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business
the macro economy

Questions and Answers of The Macro Economy

If you had only $17 to spend per day (the U.S. poverty threshold), how would you spend it? What if you had only $1.90 a day (the World Bank “extreme poverty”threshold)? LO23-1
Why should Americans care about extreme poverty in Haiti, Ethiopia, or Bangladesh? LO23-2
What factors impede or promote poverty reduction.
How many people in the world are poor.
How U.S. and global poverty are defined.
The Economy Tomorrow: Show graphically the impact on the South Korean currency (won)when the Thai baht was devalued
As shown in Table 22.1, in 2016 the United States was running a current account deficit. Would the following events increase or decrease the current account deficit?(a) U.S. companies, the largest
The following schedules summarize the supply and demand for trifflings, the national currency of Tricoli:Triffling price(U.S. dollars per triffling) 0 $4 $8 $12 $16 $20 $24 Quantity demanded (per
According to World View “Foreign Exchange Rates,” what was the peso price of a euro in March 2017?
Between 1990 and 2000, by how much did the dollar appreciate (Figure 22.3)?
If a PlayStation 4 costs 30,000 yen in Japan, how much will it cost in U.S. dollars if the exchange rate is(a) 110 yen = $1?(b) 1 yen = $0.009?(c) 100 yen = $1?
Between 2014 and 2017, did the U.S. dollar appreciate or depreciate (see Figure 22.3)?
If a McDonald’s Big Mac meal sold for $6.00 in March 2017, how much would it cost in the currencies of(a) Brazil?(b) Japan?(c) Indonesia?(See World View “Foreign Exchange Rates.”)
How many Ukrainian hryvnia (see section Ukraine Crisis of 2014) could you buy with one U.S.dollar(a) Before the Russian invasion?(b) After the Russian invasion?
If a euro is worth $1.25, what is the euro price of a dollar?
According to World View “Foreign Exchange Rates,” which nation had(a) The cheapest currency?(b) The most expensive currency?
Why does World View “The Risks of China’s ForeignExchange Stockpile” say the undervalued yuan is “more bane than boom”? LO22-4
Who in Mexico is helped or hurt by a strong U.S. dollar?Redo World View “Who Gains, Who Loses from Strong Dollar” for Mexicans. LO22-4
How would each of these events affect the supply or demand for Japanese yen? LO22-3(a) Stronger U.S. economic growth.(b) A decline in Japanese interest rates.(c) Higher inflation in the United
If a nation’s currency depreciates, are the reduced export prices that result “unfair”? LO22-4
Why did the value of the Ukrainian hryvnia depreciate so much when Russia invaded (see section Ukraine Crisis of 2014)? LO22-3
In what sense do fixed exchange rates permit a country to “export its inflation”? LO22-4
Under what conditions would a country welcome a balance-of-payments deficit? When would it not want a deficit? LO22-4
How would rapid inflation in Canada affect U.S. tourism travel to Canada? Does it make any difference whether the exchange rate between Canadian and U.S.dollars is fixed or flexible? LO22-3
How do changes in the value of the U.S. dollar affect foreign enrollments at U.S. colleges? LO22-4
Why would a rise in the value of the dollar prompt U.S.manufacturers to build production plants in Mexico?LO22-4
How changes in exchange rates affect prices, output, and trade flows.
How exchange rates are established.
The sources of foreign exchange demand and supply.
How the value of a currency is measured.
The Economy Tomorrow:(a) Which regional trade pact is among Canada, the United States, and Mexico?(b) Which industries have gained from this trade pact?(c) Which industries have lost from this trade
Suppose the following table reflects the domestic supply and demand for Bluetooth headphones:Price ($) 60 55 50 45 40 35 30 25 Quantity supplied(in millions per year) 8 7 6 5 4 3 2 1 Quantity
Suppose the two islands in Problem 4 agree that the terms of trade will be one for one and exchange 10 pearls for 10 pineapples.(a) If Alpha produced 6 pearls and 15 pineapples while Beta produced 30
(a) How much was the tariff on Chinese steel imposed in 2016 (World View “U.S. Slaps China with Huge Anti-Dumping Tariffs”)?(b) If China was selling its steel for $50 a ton, what would that steel
(a) How much more are U.S. consumers paying for the 12 tons of sugar they consume each year as a result of the quotas on sugar imports? (See In the News “Sugar Quotas a Sour Deal”).(b) How much
Alpha and Beta, two tiny islands in the Pacific, produce pearls and pineapples. The following production possibilities schedules describe their potential output in tons per year:LO21-2 LO21-1 LO21-1
If it takes 10 farmworkers to harvest 1 ton of strawberries and 3 farmworkers to harvest 1 ton of wheat, what is the opportunity cost of 4 tons of strawberries?
