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macroeconomics
Exploring Macroeconomics 5th Edition Robert L. Sexton - Solutions
6. How have interest-earning checking accounts and overdraft protection led to the relative decline in demand deposits?
5. What are M1 and M2?
4. Are credit cards money?
3. What is the main advantage of transaction deposits for tax purposes? What is their main disadvantage for tax purposes?
2. If you were buying a pack of gum, would using currency or a demand deposit have lower transaction costs?What if you were buying a house?
1. If everyone in an economy accepted poker chips as payment in exchange for goods and services, would poker chips be money?
1. What backs our money?
1. What is included in the money supply?
1. What is liquidity?
1. What is currency?
4. Why do virtually all societies create something to function as money?
3. In a world of barter, would useful financial statements such as balance sheets be possible? Would stock markets be possible? Would it be possible to build cars?
2. How can uncertain and rapid rates of inflation erode money’s ability to perform its functions efficiently?
1. Why does the advantage of monetary exchange over barter increase as an economy becomes more complex?
1. How does money serve as a store of value?
1. How does money lower the costs of making transactions?
1. Is using money better than barter?
1. What is money?
4. What must be true for Americans to be better off as a result of an increase in the national debt?
3. What are the intergenerational effects of a national debt?
2. What will happen to the interest rate when a budget surplus occurs?
1. What will happen to the interest rate when a budget deficit occurs?
3. Why are transfer payments such as unemployment compensation effective automatic stabilizers?
2. Are automatic stabilizers affected by a time lag? Why or why not?
1. How does the tax system act as an automatic stabilizer?
1. What impact does a budget surplus have on the interest rate?
1. What impact does a budget deficit have on the interest rate?
1. What has happened to the federal budget balance?
1. How is the national debt financed?
1. What are budget deficit and budget surplus?
1. Which automatic stabilizers are the most important?
1. What are automatic stabilizers?
3. How do time lags affect the effectiveness of fiscal policy?
2. Why does fiscal policy have a smaller effect on aggregate demand the greater the crowding-out effect is?
1. Why does a larger government budget deficit increase the magnitude of the crowding-out effect?
4. What effects would a contractionary fiscal policy have on the price level and real GDP, starting from a full-employment equilibrium?
3. What effects would an expansionary fiscal policy have on the price level and real GDP, starting from a full-employment equilibrium?
2. If the economy is at a short-run equilibrium at greater than full employment, what sort of fiscal policy changes would tend to bring the economy back to a full-employment equilibrium?
1. If the economy is in recession, what sort of fiscal policy changes would tend to bring it out of recession?
1. How does investment interact with the multiplier effect?
1. How does the marginal propensity to consume affect the multiplier effect?
1. What is the multiplier effect?
5. If an increase in government purchases leads to a reduction in private-sector purchases, why will the effect on the economy be smaller than that indicated by the multiplier?
4. Why does the multiplier effect get larger as the marginal propensity to consume gets larger?
3. Why is the marginal propensity to consume always less than one?
2. What is the marginal propensity to consume?
1. How does the multiplier effect work?
1. What do its critics say about supply-side ideas?
1. How do supply-side policies affect long-run aggregate supply?
1. What is supply-side?
5. If taxes increase, what would you expect to happen to employment in the underground economy? Why?
4. Why are the full effects of supply-side policies not immediately apparent?
3. Why do government regulations have the same sort of effects on businesses as taxes?
2. Why could you say that supply-side economics is really more about after-tax wages and after-tax returns on investment than it is about tax rates?
1. Is supply-side economics more concerned with short-run economic stabilization or long-run economic growth?
1. How do time lags in policy implementation affect policy effectiveness?
1. How does the crowding-out effect limit the economic impact of increased government purchases or reduced taxes?
8. If OPEC temporarily restricted the world output of oil, what would happen to short- and long-run aggregate supply? What would happen if the output restriction was permanent?
7. What would happen to short- and long-run aggregate supply if unusually good weather led to bumper crops of most agricultural produce?
