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business
the economics of health and health care

Questions and Answers of The Economics Of Health And Health Care

How much more revenue do U.S. sugar farmers get for their 7-million-ton annual harvest as a result of sugar import quotas (Headline, p. 371)? L04
How much cheaper, in U.S. dollars, did a 60 euro- per-night Paris hotel become in 2005, according to the Headline on p. 372? L05
How much cheaper, in U.S. dollars, did a 60 euro- per-night Paris hotel become in 2005, according to the Headline on p. 372? L05
If a Nintendo Wii 3 costs 35,000 yen in Japan, how much will it cost in U.S. dollars if the exchange rate is as follows? L05 (a) 120 yen = $1 (b) 1 yen $0.00833 (c) 100 yen = $1
In what country is the U.S. dollar price of a Big Mac (p. 357) the highest with the following exchange rates? L05 (a) 9,015 rupiah = $1 (b) .75 euros = $1 (c) 35 baht (d) 7.60 yuan $1 $1
What is the equilibrium euro price of the U.S. dollar L05 (a) In Figure 17.3? (b) In Figure 17.4? Did the dollar appreciate or depreciate in Figure 17.4?
Suppose the two islands in problem 2 agree that the terms of trade will be 1 pineapple for 1 pearl
Alpha and Beta, two tiny islands off the east coast of Tricoli, produce pearls and pineapples. The production possibilities schedules in the table below describe their potential output in tons per
How did China's yuan revaluation (Headline, p. 374) affect U.S.-China trade? Who gained? Who lost? L05
Why do corn farmers favor CAFTA and beet farmers oppose it (Headline, p. 371)? L04
Is a stronger dollar good or bad for America? Explain. L05
How would each of these events affect the supply or demand for Japanese yen? (a) Stronger U.S. economic growth. (b) A decline in Japanese interest rates. (c) Higher inflation in the United States. L05
Domestic producers often base their claim for import protection on the fact that workers in country X are paid substandard wages. Is this a valid argument for protection? L02
Suppose we refused to sell goods to any country that reduced or halted its exports to us. Who would benefit and who would lose from such retaliation? Can you suggest alternative ways to ensure import
If a nation exported much of its output but imported little, would it be better or worse off? How about the reverse; that is, exporting little but importing a lot? L01
Can you identify three services Americans import? How about three exported services? L01
Suppose a lawyer can type faster than any secretary. Should the lawyer do her own typing? Can you demonstrate the validity of your answer? L02
The following table presents hypothetical data on government expenditure, taxes, exports, im- ports, inflation, unemployment, and pollution for three levels of equilibrium income (GDP). A government
On the basis of the information in the preceding question, what will happen to the federal budget balance if the economy falls into a recession of -2.0 percent from a growth path of +2.5 percent? L04
Suppose the federal budget is balanced but that automatic stabilizers increase tax revenues by $30 billion per year and decrease transfer pay- ments (e.g., welfare, unemployment benefits) by $10
The 2001 fiscal policy package included roughly $38 billion in tax rebates that were mailed to tax- payers. By how much would aggregate demand shift (a) initially and (b) ultimately as a result of
Which nation had the best macro performance in the 1990s (see Headline, p. 345)? L03
Democrats labeled President Bush's 2001 tax-cut plan as a "giveaway to the rich" because it gave the richest taxpayers the largest tax cuts. Yet, households in the lower half of the income dis-
Outline a macro policy package for attaining full employment and price stability in the next 12 months. What obstacles, if any, will impede attainment of these goals? L02
Suppose that the economy is slumping into recession and needs a fiscal-policy boost. Voters, however, are opposed to larger federal deficits. What should policymakers do? L04
What is the source of "shock and awe" referred to in the Headline on p. 338? L04
In the FY 2008 budget debate, several members of Congress suggested ending the war in Iraq as a mechanism for cutting federal spending (and budget deficits). Should military spending be subject to
Suppose that it is an election year and that aggregate demand is growing so fast that it threatens to set off an inflationary movement. Why might Congress and the president hesi- tate to cut back on
Should economic policies respond immediately to any changes in reported unemployment or in- flation rates? When should a response be under- taken? L05
What policies would Keynesian, monetarists, and supply-siders advocate for L02 (a) Restraining inflation? (b) Reducing unemployment?
Suppose that every additional 5 percentage points in the investment rate (I + GDP) boost economic growth by 1 percentage point. Assume also that all investment must be financed with consumer saving.
According to the data in Figure 15.4, how fast did world GDP per capita grow from L01 (a) 1000 to 1500? (b) 1500 to 1820? (c) 1820 to 1995?