Which countries are(a) The two largest export markets for the United States? (See Table 21.3.)(b) The two biggest sources of imports?
What are the potential benefits and risks of a borderadjustment tax? LO21-3
Who gains and who loses from nontariff barriers to Mexican trucks (World View “Mexico Retaliates for U.S. Trucking Roadblocks”)? What made President Obama offer renewed negotiations? LO21-3
According to the National Association of Home Builders, the 2017 tariff on Canadian lumber will result in the loss of 8,000 U.S. construction jobs. How does this happen? LO21-3
Who, besides Chinese steel producers, was hurt by the new tariffs on Chinese imports (World View “U.S. Slaps China with Huge Anti-Dumping Tariffs”)? LO21-3
Domestic producers often base their demands for import protection on the fact that workers in country X are paid substandard wages. Is this a valid argument for protection? LO21-1
Suppose we refused to sell goods to any country that reduced or halted its exports to us. Who would benefit and who would lose from such retaliation? LO21-2
How does international trade restrain the price behavior of domestic firms? LO21-3
If a nation exported much of its output but imported little, would it be better or worse off? How about the reverse—that is, exporting little but importing a lot? LO21-2
What would be the effects of a law requiring bilateral trade balances? LO21-2
Suppose a lawyer can type faster than any secretary.Should the lawyer do her own typing? Can you demonstrate the validity of your answer? LO21-1
How trade barriers affect prices, output, and incomes.
What the gains from trade are.
What comparative advantage is.
The Economy Tomorrow: Social Security tax revenue comes from taxes on current workers’wages up to a cap. Social Security benefits go out to current retirees and are based on age and past earnings.
Suppose the benefit formulas for various welfare programs are Food stamps: $400 per month − 0.30(Wages)Housing assistance: $1,000 per month − 0.25(Wages)Cash welfare: $400 per month −
If older workers have a tax elasticity of labor supply equal to 0.20, by how much will their work activity decline when they reach the Social Security earnings test limit? (Assume explicit taxes of
(a) On the following graph, depict the wages, income, and Social Security benefits at different hours of work for a worker aged 62–64 who earns $15 per hour and is eligible for $15,000 in Social
How large a monthly Social Security check will a retiree get if her maximum benefit is$1,600 per month and she continues working for wages of $2,000 per month?
According to the benefit formula in Table 20.2, how large will the Social Security benefit be for a worker who had prior earnings of(a) $36,000 a year?(b) $96,000 a year?What is the marginal wage
What is the breakeven level of income for Social Security as depicted in Figure 20.6?
Draw a graph showing how benefits, total income, and wages change under the following conditions:Wage rate = $10 per hour Welfare benefit = $5,000 − 0.5(Wages > $3,000)Identify here and label on
A welfare recipient can receive food stamps as well as cash welfare benefits. If the food stamp allotment is set as follows, Food stamps = $6,000 − 0.30(Wages)(a) How high can wages rise before all
Suppose the annual welfare benefit formula is Benefit = $8000 − 0.67(Wages > $2,000)(a) What is the marginal tax rate on(i) The first $2,000 of wages?(ii) Wages above $2,000?(b) How large is the
Why is the increasing ratio of older people to younger people a problem for Social Security? Is there any way to mitigate this demographic problem? LO20-3
Why don’t we give poor people more cash welfare instead of in-kind transfers like food stamps, housing assistance, and Medicaid? LO20-3
Who pays the economic cost of Social Security? In what ways? LO20-2
How would the distribution of income change if Social Security were privatized? LO20-1
Should the Social Security earnings test be eliminated?What are the benefits and costs of doing so? LO20-2
In what ways do younger workers pay for Social Security benefits received by retired workers? LO20-2
Once someone has received TANF welfare benefits for a total of five years, he or she is permanently ineligible for more TANF benefits. Should this person receive any further assistance? How will work
If poor people don’t want to work, should they get welfare? What about their children? LO20-3
What’s so hard about guaranteeing everyone a minimal level of income support? What problems arise? LO20-2
If we have to choose between compassion and incentives, which should we choose? Do the terms of the trade-off matter? LO20-3
The trade-offs between equity and efficiency
How transfer programs affect labor supply and total output.
