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principles of microeconomics

Questions and Answers of Principles Of Microeconomics

11 Imagine that in some crime-ridden neighborhood, police arrest 100 people a week. What would happen to the number of arrests made if the police double the number of officers who patrol this
10 Most 17-year-old girls would prefer to receive $200 in cash from their parents than a $200 nonreturnable gift that their parents picked out. Most 17-year-old girls would also, however, prefer to
9 Imagine you were forced to choose between the following:18 A. You attend classes at your college for the length of time it normally takes to graduate. But you will be forbidden from ever telling an
5 Could school choice harm children who choose to stay in public schools? Could it help these children?
4 Would the children of poor or rich parents benefit more from school choice?
30 Why did I argue that a technological utopia might occur by 2050?(pages 415–417)
29 What is Moore’s Law? (page 415)
28 Why would it be difficult for just one country to ban the use of intelligenceenhancing drugs? (pages 414–415)
27 Why, unlike steroids, would widespread use of intelligence-enhancing drugs benefit humanity? (page 414)
26 Why does widespread use of steroids not benefit humanity? (page 414)
25 What would it mean if colleges were like the Ford Modeling Agency? (page 413)
24 What would it mean if colleges were like the U.S. Marines? (page 413)
23 What is the signaling theory of education? (page 413)
22 What benefit do you receive if you start investing early in your working life? (page 412)
21 What is an advantage of investing in 401(k) plans? (page 412)
20 What are mutual funds? (page 412)
19 What does it mean to hold a diversified portfolio? (page 412)
18 If stock prices are random, why should you buy stocks? (page 412)
17 What is a company’s market capitalization? (page 411)
16 What determines the value of a company’s stock? (page 411)
15 Why do most people give gifts rather than money as Christmas presents? (pages 410–411)
14 Why do the poor lose less, career-wise, if sent to prison than the rich and middle class do? (page 410)
13 How does opportunity cost partially explain why the poor commit more crimes than the rich and middle class? (pages 409–410)
12 What is marginal deterrence? (page 409)
11 Why shouldn’t we kill all criminals? (pages 408–409)
10 What would this author do if he were a billionaire who developed terminal cancer? (page 408)
9 What are the advantages and disadvantages of offering prizes as opposed to giving research grants? (pages 407–408)
8 How could prizes motivate perfect number pickers? (pages 406–407)
7 How would school choice inject competition into public school systems? (page 406)
6 What is school choice? (page 406)
5 Why does the invisible hand not motivate public schools? (pages 405–406)
4 What would happen if we offered a large amount of money to anyone who caught an international super-outlaw? (pages 404–405)
3 How could we get the invisible hand to motivate private rehabilitation firms? (page 404)
2 Why does the invisible hand not motivate probation officers? (page 404)
1 Why does the invisible hand not motivate airport security workers? (page 402)
14 J.K. Rowling, author of the Harry Potter books, is one of the world’s richest people.Because of technology, she has made far more money than Shakespeare ever did. 18 What types of technologies
13 Moral Question: The poor in the United States have much greater wealth than the average person does in many other nations such as Ethiopia and India. Imagine that for fairness reasons the U.S.
12 Imagine that in 10 years, economists and brain scientists conclusively determine that for most people (a) if your income is less than $100,000 a year, then having additional income makes you much
11 Imagine that in 10 years, geneticists and economists conclusively determine (a) a person’s intelligence is mostly genetically inherited from his or her parents and(b) a person’s income is
10 The Americans with Disabilities Act, which went into effect in 1992, requires firms to provide reasonable accommodations to employees with disabilities.Firms, for example, must make their
9 Economist Milton Friedman said, “A society that puts equality before freedom will achieve neither equality nor freedom.” What could he have meant by this?Do you agree with the quote? (Many
8 An effective way to stop people from smoking is for the government to impose a heavy tax on people who smoke. Would an effective means of reducing poverty be for the government to impose a heavy
7 Assume that jobs X and Y require equal skill. Any worker who could do job X could also do job Y. If job X requires workers to labor several more hours a week than job Y, then the salary of job X
6 A high school principal announces that over the last year his school has greatly reduced the inequality of mathematical ability among its students. How might the school have accomplished this
5 How would increasing the minimum wage affect income inequality?
4 How do low-skilled immigrants in a rich country affect income inequality in that country? Consider the supply and demand for low-skilled labor.
3 Consider three possible welfare programs. Under the first, the government gives everyone $10,000. Under the second, the government gives everyone with an income under $10,000 a payment of
2 Would a wealthy college reduce income inequality more if it (a) spent $10 million giving financial aid to its poor students or (b) gave $10 million to poor people who will never attend college?
