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Questions and Answers of
Economics
The following table illustrates the points a student can earn on examinations in economics and biology if the student uses all available hours for
Based on the information provided in Problem 2-4, what is the opportunity cost to this student of allocating enough additional study time on economics to move her grade up from a 90 to a 100?
Consider a change in the table in Problem 2-4. The student's set of opportunities is now as follows:
Construct a production possibilities curve for a nation facing increasing opportunity costs for producing food and video games. Show how the PPC changes given the following events. a. A new and
During a debate on the floor of the U.S. Senate, Senator Creighton states, "Our nation should not devote so many of its fully employed resources to producing capital goods because we already are not
In response to Senator Creighton's statement reported in Problem 2-8, Senator Long replies, "We must remain at our current production combination if we want to be able to produce more consumption
Suppose that in a recent market period, the following relationship existed between the price of Bluray discs and the quantity supplied and quantity demanded.Graph the supply and demand curves for
The U.S. government offers significant per-unit subsidy payments to U.S. sugar growers. Describe the effects of the introduction of such subsidies on the market for sugar and the market for
Ethanol is a motor fuel manufactured from corn, barley, or wheat, and it can be used to power the engines of many autos and trucks. Suppose that the government decides to provide a large per-unit
If the price of processor chips used in manufacturing personal computers decreases, what will happen in the market for personal computers? How will the equilibrium price and equilibrium quantity of
Assume that the cost of aluminum used by soft drink companies increases. Which of the following correctly describes the resulting effects in the market for soft drinks distributed in aluminum cans?
Suppose that in a later market period, the quantities supplied in the table in Problem 3-1 are unchanged. The quantity demanded, however, has increased by 30 million at each price. Construct the
Consider the market for high-speed satellite Internet access service, which is a normal good. Explain whether the following events would cause an increase or a decrease in demand or an increase or a
In the market for flash memory drives (a normal good), explain whether the following events would cause an increase or a decrease in demand or an increase or a decrease in the quantity demanded. Also
Give an example of a complement and a substitute in consumption for each of the following items. a. Bacon b. Tennis racquets c. Coffee d. Automobiles
At the beginning of the 2000s, the United States imposed high import taxes on a number of European goods due to a trade dispute. One of these goods was Roquefort cheese. Show how this tax affects the
Consider the following diagram of a market for one-bedroom rental apartments in a college community.a. At a rental rate of $1,000 per month, is there an excess quantity supplied, or is there an
Consider the market for economics textbooks. Explain whether the following events would cause an increase or a decrease in supply or an increase or a decrease in the quantity supplied. a. The market
Consider the market for laptop computers. Explain whether the following events would cause an increase or a decrease in supply or an increase or a decrease in the quantity supplied. Illustrate each,
In recent years, technological improvements have greatly reduced the costs of producing music CDs, and a number of new firms have entered the music CD industry. At the same time, prices of
A city has decided to impose rent controls, and it has established a rent ceiling below the previous equilibrium rental rate for offices throughout the city. How will the quantity of offices that
In 2009, the government of a nation established a price support for wheat. The government's support price has been above the equilibrium price each year since, and the government has purchased all
In advance of the recent increase in the U.S. minimum wage rate, the government of the state of Arizona decided to boost its own minimum wage by an additional $1.60 per hour. This pushed the wage
Advances in research and development in the pharmaceutical industry have enabled manufacturers to identify potential cures more quickly and therefore at lower cost. At the same time, the aging of our
The following table depicts the quantity demanded and quantity supplied of studio apartments in a small college town.What are the market price and equilibrium quantity of apartments in this town? If
Suppose that the government places a ceiling on the price of Internet access below the equilibrium price. a. Show why there is a shortage of Internet access at the new ceiling price. b. Suppose that
The table below illustrates the demand and supply schedules for seats on air flights between two cities:What are the market price and equilibrium quantity in this market? Now suppose that federal
The consequences of decriminalizing illegal drugs have long been debated. Some claim that legalization will lower the price of these drugs and reduce related crime and that more people will use these
In recent years, the government of Pakistan has established a support price for wheat of about $0.20 per kilogram of wheat. At this price, consumers are willing to purchase 10 billion kilograms of
Consider the information in Problem 4-7 and your answers to that question. Suppose that the market clearing price of Pakistani wheat in the absence of price supports is equal to $0.10 per kilogram.
