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Exploring Macroeconomics 7th Edition Robert L. Sexton - Solutions
If the price of ice cream increased,a. what would be the effect on the demand for ice cream?b. what would be the effect on the demand for frozen yogurt?
Draw the demand curves for the following goods. If the price of the first good listed rises, what will happen to the demand for the second good, and why?a. hamburger and ketchupb. Coca-Cola and Pepsic. camera and filmd. golf clubs and golf ballse. skateboard and razor scooter
Using the demand curve, show the effect of the following events on the market for beef:a. Consumer income increases.b. The price of beef increases.c. An outbreak of “mad cow” disease occurs.d. The price of chicken (a substitute) increases.e. The price of barbecue grills (a complement) increases.
The following graph shows three market demand curves for cantaloupe. Starting at point A,a. which point represents an increase in quantity demanded?b. which point represents an increase in demand?c. which point represents a decrease in demand?d. which point represents a decrease in quantity
Sid moves from New York City, where he lived in a small condominium, to rural Minnesota, where he buys a big house on five acres of land. Using the law of demand, what do you think is true of land prices in New York City relative to those in rural Minnesota?
A fall in input prices will _____________ the costs of production, causing the supply curve to shift to the _____________.
Possible supply determinants (factors that determine the position of the supply curve) are _____________ prices; _____________; _____________ of sellers and _____________.
The market supply curve is a graphical representation of the amount of goods and services that sellers are _____________ and _____________ to supply at various prices.
The quantity supplied is positively related to the price because firms supplying goods and services want to increase their _____________ and because increasing _____________ costs mean that the sellers will require _____________ prices to induce them to increase their output.
An increase in the expected future price of a good or an increase in expected future income may _____________ current demand.
Two goods are called _____________ if an increase in the price of one causes the demand curve for another good to shift to the _____________.
An increase in demand is represented by a _____________ shift in the demand curve; a decrease in demand is represented by a(n) _____________ shift in the demand curve.
A change in demand is caused by changes in any of the other factors (besides the good’s own price) that would affect how much of the good is pur-chased: the _____________, _____________, the _____________ of buyers, _____________, and _____________.
The _____________ curve for a product is the horizontal summing of the demand curves of the individuals in the market.
An individual _____________ curve reveals the different amounts of a particular good a person would be willing and able to buy at various possible prices in a particular time interval, other things being equal.
How does the intersection of supply and demand indicate the equilibrium price and quantity in a market?
Which of the following is true?a. The intersection of the supply and demand curves shows the equilibrium price and equilibrium quantity in a market.b. A surplus is a situation where quantity supplied exceeds quantity demanded.c. A shortage is a situation where quantity demanded exceeds quantity
The price of a good will tend to rise whena. a temporary shortage at the current price occurs (assuming no price controls are imposed).b. a temporary surplus at the current price occurs (assuming no price controls are imposed).c. demand decreases.d. supply increases.
If a guitar manufacturer increased its wages in order to keep its workers, what would happen to the supply of guitars as a result?
Would a change in the price of wheat change the supply of wheat? Would it change the supply of corn, if wheat and corn can be grown on the same type of land?
If a seller expects the price of a good to rise in the near future, how will that expectation affect the current supply curve?
A leftward shift in supply could be caused bya. an improvement in productive technology.b. a decrease in income.c. some firms leaving the industry.d. a fall in the price of inputs to the industry.
Antonio’s makes the greatest pizza and delivers it hot to all the dorms around campus. Last week Antonio’s supplier of pepperoni informed him of a 25 percent increase in price. Which variable determining the position of the supply curve has changed, and what effect does it have on supply?a.
The difference between a change in quantity supplied and a change in supply is that a change ina. quantity supplied is caused by a change in a good’s own price, while a change in supply is caused by a change in some other variable, such as input prices, prices of related goods, expectations, or
All of the following factors will affect the supply of shoes except one. Which will not affect the supply of shoes?a. higher wages for shoe factory workersb. higher prices for leatherc. a technological improvement that reduces waste of leather and other raw materials in shoe productiond. an
How would you graph the following two scenarios:(1) the price of wheat per bushel rises; and (2) good weather causes an unusually abundant wheat harvest?
