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principles of economics

Questions and Answers of Principles Of Economics

The United Nations’ Human Development Index(HDI) is based on real GDP per person, life expectancy at birth, and indicators of the quality and quantity of education.a. Explain why the HDI might be
GDP Expands 11.4 Percent, Fastest in 13 Years China’s gross domestic product grew 11.4 percent last year and marked a fifth year of doubledigit growth. The increase was especially remarkable given
Calculate real GDP in 2009 and 2010 expressed in base-year prices.
Calculate nominal GDP in 2009 and 2010.
Explain the approach (expenditure or income)that you used to calculate GDP.
Calculate U.S. GDP in 2009.
Explain how ANA’s activities and its transactions affect U.S. and Japanese GDP.
Explain how Boeing’s activities and its transactions affect U.S. and Japanese GDP.
Explain where these activities appear in Japan’s National Income and Product Accounts.
Explain where these activities appear in the U.S. National Income and Product Accounts.
In 2010, flow D was $2 trillion, flow E was–$1 trillion, flow A was $10 trillion, and flow C was $4 trillion. Calculate consumption expenditure.
In 2009, flow A was $1,000 billion, flow C was$250 billion, flow B was $650 billion, and flow E was $50 billion. Calculate investment.
Classify each of the following items as a final good or service or an intermediate good or service and identify which is a component of consumption expenditure, investment, or government expenditure
In which country in 2009 was the growth rate of real GDP per person lowest: France, China, or the United States?
In which country in 2009 was the growth rate of real GDP per person highest: Canada, Japan, or the United States?
The table provides data on the economy of Maritime Republic that produces only fish and crabs.Quantities 2009 2010 Fish 1,000 tons 1,100 tons Crabs 500 tons 525 tons Prices 2009 2010 Fish $20 a ton
Use the following table to work out in which year the U.S. standard of living (i) increases and(ii) decreases? Explain your answer.Year Real GDP Population 2006 $13.0 trillion 300 million 2007 $13.2
Explain how this change by Toyota will influence the factor incomes that make up U.S. GDP.
Explain how this change by Toyota will influence U.S. GDP and the components of aggregate expenditure.
Calculate real GDP in 2009 expressed in baseyear prices.
Calculate nominal GDP in 2008 and 2009.
Calculate net domestic income at factor cost and the statistical discrepancy.
Calculate GDP (expenditure approach) and depreciation.
Explain the approach (expenditure or income)that you used to calculate GDP.
Calculate U.S. GDP in 2008.
A U.S. market research firm deconstructed an Apple iPod and studied the manufacturers, costs, and profits of each of the parts and components.The final results are■ An Apple iPod sells in the
U.S. Economy Shrinks Modestly GDP fell 1 percent as businesses cut investment by 8.9 percent, consumers cut spending by 1.2 percent, purchases of new houses fell 38 percent, and exports fell 29.9
Use the following data to calculate aggregate expenditure and imports of goods and services.■ Government expenditure: $20 billion■ Aggregate income: $100 billion■ Consumption expenditure: $67
During 2009, flow A was $13.0 trillion, flow B was $9.1 trillion, flow D was $3.3 trillion, and flow E was –$0.8 trillion.Calculate the 2009 values ofa. GDP.b. Government expenditure.
During 2008, in an economy:■ Flow B was $9 trillion.■ Flow C was $2 trillion.■ Flow D was $3 trillion.■ Flow E was –$0.7 trillion.Name the flows and calculate the value ofa. Aggregate
The firm that printed this textbook bought the paper from XYZ Paper Mills. Was this purchase of paper part of GDP? If not, how does the value of the paper get counted in GDP?Use the following figure,
Classify each of the following items as a final good or service or an intermediate good or service and identify which is a component of consumption expenditure, investment, or government expenditure
Are You Paid What You’re Worth?How do you know if your pay adequately reflects your contributions to your employer’s profits? In many instances, you don’t. Your employer has more and better
After you have studied Reading Between the Lines on pp. 478–479 answer the following questions.a. What information do accurate grades provide that grade inflation hides?b. If grade inflation became
How can information be used to improve people’s decision making?
