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foundations macroeconomics

Macroeconomics For Today 11th Edition Irvin B. Tucker - Solutions

Consider a broom factory that permanently closes because of foreign competition. If the broom factory’s workers cannot find new jobs because their skills are no longer marketable, they are classified asa. seasonally unemployed.b. frictionally unemployed.c. structurally unemployed.d. cyclically
Louise is unemployed due to a decrease in the demand for workers with knowledge of a certain word processing language. This is an example ofa. cyclical unemployment.b. frictional unemployment.c. involuntary unemployment.d. structural unemployment.
Sam is a musician who is out of work because electronic equipment replaced live musicians.This is an example ofa. frictional unemployment.b. cyclical unemployment.c. structural unemployment.d. involuntary unemployment.
Frictional unemployment refers toa. people who are out of work and have no job skills.b. short periods of unemployment needed to match jobs and job seekers.c. people who spend relatively long periods out of work.d. unemployment related to the ups and downs of the business cycle.
A person who voluntarily quits their job in New York and expects to get a similar job in Los Angeles is an example ofa. structural unemployment.b. cyclical unemployment.c. durational unemployment.d. frictional unemployment.
Unemployment that is of a short duration to allow a person time to find a new job isa. structural unemployment.b. cyclical unemployment.c. frictional unemployment.d. durational unemployment.
John Steinbeck’s Cannery Row describes a character who takes his own life because of poor job prospects. If he was an unemployed person who gave up looking for work, he would be considereda. chronically unemployed.b. a discouraged worker.c. a member of the labor force.d. frictionally unemployed.
A person who has given up searching for work isa. frictionally unemployed.b. structurally unemployed.c. not part of the labor force and is therefore not counted as unemployed.d. cyclically unemployed.
A general rule is that an economy is experiencing a recession whena. real GDP declines for at least three months.b. real GDP declines for at least nine months.c. nominal GDP declines for at least nine months.d. real GDP declines for at least six months.
In Exhibit 11 the expansion phase of the business cycle is represented by pointsa. A and Cb. B and Fc. B and Dd. C and G
What phase of the business cycle immediately follows a recession?a. Expansionb. Unemploymentc. Peakd. Trough
A business cycle is the period of time in whicha. a business is established and ceases operations.b. there are four phases: peak, recession, trough, and expansion.c. the price level changes.d. expansion and contraction of economic activity are equal.
A business cycle is thea. period of time in which expansion and contraction of economic activity are equal.b. period of time in which there are three phases: peak, depression, and expansion.c. recurring growth and decline in real GDP.d. period of time in which a business is established and ceases
Increased production, but not increased inflation, will result in highera. nominal GDP.b. money GDP.c. real GDP.d. current dollar GDP.
The income that people earn in resource or factor markets is calleda. national income.b. personal income.c. disposable personal income.d. transfer payments.e. net national product.
If the underground economy is sizable, GDP willa. understate the economy’s performance.b. overstate the economy’s performance.c. fluctuate unpredictably.d. accurately reflect this subterranean activity.
Based on the circular flow model, money flows from households to businesses ina. factor markets.b. product markets.c. neither factor nor product markets.d. both factor and product markets.
Which of the following would be counted as a final good for inclusion in GDP?a. A piece of glass bought this year by a consumer to fix a broken windowb. A sheet of glass produced this year by Ford to use for windows in a new carc. A tire produced this year and sold to a car maker for a new car sold
The most broadly based price index is thea. real GDP price index.b. consumer price index.c. producer price index.d. GDP chain price index.
The equation for determining real GDP for year X isa. nominal GDP for year X average nominal GDP.b.nominal GDP for year X GDP for year X 2 100.c.nominal GDP for year X GDP chain price index for year X 3 100.d.nominal GDP for year X average family income 3 100.
Which national income account should be examined to discover trends in the after-tax income that people have to save and spend?a. Gross domestic product (GDP)b. Gross national product (GNP)c. National income (NI)d. Disposable personal income (DI)
Which of the following is included in personal income but not in national income?a. Compensation for workersb. Proprietors’ incomec. Corporate profitsd. Social Security payments
National income (NI) is calculated by adjusting GDP fora. depreciation.b. investment and net exports.c. Social Security insurance contributions and transfer payments.d. corporate and personal income taxes.
Which of the following is a shortcoming of GDP?a. GDP excludes changes in inventories.b. GDP includes an estimate of illegal transactions.c. GDP excludes nonmarket transactions.d. GDP excludes business investment spending.
