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Macroeconomics For Today 9th Edition Irvin B. Tucker - Solutions
Any point inside the production possibilities curve is a (an)a. efficient point.b. unfeasible point.c. inefficient point.d. maximum output combination.
On a production possibilities curve, a change from economic inefficiency to economic efficiency is obtained bya. movement along the curve.b. movement from a point outside the curve to a point on the curve.c. movement from a point inside the curve to a point on the curve.d. a change in the slope of
If a farmer adds 1 pound of fertilizer per acre, the value of the resulting crops rises from $80 to $100 per acre. According to marginal analysis, the farmer should add fertilizer if it costs less thana. $12.50 per pound.b. $20 per pound.c. $80 per pound.d. $100 per pound.
On a production possibilities curve, the opportunity cost of good X in terms of good Y is represented bya. the distance to the curve from the vertical axis.b. the distance to the curve from the horizontal axis.c. the movement along the curve.d. All of the answers above are correct.
Opportunity cost is thea. purchase price of a good or service.b. value of leisure time plus out-of-pocket costs.c. best option given up as a result of choosing an alternative.d. undesirable sacrifice required to purchase a good.
A student who has one evening to prepare for two exams. On the following day has the following alternatives.Possibility Score in economics Score in accounting A 95 80 B 80 90 The opportunity cost of receiving 90, rather than 80, on the accounting exam is represented by how many points on the
The principle that the opportunity cost increases as the production of one output expands is thea. law of increasing opportunity costs.b. law of demand.c. law of supplyd. law of increasing returns to scale.
Which words best complete the following sentence? A rational decision maker always chooses the option for which marginal benefit is marginal cost.a. less thanb. equal toc. unrelated tod. more than
Opportunity costa. represents the best alternative sacrificed for a chosen alternative.b. has no relationship to the various alternatives that must be given up when a choice is made in the context of scarcity.c. represents the worst alternative sacrificed for a chosen alternative.d. represents all
Which of the following is not one of the three fundamental economic questions?a. What happens when you add to or subtract from a current situation?b. For whom to produce?c. How to produce?d. What to produce?
Which of the following decisions must be made by all economies?a. How much to produce? When to produce?How much does it cost?b. What is the price? Who will produce it? Who will consume it?c. What to produce? How to produce? For whom to produce?d. None of the answers above are correct.
The present choice between investing in capital goods and producing consumer goods now affects the ability of an economy to produce in the future.Explain.
Draw a production possibilities curve for a hypothetical economy producing capital goods and consumer goods. Suppose a major technological breakthrough occurs in the capital goods industry and the new technology is widely adopted only in this industry. Draw the new production possibilities curve.
Suppose, unfortunately, your mathematics and economics professors have decided to give tests two days from now and you can spend a total of only 12 hours studying for both exams. After some thought, you conclude that dividing your study time equally between each subject will give you an expected
Interpret the phrases “There is no such thing as a free lunch” and “A free lunch is possible” in terms of the production possibilities curve.
Why does a production possibilities curve have a bowed-out shape?
The following table shows the production possibilities for pies and flower boxes. Fill in the opportunity cost (pies forgone) of producing the first through the fifth flower box.Combination Pies Flower boxes Opportunity cost A 30 0 B 26 1 C 21 2 D 15 3 E 8 4 F 0 5
The following is a set of hypothetical production possibilities for a nation.a. Plot these production possibilities data. What is the opportunity cost of the first 2,000 automobiles produced? Between which points is the opportunity cost per thousand automobiles highest? Between which points is the
Attending college is expensive, time consuming, and requires effort. So why do people decide to attend college?
Which of the following decisions has the greater opportunity cost? Why?a. A decision to use an undeveloped lot in Tokyo’s financial district for an apartment building.b. A decision to use a square mile in the desert for a gas station.
Explain verbally the statement “There is no such thing as a free lunch” in relation to scarce resources.
Suppose a retailer promotes its store by advertising a drawing for a “free car.” Is this car free because the winner pays zero for it?
