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economics 14th global

Questions and Answers of Economics 14th Global

Southwest to Buy 100 New Boeing 737 MAX Jets Southwest’s fleet is composed of entirely Boeing 737 jets. With a need to replace older jets, Southwest had been considering the Airbus A220 but
Describe the political marketplace: Who are the participants, what do they do, and what is a political equilibrium?
Distinguish among public goods, private goods, common resources, and club goods.
What is special about healthcare that makes it a government-provided good?
Why would the market economy produce too little healthcare?
Classify each of the following items as excludable, nonexcludable, rival, or nonrival. Explain your answer.■ A public beach in Greece■ An IKEA chair■ A movie at the local cinema■ A view of
Classify each of the following items as a public good, a private good, a natural monopoly good, or a common resource. Explain your answer.■ Pastures of the Italian countryside■ Streetlights in
For each of the following goods, explain why a free-rider problem arises or how it is avoided.■ Public parks and gardens■ Wireless Internet access in cafés■ Wikipedia webpages■ Christmas
Suppose that Terri and Sue are the only students campus at night. Draw a graph to show the margin social benefit of on-campus police at night.The table sets out the benefits that Terri and Sue
What quantity of spraying would a private firm provide? What is the efficient quantity of spraying?In a single-issue election on mosquito control, what quantity would the winner provide? Quantity
If the government appoints a bureaucrat to run the program, would mosquito spraying most likely be underprovided, overprovided, or provided at the efficient quantity? Quantity (square miles sprayed
Classify each of the following items as excludable, nonexcludable, rival, or nonrival.■ Oxygen■ A bottle of wine■ A view of a harbor■ A public square■ A Facebook post
Classify each of the following items as a public good, a private good, a natural monopoly good, or a common resource. Explain your answer.■ Complimentary ice cream■ Wild goats in a forest■
Classify each of the following goods as either a private good, a public good, a natural monopoly good, or none of these.■ A pair of glasses■ Internet services■ A swimming pool■ A
The table sets out the marginal benefits that Sam and Nick receive from the town’s street lighting:a. Is the town’s street lighting a private good or a public good?b. Suppose that Sam and Nick
What is the principle of diminishing marginal benefit? In Problem 14, which marginal benefit diminishes fastest: Sam’s, Nick’s, or the society’s?Problem 14The table sets out the marginal
Why might an increase in the gas tax to finance transportation infrastructure be a political equilibrium?New Jersey’s gas tax, which is rising from 30.9 to 40.2 cents per gallon, is needed to
Roads and bridges are constructed by private engineering companies yet are public goods.Distinguish between public production and public provision . Give three other examples that illustrate the
If You are Healthy and Refuse to Take the Vaccine, You Are a Free Rider Healthy people who refuse to be vaccinated gain the benefits of living in a community without paying the cost. Being vaccinated
Obamacare Sign-ups Reach 1 Million During Special Enrollment Window President Joe Biden says that 1 million more Americans now have the peace-of-mind that comes from having health insurance. The
Poland’s PM Labels Under-Spending NATO Countries “Free Riders”NATO’s target is for its 29 member countries to spend 2% of GDP on defense. Poland’s prime minister, Mateusz Morawiecki, says
Think Twice Before Moving to New Brunswick, Warns New Resident Rodney Pavlica moved to New Brunswick on Canada’s east coast in 2018. Like tens of thousands of people in New Brunswick, Pavlica
Provide examples of externalities that arose during the Covid-19 pandemic.
How do taxes and cap-and-trade work to reduce emissions?
Why would the market economy produce too little education?
Why do economists generally favor vouchers to achieve an efficient outcome?
