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Questions and Answers of
Economics
1. Why might an employer choose not to hire some job candidates offering relatively high levels of marginal product if the price of the product the employer sells decreases considerably? 2. If more
Other things being equal, how would a firm adjust if the market clearing wage rate for older workers decreases relative to the market clearing wage rate for younger workers? Explain briefly.
1. Why would increased use of robotic sewing machines on the part of a clothing manufacturer cause the marginal product derived from utilization of these machines to decline? 2. If clothing
1. Would a higher minimum wage rate cause a shift of a firm's labor demand curve or a movement along that curve? Explain. 2. Why do you suppose that a growing number of fast-food restaurant companies
Consider Figure 28-1, and suppose that the firm is contemplating 14 units of labor, and it knows that doing so would cause its total, product to increase to 4,075 units. What would be the resulting
Based on the information in Problem 28-16, if the firm considered in Figure 28-1 were to employ 14 units of labor, what would be the resulting marginal revenue product of the 14th unit of labor hired?
Suppose that the MRP0 curve in Figure 28-2 is drawn under the assumption the product price is $5 per unit. Which alternative MRP curve-MRP1 or MRP2-applies if the market clearing product price drops
Suppose that we were to observe unemployment in the labor market depicted in Figure 28-4. Would this imply that the current wage rate is above or below the $1,000 equilibrium weekly wage rate in the
Take a look at the two panels of Figure 28-5. Explain why at the points labeled E1, U.S. firms might have an incentive to outsource labor services abroad. In addition, explain why the shifts in the
Consider Figure 28-7. Suppose that the monopolist is contemplating hiring 14 units of labor, which it knows would cause the marginal product to decline to 150 units of output per unit of labor. As a
1. Why do you suppose that some businesses have responded to the NLRB's micro-unit policy by eliminating the designations of "divisions" or "departments"? 2. Why do you suppose that some observers
Why would a perfectly competitive firm be unable to take advantage of a dependence of the marginal product of labor on the level of the wage rate paid by the firm? (Recall that a firm in a perfectly
1. Why was restraining total Zimbabwean tobacco purchases crucial to ensuring success for the tobacco buyers' scheme to act as a singly, collusive purchaser of Zimbabwean tobacco? 2. How might
1. Why might unions seeking to reduce hiring of nonunion labor desire higher minimum wages for nonunion workers? 2. Why could unions' desire to obtain collective bargaining exemptions from minimum
In Figure 29-2, suppose that We is a wage rate of $30 per hour, and Wu is a wage rate of $40 per hour. In addition, QD is 12,000 workers per hour, Qe is 15,000 workers per hour, and Qs is 18,000
Given the information in Problem 29-17, how much more for less do the firms in this industry spend, in total, on the labor employed each hour as a consequence of establishment of the union wage Wu =
Take a look at Figure 29-5. Suppose that the monopsonist is contemplating whether it might consider hiring 7 units of labor per time period. To induce 7 units of labor to be supplied by workers, the
Consider Figure 29-6. Suppose that the vertical distance to point A is $50 per hour, that the value of Wm is $20 per hour, and that Qm is 1,000 worker-hours. How much more or less each hour does the
Based on the information in and your answer to Problem 29-20, how much more or less does the monopsonist pay as an hourly wage rate in relation to the additional revenue that the 1,000th unit of
Take a look at Figure 29-7. Suppose that Wm = $12 per hour, Wmin = $15 per hour, Qm = 1,000 worker-hours of labor input, and Qmin = 1,400 worker-hours of labor input. By how much does requiring this
Why do you suppose that choosing other income increments besides $15,000 or $30,000 can yield even more distributional variations of households within these seven income groupings? (What do you think
1. What do you think motivates proposals to require sellers of disposable diapers to print messages on diapers encouraging parents to tell stories to or read to their babies or young children? 2. Who
1. Who do you think provides funds to cover emergency room expenses for an uninsured patient who pays the annual $250 health-law penalty but fails to pay the emergency room's charges? 2. Could it be
1. How might a state such as Arkansas adjust its administration of income maintenance programs to reduce or eliminate the marriage penalty? (What if the state were to base program' benefits on total
Suppose that in Figure 30-1 the area labeled A is one-fourth of the area denoted B. What is the value of the Gini coefficient?
