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principles of economics

Questions and Answers of Principles Of Economics

2 What are the trends in the female economic activity rate and male economic activity rate?
1 What are the trends in the economic activity rate, the employment rate and the unemployment rate?
1 Visit the National Statistics Website and obtain data on real GDP and nominal GDP (expenditure based at market prices) for the United Kingdom. In the most recent quarter available a What is the
2 Think about the VAT fraud described in Reading Between the Lines on pp. 452–453 from the point of view of the EU country that exported the mobile phones and computer parts. Assume that only one
1 Study Reading Between the Lines on pp. 452–453 and then answer the following questions: a What is the implication of the VAT fraud for the aggregate measure of imports? b What is the implication
*9 Bananaland (in problem 7) uses the chain volume measure to calculate real GDP. The base year is 2001 and nominal GDP in that year was £6,500. GDP in 2002 valued at 2001 prices was £6,750.
8 Sea Island produces only lobsters and crabs. The base year is 2003 and the tables give the quantities produced and the prices.Quantity Good 2003 2004 Lobsters 1,200 1,300 Crabs 500 525 Price Good
*7 Bananaland produces only bananas and sunscreen. The tables give the quantities produced and the prices in 2002 and 2003. Quantity Good 2002 2003 Bananas 1,000 bunches 1,100 bunches Sunscreen 500
6 The transactions in Highland last year were:Item Euros Wages paid to labour 800,000 Consumption expenditure 650,000 Net taxes 200,000 Profits 250,000 Investment 300,000 Government expenditures
*5 The transactions in Ecoland last year were: Item Euros Wages paid to labour 800,000 Consumption expenditure 600,000 Taxes 250,000 Transfer payments 50,000 Profits 200,000 Investment 250,000
4 Wendy operates a weaving shop with 10 looms. One loom wears out each year and is replaced. But this year, Wendy will expand her business to 12 looms. Calculate Wendy’s initial capital stock,
*3 Martha owns a copy shop that has 5 copiers. One copier wears out each year and is replaced. In addition, this year Martha will expand her business to 7 copiers. Calculate Martha’s initial
2 In problem 1, during 2001: A was £10 million; B was £50 million; C was £15 million; D was £15 million; and E was –£5 million. Calculate the quantities in problem 1 during 2001.
*1 The figure shows the flows of expenditure and income on Lotus Island. During 2000: A was £10 million; B was £30 million; C was £12 million; D was £15 million; and E was £3 million. Calculate
5 Do the fluctuations in real GDP measure the business cycle accurately? If not, why not?
4 Does the growth rate of real GDP measure the economic growth rate accurately? If not, why not?
3 How can we make valid international comparisons of real GDP?
2 Does real GDP measure total production of goods and services? If not, what are the main omissions?
1 Does real GDP measure economic welfare? If not, why not?
4 How is the GDP deflator calculated?
3 What is the chained volume measure of real GDP calculated?
2 What is the chained volume measure of real GDP?
1 What is the distinction between nominal GDP and real GDP?
3 What is value added? How is it calculated?
2 What is the distinction between expenditure on final goods and expenditure on intermediate goods?
1 Why does GDP measured by the expenditure approach equal GDP measured by the income approach?
5 Define capital and explain how the flows of investment and depreciation change the stock of capital.
4 What is the distinction between gross and net?
3 How can investment be financed? What determines national saving?
2 Why does GDP equal aggregate income and also equal aggregate expenditure?
1 Define GDP and distinguish between a final good and an intermediate good. Provide some examples.
4 Obtain data on the the growth rate of real GDP for the United Kingdom and for the world economy for the most recent period available. What do these growth rates imply about the share of the United
3 Obtain data on the following variable for the United Kingdom for the most recent period available. Describe how the following variables have changed over the the last year: a The unemployment rate
2 Obtain data on the unemployment rate for your region of the country. a Compare the unemployment rate in your region with that in the United Kingdom as a whole. b Compare the unemployment rate in
1 Obtain the latest data on real GDP, unemployment and inflation in the Eurozone countries (countries that use the euro). a Draw a graph of GDP growth, inflation and unemployment since 2001. b What
1 Study Reading Between the Lines on pp. 432–433 and then answer the following questions: a Why did the price of oil rise prior to 2004? b Why might a rise in oil prices slow down growth in the
10 Use Data Graphing in Chapter 19 resources on Parkin Interactive to make a scatter diagram of the government budget deficit as a percentage of GDP and the unemployment rate in the United States. a
*9 Use Data Graphing in Chapter 19 resources on Parkin Interactive to make a scatter diagram of the inflation rate and the unemployment rate in the United Kingdom. a Describe the relationship. b Do
8 Use Data Graphing in Chapter 19 resources on Parkin Interactive to answer the following questions. Which country, in 2002, had a The largest government budget surplus (as a percentage of GDP):
*7 Use Data Graphing in Chapter 19 resources on Parkin Interactive to answer the following questions. Which country, in 1998, had a The largest government budget deficit (as a percentage of GDP):
6 Use the links on Parkin Interactive to obtain data on quarterly real GDP for the United Kingdom since the fourth quarter of 2003 and update Figure 19.2. a Is the UK economy now in a recession or an
*5 The graph shows real GDP in Germany from 1989 to 2003.a How many recessions did Germany experience during this period? b In which years, if any, did Germany experience a business cycle peak and a
4 The figure shows real GDP per person in Australia and Japan from 1992 to 2002. a In which years did economic growth in Australia increase? And in which year was growth the fastest? b In which
*3 The graph shows real GDP growth rate in Greece and Turkey from 1998 to 2002.a In which years did economic growth in Greece increase? And in which year was growth the fastest? b In which years did