Consider the diagram below, which depicts the labor market in a city that has adopted a "living wage law" requiring employers to pay a minimum wage rate of $11 per hour. Answer the questions that
Many people who do not smoke cigars are bothered by the odor of cigar smoke. If private contracting is impossible and in the absence of any government involvement in the market for cigars, will too
After a government implements a voucher program, granting funds that families can spend at schools of their choice, numerous students in public schools switch to private schools. Parents' and
Suppose that the current price of a computer memory storage drive is $100 and that people are buying 1 million drives per year. In order to improve computer literacy, the government decides to begin
Scans of internal organs using magnetic resonance imaging (MRI) devices are often covered by subsidized health insurance programs such as Medicare. Consider the following table illustrating
Suppose that, as part of an expansion of its State Care health system, a state government decides to offer a $50 subsidy to all people who, according to their physicians, should have their own blood
A government agency is contemplating launching an effort to expand the scope of its activities. One rationale for doing so is that another government agency might make the same effort and, if
Suppose that repeated application of a pesticide used on orange trees causes harmful contamination of groundwater. The pesticide is applied annually in almost all of the orange groves throughout the
Now draw a diagram of the market for oranges. Explain how the government policy you discussed in part (b) of Problem 5-2 is likely to affect the market price and equilibrium quantity in the orange
Suppose that the U.S. government determines that cigarette smoking creates social costs not reflected in the current market price and equilibrium quantity of cigarettes. A study has recommended that
A nation's government has determined that mass transit, such as bus lines, helps alleviate traffic congestion, thereby benefiting both individual auto commuters and companies that desire to move
Draw a diagram of this nation's market for automobiles, which are a substitute for buses. Explain how the government policy you discussed in part (b) of Problem 5-5 is likely to affect the market
Displayed in the diagram below are conditions in the market for residential Internet access in a U.S. state. The government of this state has determined that access to the Internet improves the
The French government recently allocated the equivalent of more than $120 million in public funds to Quaero (Latin for "I search"), an Internet search engine analogous to Google or Yahoo. Does an
A government offers to let a number of students at a public school transfer to a private school under two conditions: It will transmit to the private school the same per-pupil subsidy it provides the
A senior citizen gets a part-time job at a fast-food restaurant. She earns $8 per hour for each hour she works, and she works exactly 25 hours per week. Thus, her total pretax weekly income is $200.
Consider the $2-per-month tax on Internet access in Problem 6-9. Suppose that in the market for Internet access services provided to households, the market price increases by $2 per month after the
Consider once more the Internet access tax of $2 per month discussed in Problem 6-9. Suppose that in the market for Internet access services provided to businesses, the market price does not change
The following information applies to the market for a particular item in the absence of a unit excise tax:a. According to the information in the table, in the absence of a unit excise tax, what is
For purposes of assessing income taxes, there are three official income levels for workers in a small country: high, medium, and low. For the last hour on the job during a 40-hour workweek, a
Suppose that a state has increased its sales tax rate every other year since 2003. Assume that the state collected all sales taxes that residents legally owed. The table on the facing page summarizes
The sales tax rate applied to all purchases within a state was 0.04 (4 percent) throughout 2010 but increased to 0.05 (5 percent) during all of 2011. The state government collected all taxes due, but
A city government imposes a proportional income tax on all people who earn income within its city limits. In 2010, the city's income tax rate was 0.05 (5 percent), and it collected $20 million in
An obscure subsidiary of Microsoft Corporation, Ireland-based Round Island One Limited, has only about 1,000 employees. Nevertheless, Microsoft has gradually been shifting more income-generating
The British government recently imposed a unit excise tax of about $154 per ticket on airline tickets applying to flights to or from London airports. In answer the following question, assume normally
To raise funds aimed at providing more support for public schools, a state government has just imposed a unit excise tax equal to $4 for each monthly unit of wireless phone services sold by each
Suppose that the federal government imposes a unit excise tax of $2 per month on the monthly rates that Internet service providers charge for providing high-speed Internet access to households and
Suppose that you are given the following information: Total population....................................................300.0 million Adult, noninstitutionalized, nonmilitary
The real interest rate is 4 percent, and the nominal interest rate is 6 percent. What is the anticipated rate of inflation?
Currently, the price index used to calculate the inflation rate is equal to 90. The general expectation throughout the economy is that next year its value will be 99. The current nominal interest
At present, the nominal interest rate is 7 percent, and the expected inflation rate is 5 percent. The current year is the base year for the price index used to calculate inflation. a. What is the
Suppose that in 2015 there is a sudden, unanticipated burst of inflation. Consider the situations faced by the following individuals. Who gains and who loses? a. A homeowner whose wages will keep
Consider the diagram below. The line represents the economy's growth trend, and the curve represents the economy's actual course of business fluctuations. For each part below, provide the letter
Suppose that you are given the following information: Labor force ..............................................................206.2million Adults in the military
Suppose that the U.S. adult population is 224 million, the number employed is 156 million, and the number unemployed is 8 million. a. What is the unemployment rate? b. Suppose that there is a
During the course of a year, the labor force consists of the same 1,000 people. Employers have chosen not to hire 20 of these people in the face of government regulations making it too costly to
Suppose that a nation has a labor force of 100 people. In January, Amy, Barbara, Carine, and Denise are unemployed. In February, those four find jobs, but Evan, Francesco, George, and Horatio become
In a country with a labor force of 200, a different group of 10 people becomes unemployed each month, but becomes employed once again a month later. No others outside these groups are unemployed. a.
