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economics 14th global

Questions and Answers of Economics 14th Global

II The Balance of Payments as an Indicator A surplus in the merchandise account means that a nation is exporting more goods than it is importing. This is often interpreted as a sign that a nation’s
III The Balance of Payments and Exchange Rates If U.S. residents lend and invest less in foreign countries than foreigners lend and invest in the United States, the financial account will be in
the difference between the value of the output and the value of the intermediate goods used in the production of that output Match each term with its correct definition by placing the appropriate
taxes that are collected by businesses for a government agency Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. national income O.
a measure of the average price level in an economy Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. national income O. disposable
the stock of unsold goods held by a firm Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. national income O. disposable accounting
national income plus income currently received but not earned, minus income currently earned but not received Match each term with its correct definition by placing the appropriate letter next to the
a reduction in value of capital goods over time due to their use in production Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A.
gross domestic product plus receipts of factor income from the rest of the world minus payments of factor income to the rest of the world Match each term with its correct definition by placing the
currency and bank deposits that are denominated in foreign money Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. national income O.
the sum of the merchandise, services, investment income, and unilateral transfers accounts in the balance of payments Match each term with its correct definition by placing the appropriate letter
the market value of all final goods and services produced in a year within a country Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A.
a measure of the quantity of final goods and services produced, obtained by eliminating the influence of price changes from the nominal GDP statistics Match each term with its correct definition by
a measure of the average price of goods and services purchased by the typical household Match each term with its correct definition by placing the appropriate letter next to the corresponding
gross national product minus capital consumption allowance Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. national income O.
a global market in which people trade one currency for another Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. national income O.
a measure of national output based on the current prices of goods and services Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A.
total investment, including investment expenditures required to replace capital goods consumed in current production Match each term with its correct definition by placing the appropriate letter next
the balance on the merchandise account in a nation’s balance of payments Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. national
a record of a country’s trade in goods, services, and financial assets with the rest of the world Match each term with its correct definition by placing the appropriate letter next to the
net national product minus indirect business taxes Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. national income O. disposable
the year against which other years are measured Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. national income O. disposable
the framework that summarizes and categorizes productive activity in an economy over a specific period of time, typically a year Match each term with its correct definition by placing the appropriate
an increase in wages that is designed to match increases in the prices of items purchased by the typical household Match each term with its correct definition by placing the appropriate letter next
the estimated value of depreciation plus the value of accidental damage to capital stock Match each term with its correct definition by placing the appropriate letter next to the corresponding
the record in the balance of payments of the flow of financial assets into and out of a country Match each term with its correct definition by placing the appropriate letter next to the corresponding
goods that are used as inputs in the production of final goods and services Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. national
gross investment minus capital consumption allowance Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. national income O. disposable
personal income minus personal taxes Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. national income O. disposable accounting
a broad measure of the prices of goods and services included in the gross domestic product Match each term with its correct definition by placing the appropriate letter next to the corresponding
a measure of average prices received by producers Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. national income O. disposable
Why don’t people like market allocation?
How do businesses attempt to interfere with market allocation?
What are market failures?
How might market failures be corrected?
What are government failures?
The result of competition is referred to as■a. the drive for success.■b. economies of scale.■c. creative destruction.■d. cartels.■e. monopolization of markets.
Collusion refers to a situation where■a. rivals agree to lower price as much as possible.■b. rivals refuse to deal with each other.■c. rivals agree not to reduce prices.■d. rivals form an
A cartel has the purpose of■a. increasing the profits of the members.■b. decreasing the profits of the members.■c. reducing the number of rivals.■d. increasing the number of rivals.■e.
Government intervenes in the market for which of the following?■a. to prevent monopolization of a market■b. to prevent collusion■c. to prevent price fixing■d. to reduce issues associated with
The decision to enter a freeway creates■a. an externality in that it affects others on the freeway.■b. an internality in that it affects others on the freeway.■c. a moral hazard in that no one
When nobody owns something, _____ takes care of it.When someone owns something, _____ takes care of it. When everyone owns something, _____ takes care of it.■a. nobody; everybody; somebody■b.
When people can enjoy a good or service without paying for the good or service, we say that the good or service is■a. a moral hazard.■b. a public good.■c. a free rider.■d. an adverse
The government often intervenes to solve market failure problems. But the government may have failures of its own. Which of the following could be described as a government failure?■a.
Monopolization of a market can be illegal when■a. the monopoly is gained unfairly.■b. consumers receive benefits from the monopoly.■c. the monopolist benefits from economies of scale.■d. the
Secondhand smoke has led antismoking crusaders to pass smoking bans. We could describe secondhand smoke as■a. a cost of legislation.■b. a benefit to smokers.■c. a negative externality.■d. a
Market allocation results in getting the scarce goods or services and not receiving those goods and services.
Competition results in inefficient and obsolete goods and resources being replaced. This process is called.