In 2007, approximately 63 percent of the adult population (230 million) was employed. If the employment rate increased to 64 percent, (a) How many more people would be working? (b) By how much would
If real GDP is growing at 3 percent a year, how long will it take for (a) Real GDP to double? L01 (b) Real GDP per capita to double if the popula- tion is increasing each year by i. O percent? ii. 1
China's output grew at an amazing rate of 10 per- cent per year from 2000 to 2007. At that rate how long will it take for China's GDP to double? (See Table 15.1.) With its population increasing at
Should the United States adopt a skill-based immigration policy (Headline, p. 324) or continue to give preference to family members? L04
How would the following factors affect a nation's growth potential? L04 (a) Legal protection of private property (b) High tax rates (c) Judicial corruption (d) Government price controls (e) Free trade
Notice in the Headline on p. 319 how the time spent working on the job and at home has declined. How are these changes indicative of economic growth? L05
Is limitless growth really possible? What forces do you think will be most important in slowing or halting economic growth? L05
Suppose that economic growth could be achieved only by increasing inequality (e.g., via tax incen- tives for investment). Would economic growth still be desirable? L04
Fertility rates in many developed nations (e.g., France) have dropped so low that they are approaching zero population growth. How will this affect economic growth? The standard of living? L02
In 1866 Stanley Jevons predicted that economic growth would come to a halt when England ran out of coal, a doomsday that he reckoned would occur in the mid-1970s. How did we manage to avert that
Why don't we consume all of our current output instead of sacrificing some present consumption for investment? L03
In what specific ways (if any) does a college education increase a worker's productivity? L03
Log into www.federalreserve.gov/releases/h15/ and click on the Current Release. (a) What is happened to federal funds interest rate in the last month? What are the likely ac- tions by the Fed that
Log on to www.federalreserve.gov/policy.htm, then click on the Monetary Policy Report to the Congress. (a) Click on the most recent statement and ac- cess the section on Monetary Policy and Economic
Log on to www.federalreserve pov/pubs/frseries/ Inscribitin where you will find a description of the current structure of the Federal Reserve Sys- tem. Summarize the structure of the Federal Re-
How did the money multiplier change when China increased its reserve requirement (Head- line, p. 299)? L02
Illustrate the effects on bank reserves of an open- market sale (see Figure 14.5). L03
Suppose the economy is initially in equilibrium at an output level of 100 and price level of 100. The Fed then manages to shift aggregate demand rightward by 20. L04 (a) Illustrate the initial
Suppose the Federal Reserve decided to purchase $10 billion worth of government securities in the open market. L03 (a) How will MI be affected initially? (b) How will the lending capacity of the
Assume that the following data describe the condition of the commercial banking system: L02 Total reserves: Transactions deposits: Cash held by public: Reserve requirement: $100 billion $800 billion
Suppose the following data apply: 102 Total bank reserves: Total bank deposits: Cash held by public: Bonds held by public: $ 6 billion $100 billion $ 10 billion $220 billion $140 billion Stocks held
Would you advocate monetary restraint or stim- ulus for today's economy? Who would disagree with you? L05
Congress sometimes demands more control of monetary policy. Is this a good idea? Why is fis- cal policy, but not monetary policy, entrusted to elected politicians? L05
Like all human institutions, the Fed makes or casional errors in altering the money supply. Would a constant (fixed) rate of money-supply growth eliminate errors? L05
Which aggregate supply curve in Figure 14.6 does the Fed chairman fear the most? Why? L05
If banks and credit card companies charged zero interest, would people spend and invest more? What would inhibit business or consumer borrowing? L05
Is a reduction in interest rates likely to affect spending on pizza? What kinds of spending are sensitive to interest-rate fluctuations? L05
How does an increase in the money supply get into the hands of consumers? What do they do with it? L04
If the Federal Reserve banks mailed everyone a brand-new $100 bill, what would happen to prices, output, and income? Illustrate with aggregate demand and supply curves. L05
Why do people hold bonds rather than larger savings account or checking-account balances? Under what circumstances might they change their portfolios, moving their funds out of bonds into bank
Why do banks want to maintain as little excess reserves as possible? Under what circumstances might banks desire to hold excess reserves? (Hint: see Figure 14.3.) L04
Log on to http://www.federalreserve.gov/releases/ and click on Money Stock Measures-H.6. under the heading "Money Stock and Reserve Balances." (a) Click the "about" button. What is the difference
Log on to http://www.federalreserve.gov/releases/ and click on Aggregate Reserves of Depository Institutions and the Monetary Base-H.3 under the heading "Money Stock and Reserve Balances." Choose the
Log on to http://www.pbs.org/wgbh/nova/moolah/ history.html. (a) Choose one item that was used as money in the past. How does it fulfill the purposes of money described in this chapter? (b) How does
In December 1994, a man in Ohio decided to deposit all of the 8 million pennies he had been saving for nearly 65 years. (His deposit weighed over 48,000 pounds!) With a reserve requirement of 10
Suppose that an Irish Sweepstakes winner deposits $20 million in cash into her transactions account at the Bank of America. Assume a reserve requirement of 25 percent and no excess reserves in the
What volume of loans can the banking system in Figure 13.2 support? If the reserve requirement were 20 percent, what would the system's lending capacity be? L03, L04
How large a loan can Bank #4 in Figure 13.2 make? L03
How do you pay off the credit-card balance? How does your use of cash compare with the composition of the money supply (Figure 13.1)? L02 .. How large is the money multiplier when the required
What percentage of your monthly spending do you pay with (a) cash, (b) check, (c) credit card, or (d) automatic transfers?