A nation's frictional unemployment rate is 1 percent. Seasonal unemployment does not exist in this country. Its cyclical rate of unemployment is 3 percent, and its structural unemployment rate is 4
In 2010, the cost of a market basket of goods was $2,000. In 2012, the cost of the same market basket of goods was $2,100. Use the price index formula to calculate the price index for 2012 if 2010 is
Consider the following price indexes: 90 in 2011, 100 in 2012, 110 in 2013, 121 in 2014, and 150 in 2015. Answer the following questions.a. Which year is likely the base year?b. What is the inflation
Each year after a regular spring cleaning, Maria spruces up her home a little by retexturing and repainting the walls of one room in her house. In a given year, she spends $25 on magazines to get
A number of economists contend that official measures of U.S. gross private investment expenditures are understated. Answer parts (a) and (b) below to determine just how understated these economists
Consider the following table for the economy of a nation whose residents produce five final goods.Assuming a 2011 base year: a. What is nominal GDP for 2011 and 2015? b. What is real GDP for 2011 and
Consider the following table for the economy of a nation whose residents produce four final goods.Assuming a 2014 base year: a. What is nominal GDP for 2013 and 2014? b. What is real GDP for 2013 and
In the table for Problem 8-12, if 2014 is the base year, what is the price index for 2013? (Round decimal fractions to the nearest tenth)In problem 8-12Assuming a 2014 base year: What is nominal GDP
Suppose that early in a year, a hurricane hits a town in Florida and destroys a substantial number of homes. A portion of this stock of housing, which had a market value of $100 million (not
Suppose that in 2015, geologists discover large reserves of oil under the tundra in Alaska. These reserves have a market value estimated at $50 billion at current oil prices. Oil companies spend $1
Consider the diagram in the next column, and answer the following questions.a. What is the base year? Explain.b. Has this country experienced inflation or deflation since the base year? How can you
Each year, Johan typically does all his own landscaping and yard work. He spends $200 per year on mulch for his flower beds, $225 per year on flowers and plants, $50 on fertilizer for his lawn, and
Consider the following hypothetical data for the U.S. economy in 2014 (all amounts are in trillions of dollars). Consumption......................................11.0 Indirect business
Look back at Table 8-3 on page 176, which explains how to calculate real GDP in terms of 2005 constant dollars. Change the base year to 2001. Recalculate the price index, and then recalculate real
Consider the following hypothetical data for the U.S. economy in 2014 (in trillions of dollars), and assume that there are no statistical discrepancies or other
Which of the following are production activities that are included in GDP? Which are not? a. Mr. King performs the service of painting his own house instead of paying someone else to do it. b. Mr.
Explain what happens to contributions to GDP in each of the following situations. a. A woman who makes a living charging for investment advice on her Internet Web site marries one of her clients, to
Explain what happens to the official measure of GDP in each of the following situations. a. Air quality improves significantly throughout the United States, but there are no effects on aggregate
Which of the following activities of a computer manufacturer during the current year are included in this year's measure of GDP? a. The manufacturer produces a chip in June, uses it as a component in
The graph below shows a production possibilities curve for 2014 and two potential production possibilities curves for 2015, denoted 2015A and 2015B.a. Which of the labeled points corresponds to
In 2012, a nation's population was 10 million. Its nominal GDP was $40 billion, and its price index was 100. In 2013, its population had increased to 12 million, its nominal GDP had risen to $57.6
Between the start of 2012 and the start of 2013, a country's economic growth rate was 4 percent. Its population did not change during the year, nor did its price level. What was the rate of increase
In 2012, a nation's population was 10 million, its real GDP was $1.21 billion, and its GDP deflator had a value of 121. By 2013, its population had increased to 12 million, its real GDP had risen to
A nation's per capita real GDP was $2,000 in 2011, and the nation's population was 5 million in that year. Between 2011 and 2012, the inflation rate in this country was 5 percent, and the nation's
Brazil has a population of about 200 million, with about 145 million over the age of 15. Of these, an estimated 25 percent, or 35 million people, are functionally illiterate. The typical literate
A nation's capital goods wear out over time, so a portion of its capital goods become unusable every year. Last year, its residents decided to produce no capital goods. It has experienced no growth
In the situation described in Problem 9-2, suppose that educational improvements during the past year enable the people of this nation to repair all capital goods so that they continue to function as
Consider the following data. What is the per capita real GDP in each of these countries?
Suppose that during the next 10 years, real GDP triples and population doubles in each of the nations in Problem 9-4. What will per capita real GDP be in each country after 10 years have passed?
Consider the following table displaying annual growth rates for nations X, Y, and Z, each of which entered 2011 with real per capita GDP equal to $20,000:a. Which nation most likely experienced a
Per capita real GDP grows at a rate of 3 percent in country F and at a rate of 6 percent in country G. Both begin with equal levels of per capita real GDP. Use Table 9-3 on page 191 to determine how
Per capita real GDP in country L is three times as high as in country M. The economic growth rate in country M, however, is 8 percent, while country L's economy grows at a rate of 5 percent. Use
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