Explain how “worrying about mere possibilities while ignoring probabilities” can result in people making decisions that not only fail to satisfy social interest, but also fail to satisfy
Why do you think it is not possible to buy insurance against having to put up with a low-paying, miserable job? Explain why a market in insurance of this type would be valuable to workers but
Pam is a safe driver and Fran is a reckless driver.Each knows what type of driver she is, but no one else knows. What might an automobile insurance company do to get Pam to signal that she is a safe
How can Larry signal that he is selling a good car so that you are willing to pay Larry the price that he knows his car is worth, and a higher price than what you are willing to offer Harry?
If you made an offer of the same price to Larry and Harry, who would sell to you and why?Describe the adverse selection problem that arises if you offer the same price to Larry and Harry.
If both Larry and Harry are offering their cars for sale at the same price, from whom would you most want to buy, Larry or Harry, and why?
Business Loss Recovery, an insurance company, is willing to sell Chris cold summer insurance at a price of $3,000 a year and promises to pay her $5,000 if the summer is cold and the business fails.
If Chris cannot buy cold summer insurance, what is her expected wealth and what is her expected utility?
In Problem 18, if one of the students takes the risky job, how much more would the fruit-picking job have needed to pay to attract that student?
In Problem 18, what is each student’s maximized expected utility? Who has the larger expected wealth? Who ends up with the larger wealth at the end of the summer?
Does anyone take the painting job? If so, who takes it and why? Does anyone take the job picking fruit? If so, who takes it and why?
Suppose that Jimmy and Zenda each have $400 and are offered a business investment opportunity that involves committing the entire $400 to the project. The project could return $600 (a profit of $200)
a. Calculate Jimmy’s and Zenda’s marginal utility of wealth schedules.b. Who is more risk averse, Jimmy or Zenda?How do you know?
What are Jimmy’s and Zenda’s expected utilities from a bet that gives them a 50 percent chance of having a wealth of $600 and a 50 percent chance of having nothing?
Making the Grade Grade inflation is unfair to students who truly deserve exceptional marks. It also is unfair to graduate applicants who come from schools that don’t inflate grades.Source: NJ.com,
Show Us Our Money I have no clue what my colleagues make and I consider my salary my own business. It turns out that could be a huge mistake. What if employers made all employee salaries known? If
In Problem 10, what role can better information play in the health care market? Is it possible for there to be too much information in this market?
You can’t buy insurance against the risk of being sold a lemon. Why isn’t there a market in insurance against being sold a lemon? How does the market provide a buyer with some protection against
We All Pay for the Uninsured When buying health care, most of us don’t behave like regular consumers: Seven out of the eight dollars we spend is somebody else’s money, and we don’t have very
Suppose that there are three national football leagues: Time League, Goal Difference League, and Bonus for Win League. The leagues are of equal quality, but the players are paid differently.In the
What arrangements is Zaneb likely to encounter that are designed to help her cope with the moral hazard and adverse selection problems she encounters in her car buying and bank loan transactions?
a. Does Zaneb create any moral hazard or adverse selection problems for either the bank or the car dealer? Explain your answer.b. Does either the bank or the car dealer create any moral hazard or
High-Crime Auto Theft, an insurance company, offers to sell Larry insurance at $8,000 a year and promises to provide Larry with a replacement car worth $20,000 if his car is stolen. Is Larry willing
If Larry cannot buy auto theft insurance, what is his expected wealth and his expected utility ?
Lee in Problem 1 has built a small weekend shack on a steep, unstable hillside. She spent all her wealth, which is $5,000, on this project.There is a 75 percent chance that the house will be washed
In spite of the many risks that Larry Page has taken with Google, what evidence does this news clip provide that he is risk averse?
If much of Google’s success has come from“riskier investments,” then why doesn’t Google dedicate all of their resources toward these riskier innovations?
