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business
introduction to economic
The Micro Economy Today 12th Edition Bradley Schiller - Solutions
Use the following data to draw supply and demand curve on the accompanying graph.Price $ 8 7 6 5 4 3 2 1 Quantity demanded 2 3 4 5 6 7 8 9 Quantity supplied 10 9 8 7 6 5 4 3(a) What is the equilibrium price?(b) If a minimum price (price floor) of $6 is set,(i) What kind of disequilibrium
The goal of the price incentives described in the News on page 47, is to (select one):(a) Increase supply.(b) Increase quantity supplied.(c) Increase demand.(d) Increase quantity demanded.
According to Figure 3.8 ,(a) How many people die in the market-driven economy?(b) How many people die in the government-regulated economy?
In the World View on page 59, menu prices are continuously adjusted. Graph the initial and final (adjusted) prices for the following situation. Be sure to label axes and graph completely.LO1 LO2 LO2 LO3 LO2 economics(a) Customers are ordering too little haddock. (b) The kitchen is running out of
As a result of Katrina damage (News, p. 54), which of the following changed (answer yes or no):(a) Demand(b) Quantity demanded(c) Price
Given the following data on gasoline supply and demand,(a) What is the equilibrium price?(b) How large a market shortage would exist if government set a price ceiling of $1 per gallon?A. Price per gallon $5.00 $4.00 $3.00 $2.00 $1.00 $5.00 $4.00 $3.00 $2.00 $1.00 B. Quantity demanded (gallons per
According to Figure 3.3 , at what price would Tom buy 9 hours of Web tutoring?(a) Without a lottery win.(b) With a lottery win.
Is there a shortage of on-campus parking at your school?How might the shortage be resolved? LO2
The World View on page 59 describes the use of prices to achieve an equilibrium in the kitchen. What happens to the food at more traditional restaurants? LO2
What would happen in the apple market if the government set a minimum price of $2.00 per apple? What might motivate such a policy? LO4
The shortage in the organ market ( Figure 3.8 ) requires a nonmarket rationing scheme. Who should get the available ( q a) organs? Is this fairer than the marketdriven distribution? LO4
In Figure 3.8 , why is the organ demand curve downward-sloping rather than vertical? LO1
What do the demand and supply of Inaugural tickets look like? Who attends if tickets are openly sold? Who attends if “scalping” is outlawed? (News, p. 57) LO2
Which determinants of pizza demand change when the White House is in crisis (pp. 48–49)? LO3
What would have happened to gasoline production and consumption if the government had prohibited postKatrina price increases (see News, p. 54)? LO4
With respect to the demand for college enrollment, which of the following would cause (1) a movement along the demand curve or (2) a shift of the demand curve? LO3a. An increase in incomes.b. Lower tuition.c. More student loans.d. An increase in textbook prices.
In our story of Tom, the student confronted with a Webdesign assignment, we emphasized the great urgency of his desire for Web tutoring. Many people would say that Tom had an “absolute need” for Web help and therefore was ready to “pay anything” to get it. If this were true, what shape
Describe how government price controls affect market outcomes.
Explain what causes market prices to change.
Show how market prices are established.
Defi ne the meaning of market demand and supply.
Using data from Table 2.1, illustrate on the following graphs real GDP and population growth since 2000 (in the manner of Figure 2.1) for the nations indicated.LO1 C a ait Zi babwe
How much more output (income) per year will have to be produced in the world(a) Just to provide the 2.7 billion “severely” poor population with $1 more output per day? $(b) To raise the incomes of the world’s “severely poor” population (income less than $2 per day)to the official
If 150 million workers produced America’s GDP in 2007 (World View, p. 28), how much output did the average worker produce? $
U.S. real gross domestic product increased from $10 trillion in 1998 to $14 trillion in 2008.During that same decade the share of manufactured goods (e.g., cars, appliances) fell from 16 percent to 12 percent. What was the dollar value of manufactured output(a) In 1998? $(b) In 2008? $(c) By how
If Haiti’s per capita GDP of roughly $1,150 were to increase as fast as China’s (see Table 2.1), what would its per capita GDP be in(a) 10 years? $(b) 20 years? $
According to Table 2.1, how fast does total output have to grow in order to raise per capita GDP in(a) Japan?(b) Niger?
