Questions and Answers of Foundations Macroeconomics

Think about the following news items and label each as involving a what, how, or for whom question: Today, most stores use computers to keep their inventory records, whereas 20 years ago most
Which of the following are components of the opportunity cost of being a full-time student who lives at home?The things that the student would have bought with:A higher incomeExpenditure on tuitionA
Label each of the entries in the list as a positive or a normative statement.Low-income people pay too much for housing.The number of U.S. farms has decreased over the past 50 years.Toyota expands
What is the social interest? Distinguish it from self-interest. In your answer give an example of self-interest and an example of social interest.
Suppose that Chris Pratt had been offered a part in another movie and that to hire him for Jurassic World, the producer had to double Chris Pratt’s pay. What incentives would have changed? How
The headlines in the list appeared in The Wall Street Journal. Classify each headline as a signal that the news article is about a micro economic topic or a macroeconomic topic. Explain your
What are some of the components of marginal cost and marginal benefit that the producer of a movie faces?Use the following information Jurassic World had world-wide box office receipts of $1.66
What contribution does a movie like Jurassic World make to coping with scarcity? When you buy a movie ticket, are you buying a good or a service?Use the following information Jurassic World had
Who decides whether a movie is going to be a blockbuster? How do you think the creation of a blockbuster movie influences what, how, and for whom goods and services are produced?Use the following
Label each entry in the list as dealing with a microeconomic topic or a macroeconomic topic. Explain your answer.
The table shows the prices that Terry paid for some of his expenditures in June and July 2016. Explain and discuss why these prices might have led to commodity substitution or outlet substitution.
What was the percentage increase in production between 2008 and 2013, and by what percentage did the price level rise between 2008 and 2013?The GDP price index in the United States in 2008 was about
Calculate nominal GDP in 2008 and in 2013 and the percentage increase in nominal GDP between 2008 and 2013.The GDP price index in the United States in 2008 was about 99, and real GDP in 2008 was
The table shows the quantities of the goods that Suzie bought and the prices she paid during two consecutive weeks. Suzie€™s CPI market basket contains the goods she bought in Week 1.
In Brazil, the reference base period for the CPI is 2000. By 2005, prices had risen by 51 percent since the base period. The inflation rate in Brazil in 2006 was 10 percent, and in 2007, the
In Canada, the reference base period for the CPI is 2002. By 2014, prices had risen by 25.2 percent since the base period. The inflation rate in Canada in 2015 was 1.1 percent. Calculate the CPI in
When the unemployment rate _________ the natural unemployment rate, real GDP is _________ potential GDP and the output gap is _________.A. Exceeds; below; negativeB. Is below; below; negativeC.
Potential GDP is the value of real GDP when ______.A. The unemployment rate equals the natural unemployment rateB. There is no frictional unemploymentC. There is no structural unemploymentD. The
The economy is at full employment when all unemployment is ________.A. StructuralB. CyclicalC. Structural and cyclicalD. Structural and frictional
When the economy goes into recession, the biggest increase in unemployment is _________.A. Structural because jobs are lost in most statesB. Cyclical because jobs are lost in many industries as they
If the BLS included all marginally attached workers as being unemployed, the ________ would be __________.A. Unemployment rate; higherB. Labor force; unchangedC. Labor force participation rate;
A marginally attached worker is a person who ________.A. Works part time for economic reasonsB. Works part time for non economic reasonsC. Doesn’t work, is available and willing to work, but
How would you explain the difference in the unemployment rates in Ames and El Centro in December 2015? Why is the difference almost certainly not explained by different cyclical unemployment
The BLS survey reported the following data in a community of 320 people: 200 worked at least 1 hour as paid employees; 20 did not work but were temporarily absent from their jobs; 40 did not have
In July 2011, in the economy of Sandy Island, 10,000 people were employed and 1,000 were unemployed. During August 2016, 80 people lost their jobs and didn’t look for new ones, 20 people quit their
Read Eye on Full Employment. In which year, 2000 or 2016, was real GDP below potential GDP? How can you tell from the graph?
The Bureau of Labor Statistics reported that in the second quarter of 2008 the working-age population was 233,410,000, the labor force was 154,294,000, and employment was 146,089,000. Calculate for
Using the information provided in the news clip, which types of unemployment were present in the U.S. economy in January 2016?Unemployment falls to 4.9 percent, lowest in 8 yearsU.S. unemployment of
How would you expect a shrinking energy sector and an expanding manufacturing sector to influence the actual and natural unemployment rates?Unemployment falls to 4.9 percent, lowest in 8 yearsU.S.
Describe the relationship between the unemployment rate and the natural unemployment rate as the output gap fluctuates between being positive and being negative.
Distinguish among the three types of unemployment: frictional, structural, and cyclical. Provide an example of each type of unemployment in the United States today.
Explain the relationship between the percentage of employed workers who have part-time jobs and the business cycle.
Describe two examples of people who work part time for economic reasons and two examples of people who work part time for non economic reasons.
Does the decision to make a blockbuster movie mean that some other more desirable activities get fewer resources than they deserve? Is your answer positive or normative? Explain your answer.
Read Eye on the Benefit and Cost of School on p. 12 and explain why both you and Clayton Kershaw made the right decision.
Do you think that REI workers will shop or spend the day with family? Explain your answer.
What is REI’s incentive to give its workers Black Friday off? Was REI’s decision made in self-interest or in the social interest? Explain your answer.
With Black Friday off with full pay, explain what is free and what is scarce.
Pam, Pru, and Pat are deciding how they will celebrate the New Year. Pam prefers to take a cruise, is happy to go to Hawaii, but does not want to go skiing. Pru prefers to go skiing, is happy to go
Provide three examples of scarcity that illustrate why even the 1,826 billionaires in the world face scarcity.

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