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survey of economics

Questions and Answers of Survey Of Economics

5. Use two market diagrams to explain how an increase in state subsidies to public colleges might affect tuition and enrollments in both public and private colleges. LO3.5
4. How will each of the following changes in demand and/or supply affect equilibrium price and equilibrium quantity in a competitive market; that is, do price and quantity rise, fall, or remain
3. Refer to the following expanded table from review question 8.LO3.4a. What is the equilibrium price? At what price is there neither a shortage nor a surplus? Fill in the surplus-shortage column and
2. The figure below shows the supply curve for tennis balls, S1, for Drop Volley Tennis, a producer of tennis equipment. Use the figure and the table below to give your answers to the following
1. Suppose there are three buyers of candy in a market: Tex, Dex, and Rex. The market demand and the individual demands of Tex, Dex, and Rex are shown in the following table. LO3.2a. Fill in the
9. A price ceiling will result in a shortage only if the ceiling price is ____________ the equilibrium price. LO3.6a. Less than.b. Equal to.c. Greater than.d. Louder than.
8. Suppose the total demand for wheat and the total supply of wheat per month in the Kansas City grain market are as shown in the following table. Suppose that the government establishes a price
7. Label each of the following scenarios with the set of symbols that best indicates the price change and quantity change that occur in the scenario. In some scenarios, it may not be possible from
6. Critically evaluate: “In comparing the two equilibrium positions in Figure 3.7b, I note that a smaller amount is actually demanded at a lower price. This refutes the law of demand.”LO3.5
5. Suppose that in the market for computer memory chips, the equilibrium price is $50 per chip. If the current price is $55 per chip, then there will be ______________ of memory chips. LO3.4a. A
4. “In the corn market, demand often exceeds supply and supply sometimes exceeds demand.” “The price of corn rises and falls in response to changes in supply and demand.” In which of these
3. What effect will each of the following have on the supply of auto tires? LO3.3a. A technological advance in the methods of producing tires.b. A decline in the number of firms in the tire
2. True or False: A “change in quantity demanded” is a shift of the entire demand curve to the right or to the left. LO3.2
1. What effect will each of the following have on the demand for small automobiles such as the Mini-Cooper and Fiat 500? LO3.2a. Small automobiles become more fashionable.b. The price of large
8. last word Real (inflation-adjusted) tuition costs were nearly constant during the 1960s despite a huge increase in the number of college students as the very large Baby Boom generation came of
7. What do economists mean when they say “price floors and ceilings stifle the rationing function of prices and distort resource allocation”? LO3.6
6. For each stock in the stock market, the number of shares sold daily equals the number of shares purchased. That is, the quantity of each firm’s shares demanded equals the quantity supplied. So,
5. In 2001 an outbreak of hoof-and-mouth disease in Europe led to the burning of millions of cattle carcasses. What impact do you think this had on the supply of cattle hides, hide prices, the supply
4. What are the determinants of supply? What happens to the supply curve when any of these determinants change? Distinguish between a change in supply and a change in the quantity supplied, noting
3. Explain the law of supply. Why does the supply curve slope upward? How is the market supply curve derived from the supply curves of individual producers? LO3.3
2. What are the determinants of demand? What happens to the demand curve when any of these determinants change? Distinguish between a change in demand and a movement along a fixed demand curve,
1. Explain the law of demand. Why does a demand curve slope downward? How is a market demand curve derived from individual demand curves? LO3.2
4. At price $5 in this market:a. there will be a shortage of 10,000 units.b. there will be a surplus of 10,000 units.c. quantity demanded will be 12,000 units.d. quantity demanded will equal quantity
3. At the $3 price:a. quantity supplied exceeds quantity demanded.b. quantity demanded exceeds quantity supplied.c. the product is abundant and a surplus exists.d. there is no pressure on price to
2. Supply curve S:a. reflects an inverse (negative) relationship between price and quantity supplied.b. reflects a direct (positive) relationship between price and quantity supplied.c. depicts the
1. Demand curve D is downsloping because:a. producers offer less of a product for sale as the price of the product falls.b. lower prices of a product create income and substitution effects that lead
LO3.6 Identify what government-set prices are and how they can cause product surpluses and shortages.
LO3.5 Explain how changes in supply and demand affect equilibrium prices and quantities.
LO3.4 Relate how supply and demand interact to determine market equilibrium.
LO3.3 Describe supply and explain how it can change.
LO3.2 Describe demand and explain how it can change.
LO3.1 Characterize and give examples of markets.
