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principles of microeconomics

Questions and Answers of Principles Of Microeconomics

What is the difference between a price shock and a supply shock?
What is a price shock, and why have price shocks frequently been followed by increases in unemployment?
What is reinflation, and what impact does it have on real GDP in the short run and the long run?
What is disinflation, and how does the central bank bring it about?
What is the difference between the long-run and short-run effects of a change in government spending?
What causes the economy to recover after a recession?
Why does staggered price setting slow down price adjustment in the economy?
What is the significance of expectations of inflation for inflation adjustment?
Why does inflation increase when real GDP is above potential GDP?
Why does a shift in monetary policy shift the aggregate demand curve to the right or left?
Why does a change in government purchases shift the aggregate demand curve to the right or left?
What are examples of movements along the aggregate demand curve?
Why is real GDP inversely related to inflation in the short run? What is this relationship called?
Why does the real interest rate rise when inflation begins to rise?
Why is real GDP inversely related to the real interest rate in the short run?
Why are investment, net exports, and consumption inversely related to the real interest rate?
Why do changes in future taxes that are anticipated in advance affect consumption?
What is consumption smoothing?
Why is the MPC for a temporary tax cut less than the MPC for a permanent tax cut? What examples, if any, prove the point?
How does the forward-looking consumption model differ from the consumption function with a fixed MPC?
Why is the size of the multiplier negatively related to the marginal propensity to import (MPI)?
Why is the size of the multiplier positively related to the MPC?
Consider the following table:Year Quantity of Money (billions of $)Velocity Real GDP (billions of 2012 $)GDP Deflator 2006 1,366 10.253 15,338 2009 1,692 8.687 0.953 2012 2,461 6.719 16,197a. Fill in
According to the quantity equation, changes in the money supply will lead directly to changes in the price level if velocity and real GDP are unaffected by the change in the money supply.Will
Why are credit cards not included in the money supply even though they can be used easily for transactions? (Hint: What do you think happens when you use a credit card to purchase an item at a store?)
Assume that required reserves are 7 percent of deposits and that people hold no currency—all money is held in the form of checking deposits.a. Suppose that the Federal Reserve purchases $30,000
State whether each of the following statements is true or false. Explain your answers in one or two sentences.a. When commodity money is the only type of money, a decrease in the price of the
Who are the current members of the Board of Governors of the Federal Reserve? What positions did they hold previously that made them well suited for a position on the board?
Cigarettes were a popular form of currency in prisoner-of-war (POW) camps in World War II, and still are a valuable form of currency in prisons in many countries. Why would cigarettes be likely to
Which of the following are money and which are not?a. A credit cardb. A debit cardc. A check in your checkbookd. A dollar bille. A necklace containing 8 ounces of gold
What is the quantity equation of money?
Why does higher money growth cause inflation?
What happens to bank reserves when the Fed buys bonds?
What is the Fed, and how is the FOMC organized?
What is a bank?
Why is currency a part of money even though an expensive purse to put the currency in is not?
What are some examples of commodity money?
What are the differences between the medium of exchange, store of value, and unit of account roles of money?
Why does the share of capital income in total income appear in the growth accounting formula?
What is the difference between a shift of the productivity curve and a movement along the curve?
What is the difference between the productivity curve and the production function?
What economic policies would reduce the natural rate of unemployment?
What is the difference between unemployment resulting from job rationing and unemployment resulting from job search?
Why isn’t the unemployment rate equal to zero?
What is the difference between frictional and structural unemployment? Does the rise of gig-economy employment lead to a reduction in frictional unemployment, structural unemployment, or both?
What has happened to the employment-to-population ratio for men and women since the 1950s?
What is the definition of the labor force?
How is the working-age population defined?
How do economists define unemployment, and how do they measure how many people are unemployed?
What are the long-term implications of a rise in the government budget deficit as a percentage of GDP (also known as a fall in the government saving rate)?