The expenditure approach for the calculation of GDP includes spending ona. consumption, investment, durable goods, and exports.b. consumption, gross private domestic investment, government spending for goods and services, and exports.c. consumption, gross private domestic investment, government
All final goods and services that make up GDP can be expressed asa. GDP 5 C 1 I 2 G 1 (X 1 M)b. GDP 5 C 1 I 1 G 1 (X 1 M)c. GDP 5 C 1 I 1 G 1 (X 2 M)d. GDP 5 C 1 I 1 (X 2 M)e. GDP 5 C 1 I 1 G
The circular flow of economic activity is a model of thea. flow of goods, resources, payments, and expenditures between the sectors of the economy.b. influence of government on business behavior.c. influence of business on consumers.d. role of unions and government in the economy.
The largest component of GDP isa. personal consumption expenditures.b. government spending.c. durable goods.d. net exports.
GDP includesa. the negative attributes in our quest for more goods and services, such as soil erosion and deforested landscape.b. all quality improvements resulting from higher-quality goods replacing inferior goods.c. the cleanup expenses associated with pollution.d. the value of leisure time.
Gross domestic product (GDP) includesa. intermediate as well as final goods.b. foreign goods as well as domestically produced goods.c. used goods sold in the current time period.d. only final goods and services.
Which of the following expenditures would not be included in GDP?a. Purchase of a new lawnmowerb. Purchase of a silver cup previously sold new in 1950c. Purchase of a ticket to the latest movied. All of the above would be counted in GDP.
Which of the following items is included in the calculation of GDP?a. Purchase of 100 shares of Microsoft stockb. Purchase of a used carc. The value of a homemaker’s servicesd. Sale of Gulf War military surpluse. None of the above would be included.
Gross domestic product is officially measured by adding together thea. quantity of each good and service produced by U.S. residents.b. market value of all final goods and services produced within the borders of a nation.c. quantity of goods and services produced by companies owned by U.S.
As shown in Exhibit A-7, if the quantity supplied is 2 million pounds of ground beef per year, the result is a deadweight loss represented by areaa. ABEC.b. CEFD.c. EGH.d. BEF.
As shown in Exhibit A-7, if the quantity supplied is 6 million pounds of ground beef per year, what is the result?a. Deadweight lossb. Inefficiencyc. Overproductiond. All of the abovee. None of the above
As shown in Exhibit A-7, if the quantity supplied is 2 million pounds of ground beef per year, what is the result?a. Deadweight lossb. Inefficiencyc. Underproductiond. All of the abovee. None of the above
As shown in Exhibit A-7, if the market is in equilibrium, represents producer surplus.a. ADFBb. CEFDc. EGHd. BEF
As shown in Exhibit A-7, if the market is in equilibrium, represents consumer surplus.a. ABECb. AEDc. EGHd. BEF
If the quantity demanded exceeds the quantity supplied in a market, what is the result?a. Deadweight lossb. Inefficiencyc. Underproductiond. All of the above answers are correct.
At the equilibrium price, deadweight loss isa. minimized.b. zero.c. maximized.d. equal to the equilibrium price multiplied by the quantity exchanged.
Deadweight loss is not the result ofa. an efficient market.b. an inefficient market.c. zero consumer surplus.d. zero producer surplus.
If, at a given level of production, a deadweight loss exists, thena. marginal benefit equals marginal cost.b. marginal benefit is greater than marginal cost.c. marginal benefit is less than marginal cost.d. either b or c.
Deadweight loss is the result ofa. disequilibrium.b. underproduction.c. overproduction.d. all of the above.
Suppose seller X is willing to sell one good X for$5, a second good X for $10, a third for $16, a fourth for $25, and the market price is $20.What is seller X’s producer surplus?a. $15b. $20c. $22d. $29
Producer surplus measures the value between the actual selling price and thea. price sellers are willing to sell the product.b. deadweight loss price.c. lowest price sellers are willing to sell the product.d. profit-maximization price.
Suppose a consumer is willing to pay $20 for one good X, $10 for a second, and $5 for a third, and the market price is $4. What is the consumer surplus?a. $16b. $6c. $1d. $23
If the quantity supplied exceeds the quantity demanded in a market, what is the result?a. Deadweight lossb. Inefficiencyc. Overproductiond. All of the above answers are correct
Deadweight loss is the net loss ofa. consumer surplus.b. producer surplus.c. disequilibrium surplus.d. both a and b.
Deadweight loss results froma. equilibrium.b. underproduction.c. overproduction.d. none of the above.e. either b or c.
Suppose Tucker Inc. is willing to sell one gizmo for $10, a second gizmo for $15, a third for $20, and the market price is $25. What is Tucker Inc.’s producer surplus?a. $10b. $15c. $30d. $50
If Sam is willing to pay $50 for one good X, $30 for a second, $20 for a third, $8 for a fourth, and the market price is $10. What is Sam’s consumer surplus?a. $10b. $40c. $70d. $100
Consumer surplus measures the value between the price consumers are willing to pay and thea. producer surplus price.b. deadweight gain price.c. actual price paid.d. preference price.
