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macroeconomics

Questions and Answers of Macroeconomics

The following questions are about long-run equilibrium in the market for cage-free eggs.a. According to the chapter opener, in 2019 was the market for cage-free eggs in long-run equilibrium? Briefly
In 2019, an article in the Wall Street Journal noted that the Nestlé company was facing “fierce competition” in the markets for its Nescafé coffee and KitKat chocolate bars. Does this “fierce
An article in the Wall Street Journal about companies drilling in shale oil fields notes that “banks have provided financing when [oil] producers spend more cash than they take in from
An article on forbes.com discussed a business decision by Matt O’Hayer, owner of Vital Farms. O’Hayer was one of the first poultry farmers to begin selling pastured eggs. He committed to raising
A columnist in the Wall Street Journal observes that “the highest-cost producers mining Canada’s oil sands can’t make profits at $50 but, since they have big sunk costs and little need to
Why is a monopolistically competitive firm not allocatively efficient?
An article in the Wall Street Journal discussed the Ground Round restaurant chain, which had 219 restaurants at its peak in 1989 but today has only 22. According to the article, “Ground Round had
JAB, a German company that now owns both Peet’s and Intelligentsia, has been focusing on sales of cold-brewed coffee, which it sells in supermarkets and convenience stores. According to an article
A column in the Wall Street Journal argues that many firms have shifted away from traditional advertising toward providing “content”: “Content, these days, is the catchall term for all the
According to an article on barrons.com, earnings increased for Starbucks in early 2019 partly because of lower variable costs due to “streamlined operations.” Draw a graph showing the effect of
The third wave coffeehouse Intelligentsia offers 46 different “In Season” coffees over the course of the year. These coffees are sold to customers closer to the time the coffee beans were picked
In 2019, an article on forbes.com discussed one of the new Reserve Roastery coffeehouses that Starbucks has introduced: A “23,000-squarefoot three-story emporium, where specialty coffee, pizza and
Draw a graph similar to panel (a) of Figure 13.5, showing the effect of installing Just Walk Out technology in a convenience store that had previously used a conventional checkout process with cash
The following table is similar to Table 16.2, except that it includes the earnings of Asian men and women. Does the fact that Asian men are the highest-earning group in the table affect the
The following table is based on a summary of a survey conducted by the Bureau of Labor Statistics. There are wide differences in the median wages of the occupations listed- for example, between air
State whether each of the following events will result in a movement along the market supply curve of agricultural labor in the United States or whether it will cause the market supply curve of
In San Francisco, the minimum wage is $15 per hour. Restaurants that have more than 20 employees must also provide them with health insurance, paid sick leave, and paid parental leave. In response,
The Creator restaurant has replaced cooks and food preparers with a robot. On its website, the company describes the people who work there as “a motley crew of engineers, culinary scientists,
Prior to the early twentieth century, a worker who was injured on the job could collect damages only by suing his employer. To sue successfully, the worker-or his family, if the worker had been
Why might employers be more likely to interview a job applicant with a white-sounding name than an applicant with an African American–sounding name? Leaving aside legal penalties, will employers
Many firms include on their employment applications a box that job seekers are asked to check if they have ever been convicted of a crime. Some firms automatically reject applicants who check the
Daniel Hamermesh, an economist at the University of Texas, has done a great deal of research on labor markets. In a book, Hamermesh wrote that “there is a penalty to earnings for bad looks and a
Airlines sometimes find themselves in price wars. Consider the following game: Delta and United are the only two airlines flying the route from Houston, Texas, to Omaha, Nebraska. Each firm has two
Briefly explain which of the five competitive forces is involved in each of these business developments.a. The effect on the Educational Testing Service, which offers the SAT test, as more college
When Microsoft announced a new version of its Xbox One video game console, it said the console would have a price of $499. Later, Sony announced that its new PlayStation 4 video game console would
An article in the Wall Street Journal quoted a business consultant as saying, “Today, companies are trying to get bigger to get economies of scale.”a. What are economies of scale?b. What benefits
A column on bloomberg.com discusses whether tech firms like Google, Apple, Facebook, and Amazon will be able to maintain their high market shares indefinitely. The column notes that the firms
The late Thomas McCraw of the Harvard Business School once wrote, “Throughout American history, entrepreneurs have tried, sometimes desperately, to create big businesses out of naturally