Describe the relationships that exist among the following: the national saving rate, the private saving rate, the government saving rate, the net exports share of GDP, and the investment share of GDP.
What is crowding out? Graphically illustrate how it works, using the spending allocation model.
What determines the equilibrium interest rate?
Describe the following five relationships: (a) the government share of GDP and the real interest rate, (b) the government share of GDP and the share of GDP available for nongovernment use, (c) the
How do we indicate that the model in this chapter applies much more to the long run than to the short run?
Explain carefully all the steps that relate the share of net exports to the real interest rate.
What is the relationship between the investment share and the real interest rate?
What is the relationship between the consumption share and the real interest rate?
Why does an increase in the share of one component of gross domestic product (GDP)require a decrease in some other share?
Why is the production of meals in the home not included in GDP? Should it be?
Why does national saving equal the sum of private and government saving?
What is national saving?
Why are increases in nominal GDP not a good measure of economic growth?
Why do we add inventory investment to spending when computing GDP?
Why is the purchase of a used car not included in GDP? Should it be?
Why is the sum of all income equal to GDP?
What is the significance of value added, and how does one measure it for a single item?
Approximately what are the percentages of consumption, investment, government purchases, and net exports in GDP in the United States?
Why do we add up total spending to compute GDP when GDP is supposed to be a measure of production?
Plot the data for the example economy in the table in this appendix on a graph at 10-year intervals from year 20 to year 60 on a regular scale. Now create a new graph with a ratio scale by first
According to recent data, China’s per capita GDP is growing at about 9 percent a year. How long will it take for China’s per capita GDP to double? If China can grow at 9 percent a year for the
Suppose that the annual rate of growth of gross domestic product (GDP) per capita is 2 percent.How much will real GDP per capita increase in 10 years? How much will it increase in 50 years? Answer
What is a ratio scale?
What is the slope of a perfectly elastic supply curve?
What is the difference between the price elasticity of demand and the income elasticity of demand?
For what values of the price elasticity of demand do increases in the price increase revenue?
Why is the price elasticity of demand lower in the short run than in the long run?
If the price elasticity of demand for textbooks is two and the price of textbooks increases by 10 percent, by how much does the quantity demanded fall?
Why is the price elasticity of demand useful for finding the size of the price change that occurs when supply shifts?
What is the difference between elastic and inelastic demand?
What factors determine whether the price elasticity of demand is high or low?
Why is the price elasticity of demand a unit-free measure of the sensitivity of the quantity demanded to a price change?
If both the supply curve and the demand curve shift to the right, what happens to the equilibrium quantity? What about the equilibrium price?
What happens to the equilibrium price if the demand curve shifts to the right?
What happens to the equilibrium price if the supply curve shifts to the right?
How can one find the equilibrium price and equilibrium quantity?
What are four things that cause a supply curve to shift?
What is the difference between a shift in the supply curve and a movement along the supply curve?
What are four things that cause a demand curve to shift?
What is the difference between a shift in the demand curve and a movement along the demand curve?
Why does the supply curve slope upward?
What is the difference between a shift in a curve and a movement along a curve?
What does a curve with a negative slope look like?
What is the advantage of graphs over verbal representations of models?
Why are dual scales sometimes necessary?
What is the difference between a scatter plot and a time-series graph?
When you look at the economies of the United States, Europe, or Japan, you see most of the ingredients of a market economy. For example, consider bicycles. Prices in the bicycle market are free to
Suppose decreased production of oil in the Middle East causes the price of oil to rise around the world. Explain how this change in the price signals information to U.S. producers of various goods,
Tracy tells Huey that he can improve his economics grade without sacrificing fun activities or his grades in other courses. Can you imagine ways in which this might be possible? What does that imply
Suppose you have two boxes of chocolate chip cookies and a friend of yours has 2 gallons of milk. Explain how you can both gain from trade. Is this a gain from trade through better allocation or

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