If banks stopped making new loans, how would aggregate demand be affected? L05
If all banks heeded Shakespeare's admonition, "Neither a borrower nor a lender be," what would happen to the supply of money? L03
If people never withdrew cash from banks, how much money could the banking system potentially create? Could this really happen? What might limit deposit creation in this case? L04
Does the fact that your bank keeps only a fraction of your account balance in reserve worry you? Why don't people rush to the bank and retrieve their money? What would happen if they did? L03
Have you ever borrowed money to buy a car, pay tuition, or for any other purpose? In what form did you receive the money? How did your loan affect the money supply? Aggregate demand? L03
Does money have any intrinsic value? If not, why are people willing to accept money in exchange for goods and services? L01
Why aren't credit cards counted as money? L01
If a friend asked you how much money you had to spend, what items would you include in your response? L02
Do eggs satisfy the three conditions for money? Did barter make it easier or more difficult to go to the movies in Russia? (See Headline on page 279.) L01
Log on to http://www.cbo.gov/budget/budproj. shtml and click on "The Budget and Economic Outlook: An Update." (a) Find the historical data on the federal deficit or surplus from 1966 to 2017.
Log on to http://www.conference-board.org/ economics/indicators.cfm. (a) What has been the trend in consumer confi- dence over the past six months or so? What part of aggregate demand is consumer
By how much more would the $11 trillion economy grow in the first two years of the Bush 2003 tax cuts, according to the Headline on p. 269? L03, L04
If taxes were cut by $1 trillion and the MPC were 0.95, by how much would total spending L03 (a) Increase in the first year with two spending cycles? (b) Increase over five years, with two spending
By how much would the 2003 child tax credit increase have shifted AD if the MPC was 0.80? (see Headline, p. 267). L04
Suppose the government increases education spending by $30 billion. How much additional consumption will this increase cause? L04
(a) The multiplier process depicted in Table 12.1 is based on an MPC of 0.75. Recompute the first five cycles using an MPC of 0.50. L03 (b) What is the value of the multiplier in this case? (c) What
If the MPC were 0.8, how much spending would occur at step 5 in Figure 12.6? How many spend- ing rounds would occur before consumer spending increased by $260 billion? L03
If the marginal propensity to save is 0.10, how large is the multiplier? If the marginal propensity to save doubles to 0.20, what happens to the multiplier? L03
In the second quarter of 2003, defense spending surged by 44 percent, or nearly $30 billion. How did this surge affect GDP? Which nondefense industries were most likely affected? L04
Would a constitutional amendment that would require the federal government to balance its budget (incur no deficits) be desirable? Explain. L05
If the guidelines for fiscal policy (Table 12.2) are so simple, why does the economy ever suffer from unemployment or inflation? L02
Do fiscal policymakers really need to know the magnitudes of the MPC and multipliers? Could they get along as well without such information? L03
How long does the multiplier process take? How many cycles are likely to occur in a year's time? How will this alter the impact of fiscal policy? L03
What do people do with that fraction of their income they save? L03
What is your MPC? Would a welfare recipient and a millionaire have the same MPC? What determines a person's MPC? L03
How long does it take you to spend any income you receive? What happens to the dollars you spend? L03
What are the factors in the Headline on p. 259 that might depress consumer spending? How do they affect spending? L02
Graph the situation described in the Headline on p. 244. L04

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