microeconomics, Se, © 2018 Worth Publishers
=+3. In the accompanying figures, the numbers on the axes have been lost. All you
=+d. Estimates now show that the maximum point on the Laffer curve is (approximately) at a tax rate of 80%. For tax rates less than 80%, how would you describe the relationship between the tax rate
=+c. The maximum possible income tax rate is 100%. What would tax revenue be at a 100% income tax rate?
=+b. What would tax revenue be at a 0% income tax rate?
=+a. Which is the independent variable? Which is the dependent variable? On which axis do you therefore measure the income tax rate? On which axis do you measure income tax revenue?
=+what is widely known as the Laffer curve. Plot the Laffer curve relationship assuming that it has the shape of a nonlinear curve. The following questions will help you construct the graph.
=+people would refuse to work at all if they received no income after paying taxes.This relationship between tax rates and tax revenue is graphically summarized in
=+During the Reagan administration, economist Arthur Laffer argued in favor of lowering income tax rates in order to increase tax revenues, Like most economists, he believed that at tax rates above a
=+temperature outside, Americans consume the same number of hot dogs per day.d. Consumers buy more frozen yogurt when the price of ice cream goes up.e. Research finds no relationship between the
=+Panel (c) Panel (4) Krugman/Wells, Microeconomics, Se, ©2018 Worth Publishersa. If the price of movies increases, fewer consumers go to see movies.b. More experienced workers typically have higher
=+which on the vertical axis? In each of these statements, is the slope positive, negative, zero, or infinity?Panel (a) Panel (b)
=+400 pounds?e. Can you explain why the answers to parts c and d are not the same? What does this imply about the slope of the production possibility frontier 1, Study the four accompanying diagrams.
=+of fish and 800 pounds of potatoes? Explain. Where would this point lie relative to the production possibility frontier? ¢. What i the opportunity cost of increasing the annual output of potatoes
=+‘Maximum ann| Quantity of po ual output opti ania Quantity of fis ‘ons hh (pounds)A — 0 B 800 300 c 600 500 D 400 600 E 200 650 F 0 675,a. Drawa production possibility frontier with potatoes
=+potatoes and fish that can be produced. Obviously, given their limited resources and available technology, as they use more of their resources for potato production, there are fewer resources
=+16. Atlantis is a small, isolated island in the South Atlantic. The inhabitants grow potatoes and catch fish. The accompanying table shows the maximum annual output combinations of
=+good. There would be no need for divisive political debates, such as whether the government should provide free medical care for all.” Frame your answer using the concepts of positive and
=+15. Assess the accuracy of the following statement: “If economists just had enough data, they could solve all policy questions in a way that maximizes the social
=+e. If the city charges $25 per shot, it will make a profit of $10 per shot, money that can go to pay for inoculating poor people. Should the city engage in such a scheme?
=+additional doses?c. If there is a shortage of vaccine in the city, whom should we vaccinate first—the elderly or the very young? (Assume that a person from one group has an equal likelihood of
=+whether a question requires the economic adviser to make a positive assessment or a normative assessment.a. How much vaccine will be in stock in the city by the end of November?b. If we offer to
=+14. The mayor of Gotham City, worried about a potential epidmic of deadly influenza this winter, asks an economic adviser the following series of questions. Determine
=+differentiate normative statements from positive statements in these recommendations?
=+model to forecast future events.” Do you think this is true or not? Why? What does this imply about the difficulties of building good economic models? 13. Economists who work for the government
=+12, Evaluate the following statement: “It is easier to build an economic model that accurately reflects events that have already occurred than to build an economic
=+.d. “The system of public education in this country generates greater benefits to society than the cost of running the system” is a normative statement.e. All disagreements among economists are
=+11. Are the following statements true or false? Explain your answers.a. “When people must pay higher taxes on their wage earnings, it reduces their incentive to work” is a positive statement.b.
=+make some Americans better off without making any other Americans worse off? That is, would this policy be efficient from the viewpoint of all Americans?d. Would low-wage Asian workers benefit from
=+a. Which parts of this quote are positive statements? Which parts are normative statements?b. Is the policy that is being advocated consistent with the preceding statements about the wages and
=+clothing industry recently made the following statement: “Workers in Asia often work in sweatshop conditions earning only pennies an hour. American workers are more productive and as a result
=+likely to win? If your dormitory has a rule that a person must stop playing music whenever a roommate complains, whose argument is likely to win? 10. A representative of the American
=+contain normative statements?b. Construct an argument supporting your viewpoint that your roommate should be the one to change her behavior. Similarly, construct an argument from the viewpoint of
=+You: $30. Friend: It is efficient for you to buy the headphones and give them to your roommate. You gain more than you lose; the benefit exceeds the cost. You should do that.You: It just isn’t
=+economics major. The following exchange takes place: Friend: How much would it cost to buy headphones?You: $15. Friend: How much do you value having some peace and quiet for the rest of the
=+9. Your dormitory roommate plays loud music most of the time; you, however, would prefer more peace and quiet. You suggest that she buy some headphones. She responds that although she would be
=+the diagram if the government decided to subsidize 50% of all college students’tuition?
=+universities represent firms, and households both consume education and provide faculty and students to universities. What are the relevant markets in this diagram? What is being bought and sold in
=+8. An economist might say that colleges and universities “produce” education, using faculty members and students as inputs. According to this line of reasoning, education is then “consumed”
=+c. The inhabitants of Atlantis discover Shakira and spend several days a month at dancing festivals.
=+a. A devastating hurricane floods many of the potato fields.b. A very productive fishing season yields a very large number of fish caught.
