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economics
Questions and Answers of
Economics
Briefly describe the philosophy of economic liberalism.
How can an economy be a mixture of a market system and a command system? Can you give an example of such an economy?
Why are some nations moving away from a command economy toward more of a market economy?
Explain how the impersonal forces of demand and supply in the market determine prices under most competitive conditions.
The latest figures indicate that about 20 percent of adults smoke cigarettes. What are the prices for cigarettes in your area? Given the rationing effects of higher prices, is the demand elastic or
Define demand. What are the three basic elements in the definition?
Why does a normal demand curve slope downward to the right?
Distinguish between a change in the quantity demanded and a change in demand.
Why does a supply curve slope upward to the right?
Under competitive conditions, why can market price not be higher or lower than the price established by the free market forces of demand and supply?
If both demand and supply increase, but demand increases more than supply does, what happens to price?
Define price elasticity of demand. If 46,000 units of a good can be sold at a price of $22, but 54,000 units can be sold at a price of $18, is the demand for the good elastic or inelastic? What is
Why does the elasticity of supply tend to increase over time?
Does the size of the marginal product have an effect on the average product? Explain.
Why may a firm choose to continue to operate in the short run even though it is suffering an economic loss?
What is the principle of diminishing marginal returns?
Define opportunity cost and give an example of such a cost in reference to the use of a productive resource.
How do explicit and implicit costs differ?
Why does the average variable cost decrease, reach a minimum, and then rise again, whereas the average fixed cost continues to decrease as output increases?
Is it true that whenever marginal cost is rising, the average variable cost and the average total cost must also rise? Why or why not?
How is maximum profit position determined on a break-even chart? What components are needed to construct a break-even chart?
Why is the output at which marginal revenue equals marginal cost the maximum profit position?
What is economic profit, and how is it measured?
What four types of market structures may exist?
In what ways is the New York Stock Exchange similar to a perfectly competitive market?
What characteristics or conditions must be present for perfect competition to exist?
Why does the individual seller have no effect on the market price under conditions of perfect competition?
Explain how, by examining a marginal revenue and marginal cost graph, you can determine the following: (a) Whether a firm is making an economic profit or suffering a loss (b) If the firm is suffering
If firms in perfect competition all pay the same price for resources and all receive the same price for outputs, how can they have different total profits or different profits per unit sold?
How do economic profits disappear in the long run under conditions of perfect competition?
What does the optimal scale of operation mean?
Total consumer and producer surplus is maximized under perfect competition. If government restricted the quantity that could be brought to market, how would this restriction affect price, quantity,
What are the social benefits of perfect competition?
How can a monopoly exercise control over price? Is this control absolute? Why or why not?
If major league baseball is a bilateral monopoly, why is it that some teams pay players much higher salaries than others for the same performance?
What is the relationship between the average revenue curve for a monopolist and the demand curve for the product the monopolist sells?
Why do the average revenue curve and the marginal revenue curve for a monopolist diverge, whereas these curves coincide for a firm in perfect competition?
What conditions are necessary for a monopolist to successfully employ discriminatory pricing?
Do you think the pricing of products on eBay is an example of first degree price discrimination? Why or why not?
All things being equal, why do you think airlines might charge more for a round-trip ticket from Orlando to Rochester than a round-trip ticket from Rochester to Orlando?
Do you think that if airport authorities employ discriminatory pricing by charging airlines higher fees to take off and land at peak hours of the day, it would increase efficiency at major airports?
What is the economic justification for granting a monopoly franchise to a public utility?
In the community where you live, how many natural or franchise monopolies can you name? How is price determined for the companies?
How does product differentiation give a business firm engaged in monopolistic competition a certain degree of control over price?
Should antitrust laws in the United States be relaxed? Why or why not?
How does a monopolistically competitive firm in long-run equilibrium differ from a purely competitive firm because both produce at a price equal to the cost of production?
What is meant by the "substitution effect" in monopolistic competition?
What do firms try to "monopolize" by producing a number of slightly different products available in the supermarket?
Why does an oligopolist have to be concerned about the actions or reactions of its rivals?
Describe the kinked demand curve characteristic of oligopoly. How does it tend to cause price stability?
How does game theory explain why firms in an oligopoly appear to behave as though they are in a cartel?
