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business
the macro economy

Questions and Answers of The Macro Economy

How does a car dealer determine where a buyer is on the market demand curve? LO5-3
Under what circumstances could a producer extract the entire consumer surplus in Figure 5.5? LO5-2
When the producer price discriminates in Figure 5.4, what happens to unit sales? Total revenue? Total profit? LO5-3
How did Apple decide what price to charge for its 10-year anniversary iPhone in 2017? Could it have charged a higher price? Should it have? LO5-1
Can you think of any product that violates the law of diminishing marginal utility? LO5-1
How do total and marginal utility change as you spend more time tweeting your friends? LO5-1
If the marginal utility of pizza never diminished, how many pizzas would you eat? LO5-1
What does the demand for enrollments in your college look like? What is on the axes? How do tuition, enrollment, and total revenue interact? LO5-1
How consumers maximize utility
The meaning and use of price discrimination.
The nature and source of consumer surplus.
Why demand curves are downward sloping.
The Economy Tomorrow: The following production possibility curve shows the tradeoff between housing and all other goods. ALL OTHER GOODS (units per year)HOUSING (units per year)PRODUCTION
According to In the News “State Lotteries: A Tax on the Uneducated and the Poor,” what percentage of income is spent on lottery tickets by(a) A low-income family with income of $20,000 per
Suppose the market demand for cigarettes is given in the following table.Price per pack $10 $9 $8 $7 $6 $5 $4 $3 Quantity demanded 2 4 6 8 10 12 14 16(million packs per year)Suppose further that
Suppose the following data represent the market demand for college education:Tuition (per year) $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 Enrollment demanded 1 2 3 4 5 6 7 8(in
If a new home can be constructed for $150,000, what is the opportunity cost of federal defense spending, measured in terms of private housing? (Assume a defense budget of $600 billion.)
(a) Assuming an 9 percent sales tax is levied on all consumption, complete the following table:Sales Percentage of Income Consumption Tax Income Paid in Taxes$10,000 $11,000 20,000 20,000 40,000
If the average working-age adult produces $25,000 of output per year, how much global output is lost as a result of adult deaths from secondhand smoke, according to In the News“Secondhand Smoke
Draw market and social demand curves for the consumption of flu shots.
Assume that the product depicted below generates external costs in consumption of $3 per unit.(a) What is the market price (market value) of the product?(b) Draw the social demand curve.(c) What is
(a) Use Figure 4.3 to illustrate on the accompanying production possibilities curve the optimal mix of output (X).OTHER GOODS(units per year)CIGARETTES (packs per year)M qM(b) Does the optimal mix
Which taxes hit the poor hardest—those of local, state, or federal governments? LO4-3
Should the government be downsized? Which functions should be cut back? Which ones should be expanded?LO4-2
How does Sirius Satellite deter nonsubscribers from listening to its transmissions? Does this make radio programming a private good or a public good? LO4-1
What government actions might cause failures like points G1, G2, and G3 in Figure 4.6? Can you give examples? LO4-4
The government now spends more than $700 billion a year on Social Security benefits. Why don’t we leave it to individuals to save for their own retirement? LO4-1
If smoking generates external costs, should smoking simply be outlawed? How about cars that pollute? LO4-1
What is the specific market failure justification for government spending on (a) public universities, (b) health care, (c) trash pickup, (d) highways, (e) police, and(f) solar energy? Would a purely
Why might Fourth of July fireworks be considered a public good? Who should pay for them? What about airport security? LO4-1
Should the firefighters have saved the house in In the News“Firefighters Watch as Home Burns to the Ground”? What was the justification for their belated intervention? LO4-1
If everyone seeks a free ride, what mix of output will be produced in Figure 4.2? Why would anyone voluntarily contribute to the purchase of public goods like flood control or snow removal? LO4-1
If Israel’s “Iron Dome” (World View “Israel’s ‘Iron Dome’ Frustrates Hamas”) is so effective, why doesn’t a private company produce it and sell its services directly to consumers?
Why should taxpayers subsidize public colleges and universities? What external benefits are generated by higher education? LO4-1
The meaning of government failure.
