All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Hire a Tutor
AI Study Help New

Search
Sign In
Register

study help
business
principles of microeconomics

Questions and Answers of Principles Of Microeconomics

16 How can trade promote innovation? (page 182)
15 What’s the advantage of specialization? (page 181)
14 Do governments raise more money through tariffs or quotas? (page 180)
13 How can you use supply and demand curves to show the consequences of a tariff? (page 179)
12 Why do politicians often oppose imports? (pages 178–179)
11 Do domestic firms benefit from imports or exports? (page 178)
10 What are imports? (pages 177–178)
9 What are exports? (pages 176–177)
8 How can you use supply and demand curves to show the benefits of trade? (pages 175–178)
7 Where do comparative advantages come from? (pages 174–175)
6 Who was David Ricardo? (page 174)
5 Why must every nation and every person have a comparative advantage in something? (page 173)
4 What is roundabout production? (page 173)
3 When does a nation have a comparative advantage in the production of a good? (pages 171–172)
2 When does a nation have an absolute advantage in the production of a good? (pages 169–170)
1 Why might trade have caused the extinction of the Neanderthals? (pages 166–168)
13 (Advanced) Before any taxes or subsidies are imposed, 20,000 each of widgets and gizmos are sold every month. Politicians hate widget manufacturers and so impose a $2 tax on the sale of each
12 (Advanced) The wealth of society goes down when a minimum wage law destroys jobs. But the wealth of society goes up when technology destroys jobs. Explain.
11 In Britain, the buyer of a home must pay a “stamp tax” of between 1 percent and 4 percent of the home’s value. A British politician proposed that the stamp tax instead be paid by home
10 You are a peasant farmer who grows wheat on his lord’s land. The harder you work, the more wheat you will grow. Over an average year, if you put in an average amount of effort, you will grow
9 The market price for a good is $120. The government dictates a price of $70. Draw a supply and demand diagram in which the dictated price increases total consumers’surplus. Draw another supply
8 In medieval Europe monarchs thought that the wealth of their kingdoms was determined by the amount of gold and silver in these kingdoms. Explain why these monarchs were wrong.
7 Imagine the government gives a $.50 subsidy to milk producers for every gallon of milk sold. How much better off would milk consumers be if they, rather than the producers, received this subsidy?
6 Draw a supply and demand curve for a good where the market price is $15. Now assume that the government gives a $3 per good subsidy to buyers for every good they purchase. Graphically show the
5 Draw a supply and demand curve for a good where the market price is $15. Now assume that the government imposes a $3 tax on buyers for every good they purchase. Graphically show the deadweight loss
4 Imagine that the supply-and-demand-determined equilibrium price in a market is $14. Assume that the government imposes a price ceiling of $10. Using a supply and demand diagram show the loss in
3 Imagine that the supply-and-demand-determined equilibrium price in a market is $23. Assume that the government imposes a price floor of $30. Use a supply and demand diagram to show the deadweight
2 Seller Sam values his car at $13,300. Buyer Bill values Sam’s car at $14,500. But if Bill buys Sam’s car, he will have to pay a tax of $T. For what values of T will it be impossible for both
1 Tom paid $8,145 for his car. The most Tom would have paid for this car is $9,000.Tom sells this car to Judy for $10,245. The most that Judy would have paid for this car is $11,000. (A) By how much
27 What is the ultimate answer to Life, the Universe, and Everything? (Just kidding!)
26 What are Luddites? (page 160)
25 Why does the marketplace promote innovation? (pages 156–160)
24 How can you graphically show the deadweight loss caused by a subsidy and the cost of such a subsidy to the government? (pages 155–156)
23 Does it matter if a sales tax must be paid by buyers or sellers? (pages 153–154)
22 How can you graphically show the deadweight loss caused by a sales tax and the revenue raised by this tax? (page 153)
21 How can you graphically show that the free market equilibrium price maximizes total surplus? (pages 149–150)
20 What is total surplus? (page 148)
19 How can you use a supply curve to find the total producer’s surplus?(pages 147–148)
18 What is a producer’s surplus? (page 146)
17 How can you use a demand curve to find the total consumers’ surplus? (page 145)
16 What is a consumer’s surplus? (page 144)
15 How can eminent domain destroy wealth? (pages 141–142)
14 How can theft destroy wealth? (page 141)
13 How can forced sharing destroy wealth? (pages 139–140)
12 How can subsidies destroy wealth? (page 139)
11 How can taxes destroy wealth? (page 138)
10 How can minimum wage laws destroy wealth? (page 138)
9 How can rent control destroy wealth? (page 138)
8 How can production increase wealth? (page 137)
7 How do money transfers affect the total wealth of society? (page 136)
6 How do money transfers affect individuals’ wealth? (page 136)
5 How can one person giving a good to another increase the total wealth of society? (pages 135–136)
4 What is the total wealth of society? (page 135)
3 What is wealth? (page 135)
2 What is value? (page 135)
1 What was the approximate average growth rate in the 1,500 years before the early 19th century’s Industrial Revolution? (page 134)
19 Imagine that the New York Yankees baseball team sells tickets for $30 each. At this price, however, quantity supplied is less than quantity demanded. As a result, there is a financial incentive
18 Assume that U.S. public high schools in some state have the same demand for English and math teachers. Because they have greater employment opportunities, however, the supply of math teachers is
