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principles of economics

Questions and Answers of Principles Of Economics

2. Why are demand curves downward sloping?
1. As Sandi’s income rises, her demand for popcorn rises. As Mark’s income falls, his demand for prepaid telephone cards rises. What kinds of goods are popcorn and telephone cards for the people
6 If PPF2 in the following graph is the relevant production possibilities frontier, then which points are unattainable?Explain your answer
5 In the preceding figure, which graph depicts a change in the PPF that is a likely consequence of war?
4 In the following figure, which graph depicts a technological breakthrough in the production of good X only?
3 Exhibit 6 represents an advance in technology that made it possible to produce more of both military and civilian goods. Represent an advance in technology that makes it possible to produce more of
2 Using the data in problem 1, prove that both Tina and David can be made better off through specialization and trade.
1 Tina can produce any of the following combinations of goods X and Y: (a) 100X and 0Y, (b) 50X and 25Y, and(c) 0X and 50Y. David can produce any of the following combinations of goods X and Y: (a)
24 Why might there be more people working as doormen in New York City than Topeka, Kansas?
23 The frontier or boundary of the PPF says “Here is scarcity.”What does this mean?
22 What does it mean to say that someone has a comparative advantage in the production of good X?
21 “A profit for one person does not necessarily imply a loss for someone else.” Do you agree or disagree? Explain your answer with an example.
20 Is it always possible to imagine better terms of trade? Give an example of why it is or why it is not.
19 Bob and Susan are married. Instead of splitting the various tasks in the home equally (you cook half the meals and I’ll cook the other half of the meals), they end up specializing in certain
18 On any given day, 16 million items in 27,000 different categories are listed on sale on eBay.com. What does eBay do? It brings buyers and sellers together. But how does it do this?
17 Give an example of a negative third-party effect (negative externality).
16 Give a numerical example that illustrates high transaction costs preventing an exchange or trade from taking place.
15 A person who benefits from a trade can be disgruntled over the terms of trade. Do you agree or disagree? Explain your answer.
14 Are all exchanges or trades beneficial to both parties in the ex post position? Explain your answer.
13 Describe the three time periods relevant to the trading process.
12 Use the PPF framework to explain something in your everyday life that was not mentioned in the chapter.
11 Can a technological advancement in sector X of the economy affect the number of people who work in sector Y of the economy? Explain your answer.
10 “A nation may be able to live beyond its means, but the world cannot.” Do you agree or disagree? Explain your answer.
9 Suppose a nation’s PPF shifts inward as its population grows. What happens, on average, to the material standard of living of the people? Explain your answer.
8 If the slope of the production possibilities frontier is the same between any two points, what does this imply about costs? Explain your answer.
7 Explain how to derive a production possibilities frontier.For instance, how is the extreme point on the vertical axis identified? How is the extreme point on the horizontal axis identified?
6 Within a PPF framework, explain each of the following:(a) a disagreement between a person who favors more domestic welfare spending and one who favors more national defense spending, (b) an
5 Why are most production possibilities frontiers for goods bowed outward (concave downward)?
4 Give an example to illustrate each of the following:(a) constant opportunity costs and (b) increasing opportunity costs.
3 What condition must hold for the production possibilities frontier to be bowed outward (concave downward)? to be a straight line?
2 Explain how the following can be represented in a PPF framework: (a) the finiteness of resources implicit in the scarcity condition, (b) choice, (c) opportunity cost, (d) productive efficiency, and
(e) a law that requires individuals to enter lines of work for which they are not suited.
1 Describe how each of the following would affect the U.S.production possibilities frontier: (a) an increase in the number of illegal immigrants entering the country, (b) a war that takes place on
2. Harriet can produce either (a) 30X and 70Y or (b) 40X and 55Y; Bill can produce either (c) 10X and 40Y or(d) 20X and 20Y. Who has a comparative advantage in the production of X? of Y? Explain your
1. If George can produce either (a) 10X and 20Y or (b) 5X and 25Y, what is the opportunity cost to George of producing one more X ?
3. Give an example of a trade without third-party effects. Next, give an example of a trade with thirdparty effects.
2. Smith is willing to pay a maximum of $300 for good X, and Jones is willing to sell good X for a minimum of $220. Will Smith buy good X from Jones?
1. What are transaction costs? Are the transaction costs of buying a house likely to be greater or less than those of buying a car? Explain your answer.
4. In an economy, only one combination of goods is productive efficient. True or false? Explain your answer
3. A politician says, “If you elect me, we can get more of everything we want.” Under what condition(s) is the politician telling the truth?
2. What does the law of increasing costs have to do with a bowed-outward PPF?
1. What does a straight-line production possibilities frontier (PPF) represent? What does a bowedoutward PPF represent?
What do you think about buying bonds right now? Is it a good idea?
Do you think interest rates are going to rise?
Do you think interest rates are going to fall?
What stocks would you recommend?
Do you think the economy is going to slow down?
Do you think the economy is going to pick up?
8 When would it be preferable to illustrate data using a pie chart instead of a bar graph?
7 What is the slope of a 45-degree line?
6 What is the special characteristic of a 45-degree line?
5 In Exhibit 4(b), determine the slope between points A and D.
