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macroeconomics

Questions and Answers of Macroeconomics

How do economists in the United States determine when a recession begins and when it ends? How do other countries
Each year, The Economist publishes data on the price of the Big Mac in different countries and exchange rates. The accompanying table shows some data from 2007 and 2019. Use this information to
College tuition has risen significantly in the last few decades. For the sake of this problem, letʼs assume that over the last 20 years the cost of college, including total tuition, room, and board
Explain why the three methods of calculating GDP produce the same estimate of GDP.
What are the various sectors to which firms make sales? What are the various ways in which households are linked with other sectors of the economy?
Consider the first row of Figure 7-2 and suppose you mistakenly believed that total value added was $30,500, the sum of the sales price of a car and a carʼs worth of steel. What items would you be
Assume there are only two goods in the economy, french fries and onion rings. In 2019, 1,000,000 servings of french fries were sold at $0.40 each and 800,000 servings of onion rings at $0.60 each.
From 2016 to 2020, the price of electronic equipment fell dramatically and the price of housing rose dramatically. What are the implications of this in deciding whether to use 2016 or 2020 as the
For each of the following events, how would an economist using a 10-yearold market basket create a bias in measuring the change in the cost of living today?a. A typical family owns more cars than it
The consumer price index in the United States (base period 1982–1984) was 254.943 in 2019 and 255.902 in 2020. Calculate the inflation rate from 2019 to 2020.
Normally we rely on governments to produce key economic statistics. But what if you canʼt trust the governmentʼs numbers? Thatʼs what happened in Argentina from 2007 to 2016, where it was common
Explain the difference between intermediate and investment goods. Are intermediate and investment goods included in GDP? Explain.
Analyze the following statement: “GDP has increased by 2% from last year. This is a good indicator of economic well-being as it represents an average increase in incomes.”
Using Figure 7-4, explain how the current weighting of the CPI index could lead to either over or understating the actual inflation rate for your household. Motor fuel 3.8% Recreation 5.7%
At right is a simplified circular-flow diagram for the economy of Micronia. ( there is no investment spending and no transfers in Micronia.)a. What is the value of GDP in Micronia?b. What is the
The components of GDP in the accompanying table were produced by the Bureau of Economic Analysis. a. Calculate 2018 consumer spending.b. Calculate 2018 private investment spending.c. Calculate
Which of the following transactions will be included in GDP for the United States?a. Coca-Cola builds a new bottling plant in the United States.b. Delta sells one of its existing airplanes to
The accompanying table shows data on nominal GDP (in billions of dollars), real GDP (in billions of 2012 dollars), and population (in thousands) of the United States in 1968, 1978, 1988, 1998, 2008,
Suppose employment websites develop new software that enables job-seekers to find suitable jobs more quickly and employers to better screen potential employees. What effect will this have on the
In which of the following cases is a worker counted as unemployed? Explain.a. Rosa, an older worker who has been laid off and who gave up looking for work months agob. Anthony, a schoolteacher who
Which of the following are consistent with the observed relationship between growth in real GDP and changes in the unemployment rate as shown in Figure 8-5? Which are not?a. A rise in the
Explain the following statements.a. Frictional unemployment is higher when the pace of technological advance quickens.b. Structural unemployment is higher when the pace of technological advance
Suppose that at the peak of the business cycle the United States dramatically increases benefits for unemployed workers. Explain what will happen to the natural rate of unemployment.
The widespread use of technology has revolutionized the banking industry, making it much easier for customers to access and manage their assets. Does this mean that the shoe- leather costs of
Most people in the United States have grown accustomed to a modest inflation rate of around 2% to 3%. Who would gain and who would lose if inflation unexpectedly came to a complete stop over the next
“Moving is the worst. Yard work is the worst. Building IKEA furniture is the worst.” So began a 2015 report on TaskRabbit, a company founded in 2008 (under the name RunMyErrand), that helps
Each month, usually on the first Friday of the month, the Bureau of Labor Statistics releases the Employment Situation Summary for the previous month. Go to www.bls.gov and find the latest report. On
In 2018, the Bureau of Labor Statistics released the report “Contingent and Alternative Employment Arrangements, ” which included independent contractors, those in the gig economy. The report
A countryʼs labor force is the sum of the number of employed and unemployed workers. The accompanying table provides data on the size of the labor force and the number of unemployed workers for
With its tradition of a job for life for most citizens, Japan once had a much lower unemployment rate than that of the United States; from 1960 to 1995, the unemployment rate in Japan exceeded 3%
The accompanying diagram shows the inflation rate in the United Kingdom from 1980 to 2019.a. Between 1980 and 1985, policy makers in the United Kingdom worked to lower the inflation rate. What would
Why do economists use real GDP per capita to measure economic progress rather than some other measure, such as nominal GDP per capita or real GDP?
Apply the Rule of 70 to the data in Figure 9-3 to determine how many years it will take each of the countries listed there (except Venezuela) to double its real GDP per capita. Would Indiaʼs real
Although China and India currently have growth rates much higher than the U.S. growth rate, the typical Chinese or Indian household is far poorer than the typical American household. Explain why.