An article on cnbc.com about the turnover in the firms included in the S&P 500 stock index notes that “the disruptive force of technology is killing off older companies earlier and at a much faster
In Florida, it is illegal for anyone who isn’t a state-licensed dietitian to accept payment for providing nutritional advice—such asrecommending that someone follow a particular diet and
An article in the Wall Street Journal in 2019 discussed the fact that ride-sharing firms Uber and Lyft were suffering losses. The article noted that to eliminate these losses, “numerous investors
In 2019, Best Buy had the following price matching policy posted to its website: We match local retail competitors (including their online prices) and these qualifying online retailers: Amazon.com,
Suppose that Congress decides to end the USPS’s monopoly on making deliveries to residential mailboxes. Will consumer surplus and economic efficiency necessarily increase? What information would
In 2019, Noëlle Santos opened The Lit. Bar bookstore in the Bronx borough of New York City. Her bookstore is the only one located in the Bronx, which has a population of about 1.5 million. Should
A columnist for the Boston Globe observes, “Google is a ‘monopoly’ only in its corner of the Internet playing field: search engine advertising. That is certainly an important corner, but it
Review the concept of externalities from Chapter 5. If a market is a monopoly, will a negative externality in production always lead to a quantity being produced that is greater than the economically
In discussing Senator Elizabeth Warren’s proposal to treat technology firms like Google and Facebook as public utilities, an article on bloomberg.com observes, “Public utility regulation is
A task force established by the Trump administration to evaluate the USPS recommended that Congress consider making the USPS a private firm, although the Postal Rate Commission might keep the
Suppose that the city has given Fernando a monopoly selling baseball caps at the local minor league stadium. Use the following graph to answer the questions.a. What quantity will Fernando produce,
We saw in the chapter that when firms want to merge, they frequently make the argument that the newly merged firm will have significantly lower costs. Suppose for the sake of simplicity that all the
An article in the Wall Street Journal discussing the smartphone market notes that industry analysts make the followingobservation: Apple’s “biggest advantage has been its role as the only seller
Look again at the section “The Department of Justice and FTC Merger Guidelines and the Herfindahl-Hirschman Index of Concentration.” Evaluate the following situations.a. A market initially has 20
Quora.com is a website where people post questions and users suggest answers. One user posted the following question: “If monopolies are price makers, why don’t they charge an infinite
The following table shows the market shares during the first three months of 2019 for companies in the U.S. personal computer (PC) market, which includes desktop PCs and laptops but not tablets, such
Use the following graph of a monopoly to answer the questions.a. What quantity will the monopoly produce, and what price will the monopoly charge?b. Suppose the monopoly is regulated. If the
Jason Furman and Tim Simcoe, who served on President Barack Obama’s Council of Economic Advisors, wrote, “Economists have studied [price discrimination] for many years, and while big data seems
In what sense is the demand for labor a derived demand?
What is the difference between the marginal product of labor and the marginal revenue product of labor?
In 2018, Frito-Lay changed the compensation of drivers of trucks delivering Doritos, Cheetos, and other snacks to convenience stores and supermarkets. Previously, drivers’ compensation depended
In recent years, the gap between the wages of workers with college degrees and the wages of workers without college degrees has been increasing.a. What does this fact tell us about how much in recent
Research by economists Susan Helper, Morris Kleiner, and Yingchun Wang found that the use of pay-forperformance, or piece-rate pay, has declined in manufacturing industries in recent decades. They
According to a columnist in the Wall Street Journal, “The fact that smart, ambitious children who attend elite colleges also do well in life doesn’t mean the first caused the second.” Briefly
In discussing “output-based compensation schemes,” such as piece-rate systems, Stanford economist Edward Lazear observed, “One major advantage of this approach is that it accommodates a variety
An article in the Wall Street Journal discussed the large amounts that music companies are willing to pay in contracts with some hip hop or rap artists. According to the article, these large
A report from an economic policy organization concludes, “Yes, automation has led to job displacements in particular occupations and industries in the past, but there is no basis for claiming that
WeWork buys or rents office space and converts it to shared space that it then rents to individuals and firms. According to an article in the Wall Street Journal, until it agreed to stop doing so as
What is the largest source of revenue for the federal government? What is the largest source of revenue for state and local governments?