The major income transfer programs.
The Economy Tomorrow: What is the effective tax rate with Dick Armey’s proposed flat tax for a family of four with earnings of(a) $30,000?(b) $50,000?(c) $100,000?
(a) On the graph shown below, draw the supply and demand for labor represented by the following data:Wage 12 11 10 9 8 7 6 5 4 3 2 $1 Quantity of labor Supplied 20 17 14 12 10 8 6 5 4 3 2 1 Demanded
Following are hypothetical data on the size distribution of income and wealth for each quintile(one-fifth) of a population:Quintile Lowest Second Third Fourth Highest Income 5% 10% 15% 25% 45%Wealth
What percentage of income is paid in Social Security taxes by a worker with wage earnings of(a) $30,000?(b) $70,000?(c) $200,000?(d) Is this a progressive, regressive, or proportional tax?
What is the difference in the top marginal tax rate between Japan and Hong Kong (World View“Top Tax Rates”)?
By how much might the quantity of labor supplied decrease if the tax elasticity of supply were 0.20 and the marginal tax rate increased from 35 to 45 percent?
If the tax elasticity of supply is 0.15, by how much will the quantity supplied increase when the marginal tax rate decreases from 40 to 36 percent?
Using Table 19.1, compute the taxable income and taxes for the following taxpayers:Gross Exemptions Taxable Taxpayer Income and Deductions Income Tax A $ 20,000 $ 4,000 B 40,000 16,000 C 80,000
Use Table 19.1 to compute the taxes on a taxable income of $200,000.(a) What is the marginal tax rate?(b) What is the average tax rate?
According to In the News “Taxes: The Pences vs. the Clintons,” in 2015 what was the Pences’(a) Nominal tax rate?(b) Effective tax rate?
If there were no deduction for charitable contributions, how much more tax would the Clintons have paid in 2015 (In the News “Taxes: The Pences vs. the Clintons”)?
How much tax did the Clintons pay in 2015 (In the News “Taxes: The Pences vs.the Clintons”) on:(a) The first $9,000 of taxable income?(b) The last $9,000 of taxable income?How much tax did the
How would President Trump’s proposed changes in the tax system affect efficiency and equity? Should they have been adopted? LO19-3
What share of taxes should the rich pay (see Figure 19.4)? Should the poor pay any taxes? LO19-3
Is a tax deduction for tuition likely to increase college enrollments? How will it affect horizontal and vertical equities? LO19-3
If the tax elasticity of supply were zero, how high could the tax rate go before people reduced their work effort?How do families vary the quantity of labor supplied when tax rates change? LO19-3
If a new tax system encouraged more output but also created greater inequality, would it be desirable? LO19-3
How might a flat tax affect efficiency? Fairness? LO19-3
What loopholes reduced the Pences’ and the Clintons’2015 tax bill (see In the News “Taxes: The Pences vs.the Clintons”)? What’s the purpose of those loopholes?LO19-1
Do inequalities stimulate productivity? In what ways?Provide two specific examples. LO19-3
Why are incomes distributed so unevenly? Identify and explain three major causes of inequality. LO19-3
What goods or services do you and your family receive without directly paying for them? How do these goods affect the distribution of economic welfare? LO19-2
The nature of the equity–efficiency trade-off.
What makes taxes more or less progressive.
How the U.S. tax system is structured.
The Economy Tomorrow: What are the three most important sources of funding for financing a start-up?

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