Exhibit A-9 represents a three-variable relationship. As the annual income of consumers rises from $30,000 (line B) to $50,000 (line A), the result is aa. rightward movement along each curve.b. leftward movement along each curve.c. rightward shift in curve B to curve A.d. leftward shift in curve A
Exhibit A-9 represents a three-variable relationship. As the annual income of consumers falls from $50,000 (line A) to $30,000 (line B), the result is aa. rightward movement along each curve.b. leftward movement along each curve.c. leftward shift in curve A to curve B.d. rightward shift in curve A
Which of the following would cause a shift in the relationship shown in Exhibit A-8?a. A fall in household incomes.b. A fall in the price of pizza.c. A fall in the quantity of pizza that people wish to purchase.d. All of the answers above would shift the line in the graph.
What is the slope of the line shown in Exhibit A-8?a. 1.b. 1/2.c. 1/4.d. 0.
According to the Exhibit A-8, the relationship between the price and quantity purchased of pizza isa. direct.b. inverse.c. complex.d. independent.
Assume there is a relationship between two variables and the other-variables-held constant assumption(ceteris paribus) is relaxed. We would expect that the line representing this relationship woulda. change from inverse to direct.b. change from direct to inverse.c. have a greater number of data
Straight line A–D in Exhibit A-7 shows thata. increasing value for X will increase the value of Y.b. increasing value for X will decrease the value of Y.c. increasing values for X does not affect the value of Y.d. All of the answers above are correct.
In Exhibit A-7, the slope of the straight line A–D isa. 0.b. 1.c. 1/2.d. 1.
Which of the following pairs is the most likely to exhibit a direct relationship?a. The price of gasoline and the amount of gasoline that people purchase.b. Cholesterol levels and the likelihood of developing heart disease.c. Outdoor temperature and heating oil sales.d. Annual income and weekly
Which of the following pairs is the most likely to exhibit an inverse relationship?a. The amount of time you study and your grade point average.b. People’s annual income and their expenditure on personal computers.c. Baseball players’ salaries and their batting average.d. The price of a concert
When an inverse relationship is graphed, the resulting line or curve isa. horizontal.b. vertical.c. upward sloping.d. downward sloping.
What is used to illustrate an independent relationship between two variables?a. An upward sloping curve.b. A downward sloping curve.c. A hill-shaped curve.d. A horizontal or vertical line.
A change in a third variable not on either axis of a graph is illustrated by aa. horizontal or vertical line.b. movement along a curve.c. shift of a curve.d. point of intersection.
A shift in a curve represents a change ina. the variable on the horizontal axis.b. the variable on the vertical axis.c. a third variable that is not on either axis.d. any variable that is relevant to the relationship being graphed.
In Exhibit A-6, the slope of straight line AB isa. 3.b. 1.c. 1.d. 5.
As shown in Exhibit A-6, the slope of straight line ABa. decreases with increases in X.b. increases with increases in X.c. increases with decreases in X.d. remains constant with changes in X.
Straight line AB in Exhibit A-5 shows thata. increasing the value of X reduces the value of Y.b. decreasing the value of X increases the value of Y.c. there is an inverse relationship between X and Y.d. All of the answers above are correct.
In Exhibit A-5, the slope of straight line CD isa. positive.b. zero.c. negative.d. variable.
In Exhibit A-5, the slope of straight line CD isa. 3.b. 1.c. 1.d. 1/2.
Straight line CD in Exhibit A-5 shows thata. increasing the value of X will increase the value of Y.b. decreasing the value of X will decrease the value of Y.c. there is a direct relationship between X and Y.d. All of the answers above are correct.
Assume a research firm collects survey sales data that reveal the relationship between the possible selling prices of hamburgers and the quantity of hamburgers consumers would purchase per year at alternative prices. The report states that if the price of a hamburger is $4,20,000 will be
Draw a graph without specific data for the expected relationship between the following variables:a. The probability of living and ageb. Annual income and years of educationc. Inches of snow and sales of bathing suitsd. Number of football games won and the athletic budget In each case, state whether
A model (or theory)a. is a general statement about the causal relationship between variables based on facts.b. helps explain and predict the relationship between variables.c. when expressed as a downward (negatively)sloping graph implies an inverse relationship between the variables.d. All of the
Which of the following would not be classified as a capital resource?a. The Empire State Building.b. A Caterpillar bulldozer.c. A Macintosh computer.d. 100 shares of stock in General Motors.
Computer programs, or software, are an example ofa. land.b. labor.c. capital.d. None of the answers above are correct.
