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survey of economics

Questions and Answers of Survey Of Economics

=+possibility frontier.b. A technological change that allows Boeing to build more small jets for any amount of Dreamliners built results in a change in its production possibility frontier.
=+1. True or false? Explain your answer.a. An increase in the amount of resources available to Boeing for use in producing Dreamliners and small jets does not change its production
=++ Why do economists sometimes disagree?
=+how modern economies work? Why is an understanding of the difference between positive economics and normative economics important for the real-world application of economic principles?
=+comparative advantage, and the circular-flow diagram—help us understand
=+How do three simple models—the production possibility frontier,
=+What are economic models and why are they so important to economists?
=+16. During the Great Depression, food was left to rot in the fields or fields that had ‘once been actively cultivated were left fallow. Use one of the principles of economy-wide interaction to
=+billion. Even those who weren’t directly affected by the destruction were hurt because businesses failed or contracted and jobs dried up. Using one of the principles of economy-wide interaction,
=+15. In October 2015, Hurricane Joaquin caused massive destruction to North and South Carolina, New York, and Florida. Catastrophic flooding occurred, with hundreds of people requiring rescue, 25
=+their wages back to relatives in their home countries via Walmart. With this information, use one of the principles of economy-wide interaction to trace a chain of links that explains how reduced
=+of many who worked in the home construction industry. A Wall Street Journal news article reported that Walmart’s wire-transfer business was likely to suffer because many construction workers are
=+13. Tim Geithner, a former U.S. Treasury Secretary, has said, “The recession that began in late 2007 was extraordinarily severe. But the actions we took at its height to stimulate the economy
=+b. Everyone in Woodville would be better off if streetlights were installed in the town. But no individual resident is willing to pay for installation of a streetlight in front of his or her house
=+a. Pollution from auto emissions has reached unhealthy levels.
=+12. In each of the following situations, explain how government intervention could improve society’s welfare by changing people’s incentives. In what sense is the market going wrong?
=+d. The government imposes a tax on the amount of air pollution that a company discharges.
=+a. A tax of $5 per pack is imposed on cigarettes.b. The government pays parents $100 when their child is vaccinated for measles.c. The government pays college students to tutor children from
=+11. Governments often adopt certain policies in order to promote desired behavior among their citizens. For each of the following policies, determine what the incentive is and what behavior the
=+10. Discuss the efficiency and equity implications of each of the following. How would you go about balancing the concerns of equity and efficiency in these areas?a. The government pays the full
=+students who need to take this course to complete their major are unable to get a space even though others who are taking it as an elective do get a space.
=+appliances on when they are not in their rooms.b. Although they cost the same amount to prepare, the cafeteria in your dorm consistently provides too many dishes that diners don’t like, such as
What actions would make it efficient?a. Electricity is included in the rent at your dorm. Some residents in your dorm leave lights, computers, and
=+9. For each of the following, explain whether you think the situation is efficient or not. If it is not efficient, why not?
=+to see what is written on the board at the front of the room. Section B has many empty seats.
=+c. Every student enrolled in Economics 101 must also attend a weekly tutorial. This year there are two sections offered: section A and section B, which meet at the same time in adjoining classrooms
=+a. Many people regularly commute from the suburbs to downtown Pleasantville. Due to traffic congestion, the trip takes 30 minutes via highway but only 15 minutes via side streets.b. At the
=+8. Which of the following situations describes an equilibrium? Which does not? If the situation does not describe an equilibrium, what would an equilibrium look like?
=+better off when the McCoys specialize in raising chickens, the Hatfields specialize in growing com, and the two families trade.
=+a. The two families are made better off when the Hatfields specialize in raising chickens, the McCoys specialize in growing corn, and the two families trade.b. The two families are made
=+7. The Hatfield family lives on the east side of the Hatatoochie River, and the McCoy family lives on the west side. Each family’s diet consists of fried chicken and corn-on-the-cob, and each is
=+describe how your individual choices interacted with the individual choices made by others. Were other people left better off or worse off by your choices in each case?