If you sell a house or an apartment in New York City (NYC), you must pay a real estate transfer tax to both the city and the state. A real estate blog asks the question “Who Pays Transfer Taxes
The federal government imposes a tax on sales of cigarettes. The federal Centers for Disease Control and Prevention compiled the data shown in the following table.Based on these data, is the federal
Use the information in Table 17.2 to calculate the total federal income tax paid, the marginal tax rate, and the average tax rate for people with the following incomes. (For simplicity, assume that
An article in the New York Times observed: “Income inequality is now significantly driven by well-paid college graduates marrying one another, and by poorly paid high school dropouts doing the
Use the following table to answer the questions.a. What is the average tax rate at each income level?b. Based on these data, is the tax progressive or regressive? Briefly explain.c. Is it possible to
In a column in the Washington Post, Roger Lowenstein wrote, Raising mobility should be a priority—and as a guide to policy, it is less controversial, and less politicized, than [reducing]
Use the following Lorenz curve graph to answer the questions.a. Did the distribution of income become more equal in 2020 than it was in 2019, or did it become less equal? Briefly explain.b. If area A
We saw in Chapter 4, Solved Problem 4.4 that Seattle levies a tax on soda of 1.75 cents per ounce. A report prepared by Jesse Jones-Smith of the University of Washington and Nadine Chan of the
Draw a Lorenz curve showing the distribution of income for the five people in the following table. Name Lena David Steve Jerome Lori Annual Earnings $70,000 60,000 50,000 40,000 30,000
An article in the Wall Street Journal outlined a variety of proposals by candidates for the 2020 Democratic nomination for president to raise tax rates on people earning high incomes. One proposal
In an opinion column in the New York Times, Mark Rank of Washington University, St. Louis described research he carried out with Thomas A. Hirschl of Cornell University. They tracked individuals
Currently, the Social Security and Medicare programs are funded by payroll taxes rather than by the federal personal income tax. In 2019, the payroll tax for Social Security was 12.4 percent on wage,
An opinion column in the Wall Street Journal argues that “companies that buy health insurance on behalf of workers are, in effect, giving them some of their compensation in the form of benefits.
Evaluate the following statement: “Policies to redistribute income are desperately needed in the United States. Without such policies, the roughly 12 percent of the population that is currently
According to an article in the Washington Post, during her campaign for the 2020 Democratic presidential nomination, Massachusetts Senator Elizabeth Warren considered proposing an increase in federal
Each year Forbes magazine compiles a list of the 400 wealthiest Americans. An analysis of how the people on the list earned their wealth found: “In 1984, less than half the people on The Forbes 400
What’s the difference between active policy and passive policy? How do the two approaches differ in their assumptions about how well the economy works on its own?
How can expectations influence the effectiveness of discretionary policy?
Why do some economists prefer that policy be shaped by predictable rules rather than by the discretion of policy makers?
Explain the shape of the short-run Phillips curve and the long-run Phillips curve.
What are the gains from international trade, and why might countries still decide to trade even if no country has a comparative advantage?
How do trade restrictions harm the economy, and why do they persist?
Identify international efforts to reduce trade barriers.
Identify five arguments often used to justify trade restriction. What are some unintended consequences of protecting certain industries from international competition?
What are the major accounts in the balance of trade, and how do they balance out?
Describe how the foreign exchange rate is determined. Use a diagram and explain the shapes of the curves.
What is the purchasing power parity theory, and how well does the Big Mac index support it?
Trace the evolution of exchange rate regimes from the gold standard to the current system.
Besides income, identify ways that low-income economies differ from high-income economies.
What factors help make workers in high-income economies more productive than workers in other economies?
How could trade restrictions slow economic development in poorer countries?
What are some unintended consequences of foreign aid on economic development?
Explain how the demand and supply of money determine the market interest rate.
Trace the steps between an increase in the money supply and an increase in equilibrium output.
What’s the relevance of velocity’s stability on monetary policy?
What specific policies did the Fed pursue during and after the Great Recession? What new monetary tools were developed to deal with the Great Recession?
Summarize fiscal policy from the Great Depression to stagflation.
Identify some reasons why discretionary fiscal policy may not work very well.
Summarize fiscal policy during the 1980s and 1990s. When and why did the federal budget show a surplus?
Summarize fiscal policy during and after the Great Recession. Contrast the opinions about the effectiveness of fiscal policy during this period?
How have federal spending priorities changed since the 1960s?
Why has the federal budget been in deficit most years since the Great Depression?
What has happened to federal debt in recent decades, and how does the U.S. debt level compare with levels in other countries?

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