2 Use Data Graphing in Chapter 19 resources on Parkin Interactive to answer the following questions. a In which country in 2000 was the growth rate of real GDP highest: Canada, Japan or the United
*1 Use Data Graphing in Chapter 19 resources on Parkin Interactive to answer the following questions. In which country in 1992 was a The growth rate of real GDP highest: Canada, France, Japan or the
3 Distinguish between fiscal policy and monetary policy?
2 What are the main tools of macroeconomic policy?
1 What are the main macroeconomic policy challenges?
4 How has the UK current account changed since 1973?
3 What is a country’s international deficit?
2 How has the budget of the UK government evolved since 1973?
1 What determines a government’s budget deficit or budget surplus?
5 What are some of the costs of inflation that make it a serious economic problem?
4 How does inflation in the United Kingdom compare with inflation in other industrial countries and in developing countries?
2 How is inflation measured? 3 What has been the UK inflation record since 1963?
1 What is inflation and how does it influence the value of money?
5 What are the main costs of unemployment that make it a serious problem?
4 How has the unemployment rate in the European Union compared with the unemployment rates in the United States and Japan?
3 What have been the main trends and cycles in the unemployment rate in the United Kingdom since 1933?
2 What is unemployment?
1 How many new jobs have been created in the United Kingdom between 1979 and 2003?
8 What are the benefits and the costs of long-term economic growth?
7 What is the Lucas wedge and what is the Okun gap? How big are they?
6 What happened to economic growth in the United Kingdom and other countries during the 1970s?
4 What is a recession? 5 In what phase of the business cycle was the UK economy during 2003?
3 What is a business cycle and what are its phases?
2 What is the distinction between real GDP and potential GDP?
1 What is economic growth and how is the long-term economic growth rate measured?
2 Download the World Bank’s Deininger and Squire Data Set on income distribution in a large number of countries. a Which country in the data set has the most unequal distribution? Which country has
1 Visit the Website of the Office for National Statistics, and look through Social Trends, 2004. a What is the poverty line used in Social Trends? b How has the distribution of income changed over
2 Many professional footballers earn huge salaries, but most earn modest salaries. a Which do you predict is the more unequal distribution: that for the United Kingdom as a whole or that for
1 Read the Policy Case Study on pp. 410–411 and then answer the following questions: a How can efficiency be measured in a healthcare service? b How can equity or fairness be measured in a
6 The table shows the final income (after government redistribution) shares in the United States in 2002. Households Final income shares (percentage) (per cent of total) Lowest 20 5 Second 20 11
*5 The table shows the final income shares after government redistribution in the United Kingdom in 1999–2000. Households Income (percentage) (per cent of total) Lo\west 20 6 Second 20 11 Third 20
4 The following table shows the demand for low-skilled labour. The supply of low-skilled labour is perfectly elastic at a wage rate of £6 an hour. The marginal productivity of a high-skilled worker
*3 The table shows the demand for and supply of lowskilled labour. High-skilled workers have three times the marginal product of low-skilled workers. (The marginal product at each employment level
2 The table shows shares of income in Australia. Households Income (percentage) (per cent of total) Lowest 20 7 Second 20 13 Third 20 18 Fourth 20 24 Highest 20 38 a Draw the Lorenz curve for the
*1 The table shows shares of original (or market) income in the United States in 2002. Households Income (percentage) (per cent of total) Lowest 20 1 Second 20 7 Third 20 14 Fourth 20 23 Highest 20
4 Can you explain what is meant by a benefit trap? Can you give an example?5 Why is the UK government unlikely to introduce a full scale negative income tax?
3 Why has the UK government introduced a system of tax credits to replace many cash benefits?
2 To what extent does government policy succeed in redistributing income in the United Kingdom?
1 What are the methods that governments use to redistribute income?
5 Why does wealth inequality persist across generations?
4 Does inherited wealth make the distribution of income less equal or more equal?
3 What are the possible reasons for income inequality by sex and age group?
2 What role might discrimination play in accounting for income inequality?
1 What role does human capital play in accounting for income inequality?
6 Describe one measure of the poverty line and explain how it is used.
5 What are the main characteristics of low-income households?
4 Has the distribution of income in the United Kingdom become more unequal or less unequal? When did the largest changes occur?
3 What is the Gini coefficient and how is it used to measure inequality?
2 What does a Lorenz curve show and how do we use it to gauge the degree of inequality?
1 Which is distributed more unequally: income or wealth? Why? Which is the better measure of inequality?
2 A monopsony logging firm operates in an isolated part of the Alps. The table shows the firm’s labour supply schedule (columns 1 and 2) and total product schedule (columns 2 and 3). The price of
*1 A monopsony gold mining firm operates in an isolated region. The table shows the firm’s labour supply schedule (columns 1 and 2) and total product schedule (columns 2 and 3). The price of gold
1 Find data on the earnings of leading golfers, tennis players, and footballers. Then answer the following questions: a What determines the demand for a top-performing professional sports person? b
3 Why do we keep finding new reserves of oil? Why don’t we do a big once-and-for-all survey to catalogue the earth’s entire inventory of natural resources?
2 “We are running out of natural resources and must take urgent action to conserve our precious reserves.” “There is no shortage of resources that the market cannot cope with.” Identify the
1 Study the Business Case Study on pp. 386–387 and then answer the following questions: a What determines the demand for chief executives? b What determines the supply of chief executives? c What

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