Consider the market for pineapples initially in equilibrium. Then a new study comes out indicating that eating pineapples lowers cholesterol while simultaneously there is a drought that causes a poor pineapple crop. As a result, equilibrium price and equilibrium quantity .a. will rise; may rise,
Consider the market for pineapples initially in equilibrium. Then a new study comes out indicating that eating pineapples lowers cholesterol while simultaneously there is a drought that causes a poor pineapple crop. In this situation, demand will and simultaneously supply will .a. increase;
Suppose the average equilibrium monthly rental price of apartments and rooms in a college town has been steady at $600, but then the college expands enrollment from 10,000 to 12,000.Suddenly, there is a shortage of rental housing at the prevailing price of $600. Which of the following is most
If the cost of producing a good rises for sellers, how will this affect the market equilibrium for that good?a. Price will rise, and quantity will fall.b. Price will fall, and quantity will rise.c. Both price and quantity will rise.d. Both price and quantity will fall.
Suppose X and Y are substitutes. If the price of Y increases, how will this change the market equilibrium for X?a. Both equilibrium price and quantity decline.b. Both equilibrium price and quantity rise.c. Equilibrium price declines, and equilibrium quantity rises.d. Equilibrium price rises, and
An increased equilibrium price and a decreased equilibrium quantity result from a(an)a. decrease in demand.b. increase in supply.c. decrease in supply.d. increase in demand.
A decrease in demand with the supply held constant leads to a(an)a. increased equilibrium price and an increased equilibrium quantity.b. decreased equilibrium price and a decreased equilibrium quantity.c. decreased equilibrium price and an increased equilibrium quantity.d. increased equilibrium
In Exhibit 13, if there is a shortage of video games of 200 units, the current price of video games must bea. $60.b. $55.c. $50.d. $45.e. $40.
In Exhibit 13, at any market price of video games below $50, a(n) would result, causing price to .a. excess demand; riseb. excess supply; risec. excess demand; falld. excess supply; fall
Exhibit 13 presents supply and demand data for the video game market. If the price of video games was currently $70, there would be an of video games in this market.a. excess demand; 450b. excess demand; 500c. excess supply; 400d. excess supply; 850e. excess demand; 400
The law of supply is the principle that the relationship between the price of a good and the quantity sellers are willing to offer for sale in a defined time period, ceteris paribus, isa. inverse.b. direct.c. no relationship.d. independent.
Under the law of demand, any increase in price will cause in quantity demanded.a. a decreaseb. an increasec. no changed. constant change
A leftward shift in the demand curve is called a(an)a. decrease in demand.b. decrease in quantity demanded.c. increase in demand.d. increase in quantity demanded.
A curve that is derived by summing horizontally individual demand curves is calleda. aggregate supply.b. market supply.c. aggregate demand.d. market demand.
The law of demand is the principle that there is relationship between the price of a good and the quantity buyers are willing to purchase in a defined time period, ceteris paribus.a. a directb. noc. an inversed. an independent
Which of the following causes a shortage to become larger?a. An increase in market priceb. An increase in supplyc. A decrease in demandd. A decrease in price
There is news that the price of Tucker’s Root Beer will increase significantly next week. If the demand for Tucker’s Root Beer reacts only to this factor and shifts to the right, the position of this demand curve has reacted to a change ina. tastes.b. income levels.c. the prices of related
Which of the following results from an increase in the price of a one-week vacation at beach resorts on the coast of Mexico?a. An increase in the supply of bicycle tires in Toledo, Ohiob. An increase in the demand for vacations at resorts on Caribbean islandsc. An increase in the supply of vacation
Which of the following decreases supply in the market for pizza?a. Pizza shop employees successfully organize a union and negotiate a pay increase.b. The Surgeon General announces that eating pizza reduces the incidence of stomach cancer.c. Cheese prices drop because price supports for dairy
A shortage occurs whena. the quantity supplied exceeds the quantity demanded.b. price is below the equilibrium price.c. price is at the equilibrium.d. price is above the equilibrium.
A surplus occurs whena. the quantity demanded exceeds the quantity supplied.b. price is below the equilibrium price.c. price is at the equilibrium.d. price is above the equilibrium.
