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introductory economics
Introductory Economics 1st Edition Michael Veseth - Solutions
Do current government policies seem aimed more at fighting inflation or unemployment?
Are the poor hurt most by inflation or by unemployment?Which problem has hit your family the hardest?
Which side of this argument do you agree with? Can you find faults in either side's position?
Listed below is the CPI for several selected years. Use this information to answer the questions that follow.Year CPI 1 967 100.0 1 969 109.8 1971 121.3 1973 1 33.1 1975 161.2 1977 1 81 .5a. In which two-year period did the United States have the highest inflation?b. If an individual made $100 per
The opposite of inflation is deflation-a fall in the general level of prices. If inflation is bad, can deflation be good?Can you think of any problems that deflation causes? Make a list of the winners and losers that deflation creates.
List the winners and losers from an unexpectedly high inflation.Explain why each group wins or loses. How would your list change if inflation were unexpectedly low?
Suppose that you expected a 20 percent inflation rate over the next year. Would this alter your behavior? How? Why? Suppose that you expected a zero percent inflation rate. How would your behavior change in this case? Why? What do you expect the inflation rate to be for the next year?
It is also possible to calculate inflation in a different way by using the current year's market basket (in the example above, 1 977) as the base on which to make the calculation. What is the inflation rate in Question 1, above, if inflation is calculated in this fashion? Are there any advantages
Using 1 970 as the base year, calculate the rate of inflation in the hypothetical economy out1 ined below. If a worker made$100 per week in 1 970 and$1 25 per week in 1 977, would he be better off?
What are the different measures of inflation and what do they measure?
How is inflation measured?
How can one hedge against inflation's impact?
Who loses from inflation? Does anyone gain?
How does inflation affect the economy?
What is the record on inflation?
What is inflation?
What is the nature of our current unemployment problem?(Hint: You can find the answers to the preceding four unemployment questions in a publication called Economic Indicators published monthly by the President's Council of Economic Advisors and available in your college library).
What do you think would happen if minimum-wage laws were repealed? Would the result be good or bad? Explain.
Suppose that teenagers were subject to a lower legal minimum wage than experienced workers. What impact do you think this would have on the unemployment problem? Explain.
Define the following terms and explain how they differ:O Full employment 0 Frictional employment D Underemployment
Define unemployment. Unemployment is said to result from certain market imperfections.What are these market imperfections and how do they result in unemployment?
How serious is the unemployment problem?
How do minimum-wage laws affect the unemployment problem?
What does "full employment" mean?
What are the causes of unemployment?
What is the unemployment record?
What does the unemployment rate mean?
In what cases would a price floor (minimum price) make sense? Can you think of any markets where minimum prices prevail? What would happen in such a market if demand were to fall?
Price controls are particularly troublesome when costs increase to make goods more expensive to produce. Many apartments in New York are price-control led-maximum rents are set and not frequently raised. In addition, landlords are often precluded from converting their buildings to condominiums or
Suppose that demand for a good increased a little while supply increased a great deal.What would happen to price and quantity at equilibrium?What would happen if demand fell substantially and supply fell by relatively less?
Under what conditions does an increase in demand not bring about increased production?
Under what conditions does an increase in demand not result in a price increase?
Describe the way a market reacts to surpluses and shortages. Can you recall experiences when you have observed markets behaving this way?
Do markets in the real world work like markets in the textbook do? Explain your answer.
Suppose that we are looking at the market for pizza in the local area. What affect would each of the following situations have on demand? on supply? on price? on the quantity produced and sold?0 A decrease in the price of mozzarella cheese.O An increase in the number of pizza palaces.0 A decrease
Suppose you are interested in the demand for prunes. Draw a hypothetical prune demand curve. Why is it shaped the way you have drawn it? What affect will the following situations have on your prune demand curve?0 Scientists discover that eating prunes slows aging.0 The price of Ex-Lax falls.0 There
Suppose that you are interested in the supply of beer. Draw a hypothetical beer supply curve. Why is it shaped the way you have drawn it? What effect will the following situations have on your beer supply curve?0 A fall in the price of hops.0 An increase in the price of aluminum cans.0 A fall in
What is a price ceiling, and what impact does it have on the market?
Why do prices rise?
What forces can make prices change?
What is the equilibrium price?
What factors determine the quantities supplied?
What is meant by "supply"?
What factors determine the amounts of goods and services that people demand?
What is meant by "demand"?
Can you find evidence to support either argument in the description of recent economic history presented in Chapter 1?
If the doom-sayers are correct and a depression is on the way, how could you protect yourself from it? What actions could you take that would minimize the depression's impact on your family? Would these actions make sense if the depression did not come?
Which side of this debate makes more sense to you? Do you see any evidence that we are heading for another Great Depression?
What economic policies does the U.S. president currently endorse? Are these policies primarily designed to fight inflation or unemployment?
Who are the important people or groups who make economic policy? What offices do they hold? Are they appointed or elected? What are their pol itical or economic philosophies?
Does the Phillips Curve still work? How can you determine if an economic theory is valid or not?
Do you think that we could have another Great Depression today? Why or why not?
Where can you go to find out what is happening in the economy? What publications are available? Where are they found in the library?
What is currently happening to the economy? What is the inflation rate? What is the unemployment rate? What is the level of the Economic Discomfort Index? Is real GNP rising or falling?
Why hasn't the Phillips curve worked recently?
What is the Phillips curve? How does it work?
Have we been successful in achieving these goals?
What are our current macroeconomic goals?
What is economics?
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