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Exploring Macroeconomics 7th Edition Robert L. Sexton - Solutions
Frictional unemployment isa. unemployment that is due to normal turnover in the labor market.b. unemployment caused by automation in the workplace.c. unemployment caused by lack of training and education.d. unemployment that is due to the friction of competing ideological systems.e. all of the
What is the natural rate of unemployment?
What is cyclical unemployment?
What is structural unemployment?
What is frictional unemployment?
What are the three types of unemployment?
What happens to the unemployment rate when officially unemployed people become discouraged workers?Does anything happen to employment in this case?
What would happen to the unemployment rate if a substantial group of unemployed people started going to school full time? What would happen to the size of the labor force?
Why might the fraction of the unemployed who are job leavers be higher in a period of strong labor demand?
How might the official unemployment rate understate the “true” degree of unemployment? How might it overstate it?
What happens to the unemployment rate when the number of unemployed people increases, ceteris paribus?When the labor force grows, ceteris paribus?
After looking for a job for more than 8 months, Kyle became frustrated and stopped looking. Economists view Kyle asa. unemployed.b. part of the labor force, but neither employed nor unemployed.c. a discouraged worker.d. cyclically unemployed.e. both (b) and (c).
If unemployment benefits increase and encourages more people to claim they are looking for work when they really are not, then the measured unemployment rate willa. rise.b. fall.c. be unaffected.d. change in an indeterminate direction.
The official unemployment rate may overstate the extent of unemployment becausea. it excludes discouraged workers.b. it counts part-time workers as fully employed.c. it does not count those with jobs in the underground economy as employed.d. it includes those who claim to be looking for work as
The largest fraction of those counted as unemployed is due toa. job losers.b. job leavers.c. new entrants.d. reentrants.
Which of these groups tends to have the lowest unemployment rate?a. Teenagersb. Those with some college educationc. College graduatesd. Those with a high school diploma but no college experience
Discouraged workers are considereda. unemployed.b. not in the labor force.c. in the labor force.d. both unemployed and in the labor force.e. unemployed but not in the labor force.
The labor force consists ofa. discouraged workers, employed workers, and those actively seeking work.b. all persons over the age of 16 who are working or actively seeking work.c. all persons over the age of 16 who are able to work.d. all persons over the age of 16 who are working, plus those not
How long are people typically unemployed?
What causes unemployment?
Does unemployment affect everyone equally?
What is the unemployment rate?
What are the consequences of unemployment?
What are the three major economic goals of most societies?
High rates of unemploymenta. can lead to increased tensions and despair.b. result in the loss of some potential output in society.c. reduce the possible level of consumption in society.d. represent a loss of efficiency in society.e. All of the above are true.
Economic growth is measured by changes ina. nominal GDP.b. the money supply.c. real GDP per capita.d. the rate of unemployment.e. none of the above.
The three major macroeconomic goals of nearly every society area. maintaining stable prices, reducing interest rates, and achieving a high rate of economic growth.b. maintaining high levels of employment, increasing the supply of money, and achieving a high rate of economic growth.c. maintaining
Which is not one of society’s major economic goals?a. Maintaining employment at high levelsb. Maintaining prices at a stable levelc. Maintaining a high rate of economic growthd. All of the above are major economic goals of society.
Why do you think news reporters are more informed than average citizens about public policy issues?
Why are college students better informed about their own teachers’ and schools’ policies than about national education issues?
Why does the creation of a government program create a special interest group, which makes it difficult to reduce or eliminate it in the future?
How can you be forced to pay for something you do not want to “buy” in the political sector? Is this sometimes good?
Why might the party favorites at a political convention sometimes be harder to elect than more moderate candidates?
Why would a candidate offering “a choice, not an echo,” run a risk of losing in a landslide?
Illustrate the median voter model graphically and explain it.
Why would the benefits-received principle be difficult to apply to national defense and the provision of the justice system?
Is a gas tax better described as reflecting the ability-to-pay principle or the benefits-received principle? What about the federal income tax?
Could the burdens of a regulation be either progressive or regressive, like the effects of a tax?
Why is the Social Security payroll tax considered regressive?
Why are income taxes more progressive than excise taxes such as those on alcohol, tobacco, and gasoline?
Why would means-tested transfer payments (such as food stamps, in which benefits are reduced as income rises)act like an income tax facing recipents?
__________________ positions tend to win in elections decided by majority votes.
Compared to private-sector decisions, acquiring information to make public-sector decisions will tend to have __________________ benefits and __________________ costs.
If voters were __________________ informed, specialinterest groups would have less influence on political results, other things being equal.
__________________ implies that most private-sector buyers will tend to be more informed than voters on a given issue.
A successful political campaign would have to address the concerns of the __________________ voters.
Even though actors in both the private and public sectors are __________________, the _________________ are different.
In private markets, an individual __________________ link indicates that the goods consumers get reflect what they are willing to pay for.
The amount of information that is necessary to make an efficient decision is much __________________ in political markets than in private markets.