Select the normative statement that completes the following sentence. If the minimum wage is raised rapidly, thena. inflation will increase.b. workers will gain their rightful share of total income.c. profits will fall.d. unemployment will rise.
Which of the following is a statement of normative economics?a. The minimum wage is good because it raises wages for the working poor.b. The minimum wage is supported by unions.c. The minimum wage reduces the number of jobs for less skilled workers.d. The minimum wage encourages firms to substitute
Which of the following is a statement of positive economics?a. An unemployment rate of greater than 8 percent is good because prices will fall.b. An unemployment rate of 7 percent is a serious problem.c. If the overall unemployment rate is 7 percent, unemployment rates among African Americans will
Which of the following is a statement of positive economics?a. The income tax system collects a lower percentage of the incomes of the poor.b. A reduction in the tax rates of the rich makes the tax system fairer.c. Tax rates ought to be raised to finance health care.d. All of the above are
An economist notices that sunspot activity is high just prior to recessions and concludes that sunspots cause recessions. The economist hasa. confused association with causation.b. misunderstood the ceteris paribus assumption.c. used normative economics to answer a positive question.d. built an
An economic theory claims that a rise in gasoline prices will cause gasoline purchases to fall, ceteris paribus. The phrase “ceteris paribus” means thata. other relevant factors like consumer incomes must be held constant.b. gasoline prices must first be adjusted for inflation.c. the theory is
A review of the performance of the U.S. economy during the last five years is primarily the concern ofa. macroeconomics.b. microeconomics.c. both macroeconomics and microeconomics.d. neither macroeconomics nor microeconomics.
Microeconomics approaches the study of economics from the viewpoint ofa. individuals or specific markets.b. the operation of the Federal Reserve.c. economy wide effects.d. the national economy.
Economics is the study ofa. how to make money.b. how to operate a business.c. people making choices because of the problem of scarcity.d. the government decision-making process.
Which of the following is not a resource?a. Land.b. Labor.c. Money.d. Capital.
Which of the following would eliminate scarcity as an economic problem?a. Moderation of people’s competitive instincts.b. Discovery of large new energy reserves.c. Resumption of steady productivity growth.d. None of the above because scarcity cannot be eliminated.
Scarcity existsa. when people consume beyond their needs.b. only in rich nations.c. in all countries in the world.d. only in poor nations.
Which of the following represents causality rather than association?a. In years that fashion dictates wider lapels on men’s jackets, the stock market grows by at least 5 percent.b. Interest rates are higher in years ending with a 1 or a 6.c. Unemployment falls when the AFC champion wins the Super
Which of the following correctly describes the ceteris paribus assumption?a. If we increase the price of a good, and consumers’ incomes fall, and the quantity demanded is observed to fall, we know that the price increase caused that decline in quantity demanded.b. If the federal government
Which of the following is the last step in the model-building process?a. Collect data and test the model.b. Develop a model based on simplified assumptions.c. Identify the problem.d. Formulate an assumption.
Which of the following best illustrates the application of the model-building process to economics?a. Two economists with differing political agendas argue about the best way to solve the Social Security problem on a Sunday morning talk show.b. A labor economist notices that unemployment tends to
Which of the following best describes an entrepreneur?a. A person who works as an office clerk at a major corporation.b. A person who combines the factors of production to produce innovative products.c. A special type of capital.d. Wealthy individuals who provide savings that stimulate the economy.
Analyze the positive versus normative arguments in the following case. What statements of positive economics are used to support requiring air bags? What normative reasoning is used?
Suppose Congress cuts spending for the military, and then unemployment rises in the U.S. defense industry. Is there causation in this situation, or are we observing an association between events?
Explain the importance of the ceteris paribus assumption for an economic model.
Explain why it is important for an economic model to be an abstraction from the real world.
Which of the following are microeconomic issues?Which are macroeconomic issues?a. How will an increase in the price of Coca-Cola affect the quantity of Pepsi-Cola sold?b. What will cause the nation’s inflation rate to fall?c. How does a quota on textile imports affect the textile industry?d. Does
Explain the difference between macroeconomics and microeconomics. Give examples of the areas of concern to each branch of economics.
Why isn’t money considered capital in economics?
Explain why both nations with high living standards and nations with low living standards face the problem of scarcity. If you won $1 million in a lottery, would you escape the scarcity problem?
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