Economic Issues and Policy 6th edition Jacqueline murray brux - Solutions

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Imagine two government budgets, each $100. The first allocates $50 to the provision of public goods and $50 to transfer payments. The other allocates $75 to the provision of public goods and $25 to transfer payments. If GDP were $500, explain why the two budgets would generate different positions
What were the principal reasons for the tax reforms of 1981, 1986, and 2003? What were the unintended consequences of these reforms?
If the issue is equity, how can you justify a head tax on income, a proportional tax on income, and a progressive tax on income?
Unlike direct income taxes and sales taxes, social security taxes are earmarked. What does that mean?
What is the federal government's most important source of tax revenue? What are the state and local governments' most important sources of tax revenue?
What are Treasury securities? Who owns them?
What is the relationship between the public debt and the debt-to-GDP ratio? How does the U.S. debt ratio compare to the ratios in other demo cratic market economies?
Explain why some economists believe the burden of a public debt cannot be shifted onto future generations.
Some economists believe that the public debt may be detrimental to the economy's growth. Explain.
If the U.S. government is indebted $200, and if $100 is in the form of an externally held public debt, while another $100 is an internally held public debt, the impacts of these two different debts on the U.S. economy differ. Explain.
The World Trade Organization (WTO) has often been on the front pages of our newspapers. What is its history and what is it designed to do?
Consider two trading partners: Canada and Ireland. Suppose someone told you that in the production of corn, Canada has an absolute advantage, but in the production of sheep, Ireland has a comparative advantage. What does Canada's absolute advantage tell you? What does Ireland's comparative
Admitting all exceptions to the rule, the rule is that free trade benefits all nations. Make the case.
Using 1990 as the base year (= 100), suppose Egypt's terms of trade in 2010 were 60. Explain what that means for Egypt in 2010 compared to Egypt in 1990.
How do tariffs work? Illustrate by referring to U.S. lumber imports from Canada, using any set of quantities and prices to make your point.
Many Detroit autoworkers do not buy the argument that everybody gains in international trade. What's their point?
Suppose France can produce surface-to-surface missiles more efficiently than we can, while we are able to produce artichokes more efficiently than they can. Should we specialize in artichokes, trading them for French missiles? Make the pro and con arguments.
The Irish complain that they never got a chance to make automobiles because the English, their major trading partner, are more experienced and therefore more efficient at it. Would-be Irish automakers ask their government to impose a tariff on foreign automobiles to help them get started. Can you
Who are the major trading nations of the world? Who are the major trading partners of the United States?
The European Union started out as a customs union of six nations, but that is not what it is today. What is it today?
One of the most important ideas promoting free trade was GATT's "most-favored-nation" clause. Explain.
NAFTA is a free trade agreement among the United States, Canada, and Mexico. How does it differ from the trade agreement that binds the European Union?
Is the United States a nation that believes in and promotes free trade? Trace the history of U.S. tariffs to make your point.
Suppose the United States allowed Japan free trade privileges in the U.S. market. What would happen to the equilibrium price and total quantity of VCRs bought and sold in the U.S. market?
Suppose the United States imposed a $100 tariff on each Japanese VCR imported. What would happen to the equilibrium price and total quantity bought and sold in the United States?
Graph the situations described in practice problems 13.
England and France can produce both wine and cloth. The English use 80 labor-hours to produce a unit of cloth and 40 labor-hours to produce a unit of wine. The French use 100 labor-hours to pro duce a unit of cloth.Fill in the blank cell--labor-hours to produce a unit of French wine--to show
Fill in the blank cell--labor-hours to produce a unit of French wine--to show France's comparative advantage in producing cloth. Explain.
Fill in the blank cell--labor-hours to produce a unit of French wine--to show no advantage to either France or England in trading with each other. Explain.
Each nation has its own currency. Americans have the dollar, Italians have the euro, and the British have the pound. So how can they trade?
Think about the United States and Japan. Suppose the exchange rate, yen per dollar, falls from 125 yen to 100 yen. How would that affect trade between the United States and Japan?
What circumstances would shift the demand curve for U.S. dollars on the foreign exchange market to the right?
How can the government fix an exchange rate? Discuss the limitations that a government faces in maintaining a fixed rate
What control mechanisms can a government introduce to support its exchange rate policy?
