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principles of microeconomics

Questions and Answers of Principles Of Microeconomics

3 What is the sign (+ or –) of the slope of the demand curve and why does the demand curve have this sign? (page 24)
2 What is the difference between a change in demand and a change in quantity demanded? (page 23)
1 What is the Law of Demand? (page 23)
10 Movie theaters in the United States often charge different prices based on the customers’ age, student status, and when the movie is shown. But U.S.theaters usually charge the same price for all
3 What are the opportunity costs of attending college?
14 Should you take advantage of the following rebate offer?
13 True or false: You shouldn’t litter because you are worse off living in a world in which everyone litters than one in which no one litters.
12 A proposed law will increase the wealth of 100 people by $1 million each. It will also reduce the wealth of 100 million people by $2 each. Would a selfinterested politician vote for this law?
11 Why should you vote?
10 Movie theaters in the United States charge different prices based on the customers’age, student status, and when the movie is shown. But U.S. theaters usually charge the same price for all
9 Pretend that surgeons only got paid if their patients survived.8 Provide an example of how this could harm patients.
8 Imagine that starting next year, professors’ salaries become determined entirely by student evaluations. Professors with the highest ratings will earn around $140,000 a year, while those with the
7 You trade your car for another car that is equal in every way except that this new car gets more miles per gallon of gas. Will you now use more or less gas?
6 If doctors became better at curing lung cancer what would happen to the number of people who smoke cigarettes?
5 How could we ever have too little pollution?
4 You pay a $500 nonrefundable fee to join a gym. Should this fee motivate you to use the gym more?
3 What are the opportunity costs of attending college?
2 Why do babysitters of equal skill make far more money in the United States than in India?
1 Why might it be cheaper to hire someone else to shovel your driveway than to do it yourself?
16 What are markets? (page 10)
15 How does innovation increase the wealth of society? (page 10)
14 How does specialization increase the wealth of society? (page 10)
13 What are opportunity costs? (page 9)
12 What does it mean if a point is outside the production possibility frontier?(page 8)
11 What does it mean if a point is inside the production possibility frontier?(page 8)
10 What does it mean if a point is on the production possibility frontier?(page 7)
9 What is a production possibility frontier? (page 7)
8 Why do we all face trade-offs? (page 7)
7 What are some examples of indirect effects? (pages 5–6)
6 Do all rational people act alike? (page 5)
5 Do rational people ever make mistakes? (page 4)
4 What do rational people do? (page 4)
3 Is self-interestedness necessarily a bad thing? (page 4)
2 Are self-interested people necessarily greedy? (page 3)
What is the definition of economics? (page 2)
51. What are some examples of innovative products that have disrupted their industries for the better?
46. Is it legitimate to impose higher safety standards on imported goods than exist in the foreign country where the goods were produced?
42. How would direct subsidies to key industries be preferable to tariffs or quotas?
40. If trade barriers hurt the average worker in an economy (due to lower wages), why does government create trade barriers?
37. What are some ways that governments can help people who lose from trade?
36. Why is trade a good thing if some people lose?
35. Who gains and who loses from trade?
33. What is the general trend of trade barriers over recent decades: higher, lower, or about the same?
32. Name several of the international treaties where countries negotiate with each other over trade policy.
31. What is the national interest argument for protectionism with regard to certain products?
30. Do the rules of international trade require that all nations impose the same consumer safety standards?
29. What is the “race to the bottom” scenario?
28. What is dumping? Why does prohibiting it often work better in theory than in practice?
27. What are main reasons for protecting “infant industries”? Why is it difficult to stop protecting them?
26. Is international trade likely to have about the same effect on everyone’s wages?
25. How is international trade, taken as a whole, likely to affect the average level of wages?
24. Is international trade likely to have roughly the same effect on the number of jobs in each individual industry?
22. How does protectionism affect the price of the protected good in the domestic market?
21. Name and define three policy tools for enacting protectionism.
20. Who does protectionism protect? What does it protect them from?
19. What are the gains from competition?
