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business
the macro economy

Questions and Answers of The Macro Economy

14. Why do economists put so much emphasis on entrepreneurship? How can poor nations encourage it? L03
13. How might Bolivia match China's investment rate?(See Table 22.5.) L02
12. Would you invest in Cambodia or Kenya on the basis of the information in Figure 22.7? L03
11. Can poor nations develop without substantial increases in agricultural productivity? (See Figure 22.4.)How? L03
10. How does microfinance alter prospects for economic growth? The distribution of political power? L03
9. Could a nation reorder Rostow's five stages of development and still grow? Explain. L03
8. Identify "inequality traps" that might inhibit economic growth. L03
7. How do unequal rights for women affect economic growth? L03
6. Are property rights a perquisite for economic growth?Explain. L03
5. How do more children per family either restrain or expand income-earning potential? L03
4. Why are incomes so much more unequal in poor nations than in developed ones? (See World View, p. 436.) LO 1
3. If a poor nation must choose between building an airport, some schools, or a steel plant, which one should it choose? Why? L03
2. If you had only S14 to spend per day (the U.S. poverty threshold), how would you spend it? What if you had only $2 a day(the World Bank "severe poverty" threshold)? LO 1
1. Why should Americans care about extreme poverty in Haiti, Ethiopia, or Bangladesh? L02
L03. How changes in exchange rates affect prices, output,
L02. How exchange rates are established.
L01. The sources of foreign-exchange demand and supply.
10. Which consumers benefited from the dumping cases mentioned in the World View on page 403? LO3
9. Who pays for sugar quotas? (See News, page 408.) How could the quotas be eliminated? LO3
8. What is the "bright future" referred to in the News on page 401? How do wine imports affect it? LO3
7. On the basis of News on page 411, how do U.S. furni- ture manufacturers feel about NAFTA? How about farmers? LO3
6. Domestic producers often base their claim for import protection on the fact that workers in country X are paid substandard wages. Is this a valid argument for protection? LO1
5. 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? Can you sug- gest alternative ways to ensure
4. How does international trade restrain the price behavior of domestic firms? LO3
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? LO2
2. What would be the effects of a law requiring bilateral trade balances? LO2
1. Suppose a lawyer can type faster than any secretary. Should the lawyer do her own typing? Can you demon- strate the validity of your answer? LO1
Should we protect ourselves from "unfair" trade by limiting imports?
How much harm do imports cause, and to whom?
What benefit, if any, do we get from international trade?
L03. How trade barriers affect prices, output, and incomes.
L02. What the gains from trade are.
L01. What comparative advantage is.
9. How were each of the following affected by the 2001 terrorist attack on the World Trade Center? L02(a) Federal tax revenues(b) Federal spending(c) U.S. imports(d) Short-run GDP growth(e) Long-run
8. Suppose the economy is slumping into recession and needs a fiscal policy boost. Voters, however, are opposed to larger federal deficits. What should policymakers do? L02
7. Suppose the government proposes to cut taxes while maintaining the current level of government expenditures. To finance this deficit, it may either (a) sell bonds to the public or (b) print new
6. Prior to assuming office, President-elect Clinton pledged to propose a tax credit for new investment during the first months of his administration. How might such an announcement affect the timing
5. In his fiscal 2002 budget, President Bush proposed increases in defense spending while arguing for cutbacks in total spending. Should military spending be subject to macroeconomic constraints?
4. Suppose it's an election year and aggregate demand is growing so fast that it threatens to set off an inflationary movement. Why might Congress and the president hesitate to cut back on government
3. If policymakers have instant data on the economy's performance, should they respond immediately? Why or why not? L03
2. Why do policymakers respond so slowly to economic problems? L03
1. What policies would Keynesian, monetarists, and supplysiders advocate for (a) restraining inflation and (b) reducing unemployment? L01
L03. The constraints on policy effectiveness.
L02. How macro tools should work.
L01. The tools of macro policy.
11. What does England gain from maintaining its own noneuro currency? What does it lose? L03
10. Would a higher marginal propensity to import help or hinder domestic macro policy? L02
9. Who gains and who loses when the global value of the U.S. dollar rises? LOl
8. Why would the European Central Bank (ECB) need to be prodded into raising interest rates (see World View, page 364)? What held the ECB back? L03
7. How would a tax cut in the United States affect international capital and trade flows? L02
6. Japan imports most of the raw materials it uses in the production of finished goods. If global raw-material prices rose sharply, how woui'cf japan s economy be affected? Would Japanese exports be
