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business
the macro economy

Questions and Answers of The Macro Economy

Should the government be downsized? Which functions should be cut back? Which ones should be expanded?
How does XM Satellite deter non subscribers from listening to its transmissions? Does this make radio programming a private good or a public good?
What government actions might cause failures like points G1, G2, and G3 in Figure 4.6? Can you give examples? Production possibilities G2 X (Optimal mix) G4 M (Market mix) G3 G, ALL OTHER GOODS
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)
Why might Fourth of July fireworks be considered a public good? Who should pay for them? What about airport security?
Should the firefighters have saved the house in the News? What was the justification for their belated intervention?
If Israel's “Iron Dome” (World View) is so effective, why doesn't a private company produce it and sell its services directly to consumers?
Use the following data to draw supply and demand curves on the accompanying graph.(a) What is the equilibrium price?(b) If a minimum price (price floor) of $6 is set, (i) What kind of
In Figure 3.8, when a price ceiling of zero is imposed on the organ market, by how much does(a) The quantity of organs demanded increase?(b) The demand increase?(c) The quantity of organs supplied
The goal of the price cut described in the News on page 51 was to (select one– enter letter)(A) Increase supply.(B) Increase quantity supplied.(C) Increase demand.(D) Increase quantity demanded.
According to Figure 3.8,(a) How many organs are supplied at zero price?(b) How many people die in the government-regulated economy?(c) How many people die in the market driven economy?
Illustrate what’s happening to oil prices in the World View. (a) Which curve shifted?(b) Which direction did that curve shift (left or right)?(c) Did price (A) increase or (B) decrease?
As a result of the BP oil spill (News, p. 58),which of the following changed in the shrimp market (answer yes or no):(a) Demand?(b) Supply?(c) Price?
Given the following data on gasoline supply and demand,(a) What is the equilibrium price?(b) How large of a market shortage would exist if the government set a price ceiling of $1 per gallon? Price
According to the News(a) What was the initial price of a ticket to the NCAA finals?(b) At that price was there (A) an equilibrium, (B) a shortage, or (C) a surplus?
According to Figures 3.5 and 3.6, what would the new equilibrium price of tutoring services be if Carlos decided to stop tutoring? $50 45 40 35 30 25 20 15 10 0 10 20 30 40 50 60 70 80 90 100 O 10 20
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. $50 Demand shifts when tastes, income, other goods, or expectations
The World View explains why oil prices rose after the attack on Malaysia Airlines. What caused prices to rise and what will bring prices down?
What would happen in the apple market if the government set a minimum price of $5.00 per apple? What might motivate such a policy? What would happen in the apple market if the government set a
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 market-driven distribution?The shortage in the
Why is the organ demand curve downward-sloping rather than vertical?
Why are scalpers able to resell tickets to the NCAA finals at such high prices?
What would have happened to shrimp prices and consumption if the government had prohibited price increases after the BP oil spill ?
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? a. An increase in
How did Samsung’s unveiling of the Galaxy S5 affect the demand for the S4 (News, p. 51)? What determinant(s) of demand changed? How did Walmart’s price cut compensate?
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 web
Using data from the end papers, illustrate on the graph below(a) The federal government’s share of the total output.(b) The state/local government’s share of total output.
Using data from Table 2.1 (p. 34), illustrate on the following graphs real GDP and population growth since 2000 (in the manner of Figure 2.1) for the nations indicated. China Canada Zimbabwe 100 100
How much more output (income) per year will have to be produced in the world just to provide the 2.7 billion “severely” poor population with $1 more output per day?
If 150 million workers produced America’s GDP in 2013 (World View, p. 31), 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
(a) If Haiti’s per capita GDP of roughly $810 were to DOUBLE every decade, what would Haiti’s per capita GDP be in 50 years? (b) What is U.S. per capita GDP in 2013?
How fast does total output (GDP) have to grow in order to raise per capita GDP in (a) China?(b) Ethiopia?
(a) How much more output does the $18 trillion U.S. economy produce when GDP increases by 1.0 percent?(b) By how much does this increase the average (per capita) income if the population is 320
In 1950, America’s GDP per capita was approximately $15,000 (in today’s dollars). How much higher in percentage terms is(a) America’s GDP per capita in 2013 compared to its GDP in 1950?(b)
According to the World View on page 32, how does per capita GDP in the following countries stack up against America’s (in percentage terms):(a) Russia?(b) China?(c) Cuba?
In 2013 the world’s total output (real GDP) was roughly $73trillion. What percent of this total was produced(a) By the three largest economies?(b) By the three smallest economies in that World
How might free markets help reduce global poverty? How might they impede that goal?
Why are incomes so much more unequal in poor nations than in rich ones?
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?
Where do growing companies like Google and Facebook get their employees? What were those workers doing before?
How many people are employed by your local or state government? What do they produce? What is the opportunity cost of that output?
Is the relative decline in U.S. farming and manufacturing (Figure 2.2) a good thing or a bad thing? 100 Services 80 80% 40 Agriculture Manutacung mining and construction 19% 1800 1840 1880 1920 1980
According to the World View on page 15, which nation has(a) The highest level of faith in the market system?(b) The lowest level of faith in the market system?
Can we continue to produce more output every year? Is there a limit?
Why is per capita GDP so much higher in the United States than in Mexico?
Americans already enjoy living standards that far exceed world averages. Do we have enough? Should we even try to produce more?
Suppose there€™s a relationship of the following sort between study time and grades:If you have only 20 hours per week to use for either study time or fun time,(a) Draw the (linear)
If a person literally had “nothing else to do,”(a) What would be the opportunity cost of doing these problems?(b) What is the likelihood of that?
Suppose either computers or televisions can be assembled with the following labor inputs:(a) Draw the production possibilities curve for an economy with 42 units of labor. Label it P42.(b) What is
(a) At which point(s) is this society producing some of each type of output but still producing inefficiently?(b) At which point(s) is this society producing the most output possible with the
What are the three core economic questions societies must answer?
What is the opportunity cost (in civilian output) of a defense buildup that raisesmilitary spending from 4.0 to 4.3 percent of a $18 trillion economy?
(a) What is the cost of the North Korean 2009 missile launch, according to South Korea (p. 10)?(b) How many people could have been fed for an entire year at the World Bank standard of $2 per day with
What is the opportunity cost of North Korea moving from point P to point N (in terms of food output)?
(a) Compute the opportunity cost in forgone tanks for each additional truck produced: (b) As truck output increases, are opportunity costs (A) increasing, (B) decreasing, or (C)
What is the opportunity cost of the first truck produced?
Why might more reliance on markets rather than government be desirable? When and how might it be undesirable?
What is the connection between North Korea’s missile program and its hunger problem?(World View,p.10)
How many resources should we allocate to space exploration? How will we make this decision?
Why do people around the world have so much faith in free markets?
Who would go to college in a completely private (market) college system? How does government intervention change this FOR WHOM outcome?
What are the opportunity costs of developing wind farms to generate “clean” electricity?Should we make the investment?
What’s the real cost of the food in the “free lunch” cartoon on page 6?
How much time could you spend on homework in a day? How much do you spend? How do you decide?
What opportunity costs did you incur in reading this chapter? If you read another chapter today, would your opportunity costs (per chapter) increase? Explain

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