Now suppose that in the situation described in Problem 30-13, the distribution of income changes in such a way that A increases to one-third of the area denoted B. What is the new value of the Gini
Based on your answers to Problems 30-13 and 30-14, when A increased, did the degree of income inequality increase or decrease? Explain why your answer makes sense by referring to the implied change
Takes a look at Figure 30-4. During the past decade, many members of the baby boom generation have passed through ages ranging from the middle 40s to the late 50s. Do you suppose that the fact that
Consider Figure 30-5, in which the poverty rate has risen in some years and fallen in others but since 1985 has tended to lie in a range between 10 percent and just over 15 percent. If the
Take a look at both Figure 30-7 and Figure 30-8. When health care programs such as Medicare, Medicaid, and the Affordable Care Act's health exchange system were created, Congress based projected
Consider Figure 30-1 to answer the questions that follow. a. What is the value of the Gini coefficient if area B is twice as large as area A? b. Suppose that the Lorenz curve becomes more bowed,
1. Why do you suppose that some observers have called for requiring installation of devices that would enable governments to monitor households' energy consumption? 2. Who ultimately pays to address
1. How would the relocation of pollution-generating Chinese plants to other nations affect the optimal degree of air cleanliness in China? Explain briefly. 2. Why might a low-income nation with a
1. What would be the appropriate change in the U.S. degree of plastic-waste cleanliness if the marginal cost of pollution abatement is higher than the associated marginal benefit? 2. Should
Take a look at Figure 31-1. Why does "including externalities" cause the supply curve S2 to lie above the supply curve S1 that has been drawn "excluding externalities"?
Consider Figure 31-1. What is the specific reason that accounting for externalities and thereby shifting the market supply curve causes the equilibrium quantity of Good X to decline from Q1 to Q2?
Take a look at Figure 31-2. Suppose that initially society were to opt for a degree of air cleanliness that is lower than Q0. What would be true of the marginal benefit in relation to the marginal
Consider Figure 31-2. Suppose that initially society were to opt for a degree of air cleanliness that is higher than Q0. What would be true of the marginal cost in relation to the marginal benefit,
Take a look at Figure 31-2. Explain why 100 percent air cleanliness is not optimal?
Consider Figure 31-2. Explain why a society usually would not determine that a degree of 0 percent air cleanliness is optimal?
Why do you think that increased specialization in specific agricultural products has accompanied growth in African exports of those products?
1. Why do you suppose that infant-industry firms that have developed novel products often implore their governments to enact policies aimed at restraining parallel imports? 2. Why do you think that
Why was it more efficient to end the quota? (Why do you think that people usually accept money in exchanges instead of engaging in barter of one good for another every time they trade?)
1. Why do you suppose that Argentina's oil market has been experiencing surpluses as a result of the government's policy action? (How does a price control that establishes a price above the market
1. Why do you suppose that soil, climate, and water conditions are among the key determinants of a region's or nation's comparative advantage in production of agricultural corps? (Keep in mind that
Consider the data in Table 32-1. Would U.S. residents gain from trade of U.S. tablets for Indian apps if the rate of exchange of tablet devices for digital apps happened to be 3 tablets per app?
Take a look at the data in Table 32-1. Would Indian residents gain from trade of Indian apps for U.S. tablets if the rate of exchange of tablet devices for digital apps happened to be 0.75 tablets
Take a look at Figure 32-3. What is the effect on foreign textile importers' total revenues of the imposition of the quota that generates a movement from point E1 to point E2?
Consider Figure 32-3. What is the effect on U.S. textile consumers' total expenditures of the imposition of the quota that generates a movement from point E1 to point E2?
Take a look at panel (a) of Figure 32-4. On a per-unit basis, how much of the $50-per-unit tariff on imported tablet devices is paid by U.S. consumers? On a per-unit basis, how much of the
Based on your answer to Problem 32-16, what are the total tariff revenues of the U.S. government? What percentage do U.S. consumers ultimately pay because of a higher price generated by the tariff?
