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business
principles of microeconomics

Questions and Answers of Principles Of Microeconomics

2. Why might customers have increased trust in branded products? (page 361)
1 How do brand names reduce uncertainty? (pages 360–361)
15 What’s wrong with this picture? Relate your answer to the relevant concept covered in this chapter. TICKETS VIEW SUNSET $10
14 Look up an entry on www.Wikipedia.org that you know a lot about. Improve the entry by adding additional, useful information. If you were assigned this question by your professor, print out the
13 Imagine that 20 freshmen in a dorm share a bathroom. Is this bathroom a rival resource? Is it an excludable resource? Imagine that the college makes no provisions for cleaning the bathroom. What
12 In The Lorax story, should the government have forbidden the cutting down of any Truffula trees?
11 If French chefs regularly stole each others’ recipes there would probably be less innovation in French cooking. Why is this?
10 I have a great idea for a fiction book. I want to retell the Lord of the Rings from the viewpoint of Sauron. In the original book Sauron was evil, but in my book he will be good. I would retell
9 How do Wikipedia and Linux create wealth? Who gets this wealth?
8 Discuss whether police protection is a public good.
7 List some examples of tragedy of the commons not mentioned in this chapter.
6 List some examples of public goods not mentioned in this chapter.
5 Does stealing intellectual property cause more or less harm to property holders than stealing physical property does? Consider marginal costs, fixed costs, and what the thief would have done had he
4 Elephants are often killed in Africa for their ivory tusks. Why might elephants in Africa be safer if it were legal to sell elephants’ tusks?
3 Property rights in grades are limited because you can’t sell your grades to other students or buy other students’ grades. Would you be better off if this wasn’t true?Why or why not?
2 Do you steal intellectual property? If yes, do you consider your behavior immoral?Why or why not?
1 Why do people volunteer to work on Wikipedia or Linux?
40 Why does the success of Linux and Wikipedia challenge the worldview of those who believe in the importance of property rights for wealth creation? (page 355)
39 Who owns Linux and Wikipedia? (page 355)
38 What are Linux and Wikipedia? (page 355)
37 What problems plague informally owned businesses? (page 354)
36 Why are so many businesses in poor countries only informally owned? (page 354)
35 Why is Native-American land in the U.S. dead capital? (page 354)
34 What is the problem with dead capital? (pages 353–354)
33 What is dead capital? (page 353)
32 What is informal ownership? (page 353)
31 Why are banks reluctant to make collateral-backed loans on property whose ownership isn’t diligently recorded? (page 353)
30 Why do collateral-backed loans make it much easier for people in rich countries to buy homes? (pages 352–353)
29 What is collateral? (page 352)
28 What is real estate? (page 352)
27 How could intellectual property holders use self-enforcement to reduce Internet piracy? (page 351)
26 How could movie, music, and book producers profit even if people freely take their property? (page 351)
25 Has the Internet made music and movies more or less excludable? (page 350)
24 Is intellectual property rival or nonrival? (page 350)
23 What is intellectual property? (page 349)
22 In Charlie and the Chocolate Factory why did Willy Wonka initially shut down his factory? (page 349)
21 Why are governments usually needed to provide public goods? (page 348)
20 What is the difference between a national and global public good? (page 348)
19 What are free-riders? (page 347)
18 Why doesn’t Adam Smith’s invisible hand cause self-interested people to provide public goods? (page 347)
17 What are public goods? (page 347)
16 How do secure property rights solve the tragedy of the commons problem? (page 346)
15 Why would making a lake excludable help preserve a fish population? (page 346)
14 What happens to resources afflicted by the tragedy of the commons? (page 345)
13 What are excludable goods? (page 345)
12 What are rival goods? (page 345)
11 What is the “tragedy of the commons”? (page 345)
10 Why did lack of property rights doom the Truffula trees in Dr. Seuss’s The Lorax ? (page 344)
9 What happened on private plots of farm land in the former Soviet Union? (page 343)
8 Why does collective ownership discourage wealth creation? (page 343)
7 Why does lack of property rights cause people to hide wealth? (pages 342–343)
6 Why would insecure property rights in grades cause students to study less? (page 342)
5 Why did lack of property rights reduce investment in Russia? (page 342)