Explain how each of the following illustrates one of the four principles of individual choice. a. You are on your third trip to a restaurantʼs all-you-can-eat dessert buffet and are feeling very
You make $45,000 per year at your current job with Whiz Kids Consultants. You are considering a job offer from Brainiacs, Inc., that will pay you $50,000 per year. Which of the following are elements
Explain how each of the following illustrates one of the four principles of interaction.a. At a college tutoring co-op, students can arrange to provide tutoring in subjects they are good in (like
Which of the following describes an equilibrium situation? Which does not? Explain your answer.a. The restaurants across the street from the university dining hall serve better-tasting and cheaper
Explain how each of the following illustrates one of the three principles of economy-wide interactions.a. The price of solar panels has fallen by nearly 99% over the past 40 years. Prices are
If you bought and held shares of the Priceline Group, the online provider of travel-related reservations and search services, from 2014 to 2019, you would have been one happy camper. During that
Kim needs to buy a textbook for the next economics class. The price at the college bookstore is $65. One website offers it for $55, and another site, for $57. All prices include sales tax. The
Following the financial crisis of 2008, American consumers cut back on new car purchases. In response to the decline in car sales, Congress passed the program “Cash for Clunkers, ” which allowed
Self-driving cars, also known as autonomous vehicles, will require little or no human input to operate safely. A recent report claims that these vehicles will cost the U.S. economy 4 million jobs but
True or false? Explain your answer.a. An increase in the amount of resources available to Boeing for use in producing Dreamliners and small jets does not change its production possibility
In Italy, an automobile can be produced by 8 workers in one day and a washing machine by 3 workers in one day. In the United States, an automobile can be produced by 6 workers in one day and a
Using Table 2-1, explain why the United States and Brazil are willing to engage in a trade of 10 large jets for 15 small jets. TABLE 2-1 U.S. and Brazilian Opportunity Costs of Small Jets and Large
Which of the following is a positive statement? Which is a normative statement?a. Society should take measures to prevent people from engaging in dangerous personal behavior.b. People who engage in
An article in the Wall Street Journal on the recreational vehicle (RV) industry listed several factors that led to a larger quantity of RVs sold:a. Increasing confidence among households that their
A column by Christopher Mims in the Wall Street Journal summarized academic research showing that some firms in the same industry have become much more productive than other firms. As we saw in
During the 1928 U.S. presidential election campaign, Herbert Hoover, the Republican candidate, argued that the United States should import only products that could not be produced here. Briefly
Briefly discuss the difference between microeconomics and macroeconomics.
Use the information in the following table to calculate the percentage change in Ford’s auto sales from one year to the next. (These are the data that are graphed in Figure 1A.2.) During which year
What are the three economic questions that every society must answer? Briefly discuss the differences in the way centrally planned, market, and mixed economies answer these questions.
Discuss whether you agree with the following statement: “The problem with economics is that it assumes that consumers and firms always make the correct decisions. But we know that everyone makes
Assume that the demand curve for Pepsi passes through the following two points:a. Draw a graph with a linear demand curve that passes through these two points.b. Show on the graph the areas
Briefly explain which of the following statements represent positive analysis and which represent normative analysis.a. A 50-cent-per-pack tax on cigarettes will lead to a 12 percent reduction in
Annie Lowery, a business reporter, wrote the book Give People Money: How a Universal Basic Income Would End Poverty, Revolutionize Work, and Remake the World, which advocates that the federal
An opinion columnist in the Washington Post argues that the Stop Bad Employers by Zeroing Out Subsidies Act is “virtually guaranteed to hurt the very low income working families its sponsors want
The Apply the Concept feature explains that there are both positive and normative aspects to the debate over whether the federal government should enact tariffs on imports from China. What economic
Review the information in Figure 2.4. Choose a rate of trading cherries for apples different from the rate used in the text (15 pounds of cherries for 10 pounds of apples) that will allow you and
The U.S. Postal Service (USPS) charges Amazon about $2 to deliver a package. The USPS argues that its contract with Amazon allows it to reduce the loss it suffers on its overall operations. A
Suppose you are building an economic model to forecast the number of people employed in U.S. manufacturing in 2026.Should your model take into account possible changes in economic policy enacted by
In a paper written by Bentley College economists Patricia M. Flynn and Michael A. Quinn, the authors state: We find evidence that Economics is a good choice of major for those aspiring to become a
In an opinion column in the Wall Street Journal, economist Richard McKenzie of the University of California, Irvine wrote: “If countries import goods that can be made more cheaply abroad than at
Suppose that France and Germany both produce cheese and wine. The following table shows combinations of the goods that each country can produce in a day.a. Which country has a comparative advantage
Prior to 2019, Tesla operated only a single factory, located in Fremont, California. In 2019, the firm began constructing a second factory, located in Shanghai, China. According to an article in the
Identify whether each of the following transactions will take place in the factor market or in the product market and whether households or firms are supplying the good or service or demanding the
Imagine that the next time the Green Bay Packers play the Chicago Bears at Lambeau Field in Green Bay, Wisconsin, Packers star quarterback Aaron Rodgers has a temporary lack of judgment and plans to
An editorial in the New York Times discussed whether the federal government should enact regulations that would force firms to accept lower prices when selling pharmaceuticals and medical devices.