If no one owns the river and the town takes no action to control the waste, what is the quantity of cotton and the deadweight loss created?Suppose that the cotton growers use a chemical to control
If the town owns the river and taxes cotton growers so that the efficient quantity is grown, how much tax revenue does the town receive? Is the quantity of waste zero? Explain your answer.Suppose
a. What is the quantity of Newfoundland cod fish that fishers catch and the price of Newfoundland cod fish? Is the Newfoundland cod fish stock being used efficiently? Explain why or why not.b. What
With a quota of 30 tons a month for the Newfoundland cod fishing industry, what is the price of Newfoundland cod fish and the quantity caught? Does overfishing occur?The figure illustrates the market
What is the efficient number of students? If all colleges are private, how many people enroll in college and what is the tuition?The marginal cost is a constant $6,000 per student per year. The
If the government provides public colleges, what tuition will achieve the efficient number of students?How much will taxpayers have to pay?The marginal cost is a constant $6,000 per student per year.
If the government offers students vouchers, what is the value of the voucher that will achieve the efficient number of students?The marginal cost is a constant $6,000 per student per year. The
What externalities arise from driving cars around Europe’s medieval cities, like Prague, and how do Europeans deal with this?
Betty and Anna work at the same office in Philadelphia and they have to attend a meeting in Pittsburgh. They decide to drive to the out-oftown meeting together. Betty is a cigarette smoker and when
More Shippers and Shipping Companies Promise to Avoid Arctic Routes As the Arctic ice melts, shipping companies are discovering a new route from the Atlantic to the Pacific. Environmentalists want to
In November 2017, Graziano Delrio, Italy’s Minister of Infrastructure and Transport at the time, and Luigi Brugnaro, the Mayor of Venice at the time, announced a ban on cruise ships entering the
If all colleges are private and the market for education is competitive, calculate the number of students, the tuition, and the deadweight loss.The marginal cost of educating a student is a constant
If all colleges are public colleges, calculate the tuition that will achieve the efficient number of students. How much will taxpayers have to pay?The marginal cost of educating a student is a
If the government decides to subsidize private colleges, what subsidy will achieve the efficient number of college students?The marginal cost of educating a student is a constant $4,000 a year and
If all colleges are private and the government offers vouchers to those who enroll at a college, calculate the value of the voucher that will achieve the efficient number of students.The marginal
After you have studied Economics in the News on pp. 452–453, answer the following questions.a. What are the marginal private benefits and marginal private costs of using carbon-free resources to
Privatizing the World’s Second Largest Water Reserve South America will allegedly witness a privatization of the Guarani Aquifer, the world’s second largest known water reserve, by Coca-Cola and
What determines the demand for a nonrenewable natural resource?
Tim is opening a new online store. He plans to hire two workers at $10 an hour. Tim is also considering buying or leasing some new computers.The purchase price of a computer is $900 and after three
Calculate the value of marginal product of labor and draw the value of marginal product curve.Wanda’s is a fish store that hires students to pack the fish. Students can pack the following amounts
a. Find Wanda’s demand for labor curve.b. How many students does Wanda’s employ?Wanda’s is a fish store that hires students to pack the fish. Students can pack the following amounts of fish:The
How does the students’ marginal product change? How does the value of marginal product of labor change?The market price of fish falls to 66¢ a pound, but the packers’ wage rate remains at $12.50
How does Wanda’s demand for labor change?What happens to the number of students that Wanda employs?The market price of fish falls to 66¢ a pound, but the packers’ wage rate remains at $12.50 an
At Wanda’s fish store, packers’ wages increase to$17.50 an hour, but the price of fish remains at$1 a pound.a. What happens to the value of marginal product of labor?b. What happens to Wanda’s
What is the goal of Uber and Careem by opening the door for women drivers in Saudi Arabia?Uber, along with Careem, its Middle East competitor, is hiring women drivers in Saudi Arabia after the
Who wins from this move and who loses?Uber, along with Careem, its Middle East competitor, is hiring women drivers in Saudi Arabia after the Kingdom announced plans to lift the ban on women driving.