8. Because investment and capital goods are paid for with savings, higher savings rates reflect a decision to consume fewer goods for the present in order to be able to invest in more goods for the
7. Referring to the table in problem 5, suppose improvement occurs in the technology of producing forklifts but not in the technology of producing automobiles. Draw the new production possibilities
6. Look at Figure 1.3. Suppose that the cost of cheese falls, so that the marginal cost of producing pizza decreases. Will the MC curve shift up or down? Will the optimal amount of pizza increase or
5. Refer to the following production possibilities table for consumer goods (automobiles) and capital goods (forklifts): LO1.6a. Show these data graphically. Upon what specific assumptions is this
4. Suppose that you are on a desert island and possess exactly 20 coconuts. Your neighbor, Friday, is a fisherman, and he is willing to trade 2 fish for every 1 coconut that you are willing to give
3. Suppose you won $15 on a lotto ticket at the local 7-Eleven and decided to spend all the winnings on candy bars and bags of peanuts. Candy bars cost $0.75 each while bags of peanuts cost$1.50
2. Pham can work as many or as few hours as she wants at the college bookstore for $9 per hour. But due to her hectic schedule, she has just 15 hours per week that she can spend working at either the
1. Potatoes cost Janice $1 per pound, and she has $5.00 that she could possibly spend on potatoes or other items. If she feels that the first pound of potatoes is worth $1.50, the second pound is
7. What are the two major ways in which an economy can grow and push out its production possibilities curve? LO1.7a. Better weather and nicer cars.b. Higher taxes and lower spending.c. Increases in
6. Explain how (if at all) each of the following events affects the location of a country’s production possibilities curve: LO1.6a. The quality of education increases.b. The number of unemployed
5. For each of the following situations involving marginal cost (MC)and marginal benefit (MB), indicate whether it would be best to produce more, fewer, or the current number of units. LO1.4a. 3,000
4. Suppose that you are given a $100 budget at work that can be spent only on two items: staplers and pens. If staplers cost $10 each and pens cost $2.50 each, then the opportunity cost of purchasing
3. Suppose that you initially have $100 to spend on books or movie tickets. The books start off costing $25 each and the movie tickets start off costing $10 each. For each of the following
2. Indicate whether each of the following statements applies to microeconomics or macroeconomics: LO1.3a. The unemployment rate in the United States was 5.1 percent in September 2015.b. A U.S.
1. Match each term with the correct definition. LO1.1 economics opportunity cost marginal analysis utilitya. The next-best thing that must be forgone in order to produce one more unit of a given
11. last word Studies indicate that married men on average earn more income than unmarried men of the same age and education level. Why must we be cautious in concluding that marriage is the cause
10. Suppose that, on the basis of a nation’s production possibilities curve, an economy must sacrifice 10,000 pizzas domestically to get the 1 additional industrial robot it desires but that it can
9. Specify and explain the typical shapes of marginal-benefit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current
8. Why is money not considered to be a capital resource in economics?Why is entrepreneurial ability considered a category of economic resource, distinct from labor? What are the major functions of
7. What are economic resources? What categories do economists use to classify them? Why are resources also called factors of production? Why are they called inputs? LO1.5
6. How does the slope of a budget line illustrate opportunity costs and trade-offs? How does a budget line illustrate scarcity and the effect of limited incomes? LO1.4
5. State (a) a positive economic statement of your choice, and then (b) a normative economic statement relating to your first statement. LO1.3
4. What are the key elements of the scientific method and how does this method relate to economic principles and laws? LO1.2
3. What is meant by the term “utility” and how does the idea relate to purposeful behavior? LO1.1
2. Cite three examples of recent decisions that you made in which you, at least implicitly, weighed marginal cost and marginal benefit. LO1.1
1. What is an opportunity cost? How does the idea relate to the definition of economics? Which of the following decisions would entail the greater opportunity cost: allocating a square block in the
4. Let’s put dollar amounts on the flows in the circular flow diagram of Figure 2.2. LO2.5a. Suppose that businesses buy a total of $100 billion of the four resources (labor, land, capital, and
3. With current technology, suppose a firm is producing 400 loaves of banana bread daily. Also assume that the least-cost combination of resources in producing those loaves is 5 units of labor, 7
2. Suppose Natasha currently makes $50,000 per year working as a manager at a cable TV company. She then develops two possible entrepreneurial business opportunities. In one, she will quit her job to
1. Table 2.1 contains information on three techniques for producing$15 worth of bar soap. Assume that we said “$15 worth of bar soap” because soap costs $3 per bar and all three techniques
7. Franklin, John, Henry, and Harry have decided to pool their financial resources and business skills in order to open up and run a coffee shop. They will share any profits or losses that the
6. True or False: Households sell finished products to businesses.LO2.6
4. Assume that a business firm finds that its profit is greatest when it produces $40 worth of product A. Suppose also that each of the three techniques shown in the following table will produce the
3. True or False: Money must be issued by a government for people to accept it. LO2.2
2. Match each term with the correct definition. LO2.2 private property freedom of enterprise mutually agreeable freedom of choice self-interest competition marketa. An institution that brings buyers
1. Decide whether each of the following descriptions most closely corresponds to being part of a command system, a market system, or a laissez-faire system. LO2.1a. A woman who wants to start a
13. last word What explains why millions of economic resources tend to get arranged logically and productively rather than haphazardly and unproductively?