Which taxes finance state, local, and federal governments.
How the public sector has grown.
The nature and causes of market failure.
The Economy Tomorrow: According to Figure 3.8,(a) How many organs are supplied at a zero price?(b) How many people die in the government-regulated economy where there is a price ceiling = $0?(c) How
In Figure 3.8, when a price ceiling of zero is imposed, does(a) The quantity of organs demanded increase?(b) The market demand increase?(c) The quantity of organs supplied increase?(d) The market
Use the following data to draw supply and demand curves.Price $ 8 7 6 5 4 3 2 1 Quantity demanded 2 3 4 5 6 7 8 9 Quantity supplied 10 9 8 7 6 5 4 3(a) What is the equilibrium price?(b) Suppose the
Which curve shifts and in which direction when the following events occur in the domestic car market?(a) The U.S. economy falls into a recession.(b) U.S. autoworkers go on strike.(c) Imported cars
The goal of the price cut described in In the News “Pricing the Galaxy S7,” was to(a) Increase supply.(b) Increase quantity supplied.(c) Increase demand.(d) Increase quantity demanded.
Illustrate using a supply and demand graph what happened to oil prices in World View “Oil Higher on Nigerian Supply Disruptions.”(a) Which curve shifted?(b) Which direction did that curve shift
Illustrate using a supply and demand graph what happened to gasoline prices in In the News,“Gas Prices Jump in Matthew’s Wake.”(a) Which curve shifted?(b) Which direction did that curve shift
Given the following data on gasoline supply and demand,(a) What is the equilibrium price?(b) Suppose the current price is $4. At this price, how much of a shortage or surplus exist?Price per gallon
According to In the News “The Real March Madness: Ticket Prices”(a) What was the initial price of a ticket to the NCAA finals?(b) At that price was there an equilibrium, a shortage, or a surplus?
According to Figures 3.5 and 3.6, what would the new equilibrium price of tutoring services be if Ann decided to stop tutoring?
According to Figure 3.3, at what price would Tom buy 12 hours of web tutoring?(a) Without a lottery win.(b) With a lottery win.
Is there a shortage of on-campus parking at your school?How might the shortage be resolved? LO3-3
When Hurricane Matthew struck Florida, Governor Rick Scott signed an emergency declaration outlawing“price gouging,” i.e., unjustified price increases. More than 2,700 Floridians filed complaints
What would happen in the apple market if the government set a minimum price of $10.00 per apple? What might motivate such a policy? LO3-5
The shortage in the organ market (Figure 3.8) requires a nonmarket rationing scheme. Who should get the available (qa) organs? Is this fairer than the marketdriven distribution? LO3-5
In Figure 3.8, why is the organ demand curve downwardsloping rather than vertical? LO3-1
Why are scalpers able to resell tickets to the Final Four basketball games at such high prices (In the News “The Real March Madness: Ticket Prices”)? LO3-2
Why do militant attacks in Nigeria affect the price of gasoline at U.S. gas stations? (World View “Oil Higher on Nigerian Supply Disruptions”) LO3-5
With respect to the demand for college enrollment, which of the following would cause (1) a movement along the demand curve or (2) a shift of the demand curve? LO3-4a. An increase in incomes.b. Lower
Within weeks after Samsung launched its Galaxy Note 7 smartphone in August 2016, the phones started erupting into smoke and flames. How did this affect the demand for Note 7s? What determinants of
In our story of Tom, the student confronted with a web design assignment, we emphasized the great urgency of his desire for web tutoring. Many people would say that Tom had an “absolute need” for
How government price controls affect market outcomes.
What causes market prices to change.
How market prices and quantities are established.
The nature and determinants of market supply.
The nature and determinants of market demand.
The Economy Tomorrow: How much more output per year will have to be produced in the world just to provide the 3 billion “severely” poor population with $1 more income per day?
Using the data from the Data Tables, calculate(a) the federal government’s share of total output in 1996, 2006, and 2016.(b) the state and local government’s share of total output in 1996, 2006,
Assuming 2016 per capita GDP growth rate is equal to the average growth rate (2000 –2015)provided in Table 2.1, estimate 2016 per capita GDP for each of the following countries using data from
If 150 million workers produced America’s GDP in 2015 (World View “Comparative Output(GDP)”), how much output did the average worker produce?