According to the World View on page 29, what percentage of America’s GDP per capita is available to the average citizen of(a) Mexico? %(b) China? %(c) Ethiopia? %
In 2007, the world’s total output (real GDP) was roughly $65 trillion. What percent of this total was produced by the three largest economies (World View, p. 28)? %
How might free markets help reduce global poverty?How might they impede that goal? LO3
Why are incomes so much more unequal in poor nations than in rich ones? LO3
Should the government try to equalize incomes more by raising taxes on the rich and giving more money to the poor? How might such redistribution affect total output and growth? LO3
Why should the government regulate how goods are produced? Can regulation ever be excessive? LO1
How many people are employed by your local or state government? What do they produce? What is the opportunity cost of that output? LO1
How might the following government interventions affect a nation’s economic growth? LO2a. Mandatory school attendance.b. High income taxes.c. Copyright and patent protection.d. Political corruption.
The U.S. farm population has shrunk by over 25 million people since 1900. Where did all the people go? Why did they move? LO2
Can we continue to produce more output every year? Is there a limit? LO2
Why is per capita GDP so much higher in the United States than in Mexico? LO2
Americans already enjoy living standards that far exceed world averages. Do we have enough? Should we even try to produce more? LO1
Discuss how incomes are distributed in the U.S. and elsewhere.
Explain how America is able to produce so much output.
Describe the relative size and content of U.S. output (GDP).
Suppose there’s a relationship of the following sort between study time and grades:(a) (b) (c) (d) (e)Study time(hours per week) 0 2 6 12 20 Grade-point average 0 1.0 2.0 3.0 4.0 If you have only 20 hours per week to use for either study time or fun time,(a) Draw the (linear) production
According to the World View on page 14, which nation has(a) The most faith in the market system?(b) The least faith in the market system?
Suppose either computers or televisions can be assembled with the following labor inputs:Units produced 1 2 3 4 5 6 7 8 9 10 Total labor used 3 7 12 18 25 33 42 54 70 90(a) Draw the production possibilities curve for an economy with 54 units of labor. Label it P54.(b) What is the opportunity cost
What is the opportunity cost (in dollars) to attend an hour-long econ lecture for(a) A minimum-wage teenager in fall 2009? $(b) A $100,000 per year corporate executive who works 2,000 hours per year? $
What is the opportunity cost (in civilian output) of a defense buildup that raises military spending from 4.0 to 4.4 percent of a $15 trillion economy? $
(a) According to Figure 1.2 , what is the opportunity cost of North Korea’s military force at point N ?(b) How much more food could North Korea produce if it cut military output from OD to OH ?3 . (a) What was the dollar cost of the North Korean 2009 missile launch, according to South Korea?(b)
According to Table 1.1 (or Figure 1.1 ), what is the opportunity cost of the(a) Fourth truck?(b) Fifth truck?
What is the opportunity cost of President Obama’s increased infrastructure spending? LO1
What is the connection between North Korea’s missile program and its hunger problem? (World View, p. 9) LO3
How many resources should we allocate to space exploration? How will we make this decision? LO2
Why do people around the world have so much faith in free markets (World View, p. 14)? LO2
Who would go to college in a completely private (market) college system? How does government intervention change this FOR WHOM outcome? LO3
Markets reward individuals according to their output;communism rewards people according to their needs. How might these different systems affect work effort? LO3
How might a nation’s production possibilities be affected by the following? LO2a. A decrease in taxes.b. An increase in government regulation.c. An increase in military spending.d. An increase in college tuition.e. Faster, more powerful electronic chips.
What’s the real cost of the food in the “free lunch” cartoon on page 6? LO1
How much time could you spend on homework in a day?How much do you spend? How do you decide? LO1
What opportunity costs did you incur in reading this chapter? If you read another chapter today, would your opportunity cost (per chapter) increase? Explain. LO1
Assess how nations resolve these issues.
Identify the core economic issues that nations must resolve.
Describe the role scarcity plays in defi ning economic choices.
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