=+6. This morning you made the following individual choices: you bought a bagel and coffee at the local cafe, you drove to school in your car during rush hour, and you typed your course notes for
=+how many class lectures to skip
=+how many days to wait before doing your laundryb. Deciding how much time to spend researching before writing your term paperc. Deciding how many bags of chips to eatd. Deciding
=+5. For the following examples, state how you would use the principle of marginal analysis to make a decision.a. Deciding
=+e, Fewer students enroll in classes that meet before 10:00 A.M.
=+c. There are more parks in suburban than in urban areas.d. Convenience stores, which have higher prices than supermarkets, cater to busy people.
=+4. Use the concept of opportunity cost to explain the following.a. More people choose to get graduate degrees when the job market is poor.b. More people choose to do their own home repairs when the
=+b. Show the relevant choices for this student. What determines which of these options the student will choose?
=+a. What is the opportunity cost of buying online instead of at the bookstore? Note that if you buy the book online, you must wait to get it.
=+the bus instead of driving your car 3, Liza needs to buy a textbook for the next economics class. The price at the college bookstore is $65. One website offers it for $55, and another site, for
=+2. Describe some of the opportunity costs when you decide to do the following.a. Attend college instead of taking a jobb. Watch a movie instead of studying for an examc. Ride
=+1. Your parents' after-tax income has increased because of a tax cut passed by Congress. They therefore increase your allowance, which you spend on a spring break vacation.
=+writing lab reports. So the two of you agree that you will do all the experiments and she will write up all the reports. k State governments mandate that it is illegal to drive without passing a
=+realize that you can graduate a semester early by forgoing a semester of study abroad. i. At the student center, there is a bulletin board on which people advertise used items for sale, such as
=+how many cups of coffee to have when studying the night before an exam by considering how much more work you can do by having another cup versus how jittery it will make you feel. g. There is
=+damage to homes on the island of St. Crispin, homeowners wanted to purchase many more building materials and hire many more workers than were available on the island. As a result, prices for goods
=+c. Craigslist allows departing students to sell items such as used books, appliances, and furniture rather than give them away as they formerly did.d. After a hurricane did extensive
=+1. each of the following situations, identify which of the twelve principles is at work,a. You choose to purchase your textbooks online through Chegg rather than paying a higher price for the same
=+continue to eat at the dining hall.b. You currently take the subway to work. Although taking the bus is cheaper, the ride takes longer. So you are willing to pay the higher subway fare in order to
=+a. The restaurants across the street from the university dining hall serve better- tasting and cheaper meals than those served at the university dining hall. The vast majority of students
=+2. Which of the following describes an equilibrium situation? Which does not? Explain your answer.
=+decided to close some underutilized neighborhood clinics and shift funds to the main hospital.e. On Amazon books of a given title with approximately the same level of wear and tear sell for about
=+tutoring in subjects they are poor in (like philosophy).c. The local municipality imposes a law that requires bars and nightclubs near residential areas to keep their noise levels below a certain
=+a. Using Amazon any student who wants to sell a used textbook for at least $30 is able to sell it to someone who is willing to pay $30.b. Ata college tutoring co-op, students can arrange to provide
=+1. Explain how each of the following illustrates one of the five principles of interaction.
=+2. You make $45,000 per year at your current job with Whiz Kids Consultants. You are considering a job offer from Brainiacs, Inc., that will pay you $50,000 per year. Which of the following are
=+d. To decide how many hours per week to exercise, you compare the health benefits of one more hour of exercise to the effect on your grades of one fewer hour spent studying.
=+c. Different teaching assistants teach several Economics 101 tutorials. Those taught by the teaching assistants with the best reputations fill up quickly, with spaces left unfilled in the ones
=+b. Even if there were more resources in the world, there would still be scarcity.
=+a. You are on your third trip to a restaurant's all-you-can-eat dessert buffet and are feeling very full. Although it would cost you no additional money, you forgo a slice of coconut cream pie but
=+1. Explain how each of the following illustrates one of the four principles of individual choice.
=+* What three principles illustrate economy-wide interactions?
=+ What five principles govern how individual choices interact?
=+What four principles guide the choices made by individuals?
=+China, like Great Britain and the United States, become much richer over time?