The figure shows Lee’s utility of wealth curve.Lee is offered a job as a salesperson in which there is a 50 percent chance that she will make $4,000 a month and a 50 percent chance that she will
The Best and Worst College Degrees by Salary Business administration is always a strong contender for honors as the most popular college major. This is no surprise since students think business is
After you have studied Reading Between the Lines on pp. 458–459 answer the following questions.a. What are the broad facts reported in the news article about the gap in the incomes of CEOs and the
How might the benefits of tax cuts “trickle down” to others whose taxes are not cut?
Explain why tax cuts in a progressive income tax system are consistently criticized for favoring the wealthy.
Describe the effects of increasing the amount of income redistribution in the United States to the point at which the lowest income group receives 15 percent of total income and the highest income
Use the information provided in Problem 16 and in Fig. 19.3 on p. 443.a. What is the percentage of total income that is redistributed from the highest income group?b. What percentages of total income
Where Women’s Pay Trumps Men’s Men work more than women on the job, at least in terms of overall hours. That’s just one reason why in most fields, men’s earnings exceed women’s earnings.
Explain Bernanke’s solutions to help address growing income inequality.
What are the short-term costs and long-term benefits associated with these two causes of inequality?
Draw a graph to illustrate how the two main causes of increased income inequality generate this outcome.
Explain how the two main causes of increased income inequality in the United States identified by Mr. Bernanke work.
What are some reasons for the differences in the distribution of income in Australia and in Brazil and South Africa?
Is the Gini ratio for Australia larger or smaller than that for Brazil and South Africa? Explain your answer.
Draw the Lorenz curve for the income distribution in Australia and in Brazil and South Africa(use the data in Fig. 19.6 on p. 448). Is income distributed more equally or less equally in Brazil and
Which distribution is more unequal and why?
Compare the distribution of market income with the distribution of money income shown in Fig.19.3 on p.
a. What is the definition of market income?b. Draw the Lorenz curve for the distribution of market income.
Which scheme will increase economic inequality?Which scheme will reduce economic inequality?Which scheme will have no effect on economic inequality?
Which scheme has a proportional tax?Which scheme has a regressive tax? Which scheme has a progressive tax?
The figure shows the market for a group of workers who are discriminated against. Suppose that others workers in the same industry are not discriminated against and their value of marginal product is
If the online shopping trend continues, how do you think the market for salespeople will change in coming years?
Explain why professionals are paid more than salespeople and why, despite the higher weekly wage, more people are employed as professionals than as salespeople.
The following figure shows the market for lowskilled labor.The value of marginal product of high-skilled workers is $16 an hour greater than that of lowskilled workers at each quantity of labor. The
In which country is income less equally distributed?
Draw a Lorenz curve for the United Kingdom and compare it with the Lorenz curve in Fig.19.3 on p.
In which country is income less equally distributed?
Draw a Lorenz curve for Canada and compare it with the Lorenz curve in Fig. 19.3 on p.
Create a table that shows the cumulative distribution of Canadian and U.K. incomes. Is the distribution of income more unequal in Canada or in the United Kingdom?
Incomes in China and India are a small fraction of incomes in the United States. But incomes in China and India are growing at more than twice the rate of those in the United States.a. Explain how
Census: Income Fell Sharply Last Year The U.S. Census Bureau reported that in 2008 the median household income fell 3.6%. The share of people living in poverty rose to 13.2% in 2008 from 12.5% in
Why has the gap between high-income and lowincome households grown in recent decades?
Why does excluding household subsidies lead to a misleading measurement of the percentage of people actually living in poverty?
How does using set poverty thresholds that apply to the entire United States complicate the attempt to measure poverty?
Why is the recent increase in median household income a misleading statistic when attempting to measure the change in economic inequality?
The table shows money income shares in the United States in 1967.Money income Households (percent of total)Lowest 20 percent 4.0 Second 20 percent 10.8 Middle 20 percent 17.3 Next highest 20 percent
What is money income? Describe the distribution of money income in the United States in 2009.
After you have studied Reading Between the Lines on pp. 432–433 answer the following questions.a. Name some jobs for which future employment will expand and some for which it will shrink.b. What

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