12. How does shielding employees and suppliers from business risk help to improve economic outcomes? Who is responsible for managing business risks in the market system? LO2.6
11. Distinguish between the resource market and the product market in the circular flow model. In what way are businesses and households both sellers and buyers in this model? What are the flows in
10. In market economies, firms rarely worry about the availability of inputs to produce their products, whereas in command economies input availability is a constant concern. Why the difference? LO2.4
9. In a sentence, describe the meaning of the phrase “invisible hand.” LO2.4
8. What is meant by the term “creative destruction”? How does the emergence of MP3 (or iPod) technology relate to this idea? LO2.3
7. Some large hardware stores, such as Home Depot, boast of carrying as many as 20,000 different products in each store. What motivated the producers of those individual products to make them and
6. Evaluate and explain the following statements: LO2.2a. The market system is a profit-and-loss system.b. Competition is the disciplinarian of the market economy.
5. What problem does barter entail? Indicate the economic significance of money as a medium of exchange. What is meant by the statement “We want money only to part with it”? LO2.2
4. What are the advantages of using capital in the production process?What is meant by the term “division of labor”? What are the advantages of specialization in the use of human and material
3. Why is private property, and the protection of property rights, so critical to the success of the market system? How do property rights encourage cooperation? LO2.2
2. How does self-interest help achieve society’s economic goals?Why is there such a wide variety of desired goods and services in a market system? In what way are entrepreneurs and businesses at
1. Contrast how a market system and a command economy try to cope with economic scarcity. LO2.1
LO1.7 Explain how economic growth and international trade increase consumption possibilities.
LO1.6 Apply production possibilities analysis, increasing opportunity costs, and economic growth.
LO1.5 List the categories of scarce resources and delineate the nature of society’s economizing problem.
LO1.4 Explain the individual’s economizing problem and how trade-offs, opportunity costs, and attainable combinations can be illustrated with budget lines.
LO1.3 Distinguish microeconomics from macroeconomics and positive economics from normative economics.x
LO1.2 Describe the role of economic theory in economics.
LO1.1 Define economics and the features of the economic perspective.
Consider the scheduling model of Section 6.1.1 and suppose that there are two broadcasting stations facing 2η potential viewers whose ideal watching time is 5 p.m.; η viewers whose ideal time is 6
Consider the scheduling model of Section 6.1.1 with three broadcasting stations labeled A, B, and C, facing 3η potential viewers whose ideal watching time is 5 p.m.; η viewers whose ideal time is 6
Consider the broadcasted news scheduling model with three broadcasting stations labeled A, B, and C, facing 600 potential viewers whose ideal watching time is 5 p.m.; 100 viewers whose ideal time is
Consider the competition among three broadcasting stations on viewers by setting product types, Section 6.1.2. (a) Is there a condition under which the program-type choices pA, pB, pC = 1, 2, 2
Consider a monopoly cable-TV operator providing service to three consumers by transmitting three channels: CNN, BBC, and SHOP(ping). Table 6.5 shows the valuation (maximum willingness to pay) of
Which price maximizes the publisher’s profit when it sells to libraries only?
When selling to libraries only, how does the number of libraries affect the publisher’s profit level?
Under what conditions does the publisher earn a higher profit when it sells only to libraries compared with selling to individual consumers only?
Consider the calculations of captured and uncaptured surplus from copying analyzed in Section 7.1.4. Suppose that each consumer values a copy as 3/4 of the original, (3/4)2 a copy of a copy of the
Consider the library-pricing model analyzed in Section 7.2.3. Suppose that there are η = 1200 potential readers and λ = 50 libraries. The utility function of eachpotential reader is given by U def
What are the empirical regularities, if any, associated with switching costs?
What is the magnitude of switching costs necessary for making consumers locked in?

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