Given that foreign prices of exports of firms such as 3M, General Motors, and Under Armor also increased substantially, what do you think happened to amounts of foreign currencies supplied by foreign
Why is it that if the sum of trade surpluses across all nations in the Eurozone were to shrink, the sum of trade deficits experienced by the other nations in the Eurozone also would tend to diminish?
1. Why would a naira depreciation cause Nigerian exports top become less expensive to residents of other nations? 2. Does Nigeria's central bank appear to wish for the nation to operate with a trade
1. Other things being equal, what do you think should have happened in 2015 to the prices of goods and services exported by U.S. firms? 2. Why do you suppose that foreign expenditures on U.S. exports
Suppose that during a recent year for the United States, merchandise imports were $2 trillion, unilateral transfers were a net outflow of $0.2 trillion, service exports were $0.2 trillion, service
At the point E in Figure 33-4, how many dollars per year are traded for the equilibrium quantity of pounds?
Take a look at Figure 33-5. Suppose that in response to a significant rise in interest in Jane Austen's works and life, millions of U.S. residents suddenly purchase British-published books by and
Consider Figure 33-5. Suppose that the real interest rate in Britain increase relative to the U.S. real interest rate. What will happen to the equilibrium dollar price of the pound, and why? Does the
Take a look at Figure 33-6. Suppose that the preferences of most British residents alter toward purchasing more downloaded online screaming videos of Hollywood movies distributed by U.S. firms. What
Consider Figure 33-6. A sudden increase in economic and political instability throughout Europe and Asia has caused the United States to appear to British residents to be relatively more economically
Suppose the initially in Figure 33-8, the market for Bahrain's currency, the dinar, is in equilibrium at point E1. Now, however, an increase in the U.S. real interest rate has occurred even as real
On Wednesday, the exchange rate between the euro and the U.S. dollar was $1.33 per euro, and the exchange rate between the Canadian dollar and the U.S. dollar was U.S. $0.90 per Canadian dollar.
Name a way that your family interacts in the factor market and a way that it interacts in the product market.
Over the past 40 years, technological advances have reduced the cost of computer chips. How do you think this has affected the market for computers? For computer software? For typewriters?
The price of coffee rose sharply last month, while the quantity sold remained the same. Five people suggest various explanations:Leonard: Demand increased, but supply was perfectly inelastic.Sheldon:
Suppose that your demand schedule for pizza is as follows:a. Use the midpoint method to calculate your price elasticity of demand as the price of pizza increases from $8 to $10 if(i) Your income is
A market is described by the following supply and demand curves:QS = 2PQD = 300 - Pa. Solve for the equilibrium price and quantity.b. If the government imposes a price ceiling of $90, does a shortage
At Fenway Park, home of the Boston Red Sox, seating is limited to about 38,000. Hence, the number of tickets issued is fixed at that figure. Seeing a golden opportunity to raise revenue, the City of
Melissa buys an iPhone for $240 and gets consumer surplus of $160.a. What is her willingness to pay?b. If she had bought the iPhone on sale for $180, what would her consumer surplus have been?c. If
There are four consumers willing to pay the following amounts for haircuts:Gloria: $35 Jay: $10 Claire: $40 Phil: $25There are four haircutting businesses with the following costs:Firm A: $15 Firm B:
Assume the United States is an importer of televisions and there are no trade restrictions. U.S. consumers buy 1 million televisions per year, of which 400,000 are produced domestically and 600,000
Bruno loves playing rock 'n' roll music at high volume. Placido loves opera and hates rock 'n' roll. Unfortunately, they are next-door neighbors in an apartment building with paper-thin walls.a. What
There are three industrial firms in Happy Valley.The government wants to reduce pollution to 60 units, so it gives each firm 20 tradable pollution permits.a. Who sells permits and how many do they
Fredo loves watching Downton Abbey on his local public TV station, but he never sends any money to support the station during its fund-raising drives.a. What name do economists have for people like