Using the data in Figure 2.3,(a) Compute the average income of U.S. households.(b) If all incomes were equalized by government taxes and transfer payments, how much would the average household in
U.S. real gross domestic product increased from $10 trillion in 2000 to $15 trillion in 2010.During that same decade the share of manufactured goods (e.g., cars, appliances) fell from 16 percent to
(a) If Haiti’s per capita GDP of roughly $810 were to DOUBLE every decade (an annual growth rate of 7.2 percent), what would Haiti’s per capita GDP be in 50 years?(b) Compare (a) to the U.S. per
According to Table 2.1, how fast does total output (GDP) have to grow in order to raise per capita GDP in(a) the United States?(b) Japan?(c) Ethiopia?
(a) How much more output does the $20 trillion U.S. economy produce when GDP increases by 1.0 percent?(b) By how much does this increase per capita income if the population is 340 million?
In 1980, America’s GDP per capita was approximately $30,000 (measured in today’s dollars).How much higher in percentage terms was America’s GDP per capita in 2015 (see World View“GDP per
According to the World View “GDP per Capita around the World,” how does per capita GDP in the following countries compare against America’s (in percentage terms)?(a) Canada(b) China(c) Cuba
In 2015 the world’s total output (real GDP) was roughly $80 trillion. What percent of this total was produced(a) By the three largest economies (World View “Comparative Output (GDP)”)?(b) By
How might free markets help reduce global poverty?How might they impede that goal? LO2-3
Why are incomes so much more unequal in poor nations than in rich ones? LO2-4
Should the government try to equalize incomes more by raising taxes on the rich and giving more money to the poor? How might such redistribution affect total output and growth? LO2-4
Where do growing companies like Google and Facebook get their employees? What were those workers doing before? LO2-2
How many people are employed by your local or state government? What do they produce? What is the opportunity cost of that output? LO2-1
Is the relative decline in U.S. farming and manufacturing (Figure 2-2) a good thing or a bad thing? LO2-2
The U.S. farm population has shrunk by more than 25 million people since 1900. Where did all the people go? Why did they move? LO2-2
Can we continue to produce more output every year? Is there a limit? LO2-3
Why is per capita GDP so much higher in the United States than in Mexico? LO2-3
Americans already enjoy living standards that far exceed world averages. Do we have enough? Should we even try to produce more? LO2-1
How incomes are distributed in the United States and elsewhere.
How the United States is able to produce so much output.
How the U.S. output mix has changed over time.
The relative size of the U.S.economy.
The Economy Tomorrow: What are the opportunity costs of increasing the number of solar panels in use in the United States?
According to the World View “World’s Largest Armies,” what percent of the total population is serving in the military in(a) The United States (population = 340 million)?(b) North Korea
If a person literally had “nothing else to do,”(a) What would be the opportunity cost of doing this homework?(b) What is the likelihood of that?
According to the World View “Market Reliance vs. Government Reliance?” which nation has(a) The highest level of faith in the market system?(b) The lowest level of faith in the market system?
You have only 20 hours per week to use for either study time or fun time. Suppose the relationship between study time, fun time, and grades is shown in this table:Fun time (hours per week)Study time
According to the figure (similar to Figure 1.4),(a) At which point(s) is this society producing some of each type of output but producing inefficiently?(b) At which point(s) is this society producing
What is the opportunity cost (in civilian output) of a defense buildup that raises military spending from 4.0 to 4.3 percent of a $20 trillion economy?
(a) If the average North Korean farmer produces 1,800 pounds of food per year, what is the opportunity cost, in pounds of food, of North Korea’s army (World View “World’s Largest Armies”)?(b)
According to Figure 1.3, how much food production is sacrificed when North Korea moves from point P to point N?
(a) Compute the opportunity cost in forgone consumer goods (millions of pounds of butter) for each additional unit of military output (number of planes) produced:Military output Consumer goods output

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