1 Which of the following would do more to reduce income inequality?A. The government pays for 50 percent of the cost of college for everyone who attends college.B. The government imposes a large tax
13 Why does the existence of high-fixed cost/low-marginal cost goods reduce consumption equality among the world’s rich and middle class? (page 395)
12 What would happen if the government tried to reduce the educational income advantage? (pages 393–394)
11 When do markets not correct racial discrimination? (pages 392–393)
10 When do markets punish racists who refuse to hire members of some racial groups? (pages 391–392)
9 How does assortative mating contribute to income inequality? (pages 390–391)
8 What is a significant reason that full-time working women in the United States make about 76 percent as much, on average, as full-time working men? (pages 389–390)
7 Why must you essentially win a tournament to be a labor market superstar? (page 389)
6 List three paths to achieving a tremendously high income. (pages 388–389)
5 Why does reducing inequality empower politicians? (page 387)
4 What problem can occur when the government takes money from the rich? (pages 386–387)
3 What problem can occur when the government gives money to the poor? (pages 385–386)
2 Many people have a choice of how much to work. How does this affect the fairness of income inequality? (page 384)
1 In 2005 in the United States, was the richest fifth of the population’s share of the national income (a) 20.21%, (b) 50.4%, (c) 85.6%, or (d) 98.1%? (page 382)
8 Indicate whether each of the following would, for health insurance companies,(1) increase adverse selection, (2) decrease adverse selection, or (3) have no effect on adverse selection:A. Smokers
7 How could a man desperately want to get married but rationally refuse to marry anyone who would agree to marry him?
6 Imagine that someone living in California advertises his used car for sale. The advertisement contains the words “Must sell because moving to Europe.”How might this advertisement relate to
5 When a customer buys life insurance, he pays the insurance company a fixed amount each year. If the customer dies, his relatives receive a large sum from the life insurance company. Why do many
4 Why don’t colleges offer money-back guarantees? On which products or services should firms fear offering money-back guarantees?
3 Would suppliers of illegal products such as drugs, prostitutes, and stolen merchandise benefit from using brand names? (Please don’t conduct any first-hand research on this question.)
2 Provide some examples of adverse selection not mentioned in this chapter.
1 Essay question. How much freedom do you believe consumers should have to buy pharmaceutical products? Let’s just consider drugs that are not addictive or pleasure causing and are used to treat
32 How does the U.S. Constitution protect the U.S. from a Caesar-like dictator? (page 376)
31 How does adverse selection reflect on the historical significance of George Washington and Lucius Quintus Cincinnatus? (pages 375–376)
30 How does adverse selection explain why many revolutions produced narcissistic, brutal governments? (page 375)
29 What does it signal if a customer on an online dating site chooses not to post his or her own picture? (page 375)
28 Why should you probably avoid dating people who are extremely interested in dating you? (page 374)
27 Why does genetic testing pose a tremendous future challenge to health insurance companies? (pages 373–374)
26 What can happen when the government requires health insurance companies to charge the same price to all customers? (page 373)
25 How do health insurance companies fight adverse selection? (pages 372–373)
24 Why does adverse selection pose a challenge to health insurance companies? (pages 372–373)
23 Why do people buy health insurance? (page 372)
22 What is statistical discrimination? (page 371)
21 What should an employer assume if you don’t list your GPA on your resume? (page 371)
20 Why must organizations that work with children be especially concerned about adverse selection? (page 370)
19 How does adverse selection complicate firms’ hiring decisions? (page 370)
18 What does the FDA do? (page 369)
17 How can agency costs harm doctors’ patients? (pages 368–369)
16 How can agency costs harm home buyers? (page 368)
15 Why does Wal-Mart forbid employees from accepting any type of gift from those who sell goods to the company? (page 367)
14 How do agency costs harm firms? (page 367)
13 What are agency costs? (page 367)
12 How can adverse selection in the used car market be countered? (page 366)
11 Why would unfettered adverse selection cause almost all used cars for sale to be of low quality? (page 366)
10 What is adverse selection? (page 365)
9 Why would you probably want to attend the graduate school that least wants to accept you? (page 365)
8 Why can mandatory disclosure laws reduce the amount of information that customers acquire about products? (page 365)
7 Why is it difficult for firms to hide information if they are forbidden to lie but have the option of not releasing information? (pages 364–365)
6 Why does eBay represent a triumph of markets over uncertainty? (pages 363–364)
5 Why do money-back guarantees help fight uncertainty over product quality? (page 363)
4 Was the value of Coca-Cola’s brand name in 2005: (a) $677.5 billion, (b) $67.5 billion,(c) $6.75 billion, (d) $675 million, or (e) $67.5 million? (page 362)
3 Why are brand names hostages to honesty? (page 361)

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