Four roommates are planning to spend the weekend in their dorm room watching old movies, and they are debating how many to watch. Here is their willingness to pay for each film:a. Within the dorm
Two towns, each with three members, are deciding whether to put on a fireworks display to celebrate the New Year. Fireworks cost $360. In each town, some people enjoy fireworks more than others.a. In
Suppose you are a typical person in the U.S. economy. You pay 4 percent of your income in a state income tax and 15.3 percent of your labor earnings in federal payroll taxes (employer and employee
Many small boats are made of fiberglass and a resin derived from crude oil. Suppose that the price of oil rises.a. Using diagrams, show what happens to the cost curves of an individual boat-making
Suppose that each firm in a competitive industry has the following costs:Total cost:................TC 5 50 1 ½ q2Marginal cost: ...........MC = qwhere q is an individual firm's quantity
Henry Potter owns the only well in town that produces clean drinking water. He faces the following demand, marginal revenue, and marginal cost curves:Demand: P = 70 - QMarginal Revenue: MR = 70 -
A case study in the chapter describes a phone conversation between the presidents of American Airlines and Braniff Airways. Let's analyze the game between the two companies. Suppose that each company
Your enterprising uncle opens a sandwich shop that employs 7 people. The employees are paid $12 per hour, and a sandwich sells for $6. If your uncle is maximizing his profit, what is the value of the
Some economists believe that the U.S. economy as a whole can be modeled with the following production function, called the Cobb-Douglas production function:Y = AK1/3L2/3,where Y is the amount of
What conditions lead to highly compensated superstars? Would you expect to see superstars in dentistry? In music? Explain.
Maya divides her income between coffee and croissants (both of which are normal goods). An early frost in Brazil causes a large increase in the price of coffee in the United States.a. Show the effect
Five consumers have the following marginal utility of apples and pears:The price of an apple is $1, and the price of a pear is $2. Which, if any, of these consumers are optimizing over their choice
Jacob buys only milk and cookies.a. In year 1, Jacob earns $100, milk costs $2 per quart, and cookies cost $4 per dozen. Draw Jacob's budget constraint.b. Now suppose that all prices increase by 10
Anya is awake for 100 hours per week. Using one diagram, show Anya's budget constraints if she earns $12 per hour, $16 per hour, and $20 per hour. Now draw indifference curves such that Anya's
Suppose that the Live-Long-and-Prosper Health Insurance Company charges $5,000 annually for a family insurance policy. The company's president suggests that the company raise the annual price to
Three friends are choosing a TV show to watch. Here are their preferences:a. If the three friends try using a Borda count to make their choice, what would happen?b. Monica suggests a vote by majority
In the year 2017, the economy produces 100 loaves of bread that sell for $2 each. In the year 2018, the economy produces 200 loaves of bread that sell for $3 each. Calculate nominal GDP, real GDP,
Fill in the blanks:
Below are some data from the land of milk and honey.a. Compute nominal GDP, real GDP, and the GDP deflator for each year, using 2016 as the base year.b. Compute the percentage change in nominal GDP,
Consider the following data on U.S. GDP:a. What was the growth rate of nominal GDP between 1994 and 2014?b. What was the growth rate of the GDP deflator between 1994 and 2014?c. What was real GDP in
A farmer grows wheat, which she sells to a miller for $100. The miller turns the wheat into flour, which she sells to a baker for $150. The baker turns the wheat into bread, which she sells to
The residents of Vegopia spend all of their income on cauliflower, broccoli, and carrots. In 2016, they spend a total of $200 for 100 heads of cauliflower, $75 for 50 bunches of broccoli, and $50 for
Suppose that people consume only three goods, as shown in this table:a. What is the percentage change in the price of each of the three goods?b. Using a method similar to the CPI, compute the
A small nation of ten people idolizes the TV show The Voice. All they produce and consume are karaoke machines and CDs, in the following amounts:a. Using a method similar to the CPI, compute the
A dozen eggs cost $0.88 in January 1980 and $2.11 in January 2015. The average wage for production workers was $7.58 per hour in January 1980 and $19.64 in January 2015.a. By what percentage did the
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