18. How does competition, whether domestic or foreign, harm businesses?
17. What might account for the dramatic increase in international trade over the past 50 years?
16. Why would countries promote protectionist laws, while also negotiate for freer trade internationally?
15. What is the difference between a free trade association, a common market, and an economic union?
14. Assume a perfectly competitive market and the exporting country is small. Using a demand and supply diagram, show the impact of increasing standards on a low-income exporter of toys. Show the
13. Why is the national security argument not convincing?
12. What are the conditions under which a country may use the unsafe products argument to block imports?
11. Explain the logic behind the “race to the bottom” argument and the likely reason it has not occurred.
34. Consider two countries: South Korea and Taiwan.Taiwan can produce one million mobile phones per day at the cost of $10 per phone and South Korea can produce 50 million mobile phones at $5 per
32. In Exercise 19.31, is there an “ask” where Venezuelans may say “no thank you” to trading with Canada?
28. Can a nation’s comparative advantage change over time? What factors would make it change?
27. Why might a low-income country put up barriers to trade, such as tariffs on imports?
26. In World Trade Organization meetings, what do you think low-income countries lobby for?
25. Why might intra-industry trade seem surprising from the point of view of comparative advantage?
24. Do consumers benefit from intra-industry trade?
23. Does intra-industry trade contradict the theory of comparative advantage?
21. Look at Table 19.9. Is there a range of trades for which there will be no gains?
19. Look at Exercise 19.2. Compute the opportunity costs of producing sweaters and wine in both France and Tunisia. Who has the lowest opportunity cost of producing sweaters and who has the lowest
18. Why does the United States not have an absolute advantage in coffee?
17. Are differences in geography behind the differences in absolute advantages?
16. Are the gains from international trade more likely to be relatively more important to large or small countries?
15. What is splitting up the value chain?
14. What are the two main sources of economic gains from intra-industry trade?
13. What is intra-industry trade?
12. How does comparative advantage lead to gains from trade?
10. What factors does Paul Krugman identify that supported the expansion of international trade in the 1800s?
8. What is absolute advantage? What is comparative advantage?
27. Say that the government is considering a ban on smoking in restaurants in Tobaccoville. There are 1 million people living there, and each would benefit by$200 from this smoking ban. However,
24. What are some alternatives to a “first past the post”system that might reduce the problem of voting cycles?
21. How is it possible to bear a cost without realizing it? What are some examples of policies that affect people in ways they may not even be aware of?
20. To ensure safety and efficacy, the Food and Drug Administration regulates the medicines that are allowed to be sold in the United States. Sometimes this means a drug must be tested for years
18. Special interest groups are often made up of representatives of competing firms. Why are competitors sometimes willing to cooperate in order to form lobbying associations?
15. What are some possible ways to encourage voter participation and overcome rational ignorance?
13. How does a government agency raise revenue differently from a private company, and how does that affect the way government decisions are made, compared to business decisions?
12. Why does a voting cycle make it impossible to decide on a majority-approved choice?
11. Why do legislators vote for spending projects in districts that are not their own?
10. How can pork-barrel spending occur in a situation of majority voting when it benefits only a small group?
8. How does rational ignorance discourage voting?
7. Suppose an election is being held for Soft Drink Commissioner. The field consists of one candidate from the Pepsi party and four from the Coca-Cola party. This would seem to indicate a strong
6. Anastasia, Emma, and Greta are deciding what to do on a weekend getaway. They each suggest a first, second, and third choice and then vote on the options. Their first choice, second choice, and
2. What is the cost of voting in an election?
37. Imagine that a $10,000 ten-year bond was issued at an interest rate of 6%. You are thinking about buying this bond one year before the end of the ten years, but interest rates are now 9%.a. Given
36. The Darkroom Windowshade Company has 100,000 shares of stock outstanding. The investors in the firm own the following numbers of shares: investor 1 has 20,000 shares; investor 2 has 18,000
35. How do bank failures cause the economy to go into recession?

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