=+7. The inhabitants of the fictional economy of Atlantis use money in the form of cowry shells. Draw a circular-flow diagram showing households and firms. Firms produce potatoes and fish, and
=+b. Why is it likely that the other basketball players will be unhappy about this arrangement but the other baseball players will be satisfied? Nonetheless, why would an economist say that this is
=+a. Explain how you would use the concept of comparative advantage to allocate the players. Begin by establishing each player’s opportunity cost of free throws in terms of batting average.
=+allocated to baseball and two to basketball. The accompanying table gives each person’s batting average and free-throw average.Batting avera | Free-throwa Name ge verage Kelley 70% 60%Jackie 50%
=+characterize the goods that the EU sells to the United States and the goods that the United States sells to the EU? 6. You are in charge of allocating residents to your dormitory’s baseball and
=+source of his mistake?b. If the EU and the United States continue to trade, what do you think will
=+longer benefit from trade with the EU.a. Do you think Peter Pundit is correct or not? If not, what do you think is the
=+5. Peter Pundit, an economics reporter, states that the European Union (EU) is increasing its productivity very rapidly in all industries. He claims that this productivity advance is so rapid that
=+a. Which country has the comparative advantage in aircraft production? In production of trousers, slacks, and jeans?b. Can you determine which country has the absolute advantage in aircraft
=+worth only $19,000 from China. During the same month, however, the United States bought $83 million worth of men’s trousers, slacks, and jeans from China but sold only $8,000 worth of trousers,
=+frontier for the Frivoli. . After the innovation, which tribe now has an absolute advantage in producing meatballs? In producing spaghetti? Which has the comparative advantage in meatball
=+In AD. 100 the Frivoli discover a new technique for making meatballs that doubles the quantity of meatballs they can produce each month.c. Draw the new monthly production possibility
=+b. Which tribe has the comparative advantage in spaghetti production? In meatball production?
=+combination in between.a. Assume that all production possibility frontiers are straight lines. Draw one diagram showing the monthly production possibility frontier for the Tivoli and another
=+3. In the ancient country of Roma, only two goods, spaghetti and meatballs, are produced. There are two tribes in Roma, the Tivoli and the Frivoli. By themselves, the Tivoli each month can produce
=+cost of going from 11.807 billion bushels of corm to 12.044 billion bushels of corn is 0.666 bushel of wheat per bushel of corn.
=+remaining 24 million acres are left unused.b. From their original production point, farmers transfer 40 million acres of land from corn to wheat production. They now produce 3.158 billion bushels
=+a. Farmers use 40 million acres of land to produce 1.8 billion bushels of wheat, and they use 60 million acres of land to produce 9 billion bushels of corn. The
=+production, (ii) feasible but not efficient in production, (iii) not feasible, or (iv) unclear as to whether or not it is feasible.
=+that production point, the opportunity cost of producing 1 additional bushel of wheat is 1.7 fewer bushels of corn. However, because farmers have increasing opportunity costs, additional bushels of
=+Statistics Service, 124 million acres of land in the United States were used for wheat or corn farming in a recent year. Of those 124 million acres, farmers used 50 million acres to grow 2.158
=+fish could Bermuda produce?c. Draw a production possibility frontier for Bermuda, with fish on the horizontal axis and hotel stays on the vertical axis, and label Bermuda’s actual production
=+constant (the opportunity cost does not change). a If all 315 registered fishermen were to be employed by hotels (in addition to the 2,446 people already working in hotels), how many hotel stays
=+Department of Statistics, in 2014 the 315 registered fishermen in Bermuda caught 497 metric tons of marine fish. And the 2,446 people employed by hotels produced 580,209 hotel stays (measured by
=+1. Two important industries on the island of Bermuda are fishing and tourism. According to data from the Food and Agriculture Organization of the United Nations and the Bermuda
=+ 4. How do you think the shift in the location of Toyota’s production from Japan to the United States has altered the pattern of comparative advantage in automaking between the two countries?
=+3, Before lean manufacturing innovations, Japan mostly sold consumer electronics to the United States. How did lean manufacturing innovations alter Japan’s comparative advantage vis-a-vis the
=+2. Explain how lean manufacturing improves the economy’s efficiency in allocation.
=+1. What is the opportunity cost associated with having a worker wander across the factory floor from task to task or in search of tools and parts?
=+ + Economists do disagree—though not as much as legend has it—for two main reasons. One, they may disagree about which simplifications to make in a model. Two, economists may disagree—like
=+ It often involves making forecasts. But in normative economics, which makes prescriptions about how things ought to be, inevitably involves value judgments.
=+b. When two economists disagree on the desirability of a policy, it’s typically because one of them has made a mistake.
=+ B. Therefore, economists are more likely to agree on choosing policy choice B.
=+2. True or false? Explain your answer.a. Policy choice A and policy choice B attempt to achieve the same social goal. Policy choice A, however, results in a much less efficient use of resources
=+b. People who engage in dangerous personal behavior impose higher costs on society through higher medical costs.
=+a. Society should take measures to prevent people from engaging in dangerous personal behavior.
=+1. Which of the following is a positive statement? Which is a normative statement?
=+how an increase in the amount of money spent by households results in an increase in the number of jobs in the econom
=+ 3. Using the numbers from Table 2-1, explain why the United States and Brazil are willing to engage in a trade of 10 large jets for 15 small jets. 4, Use the circular-flow diagram to explain
=+ In washing machines?
=+a. Which country has an absolute advantage in the production of automobiles?
=+2. In Italy, an automobile can be produced by 8 workers in one day and a washing machine by 3 workers in one day. In the United States, an automobile can be produced by 6 workers in one day and a
=+c. The production possibility frontier is useful because it illustrates how much of ‘one good an economy must give up to get more of another good regardless of whether resources are being used

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