Which of the following is true?a. The law of supply states that the higher (lower) the price of a good, the greater (smaller) the quantity supplied.b. The relationship between price and quantity supplied is positive because profit opportunities are greater at higher prices and because the higher
An upward-sloping supply curve shows thata. buyers are willing to pay more for particularly scarce products.b. sellers expand production as the product price falls.c. sellers are willing to increase production of their goods if they receive higher prices for them.d. buyers are willing to buy more
Suppose CNN announces that bad weather in Central America has greatly reduced the number of cocoa bean plants and for this reason the price of chocolate is expected to rise soon. As a result,a. the current market demand for chocolate will decrease.b. the current market demand for chocolate will
The difference between a change in quantity demanded and a change in demand is that a change ina. quantity demanded is caused by a change in a good’s own price, while a change in demand is caused by a change in some other variable, such as income, tastes, or expectations.b. demand is caused by a
Whenever the price of Good A increases, the demand for Good B increases as well. Goods A and B appear to bea. complements.b. substitutes.c. inferior goods.d. normal goods.e. inverse goods.
Whenever the price of Good A decreases, the demand for Good B increases. Goods A and B appear to bea. complements.b. substitutes.c. inferior goods.d. normal goods.e. inverse goods.
Which of the following would not cause a change in the demand for cheese?a. an increase in the price of crackers, which are consumed with cheeseb. an increase in the income of cheese consumersc. an increase in the population of cheese loversd. an increase in the price of cheese
Which of the following would be most likely to increase the demand for jelly?a. an increase in the price of peanut butter, which is often used with jellyb. an increase in income; jelly is a normal goodc. a decrease in the price of jellyd. medical research that finds that daily consumption of jelly
Chester Field owns a high-quality furniture shop. If a boom in the economy occurs (higher average income per person and fewer people unemployed), can Chester expect to sell more high-quality furniture?
How would you use a graph to demonstrate the two following scenarios? (1) Someone buys more pizzas because the price of pizzas has fallen; and (2) a student buys more pizzas because she just received a 20 percent raise at work, giving her additional income.
If the price of computers fell markedly, what do you think would happen to the demand for software?
Can you describe the change we would expect to see in the demand curve for Pepsi if the relative price for Coca-Cola increased significantly?
Which of the following is true?a. The relationship between price and quantity demanded is inverse or negative.b. The market demand curve is the vertical summation of individual demand curves.c. A change in a good’s price causes a movement along its demand curve.d. All of the above are true.e.
Which of the following is true?a. The law of demand states that when the price of a good falls (rises), the quantity demanded rises (falls), ceteris paribus.b. An individual demand curve is a graphical representation of the relationship between the price and the quantity demanded.c. The market
If the demand for milk is downward sloping, then an increase in the price of milk will result in a(n)a. increase in the demand for milk.b. decrease in the demand for milk.c. increase in the quantity of milk demanded.d. decrease in the quantity of milk demanded.e. decrease in the supply of milk.
In a competitive market,a. there are a number of buyers and sellers.b. no single buyer or seller can appreciably affect the market price.c. sellers offer similar products.d. all of the above are true.
How will the goods and services be produced?
What goods and services will be produced?
Can government policies used to stabilize the economy be counterproductive?
How can the government policies help stabilize the economy?
Why is a stable monetary environment important?
What can happen when total spending is excessive?
What can happen when total spending is insufficient?
Does the market distribute income fairly?
Why can’t we rely exclusively on the “invisible hand”of the market to determine economic decisions?
Why is it so important that the government protect our property rights?
What are the effects of price controls?
What are the important signals that market prices communicate?
How does a market economy allocate scarce resources?
What are the advantages of specialization in production?
What is the relationship between opportunity cost and specialization?
What are negative incentives?
What are positive incentives?
What factors contribute to increases in productivity?
Do differences in growth rates matter?
What is efficiency?
What are underemployed resources?
What are unemployed resources?
How much should we sacrifice today to get more in the future?
How would the following events be shown using a production possibilities curve for housing and food?a. The economy is experiencing double-digit unemployment.b. Economic growth is increasing at more than 5 percent per year.c. Society decides it wants less housing and more food.d. Society decides it
Recently the American Film Institute selected Citizen Kane as the best movie of all time. Citizen Kane is a fictional psychological biography of one of the most powerful newspaper publishers in history, William Randolph Hearst. Avatar has made the most money of any film in history. Unlike Avatar,
A _____________________ production possibilities curve illustrates _____________________ costs of production.a. straight-line; constantb. straight-line; increasingc. bowed-outward; constantd. bowed-outward; increasinge. Both (a) and (d) are true.