Public choice economists believe that the behavior of individuals in politics, as in the marketplace, will be influenced by __________________.
Public choice theory is the application of __________________ principles to politics.
With a(n) __________________ tax, individuals are taxed on what they take out of the economy, not on what they put in.
The __________________ burden of a tax leads to a deadweight loss.
The __________________ principle means that the individuals receiving the benefits are those who pay for them.
Federal income tax is a good example of the __________________ principle.
When people with different levels of income are treated differently, it is called __________________ equity.
Most people agree that the tax system should be based on either __________________ or __________________.
Sales taxes account for __________________ state and local tax revenue than property taxes.
Excise taxes are considered regressive because lowerincome people spend a(n) __________________ fraction of their incomes on such taxes than do higher-income people.
If a higher-income person paid the same taxes as a lower-income person, that tax would be considered __________________.
The United States relies __________________ heavily on income-based taxes than most other developed countries in the world.
At the federal level, __________________ half of taxes are from personal income taxes and corporate income taxes.
__________________ and __________________ account for roughly half of state and local government expenditures.
Income transfer payments __________________ in the 1980s and 1990s.
By the mid-1970s, for the first time in history, roughly half of government spending in the United States was for __________________.
From 1970 to 2013, national defense spending as a fraction of GDP __________________.
The government share of GDP changed __________________ between 1975 and 2013, but its composition has changed __________________.
Governments obtain revenue through two major avenues: __________________ and __________________.
Why can’t the majority of citizens effectively counter the political power of special interest groups?
Why is it rational to be relatively less informed about most political choices than about your own market choices?
Why is the tendency strong for candidates to choose positions in the middle of the distribution of voter preferences?
What principles does the public choice analysis of government behavior share with the economic analysis of market behavior?
if there are far fewer sugar growers than sugar consumers,a. the growers are likely to be more informed and influential on policy than voters.b. the consumers are likely to be more informed and influential on policy than voters.c. individual sugar growers are likely to have more at stake than
Which of the following would tend to raise voter turnout?a. a blizzard or heavy rainstorm on election dayb. an election that is expected to be a landslidec. the longer the wait is expected to be at the voting locationsd. a feeling that the candidates are basically running on the same platformse.
For a voter to become more informed on a political issue is likely to have _____________________ benefits and _____________________ costs than for similar market decisions, other things being equal.a. smaller; largerb. smaller; smallerc. larger; largerd. larger; smaller
The median voter result implies thata. elections will often be very close.b. elections will usually be landslides for the same party year after year.c. elections will usually be landslides, with victories alternating between parties each year.d. when the preferences of most voters change
Voters will tend to be _____________________ informed about their political choices than their private market choices, other things being equal.a. moreb. equallyc. lessd. Any of the above are equally likely to be true.
The amount of information that is necessary to make an efficient choice is generally _____________________ in the public sector than in the private sector.a. lessb. morec. the samed. None of the above is true.
Why do special interest groups arise?
What is rational ignorance?
What is the median voter model?
What is public choice theory?
How is a gas tax an example of the benefits-received principle?
Why is the federal income tax an example of the ability-to-pay principle?
How could a flat tax also be a progressive tax?
Why are excise taxes on items such as alcohol, tobacco, and gasoline considered regressive taxes?
What happens to the proportion of income paid as taxes when income rises, for a progressive tax? What is an example of such a progressive tax?
What finances the majority of federal government spending?
Has federal government spending as a fraction of GdP changed much since the 1960s?
The ability-to-pay principle states:a. Those with the greatest ability to pay taxes should pay more.b. Those with the least ability to pay taxes should pay more.c. Individuals receiving the benefits should pay for them.d. All of the above are true.
The U.S. federal income tax is an example of aa. progressive tax.b. proportional tax.c. regressive tax.d. value-added tax.
The largest single source of revenue for the federal government is thea. corporate income tax.b. federal excise tax.c. personal income tax.d. social security tax.
An example of a proportional tax would bea. a state sales tax.b. a local property tax.c. a flat rate income tax.d. the current U.S. income tax.
___________________ taxes are designed to take a larger percentage of high incomes as compared to lower incomes.a. Progressiveb. Regressivec. Proportionald. Negative
Expenditures on ___________________ comprise the largest component of state and local government budgets.a. educationb. public safetyc. public infrastructure (such as roads and water works)d. public welfare (such as food stamps and income supplemental programs)
Who must legally pay social security and medicare taxes?a. Employersb. Employeesc. Both employers and employeesd. Neither employers nor employees
Social Security and Medicare are financed bya. personal income taxes.b. payroll taxes.c. excise taxes.d. corporation income taxes.e. none of the above taxes.
Which of the following are important roles of the government?a. Protecting property rightsb. Providing a legal systemc. Intervening when insufficient competition occurs in the marketplaced. Promoting stability and economic growthe. All of the above
What are the options for saving Social Security?
What is a value-added tax?
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