5. Farmers in the United States export about one-third of their major crops. What would happen to U.S. farmers if foreign consumers stopped buying American food? What would happen to our macro
4. Why is it unrealistic to expect trade flows to be balanced? LOl
3. Suppose investors in other countries increased their purchases of U.S. corporate stock. How would this influx of capital affect the U.S. economy? L03
2. How is the U.S. economy affected by (a) a recession in Mexico, (b) stimulative monetary policies in Mexico, and (c) a drop in the value of the peso? LO 1
1. what is tie 'srfock" absorber" referred to in me Wortd View on page 356? How does it work? LO 1
How does global interdependence limit macro policy options?
How does the rest of the world affect U.S. macro outcomes?
How does the U.S. economy interact with the rest of the world?
L03. How global capital flows constrain monetary policy
L02. How trade flows are affected by fiscal policy.
L01. The difference between "open" and "closed" economy multipliers.
10. Why do some nations grow and prosper while others stagnate? LOl
9. Is limitless growth really possible? What forces do you think will be most important in slowing or halting economic growth? L03
8. Fertility rates in the United States have dropped so low that we're approaching zero population growth, a condition that France has maintained for decades. How will this affect our economic
7. In 1866, Stanley Jevons predicted that economic growth would come to a halt when England ran out of coal, a doomsday that he reckoned would occur in the mid1970s. How did we avert that projection?
6. Should fiscal policy encourage more consumption or more saving? Does it matter? L02
5. How would a growing federal budget surplus affect the prospects for long-run economic growth? Why might a growing surplus not be desirable? L02
4. Should we grant immigration rights based on potential contributions to economic growth as Canada does? (See World View, page 343.) L02
3. Why don't we consume all our current output instead of sacrificing some present consumption for investment ? LOl
2. Why do productivity gains slow down in recessions? LOl increase a worker's productivity? (See Figure 17.5.) LOl
1. In what specific ways (if any) does a college education
Is continued economic growth possible? Is it desirable?
How does an economy grow?
How important is economic growth?
L03. The pros and cons of continued growth.
L02. Policy tools for accelerating growth.
L01. The principal sources of economic growth.
11. In the cartoon on page 324, which "expert" is the supply-sider? L03
10. Why would Democrats oppose a capital-gains tax cut that might invigorate a stalled economy? L03
9. How would the volume and timing of capital investments be affected by (a) a permanent cut in the capital-gains tax, and (b) a temporary 10-percent tax credit? L03
8. How do each of the following infrastructure items affect aggregate supply? (a) highways, (b) schools, (c) sewage systems, and (d) courts and prisons. L03
7. If all workplace-safety regulations both (a) improve workers well-being and (b) raise production costs, how should the line between "good" regulations and "bad"regulations be drawn? L03
6. OSHA predicted that its proposed ergonomics rules(text, page 327) would have cut repetitive-stress injuries by 50 percent. Was Congress correct in repealing those rules? LOl
5. How is the aggregate supply curve affected by (a) minimum wage laws, and (b) Social Security payroll taxes and retirement benefits? L03
4. Which of the following groups are likely to have the highest tax elasticity of labor supply? (a) college students, (b) single parents, (c) primary earners in twoparent families, and (d) secondary
3. Why would a Gulf Coast hurricane have national impact on aggregate supply? (News, page 319). LO 1
2. What were the unemployment and inflation rates last year? Where would they lie on Figure 16.5? Can you explain the implied shift from curve PC2 ? L02
1. Why might prices rise when aggregate demand increases? What factors might influence the extent of price inflation? LO 1
How can the aggregate supply curve be shifted?
How does the aggregate supply curve affect macro outcomes?
L03. The tools of supply-side policy.
L02. How an unemployment-inflation trade-off arises.
L01. Why the short-run AS curve slopes upward.
11. Does inflation targeting resolve uncertainties about Fed policy? LOl
10. How did the Bank of Japan hope to increase the money supply in 2001? (See World View, page 309.)If M did increase, would the economy necessarily recover? L02
9. Why were banks reluctant to use their lending capacity in 2001? (See News, page 295.) What did they do with their increased reserves? L02
8. In the News on page 293, what starts the multiplier process? When will it stop? LO 1
7. Could long-term interest rates rise when short-term rates are falling? What would cause such a pattern? L03
6. When prices started doubling (see News, page 302), why didn't the Continental Congress print even more money so Washington's army could continue to buy supplies? What brings an end to such

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