A news article described a new prescription drug that costs up to “$94,000 for one 12-week treatment regimen” to treat hepatitis C, which is a liver disease that afflicts as many as 3 million
According to an article in the Economist magazine, “In all rich countries, property rights are secure. . . . Legally recognising land ownership has boosted farmers’ income and productivity in
In discussing dividing up household chores, Emily Oster, an economist at Brown University, advised, “No, you shouldn’t always unload the dishwasher because you’re better at it.” If you are
The chapter mentions that in 1965, married women and men combined spent significantly more time on housework than they did in 2018. Does the decrease in the total number of hours of housework during
A Gallup public opinion poll indicates that among people aged 18 to 29, more have a favorable view of socialism than of capitalism. A columnist in the Wall Street Journal comments, “Would these
The city government of Washington, DC, has passed a regulation that requires most childcare workers to hold at least an associate’s degree. Suppose that this regulation increases the quality of
The following graphs show the demand and supply curves for two markets. One of the markets is for electric automobiles, and the other is for a cancer-fighting drug, without which lung cancer patients
Suppose the demand for athletic shoes increases rapidly during 2020. At the same time, six more firms begin producing athletic shoes. A student remarks that, because of these events, we can’t know
According to a personal technology column in the Wall Street Journal, as smartphones have increased in size, several firms, including PopSockets, have begun making grips that make it less likely that
According to an article in the Wall Street Journal in early 2019, the price of oil produced in the United States had increased by 25 percent since the beginning of the year. At the same time, U.S.
Briefly explain whether each of the following statements describes a change in supply or a change in quantity supplied.a. To take advantage of high prices for snow shovels during a snowy winter,
According to a news article, “The health benefits of coconut oil have been challenged by the American Heart Association and other organizations in recent years and that has hurt demand.” The
The late Nobel Laureate Gary Becker once described how an economist should analyze the demand for butter: An economist “would want to consider the price of butter and probably the level of income,
For each of the following pairs of products, briefly explain which pairs are complements, which are substitutes, and which are unrelated.a. New cars and used carsb. Houses and washing machinesc. UGG
Pine trees can take about 30 years to grow. A number of family farmers in southern states like Mississippi converted their land from growing other crops to growing pine trees. One farmer was quoted
According to a news article: About 1.4 billion pounds of American, cheddar and other kinds of cheese is socked away at cold-storage warehouses across the country, the biggest stockpile since federal
According to an article in the Wall Street Journal, both the quantity of organic milk sold and the price per half gallon have been falling. For each of the following scenarios, briefly explain
A student was asked to draw a demand and supply graph to illustrate the effect on the market for premium bottled water of a fall in the price of electrolytes used in some brands of premium bottled
According to an article in the Wall Street Journal, between 1998 and 2018, the number of nonstop coast-to-coast flights in the United States more than doubled at the same time that the price of a
The following four graphs represent four market scenarios, each of which would cause either a movement along the supply curve for premium bottled water or a shift of the supply curve. Match each
From 1979 to 2015, China had a policy that allowed couples to have only one child. (Since 2016, couples have been allowed to have two children.) The one-child policy caused a change in the
An article in the Wall Street Journal on the market for traditional canned tuna stated the following two facts:i. Firms selling traditional canned tuna are struggling to connect with millennial and
An article on All birds athletic shoes, which are made with merino wool uppers, made the following three points:a. The shoes “are a favorite of striving venture capitalists and celebrities.”b.
Why do some consumers tend to favor price ceilings while others tend to oppose them?
On a shopping trip, Sofia decided to buy a light blue coat that had a price tag of $79.95. When she brought the coat to the store’s sales clerk, Sofia was told that the coat was on sale, and she
Economist Tim Harford wrote in a column for the Financial Times that “new digital goods have a huge and unmeasured benefit to consumers—‘consumer surplus.’” Briefly explain what he meant.
The following graph shows the effect of a tax imposed on soft drinks. Use this graph to answer the questions.a. Which areas in the graph represent the excess burden (deadweight loss) of the tax?b.
According to an article in the Wall Street Journal, restaurants such as McDonald’s and Wendy’s have the goal of using in their hamburgers only meat from cattle that were raised without being fed
Erik Brynjolfsson and Avinash Gannamaneni of MIT and Felix Eggers of the University of Groningen estimated that the average U.S. consumer over the age of 16 would pay $1,173 per year rather than do
Ekaterina Jardim, Jacob Vigdor, and colleagues at the University of Washington concluded that when Seattle raised its minimum wage, the effect was to lower “the amount paid to workers in low-wage
Cities like San Francisco and New York that require a driver to buy a city-issued taxi medallion before the driver can legally operate a taxi are shifting the supply curve for taxis to the left

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