=+why does the economy sometimes have a bad year? + Whyis the long run mainly a story of ups rather than downs? That is, why has
+ Why are there ups and downs in the economy? That is,
1===++ When and why does our economic system sometimes go astray, leading people into counterproductive behavior?
=+How does our economic system work? That is, how does it manage to deliver the goods?
7. True or False: Economists are unanimous that foreign aid greatly helps DVCs. LO42.5 8. True or False: Some economists argue that the single best thing that IACs could do for DVCs in terms of
6. Which of the following policies would economists consider to be actions that a DVC government might take that would improve growth prospects? LO42.4 Choose one or more answers from the choices
5. Compare a hypothetical DVC with a hypothetical IAC. In the DVC, average per capita income is $500 per year. In the IAC, average per capita income is $40,000 per year. If both countries have a
4. A DVC’s population is growing 2 percent per year and output is growing 3 percent per year. If the government wants to improve living standards over coming decades, which of the following would
3. Suppose a country’s total output is growing 10 percent per year, but its population is growing 11 percent per year. What will happen to living standards? LO42.2a. Rise.b. Fall.c. Remain the same.
2. True or False: A DVC that has little in the way of natural resources is destined to remain poor. LO42.2
1. True or False: The term developing country (DVC) is applied to rich nations like the United States and Germany because their economies are always growing quickly by developing new technologies.
13. last word Explain the differences among microcredit, conditional cash transfers, and unconditional cash transfers.Then explain how effective each policy has been.
12. Do you think that IACs such as the United States should open their doors wider to the immigration of low-skilled DVC workers as a way to help DVCs develop? Do you think that it is appropriate for
11. Do you favor debt forgiveness to all DVCs, just the poorest ones, or none at all? What incentive problem might debt relief create? Would you be willing to pay $20 a year more in personal income
10. What types of products do the DVCs typically export? How do those exports relate to the law of comparative advantage? How do tariffs by IACs reduce the standard of living of DVCs? LO42.5
9. Why do you think there is so much government corruption in some developing countries? LO42.4
8. Do you think that the nature of the problems the DVCs face requires a government-directed or a private-sector-directed development process? Explain your reasoning. LO42.4
7. List and discuss five policies that DVC governments might undertake to promote economic development and expansion of income per capita in their countries? LO42.4
6. Because real capital is supposed to earn a higher return where it is scarce, how do you explain the fact that most international investment flows to the IACs (where capital is relatively
5. As it relates to the vicious circle of poverty, what is meant by the saying “Some DVCs stay poor because they are poor”?Change the box labels as necessary in Figure 42.3 to explain rapid
4. What is the demographic transition? Contrast the demographic transition view of population growth with the traditional view that slower population growth is a prerequisite for rising living
3. Explain how each of the following can be obstacles to the growth of income per capita in the DVCs: lack of natural resources, large populations, low labor productivity, poor infrastructure, and
2. Explain how the absolute per capita income gap between rich and poor nations might increase, even though per capita income(or output) is growing faster in DVCs than in IACs.LO42.1
1. What are the four categories used by the World Bank to classify nations on the basis of national income per capita? Identify any two nations of your choice for each of the four categories.LO42.1
LO42.5 Describe how industrial nations attempt to aid low-income countries.
LO42.4 Discuss the role of government in promoting economic development within low-income nations.
LO42.3 Explain the vicious circle of poverty that afflicts low-income nations.
LO42.2 List some of the obstacles to economic development.
LO42.1 Describe how the World Bank distinguishes between industrially advanced countries and developing countries.
5. Return to problem 3 and assume that the exchange rate is fixed at 110. In year 1, what would be the minimum initial size of the U.S. reserve of loonies such that the United States could maintain
4. Suppose that the current Canadian dollar (CAD) to U.S. dollar exchange rate is $0.85 CAD = $1 US and that the U.S. dollar price of an Apple iPhone is $300. What is the Canadian dollar price of an
3. Refer to the following table, in which Qd is the quantity of loonies demanded, P is the dollar price of loonies, Qs is the quantity of loonies supplied in year 1, and Qs′ is the quantity of
2. China had a $214 billion overall current account surplus in 2012. Assuming that China’s net debt forgiveness was zero in 2012 (its capital account balance was zero), by how much did Chinese

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