What is the difference between the Herfindahl Index and concentration ratios?
Google now commands 70% of search advertising on the Internet. Is Google in violation of antitrust laws?
Can you name any occupational licenses that seem to serve the primary goal of restricting entry and raising wage rates?
Why do you think European and U.S. unemployment rates remain stubbornly high?
In New York City, it is a well-known fact that hailing a taxi cab on a rainy day is very difficult. What does this have to do with the backward bending supply curve?
If unions increase the wages and benefits of their members, why is union membership decreasing?
Should the federal hourly minimum wage be indexed to the CPI to maintain its value?
What effects on productivity do you see from the changing nature of the U.S. labor force?
Why are homemakers not included as members of the labor force? Should they be included?
Why do you think economists pay more attention to unemployment data over a three-month period or more rather than a single month?
With China and India having combined populations of over 2 billion people, low wage rates, and high economic growth rates, what types of U.S. industries do you believe will move part or all of their
What approaches would you take to reduce illegal immigration into the United States?
How might equality of income not be equitable?
Does our current progressive income tax (which requires those in higher income brackets to pay a higher tax) tend to heighten or lessen the unequal distribution of income in the economy?
How is it possible to raise the income level of all families and individuals in the economy without substantially changing the distribution of income?
Evaluate the following statement: "Poverty is really not a problem in the United States because the poor are better off here than anywhere else in the world."
Given the investment returns from education, is it logical to believe that everyone is better off by completing a college degree?
The per capita GDP of Mozambique is less than $100. A Mozambique family of four earning $10,000 per year might fall into the highest quintile (fifth) in that country. Is this family poor?
What causes the great disparity of income among various nations of the world?
"Statistics show that women earn approximately 77 percent of the income earned by men. This, in itself, proves the case for sex discrimination." Evaluate this statement.
Should welfare benefits differ between Florida and California, or should the federal government mandate consistency?
Would the circular flow of economic activity contract if the government spends more than it receives in taxes?
As we produce more and more goods and services, do we deplete our wealth? Why or why not?
What effect would the accumulation of large inventories have on the circular flow?
Corporate income must be subtracted from national income to obtain personal income. How is it that personal income can be larger than national income?
In 2010 the federal government spent $1.2 trillion on goods and services, according to the GDP accounts. The federal budget, however, shows total expenditures of almost $3.9 trilli0n. What is the
Why is it important to convert the GDP and national income to constant dollar value when using them as measures of economic welfare?
How should adjustments for population changes be included before using GDP figures as a measure of economic progress?
Should performance of household chores and other nonmonetary services be included in the gross domestic product? Why or why not?
Should GDP include an adjustment for the social (external) costs of production? Why or why not?
Does the method of entering durable goods into the GDP moderate or exaggerate the effects of business cycles? Explain.
What is the difference between a cyclical fluctuation and a trend?
How is a recession defined according to the Bureau of Economic Analysis? How does this definition differ from that used by the National Bureau of Economic Research? What are the strengths and
What are the four phases of the business cycle? How can you determine the phase of the cycle that the economy is currently in?
What internal and external forces influence the level of business activity?
During an expansion and at a peak, what forces are building up that will eventually help bring about a contraction in the economy?
What role do inventories play in the business cycle?
How do interest rates affect the business cycle?
What evidence supporting the innovation theory of the business cycle have you observed in recent years?
Is the under consumption theory of the business cycle valid? Why or why not?
What signals or indications are the various business indicators giving at the present time?
Why does the aggregate demand curve slope downward from left to right?
Why is the supply-side approach thought to favor the wealthy? What tax reductions of the Bush administration were considered supply-side tax cuts?
What are the merits of the classical economists' assumption that full employment is the normal equilibrium level for the economy?
What does the statement "supply creates its own demand" mean?
Recent empirical data indicate that the marginal propensity to consume may not decline as much with rising income as Keynes and others assumed it would. If this is true, how does it affect the
Why does a high level of planned consumption make it easier to maintain a high level of employment?
Why does the marginal propensity to consume determine the size of the multiplier?
Find the value of the multiplier when (a) MPC = 0.40 (b) MPS = 0.25 (c) MPC = 0.67 (d) MPS = 0.50 (e) MPC = 0.90 (f) MPC = 0.75.
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