People will call on the government to allocate goods and services when they (do, don’t) like the results of market allocation.
The objective of businesses is to .If rivals decide they can earn more by agreeing not to compete, then their agreement is called .
An organization of independent rivals that acts as if it was a monopoly would be called a .
The set of laws intended to create a level playing field, that is, to prevent the unfair monopolization of a market, is called .
A natural monopoly would be a firm operating in a business for which (economies, diseconomies) of scale exist throughout the entire market. This would enable a larger firm to be(more, less) efficient
When the government pays for and provides a good or service or dictates the prices and quantities firms can charge and must sell, we say that the firms are.
When you drive your car, the fuel is burned and exhaust created. The exhaust is expelled from the engine and into the air. The cost of the emission is not paid by you—it is instead paid for by
One solution to some market failures is to assign ownership or . When this is possible, it allows the affected parties to negotiate a solution. This was the idea of what economist?
Chickens and cows are not on the endangered species list but the black rhino is. Why?
A market-based solution to an externality problem requires that what exists? (Think of the example of pollution and pollution permits.)
During the last few decades(regulation, social regulation) has been out of favor but (regulation,social regulation)has grown.
The government regulates many activities and imposes rules of behavior on many businesses. To determine whether the regulations are worth the costs, it is necessary to carry out a comparison of and .
Suppose that a new law limiting the use of greenhouse gases is being considered. It is estimated that the law will cost $900 billion per year, or $100 million per life saved. What would the value of
At $25 per barrel, Scheherazade takes in from selling 300,000 barrels.
If you could get the rest of the OPEC members to go along with raising their prices to $26 per barrel, Scheherazade would take in .
Unfortunately, the rest of the OPEC members think that $25 is the best price and will not go along with a higher price. If only Scheherazade raises its price to$26, it will take in .
Because raising your price individually will not increase your revenues, you can try cutting the price to $24. If the rest of the OPEC members match your price cut, Scheherazade will take in.
Late one night, the buyer for Euro-Oil, a large oil refiner, knocks quietly on your door. She offers to buy 350,000 barrels of oil a day from Scheherazade if you cut the price to $24 and keep the
actions that lend to cooperation among rivals Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. collusion I. natural monopolies B.
a cost or benefits created by a transaction that is not paid for or enjoyed by those carrying out the transaction.Match each term with its correct definition by placing the appropriate letter next to
the control of some aspect of business by government Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. collusion I. natural monopolies
the right to claim ownership of an item Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. collusion I. natural monopolies B. cartel J.
market dominance by one firm that is gained unfairly Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. collusion I. natural monopolies
a situation where what was an external cost is paid for by the parties creating the cost 5.a good that is not excludable and is not rivalrous Match each term with its correct definition by placing
rules of behavior prescribed by the government to limit monopolization Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. collusion I.
an organization of independent producers that dictates the quantities produced by each member of the organization Match each term with its correct definition by placing the appropriate letter next to
a price set by adding an amount to the per-unit cost of producing and supplying a good or service Match each term with its correct definition by placing the appropriate letter next to the
a commitment that the customer will receive a lower price if anyone else receives a lower price Match each term with its correct definition by placing the appropriate letter next to the corresponding
a consumer or producer who enjoys a good without paying for it Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. collusion I. natural
a situation where a lack of information causes low quality items to dominate a market and high quality items to be driven out of the market Match each term with its correct definition by placing the
a situation where imperfect information provides an incentive for a consumer or producer to change behavior after agreeing to a specific behavior Match each term with its correct definition by
when economies of scale lead to just one firm Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. collusion I. natural monopolies B.
legislators support one another’s projects to ensure support for their own projects Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A.
government regulation of health, safety, the environment, and employment policies Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A.
rivals agree not to complete with each other Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. collusion I. natural monopolies B.
What does economic analysis have to contribute to the understanding of environmental issues?
Does the War on Drugs make economic sense?
Does discrimination make economic sense?
Does a minimum wage make economic sense?
Why are incomes not equally distributed?
What does it mean to be living in poverty?
What is the Lorenz curve? What would the curve look like if income were equally distributed? Could the curve ever bow upward above the line of income equality?2. Why does the health of the economy
What would it mean if the poverty income level of the United States were applied to Mexico?
Use the following information to plot a Lorenz curve.Percentage Percentage of Population of Income 20 5 40 15 60 35 80 65 100 100
If the incidence of poverty decreases during periods when the economy is growing and increases during periods when the economy is in recession, what government policies might be used to reduce
Explain what is meant by the term discrimination. Explain what statistical discrimination is.
Use the following information to answer these four questions:a. What are the external costs per unit of output?b. What level of output will be produced?c. What level of output should be produced to
If, in exercise 8, the MC and MSC columns were reversed, you would have an example of what? Would too much or too little of the good be produced?
Overfishing refers to catching fish at a rate that does not allow the fish to repopulate. What is the fundamental problem associated with overfishing of the oceans? What might lead to underfishing?
Compare a ban on trans fats to a ban on cocaine. What do the markets look like? How are they different?Which ban would be easier to enforce? Explain.
Which of the following is a renewable resource?■a. coal■b. the rain forest■c. uranium■d. oil■e. natural gas
Which of the following statements is true?■a. Suppliers of illicit drugs would like to see these drugs legalized because their costs would decrease.■b. The markets for cocaine and heroin have

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