How is the demand for female labor changing in the taxi industry?Uber, along with Careem, its Middle East competitor, is hiring women drivers in Saudi Arabia after the Kingdom announced plans to lift
Demand for Farmland Is Forcing Higher Prices Interest in buying farmland is growing. Farmland prices are up 5 to 15 percent in the last six months and commodity prices are strong.a. What is the
Mariam is opening a pizza joint. She plans to hire a chef to make pizzas at $10 an hour. She is also considering purchasing or leasing a convection oven. The purchase price of the oven is $500 and
Calculate the value of marginal product of labor and draw the value of marginal product of labor curve.Kaiser’s Ice Cream Parlor hires workers to produce milkshakes. The table shows the workers’
Construct Kaiser’s Ice Cream Parlor’s demand for labor curve. Explain how many workers per day Kaiser’s hires.Kaiser’s Ice Cream Parlor hires workers to produce milkshakes. The table shows
If the price of a milkshake rises, explain how:a. The marginal product and the value of marginal product of labor change.b. Kaiser’s Ice Cream Parlor’s demand for labor changes. Will Kaiser’s
If the market wage rate rises, but the price of a milkshake remains at $4, what happens to the value of marginal product of labor? Does Kaiser’s employ more workers or fewer workers?Kaiser’s Ice
Kaiser’s installs a new milkshake machine that increases labor productivity. If the price of a milkshake remains at $4, does Kaiser’s change the number of workers it hires? Explain.Kaiser’s Ice
Bluegrass Distillers Creates Jobs for Lexington Rescue Mission Clients Bluegrass Distillers hired 20 people from the Lexington Rescue Mission to fill hand sanitizer orders. The company switched
Explain reasons for the wage rate differential between what the employer is offering and what the union members want. Draw a graph to illustrate why the workers rejected the offer.Copper producer
Explain how the union might be able to raise the wage rate.Copper producer Asarco offered its unionized steelworkers a contract that raised worker healthcare premiums, reduced pensions, and denied
Assuming that a tea plantation has market power in the market for tea workers, explain how it could use that power in setting the wage rate.Draw a graph to illustrate your answer.Sri Lanka’s
a. Explain how a tea workers’ union would attempt to counteract the plantation’s wage offer in a bilateral monopoly.b. Explain how the wage rate would be determined if the market were a bilateral
Based upon evidence presented in this news clip, do tea plantations function as a monopsony in labor markets, or is the market for tea workers competitive? Explain.Sri Lanka’s workers want a daily
If the market for tea workers is competitive, explain how a union can influence the wage rate and employment. Draw a graph to illustrate your answer.Sri Lanka’s workers want a daily wage rate of
A new X-ray technology, which can detect any form of gold, has been discovered in Australia.This technology is efficient in terms of speed and accuracy.a. What effect do you think the new X-ray
The United States produces corn in abundance whereas Japan faces a shortage of corn.a. If the United States starts to export corn in large quantities to Japan, what do you predict will be the effect
Rising Kentucky Land Prices Make Renting Attractive to Producers Land prices in Kentucky are steadily rising. Cities and towns are experiencing substantial growth.Land close to cities is being eyed
After you have studied Economics in the News on pp. 478–479, answer the following questions.a. How is the demand for self-employed Uber drivers determined?b. How is the demand for regular
How much mobility through the income quintiles was there during 2007 to 2009?
What is money income? Describe the U.S. distribution of money income in 2019.
The table shows money income shares in the United States in 2001.Draw a U.S. Lorenz curve in 2001. Was the U.S.distribution of income more equal in 2001 than in 2019 (see p. 489 )? Explain your
Draw the Lorenz curves for the United States and Canada. In which country was money income less equally distributed in 2009?The table shows the income shares in the United States, Canada, and the
Draw the Lorenz curves for the United States and the United Kingdom. In which country was income less equally distributed in 2009?The table shows the income shares in the United States, Canada, and
The following figure shows the market for lows killed labor.The value of marginal product of high-skilled workers is $16 an hour greater than that of lows killed workers at each quantity of labor.