4 In Exhibit 4(a), determine the slope between points C and D.
3 Plot the following data and specify the type of relationship between the two variables. (Place “price” on the vertical axis and “quantity demanded” on the horizontal axis.)Price of Apples
2 Represent the following data in bar graph form.Year U.S. Money Supply (billions of dollars)2003 1,273 2004 1,344 2005 1,371 2006 1,374 2007 1,369
(e) the number of children in a family and the number of toys in a family.
(b) the price of winter coats and sales of winter coats, (c) the price of personal computers and the production of personal computers, (d) sales of toothbrushes and sales of cat food,
1 What type of relationship would you expect between the following: (a) sales of hot dogs and sales of hot dog buns,
Line graphs are particularly useful for illustrating changes in a variable over some time period.
A bar graph is a convenient way to represent relative relationships.
A pie chart is a convenient way to represent the different parts of something that when added together equal the whole. A pie chart visually shows rough percentage breakdowns and relative
Any point on a 45-degree line is equidistant from the two axes.
To determine the slope of a curve at a point, draw a line tangent to the curve at the point and then determine the slope of the tangent line.
The slope of a line is the ratio of the change in the variable on the vertical axis to the change in the variable on the horizontal axis. The slope of a (straight) line is the same between every two
Two variables are independent if one variable rises as the other remains constant.
A downward-sloping line (left to right) represents two variables that are inversely related.
Two variables are inversely related if one variable rises as the other falls.
An upward-sloping line (left to right) represents two variables that are directly related.
Two variables are directly related if one variable rises as the other rises.
25 Janice decides to go out on a date with Kyle instead of Robert. Do you think Janice is using some kind of “rationing device” to decide who she dates? If so, what might that rationing device be?
24 The person who smokes cigarettes cannot possibly be thinking in terms of costs and benefits because it has been proven that cigarette smoking increases one’s chances of getting lung cancer. Do
23 If you found $10 bills on the sidewalk regularly, we might then conclude that individuals don’t try to maximize net benefits. Do you agree or disagree with this statement?Explain your answer.
22 Jackie’s alarm clock buzzes. She reaches over to the small table next to her bed and turns it off. As she pulls the covers back up, Jackie thinks about her 8:30 American history class. Should
21 Would there be a need for a rationing device if scarcity did not exist? Explain your answer.
20 What is the difference between positive economics and normative economics? between microeconomics and macroeconomics?
19 When two individuals enter an exchange, you can be sure that one person benefits and the other person loses. Do you agree or disagree with this statement? Explain your answer.
18 Why do people enter into exchanges?
17 A change in X will lead to a change in Y; the predicted change is desirable, so we should change X. Do you agree or disagree? Explain.
16 What does an economist mean if she says there are no$10 bills on the sidewalk?
15 Ivan stops studying before the point at which his marginal benefits of studying equal his marginal costs. Is Ivan forfeiting any net benefits? Explain your answer.
14 How would an economist define the efficient amount of time spent playing tennis?
13 Economists say that individuals make decisions at the margin. What does this mean?
12 A layperson says that a proposed government project simply costs too much and therefore shouldn’t be undertaken.How might an economist’s evaluation be different?
11 A friend pays for your lunch. Is this an example of a “free lunch”? Why or why not?
10 Smith says that we should eliminate all pollution in the world. Jones disagrees. Who is more likely to be an economist, Smith or Jones? Explain your answer.
9 Explain the relationship between changes in opportunity cost and changes in behavior.
8 Discuss the opportunity costs of attending college for four years. Is college more or less costly than you thought it was?Explain.
7 Is it possible for a person to incur an opportunity cost without spending any money? Explain.
6 Explain the link between scarcity and each of the following:(a) choice, (b) opportunity cost, (c) the need for a rationing device, (d) competition.
5 Can either scarcity or one of the effects of scarcity be found in a car dealership? Explain your answer.
4 What is the difference between the resource labor and the resource entrepreneurship?
3 Give an example of something that is a good for one person and a bad for someone else.
2 Give two examples for each of the following: (a) an intangible good, (b) a tangible good, (c) a bad.
1 The United States is considered a rich country because Americans can choose from an abundance of goods and services.How can there be scarcity in a land of abundance?
Economists often think in terms of causes and effects.Effects may include both intended effects and unintended effects. Economists want to denote both types of effects when speaking of effects in
Marginal benefits and costs are not the same as total benefits and costs. When deciding whether to talk on the phone one more minute, an individual would not consider the total benefits and total
What distinguishes the economist from the non- economist is that the economist thinks in terms of both costs and benefits.Asked what the benefits of taking a walk may be, an economist will also
Microeconomics deals with human behavior and choices as they relate to relatively small units—an individual, a firm, an industry, a single market. Macroeconomics deals with human behavior and
Positive economics attempts to determine what is; normative economics addresses what should be.
Scarcity implies competition. If there were enough resources to satisfy all our seemingly unlimited wants, people would not have to compete for the available but limited resources

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