6. How can a change in input prices change the short-run aggregate supply curve but not the long-run aggregate supply curve? How could it change both long-run and short-run aggregate supply?
5. What would happen to the short-run and long-run aggregate supply curves if the capital stock grew and available supplies of natural resources expanded over the same period of time?
4. What would happen to short-run and long-run aggregate supply curves if the government required every firm to file explanatory paperwork each time a decision was made?
3. What would discovering huge new supplies of oil and natural gas do to the short-run and long-run aggregate supply curves?
2. Why do lower input costs increase the level of RGDP supplied at any given price level?
1. Which of the aggregate supply curves will shift in response to a change in the expected price level? Why?
6. If the price of cotton increased 10 percent when cotton producers thought other prices were rising 5 percent over the same period, what would happen to the quantity of RGDP supplied in the cotton industry? What if cotton producers thought other prices were rising 20 percent over the same period?
5. What would the short-run aggregate supply curve look like if input prices always changed instantaneously as soon as output prices changed? Why?
4. Why is the short-run aggregate supply curve upward sloping, while the long-run aggregate supply curve is vertical at the natural rate of output?
3. Why is focusing on producers’ profit margins helpful in understanding the logic of the short-run aggregate supply curve?
2. What relationship does the long-run aggregate supply curve represent?
1. What relationship does the short-run aggregate supply curve represent?
5. If wages are sticky downward, why will a decrease in aggregate demand primarily reduce real output?
4. What would keep wages from falling quickly in a recession?
3. Why was the double-digit unemployment of the Great Depression when Keynes wrote The General Theory of Employment, Interest and Money helpful in leading to its general acceptance?
2. Which school of thought emphasized that markets can rapidly adjust to changes?
1. What are the two primary approaches to macroeconomics?
9. How does the economy self-correct?
8. What are sticky prices and wages?
7. What would happen to the price level, real output, and unemployment in the short run if world oil prices fell sharply?
6. How would a drop in consumer confidence impact the short-run macroeconomy?
5. Starting from long-run equilibrium on the long-run aggregate supply curve, what happens to the price level, real output, and unemployment as a result of cost-push inflation?
4. What is cost-push inflation?
3. What is demand-pull inflation?
2. What is an inflationary gap?
1. What is a recessionary gap?
7. What tends to happen to inventories if output exceeds aggregate expenditures? What tends to happen to output?
6. What tends to happen to inventories if aggregate expenditures exceed output? What tends to happen to output?
5. Why would an increase in disposable income increase induced consumption but not autonomous consumption?
4. What would happen to the slope of the consumption function if the marginal propensity to save fell?
3. Could a student have a positive marginal propensity to save, and yet have negative savings (increased borrowing) at the same time?
2. If your marginal propensity to consume was 0.75, what is your marginal propensity to save? If your marginal propensity to consume rose to 0.80, what would happen to your marginal propensity to save?
1. If consumption purchases rise with disposable income, how would an increase in taxes affect consumption purchases?
6. If wages are sticky downward, why will a decrease in autonomous expenditures reduce real output much like the Keynesian expenditure model indicates?
5. If the short-run aggregate supply curve is upward sloping, why will the change in real output due to an increase in autonomous expenditures in the short run be less than that indicated by the change in aggregate demand?
4. Along a vertical long-run aggregate supply curve, what effect will a $10 billion increase in government expenditures have on real output?
3. If autonomous expenditures decreased by $50 billion, what is the change in aggregate demand at a given price level if the marginal propensity to consume is 0.8?
2. If autonomous expenditures increased by $20 billion, what is the change in aggregate demand at a given price level if the marginal propensity to consume is 0.75?
1. In the aggregate expenditure model, does a lower price level lead to an increase in the real quantity of goods and services demanded or an increase in demand?
4. How does unplanned inventory investment signal which way real GDP will tend to change in the economy?
3. As the economy turns toward a recession, what happens to unplanned inventory investment? Why? What happens to planned investment? Why?
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