17 If the U.S. legalized cocaine, would the total amount of money U.S. citizens spend on cocaine go up or down?
16 Sports gambling is illegal in Massachusetts. Bookies who accept bets sometimes go to jail. Assume small-time bettors, however, are never punished. Imagine you bet $20 with a bookie on a New
15 In the following diagram, show the difference in the number of jobs destroyed when the supply for unskilled labor is elastic compared to when it is inelastic.Explain in words the cause of this
14 Americans spend about $64 billion on illegal drugs each year. Could the U.S. government stop illegal drug use in the United States if it just bought and then destroyed all $64 billion of these
13 A police captain claims he has done a great job at fighting drugs over the past year because during this time the price of drugs has increased by 30 percent.Has the police captain proved he is
12 Speculate on what you think would happen to the income of prostitutes if prostitution were legalized. Separately identify the factors that would increase and decrease their incomes.
11 Will more jobs be destroyed in a city if the city by itself enacts an $8-per-hour minimum wage law or if the country the city is in enacts an $8-per-hour minimum wage law?
10 Assume that the government pays part of the costs of some medical procedure. If the demand for this procedure suddenly increases, would the cost to the government increase more if the price
9 Cities often pass laws restricting the rents landlords can charge, but not laws restricting how much individual homeowners can sell their houses for. Why do you think this is?
8 In the following diagram, determine the shortage of apartments rent control causes in (a) the short run and (b) the long run. Rent per month Short-run supply Demand for of apartments apartments
7 In question 6, would the government spend more or less if the price elasticity of demand was more elastic? Would the government spend more or less if the price elasticity of supply was more elastic?
6 In the following graph assume that the government imposes a price floor of $10 a unit and buys up the entire surplus. How much will the government spend purchasing the surplus? Price per unit $10
5 Why do city politicians have greater incentives than national politicians to support rent control laws?
4 For the following diagram, determine (a) how many jobs the minimum wage destroys and (b) how many workers are made unemployed by the minimum wage. Wages per hour $5 |Demand for unskilled labor
3 For the following two graphs, determine quantity supplied, quantity demanded, and the extent of any shortage or surplus. Price Price Demand Supply 16,000 24,000 31,200 Quantity Demand Supply Price
2 Moral question: A minimum wage law limits the freedom of both workers and firms.Is this loss of freedom something that should be taken into account when considering the costs of a minimum wage law?
1 Essay question: The United States criminalizes drugs such as crack, cocaine, and heroin. Should the United States legalize the purchase and sale of these drugs? In your essay address how
22 How do the price elasticities of supply and demand affect the cost to the government of raising the price of an agricultural good? (page 124)
21 How can you use a supply and demand diagram to determine the cost to the government of raising the price of wheat to a certain level? (pages 123–124)
20 Why does a shortage of parking spaces, caused by below-market parking meter rates, create a deadweight loss? (page 122)
19 How does the elasticity of demand for health care affect the cost to a government that provides free health care to all of its citizens? (pages 120–121)
18 How can a draft harm soldiers who enlist voluntarily? (page 117)
17 Why does rent control reduce incentives for landlords to care for their buildings? (page 114)
16 Why can the minimum wage law and rent control create black markets?(pages 111 and 116)
15 Why do the minimum wage and rent control create administrative costs for governments? (pages 111 and 116)
14 When does a price ceiling have no effect on a market? (page 111)
13 Does a price ceiling create a shortage or surplus? (page 111)
12 What is a price ceiling? (page 111)
11 Why can the minimum wage and rent control promote racial discrimination? (pages 110–111 and 116)
10 How can workers who don’t lose their jobs be harmed by a minimum wage? (page 109)
9 How does price elasticity of demand affect the number of people made unemployed by a minimum wage? (page 108)
8 How can you use a supply and demand diagram to determine how many people are made unemployed by a minimum wage? (page 108)
7 How does price elasticity of demand affect the number of jobs destroyed by a minimum wage? (page 108)
6 How can workers be helped by a minimum wage? (page 106)
5 Why might an unemployed person not be harmed significantly by a minimum wage? (page 106)
4 How can you use a supply and demand diagram to determine how many jobs are destroyed by a minimum wage? (page 105)
3 When does a price floor have no effect on a market? (page 104)
2 Does a price floor create a shortage or a surplus? (page 104)
1 What is a price floor? (page 104)
12 Think of any real-world business and assume that this business intends to increase its price. Explain what this business could do to make the demand for its product more inelastic.
11 Assume that the demand for a good is perfectly elastic and that the supply and demand determined equilibrium price is $15. What happens to price if supply increases? What would happen to quantity
10 A genie gives you unlimited wealth. What happens to your various price elasticities of demand?

Showing 400 - 500 of 5681

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Last

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Secure Payment

Download Our App

© 2024 SolutionInn. All Rights Reserved