Which scheme has(i) a progressive tax?(ii) a regressive tax?(iii) a proportional tax?The table shows three redistribution schemes. Before-tax income (yen) Plan A tax (yen) 1,000,000 150,000 2,000,000
Which scheme will(i) increase economic inequality?(ii) reduce economic inequality?(iii) have no effect on economic inequality?The table shows three redistribution schemes. Before-tax income (yen)
a. What is the definition of market income?b. Draw the Lorenz curve for the distribution of market income.The table shows the distribution of market income in the United States in 2007. Households
Compare the distribution of market income with the distribution of money income shown in Fig. 19. 3. Which distribution is more unequal and why?The table shows the distribution of market income in
Draw the Lorenz curves for the income distribution in Australia and in South Africa. Is income distributed more equally or less equally in South Africa than in Australia?The table shows shares of
Is the Gini ratio for Australia larger or smaller than that for South Africa? Explain your answer.The table shows shares of income in Australia. Households (quintile) Lowest Second Third Fourth
What are some reasons for the differences in the distribution of income in Australia and in South Africa?The table shows shares of income in Australia. Households (quintile) Lowest Second Third
The figure in the next column shows the market for a group of workers who are discriminated against. Suppose that other workers in the same industry are not discriminated against and their value of
Statement from President Joe Biden Closing the gender pay gap is more than just an economic imperative—it’s a moral imperative.For every dollar a White man earns, an AAPI woman earns 87 cents.
Explain why doctors are paid more than nurses.According to a 2012 ABS Survey of Employee Earnings and Hours, full-time doctors in Australia earned a weekly average of AUD2,862.30 and full-time nurses
Technological advances are jeopardizing many job types. Do you think these changes will negatively affect the market for nurses in future years?What effect will technological advancements in the
Use the information provided in Problem 9 and in Fig. 19.3.a. What is the percentage of total income that is redistributed from the highest income group?b. What percentages of total income are
How would the changes cited in the news clip change the distribution of income across the quintiles and how would the Lorenz curve change?President Biden wants to reverse the widening racial income
How would the changes cited in the news clip change the U.S. Gini ratio?President Biden wants to reverse the widening racial income and wealth gaps. The Biden budget includes funding for early
After you have studied Economics in the News on pp. 504–505, answer the following questions.a. What information in the news article is consistent with the view that Covid-19 restrictions brought
Average Salary by Education Level Is the increase in pay worth the time, effort, and money spent earning your college degree? The answer is yes! Median weekly earnings without a high school diploma
It Would Take a Typical Worker 169 Years to Amass a CEO’s Salary A typical CEO at one of the biggest U.S. companies earned $12.3 million last year. It would take two lifetimes for the typical
If Akira does not buy theft insurance for his motorcycle, what is his expected wealth and his expected utility?Akira lives in a neighborhood in Japan in which 25 percent of the vehicles are stolen
Now assume that Akira decides to buy a theft insurance for his motorcycle. He finds a policy at ¥0.72 million a year, which promises to provide him with a replacement motorcycle worth ¥1.8 million
Suppose that a fashion clothing firm in France organizes its salesforce in three teams: the Eyeon-Competition team, the Tick-Tock team, and the Bonus-for-Excellence team. The teams are of equal
When You Find Out a Coworker Makes More Money than You Do Finding out that a co-worker with similar qualifications, working at the same job but getting paid more than you is infuriating. Let your
What are Jimmy’s and Zenda’s expected utilities from a bet that gives them a 50 percent chance of having a wealth of $600 and a 50 percent chance of having nothing?Which shows Jimmy’s and
a. Calculate Jimmy’s and Zenda’s marginal utility of wealth schedules.b. Who is more risk averse, Jimmy or Zenda?How do you know?Which shows Jimmy’s and Zenda’s utility of wealth schedules,

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