How would each of the following affect the U.S. balance of payments account? a. Every month, a Bangladeshi professor at the University of Utah sends $200 to his family living in Bangladesh. b. A Japanese businessperson in Nagasaki buys 100 shares of General Motors stock. c. The U.S. government
In some cases, a balance of payments problem really isn't a problem at all. Yet in other cases, it could signal a fundamental problem in the economy. Explain.
Some economists argue that our budgetary defi cits contribute to our balance of payments prob lems. How do they make their case?
Balance of payments problems and long-term international debt plague the less-developed economies. The two issues are related. Explain.
The only information given for the following table is that the equilibrium exchange rate is 5 Egyptian pounds per U.S. dollar.Fill in the blank cells, constructing quantity demanded and quantity supplied schedules so that the equilibrium exchange rate occurs at 5 pounds per dollar.
Change the numbers in the table in practice problem 1 so that the equilibrium exchange rate is 6 pounds per U.S. dollar. What explanation can you offer for such changes?
How would each of the following events affect the quantity demanded and quantity supplied schedules in practice problem 1? Indicate whether the numbers in the schedules would increase or decrease and the resulting increase or decrease in the equilibrium exchange rate. Then show how each event would
While countries with relatively low per capita GDP have been with us from time immemorial, there has been for many an encouraging change in their economic fortunes during the past 50 years. Still, there remains a set of countries that have not experienced much change. Discuss.
Describe the demographic trap.
Describe the political instability trap.
Describe the natural resource trap.
Describe the infrastructure trap.
Distinguish between the impact on a recipient LDC of foreign direct investment and foreign economic aid.
Describe the economic logic associated with the big-push development strategy. What are its pitfalls?
Describe the economic logic associated with the unbalanced development strategy. What are its pitfalls?
Show the effect of foreign direct investment on an economy's production possibilities curve.
Professor Miguel Ramirez asks his students at Trinity College to respond to the following problem: "If LDCs cannot generate sufficient capital to engage in development, then perhaps the richer nations of the world can provide capital in the form of foreign economic assistance. What effect would it
What are backward and forward linkages, and how do they contribute to a country's economic development?
Why, in a rich nation, is it important that we fully use our resources and technology to maximize our nation’s out- put? Is it only the level of total output that is important, or are the types of output that we produce also important? Do you think that the distribution of this output is just as
Do you think our nation’s output should be distributed according to income or according to some other standard (such as basic human need)?
What is the definition of a public good or service? Name some other public goods and services besides crime prevention.
What is the free-rider problem? Why does it exist? What are examples of free riders?
What is meant when we say that a public good is indivisible, nonrivalrous, and nonexcludable?
Discuss cost-benefit analysis. What are the benefits of crime prevention? What are the costs? Are all the benefits and costs easily measurable? What should we do when costs or benefits are not quantifiable? Should we base all of our decisions on cost-benefit analysis?
Of what significance is the elasticity of demand for drugs in the debate about legalization of presently illegal substances?
Why do polluters pollute? Consider various reasons for both individuals and businesses.
Is it efficient to convert food (corn) into ethanol to burn in our cars and trucks? Would this be economical if the government taxed the use of gasoline and subsidized the use of ethanol? How might the government justify these taxes and subsidies?
Keeping in mind that environmental regulation is a luxury good; would you expect American attitudes to be the same as attitudes of poor citizens of developing countries?
Consider pollution, congestion, and other problems in our large cities. People often demand additional roads and parking structures to handle these problems. How might these measures be self-defeating? What are other (incentive-based) policies that might be used to reduce automobile use and/or
Consider the parking situation on your own campus. (I’ve never been on a campus where students didn’t complain about parking.) Is the parking adequate? Do you have to walk quite a distance if you park your car? Should the school or city build additional parking structures? What are the
How does pollution distort resource allocation in the economy? Consider both over- and under-allocation of resources.
What are some of the costs of pollution control? Should we be willing to pay anything and sacrifice everything to eliminate all pollution?
What do you think is the appropriate level of government to deal with pollution? Does it matter what type of pollution we are considering? Why?
Can you think of examples of negative or positive externalities not mentioned in the text?
Compare the various incentive-based environmental policies to the standards approach. What are the strengths and weaknesses of each?
Do you think it is appropriate that the consumer bears part of the burden of effluent or emission fees in the form of higher prices? Why or why not?