With an upward-sloping supply curve, which of the following is true?a. An increase in price results in a decrease in quantity supplied.b. An increase in price results in an increase in supply.c. A decrease in price results in a decrease in quantity supplied.d. A decrease in price results in an
Which of the following increases the supply of corn?a. The farm workers’ union successfully negotiates a pay increase for corn harvest workers.b. The Surgeon General announces that eating corn contributes to heart disease.c. Congress and the president eliminate subsidies formerly paid to corn
Suppose each of the seven dwarfs buys four mugs of ginger ale per week from Snow White’s café, when the price per mug is $2. If the seven dwarfs are the entire market demand for Snow White’s ginger ale, which of the following is the correct value for market quantity demanded of ginger ale per
Which of the following causes the demand for veggie burgers to increase?a. A decline in the price of veggie burgersb. An increase in the price of tofu burgers, perceived as a substitute by veggie burger consumersc. An increase in the price of burger bunsd. A technological innovation that lowers the
The ability of an economy to produce greater levels of output per time period is calleda. positive economics.b. negative economics.c. economic growth.d. the law of specialization.
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 supply.d. law of increasing returns to scale.
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
Points B and C lie on the PPC for an economy that produces various combinations of fish and bread. Point B represents 20 loaves of bread and 100 pounds of fish while point C represents 30 loaves of bread and 80 pounds of fish. The opportunity cost of producing 10 additional loaves of bread when the
In the study of economics, investment meansa. the accumulation of capital that is used to produce goods and services.b. owning stocks and bonds.c. the principle that the opportunity cost increases as the production of one output expands.d. the effect of stock prices on the production possibilities
Three different economies have made choices about the production of capital goods. Which of the following is most likely to produce the greatest growth in the production possibilities curve (PPC)?a. Capital goods produced at the exact rate needed to replace worn-out capitalb. Greater production of
An economy that invests in the education and training of workers today will likely see what happen to their PPC?a. It will become steeper.b. It will become flatter.c. It will shift outward.d. It will shift inward.
Combinations of goods outside the production possibilities curve (PPC) have which of the following characteristics?a. They are attainable today only if we employ all unemployed or underemployed resources.b. They are not attainable given our existing stock of resources and technology.c. They imply
Which of the following reasons could explain why an economy would be operating inside its production possibilities curve (PPC)?a. Because shrinking population has reduced the number of productive workers in the economyb. Because technological innovations have increased the productivity of labor and
If a production possibilities curve (PPC) has capital on the vertical axis and consumer goods on the horizontal axis, which of the following is true?a. There is a trade-off between emphasizing the production of capital today to benefit people today versus emphasizing the production of consumer
An economy can produce various combinations of food and shelter along a production possibilities curve (PPC). Suppose a technological innovation resulted in a new, higher-yielding crop that generated more bushels of grain for a given set of land, labor, and capital resources. If this innovation did
An economy can produce various combinations of food and shelter along a production possibilities curve (PPC). First, increase the production of shelter along the PPC; then continue to shift more and more production to shelter. Which of the following will most likely happen to the opportunity cost
If an economy can produce various combinations of food and shelter along a production possibilities curve (PPC), then if we increase the production of shelter along the PPC, which of the following is true?a. We also increase the production of food.b. We must decrease the production of food, and
A production possibilities curve is drawn based on which of the following assumptions?a. Resources are fixed and fully employed, and technology advances at the rate of growth of the economy overall.b. Resources will decline, but labor remains fully employed and technology is unchanged.c. Resources
A production possibilities curve shows the various combinations of two outputs thata. consumers would like to consume.b. producers would like to produce.c. an economy can produce.d. an economy should produce.
Which of the following is an example of an organization using marginal analysis?a. A hotel manager calculating the average cost per guest for the past yearb. A farmer hoping for rainc. A government official considering the effect an increase in military goods production will have on the production
Which word or phrase best completes the following sentence? Marginal analysis means evaluating _____ changes from a current situation.a. incrementalb. infinitec. nod. maximum
Suppose the alternative uses of an hour of your time in the evening, ranked from best to worst, are (1) study economics, (2) watch two half-hour sitcoms, (3) play video games, and(4) jog around town. You can choose only one activity. What is the opportunity cost of studying economics for one hour
Because of scarcity, people must make choices, and each choice incurs a cost. The _____ cost is the next best alternative that was sacrificed when making that choice.a. financialb. moneyc. optionald. opportunity
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 a(n)a. upward movement along each curve.b. downward movement along each curve.c. leftward shift in curve A to curve B.d. rightward shift in curve A to
In Exhibit A-8, what is the slope of line A–D?a. Greater than 1b. Equal to 1c. Less than 1d. Zero
In Exhibit A-8, as X increases along the horizontal axis, corresponding to points A–D on the line, the Y values remain unchanged at 20 units.What is the relationship between the X and Y variables?a. Directb. Inversec. Independentd. Undefined
In Exhibit A-7, what is the slope of line AB?a. Positiveb. Zeroc. Negatived. Variable

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