The circular flow modela. traces the flow of goods and services among firms and households.b. traces the flow of payments among firms and households.c. includes both product markets and factor markets.d. All of the above are true.
When _____________________ is relatively scarce, _____________________ methods of production will be relatively less expensive.a. capital; capital-intensiveb. capital; labor-intensivec. labor; capital-intensived. labor; labor-intensivee. Both (b) and (c) are true.
The best method of production isa. the capital-intensive method.b. the labor-intensive method.c. the same under all circumstances.d. the lowest cost method.
Adam was a college graduate with a major in art.A few years ago, Adam decided that he wanted to pursue a vocation that utilized his talent. In response, he shut himself up in his studio and created a watercolor collection. With high hopes, Adam put his collection on display for buyers.After several
Modern medicine has made organ transplants a common occurrence, yet the number of organs that people want far exceeds the available supply. According to CNN, 10 people die each day because of a lack of transplantable organs like kidneys and livers. Some economists have recommended that an organ
McDonald’s once ran a promotion that whenever St. Louis Cardinals’ slugger Mark McGwire hit a home run into the upper deck at Busch Stadium, McDonald’s gave anyone with a ticket to that day’s game a free Big Mac. Is the Big Mac really “free”?
_____________________ is the amount of goods and services a worker can produce per hour and _____________________ economic growth occurs when workers’ productivity rises.
Whether a country’s living standard of living rises, levels off, or declines over time depends for the most part on _____________________ growth.
The only way an economy can increase its rate of consumption in the long run is by increasing the amount it _____________________.
The Federal Reserve can use _____________________ policy to change the money supply and interest rates in an effort to achieve price stability, high employment, and economic growth.
A stable _____________________ environment can lead to price stability.
_____________________ can lead the economy to fail to allocate resources efficiently, as in the cases of pollution and scientific research.
Produce what we do _____________________ best and _____________________ for the _____________________.
What role do saving and investment have in economic growth?
Which of the following can add to productivity growth?a. Physical capitalb. Human capitalc. Discovery of new natural resourcesd. Technological advancese. All of the above can add to productivity growth.
Productivity growtha. is a primary determinant of a country’s standard of living.b. is a primary cause of growth in real wages.c. is the only way in the long run for an economy to increase its potential real consumption per capita over time.d. is crucially affected by saving and investment over
Growth in real per capita outputa. says nothing about the distribution of output.b. has been far more common in the last 200 years than before.c. can make poorer countries richer over time.d. All of the above are true.
Economic growth is measured bya. the percentage change in nominal GDP.b. the percentage change in nominal GDP per capita.c. the percentage change in real GDP.d. the percentage change in real GDP per capita.
What was the Employment Act of 1946?
Why is a stable monetary environment so important?
What is inflation?
The government may help stabilize the economya. by providing a stable monetary environment.b. by using changes in government spending.c. by using changes in taxes.d. using any of the above.
Unanticipated inflationa. redistributes income.b. increases burdens on people with fixed incomes when the inflation is not anticipated.c. hurts savers, but helps those who have borrowed at a fixed rate.d. can raise one nation’s prices relative to prices in other countries.e. can cause all of the
A stable monetary environmenta. can lead to price stability.b. enables producers and consumers to better coordinate their plans and decisions.c. Both (a) and (b) are true.d. None of the above is true.
Inflationa. is when there is an increase in the overall price level in the economy.b. can be caused by the government printing too much money.c. can cause people to lose faith in the value of money.d. All of the above are true.
When total spending is excessive it can lead toa. budget surpluses.b. inflation.c. unemployment.d. all of the above.
When total spending is insufficient, it can lead toa. economic growth.b. inflation.c. unemployment.d. none of the above.
The government redistributes income througha. taxes.b. subsidies.c. transfer payments.d. all of the above.
A market failure is said to occura. when costs are imposed on some people without their consent.b. when the market economy fails to allocate resources efficiently.c. when one party prevents others from participating in mutually beneficial exchange.d. All of the above are examples of market failure.
The government defines and protects property rights througha. the legal system.b. police protection.c. the military.d. all of the above.
Price controlsa. ensure that society distributes its resources fairly.b. distort price signals.c. prevent the natural system of supply and demand from working.d. Both (b) and (c) are true.
Efficiencya. makes the size of the economic pie as large as possible.b. is achieved when the economy gets the most of its resources.c. Both (a) and (b) are true.d. None of the above is true.
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