Explain cost-benefit analysis. Would the results of cost-benefit analysis ever be different in the short run than in the long run? Why or why not?
Consider the following. Joe is deciding whether to go to college full time. If he does not attend college, he will continue to work at his present job. Joe earns $14,000 annually. He estimates that tuition and fees at the local public college will be about $10,000 per year and that he can graduate
How does property tax funding of K–12 education create inequality? Consider your response in terms of both the tax rate and the tax base. What can be done to create greater equality?
What could be done to help inner-city schools other than providing them with more funding?
What do you think of the No Child Left Behind Act, especially its requirements that schools test their students annually? Have you ever taken these tests? Do you think these tests are accurate indicators of school quality? Do you see any problems associated with the testing programs?
How would charging different tuition for different majors improve the allocation of a school’s resources? Do you think this measure would be a good one? Can you think of any problems that might arise?
Who are the most likely beneficiaries of higher education? Why do low-income students encounter problems as they seek access to higher education (and often middle-income students as well)?
Is it possible to be a member of a minority when, in fact, your group has greater numbers than another group? Can you think of any examples besides the one from the text?
What factors explain the disparities in earnings between men and women? Minorities and whites? Are the factors different for race and gender?
What is the relationship between education and earnings? Does this relationship explain all the earnings differences among various groups? Why or why not?
Do you think occupational crowding is widespread? Is the pressure for young women to enter traditional women’s fields as great as it used to be? If you are a young woman, will you be entering a traditional women’s field when you graduate? Did your mother work in a traditional field?
Should incomes in the United States be distributed equally? If not, should there be at least a greater degree of equality than we presently have? What are the advantages and disadvantages of greater equality? How might greater equality be achieved?
Were you surprised to learn that the United States has the greatest inequality of income distribution among the Western industrialized countries? What do you think are some reasons for this?
Should mothers of young children be required to work in return for government assistance? Does the age of the child make a difference? What about the number of children? What are the issues involved?
Should states or the federal government be given more responsibility for poverty programs? What are the implications of placing greater responsibility for these programs on the states? Think about the financing of programs, the extent of poverty in different states, and problems relating to
Which do you feel is more effective in reducing poverty: government poverty programs or economic growth of the nation? How do private charities fit in? Are you conservative or liberal when it comes to addressing poverty?
Describe the effects of rental ceilings. Who benefits from rental ceilings? Who suffers? What are the long- term effects of rental ceilings? How can landlords and tenants cheat on rental ceilings? Do you think that rental ceilings might lead to more discrimination against certain groups?
How do housing vouchers work? If we had only so much money for housing assistance, what would be the best way to assist low-income families?
Do you believe that basic medical care is a right of citizenship? What features do you think a national health plan should have? (This does not necessarily mean socialized medicine.)
What is the conservative position on national health insurance? What is the liberal position? What is your view toward national health insurance? Justify your answer. Visit the Web site of the Physicians for a National Health Program (www.pnhp.org) for more information on national health insurance.
Which other factors besides health care enter into the statistics on life expectancy and infant mortality rates?
Define each of the following terms and explain how each affects the demand for medical care: (1) physician sovereignty, (2) third-party payment, (3) defensive medicine, and (4) attitudes of patients.
Do you agree that it is possible to overallocate resources to health care, or do you believe that the reasons for a high demand for health care (mentioned in question 4) are appropriate?
How does cost shifting make the calculation of the cost of particular medical treatments difficult?
Go to the Centers for Medicare & Medicaid Services at the Department of Health and Human Services Web site at www.cms.hhs.gov. Use the information on this Web site to understand the differences between Medicare and Medicaid.
Do you believe that Social Security is unfair to women? To younger workers? Why or why not? If you think that Social Security is unfair, what could be done to make it more fair? What other problems might these measures cause?
Explain how Social Security taxes are regressive. Remember that regressivity does not mean that the low-income person pays more actual tax, but that he or she pays more tax as a percentage of his or her income. How could the tax be made less regressive?
Do you believe that Social Security should be made fully funded? What would the advantages and disadvantages be?
Is GNI per capita an adequate indicator of the well-being of people in developing countries? Why or why not? Are there better indicators?
Why is microenterprise credit important for women? What are the benefits to the woman and her family? What are the benefits to society?

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