4 Why does lack of property rights discourage people from making investments? (page 341)
3 Why does investment bring pain before pleasure? (pages 340–341)
2 What does it mean to have property rights in a good? (page 340)
1 Why did Srey Neth’s store fail? (page 340)
15 One economist jokingly wrote “My suggestion would be to make purchasing a product from a spammer a crime, punishable by a fine or imprisonment. I’d even advocate making it a capital
14 Assume that 38,000 people want to drive from Point A to Point B at 8 a.m. Each person will undertake the drive as long as the drive takes 40 minutes or less. Assume that the following graph shows
13 Assume that every home alarm system automatically calls the police when a burglar breaks into a protected home. Examine the externalities created by the following:A. Homes that have alarm systems
12 We learned in Chapter 6 that taxes create deadweight losses. Can Pigovian taxes create deadweight losses? Does the normal deadweight loss of taxation strengthen or weaken the desirability of
11 In 2006 the city of Madrid banned extremely skinny women from appearing in fashion model shows. What negative externalities might this ban address?
10 “The trouble with cars these days is that they’re too safe. Of course, I don’t write as a driver; I write as a cyclist.”23 What could the author mean by this?
9 Does government-mandated recycling correct any negative externalities?
8 Assume you’re a state senator greatly concerned about impaired elderly drivers. You won’t do anything to restrict or tax elderly drivers and can enact only measures that the elderly approve of.
7 “Behind every Prisoners’ Dilemma lies an externality.” Justify this statement.
6 A candy bar costs $1 to produce and sells for $1. Eating the candy bar does $1.17 of health damage to you.What is the size of the externality created by this candy bar?
5 Describe negative and positive externalities created by a couple choosing to have another child.
4 Describe how the Coase Theorem relates to the cartoon on the left.
3 The U.S. government forces automobile manufactures to make their cars more fuel efficient. Does this requirement correct or worsen negative automobile externalities?
2 Examine the externalities caused by: air bags, antilock breaks, car radios, and automobile headlights.
1 What are some negative and positive externalities caused by gun ownership?
28 What are technological spillovers? (pages 336–337)
27 What are a few government-caused environmental disasters? (pages 333–334)
26 Why does the government punish drunk driving more heavily than driving while cell phoning or driving while impaired and elderly? (page 333)
25 Why do consumers have incentives to buy cars that are heavier than what is socially optimal? (page 332)
24 What are the problems of combating traffic jams by building new roads? (page 331)
23 What is the major problem with using mass transport subsidies to reduce traffic jams? (page 331)
22 Why are toll roads economists’ favorite method of reducing traffic jams? (page 330)
21 Why are gas taxes a blunt traffic-jam-fighting tool? (page 330)
20 Why is wealth creation the best defense against global warming? (page 329)
19 What is a technological argument for taking immediate action against global warming? (page 329)
18 What is a technological argument for doing nothing about global warming? (page 329)
17 Are poor countries underpolluted? (pages 328)
16 What is the Coase Theorem? (page 327)
15 How can environmentalists use tradable permits to reduce pollution? (page 327)
14 When are tradable permits socially superior to pollution taxes? (page 327)
13 What are tradable pollution permits? (page 326)
12 What is the main disadvantage of Pigovian taxes? (pages 325–326)
11 How are prices like signposts and why do externalities cause these signposts to point in wrong directions? (page 325)
10 Why do Pigovian taxes create incentives for pollution-reducing innovations? (page 323)
9 Why do Pigovian taxes give firms more flexibility than command and control pollution regulations do? (page 323)
8 What are Pigovian taxes? (page 323)
7 What are the two major problems of using command and control methods to reduce pollution? (page 322)
6 What would happen if the government banned all pollution? (pages 321–322)
5 Why, from the viewpoint of what is best for society, is The Club overused and LoJack underused? (page 320)
4 Why are products with positive externalities underused? (page 320)
3 What are positive externalities? List some examples. (page 320)
2 What are negative externalities? List some examples. (pages 318–319)
1 Why are products with negative externalities overused? (page 319)

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