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macroeconomics

Questions and Answers of Macroeconomics

How could a giant federal debt have a negative impact on the economy?
Identify three functions of money and six qualities of the ideal money.
What are subprime mortgages, and what role did they play in the financial crisis of 2008?
What is the Fed, what are its two mandated objectives, and what are some other goals?
What are the main powers and responsibilities of the Federal Reserve System?
Why is using a debit card like using cash, but using a credit card is not?
Why is a bank in a better position to lend your savings than you are?
What portion of Federal Reserve notes circulate outside the United States? How does this affect the United States?
What are the Fed’s tools of monetary policy?
What’s special about a national economy compared to regional, state, or local economies?
Explain the shapes of the aggregate demand curve and the aggregate supply curve.
Identify the five eras of the U.S. economy, and describe briefly what was going on during each.
Classify each of the following as a durable good, a nondurable good, or a service:v a. A gallon of milk b. A lawn mower c. A smartphone d. A manicure e. A pair of shoes f. An eye exam g. A
What is the biggest source of household income, and what is the biggest household expenditure?
Trace the evolution of production over the centuries from the household to the modern corporation.
Identify seven roles of government.
Complete each of the following sentences: a. Goods that are nonrival and nonexclusive are known as .b. are cash or in-kind benefits given to individuals as outright grants from the government. c.
Why does a demand curve slope downward?
Identify five changes that could shift a market demand curve to the right.
Why does the supply curve usually slope upward?
Identify five changes that could shift a market supply curve to the right.
Explain the effect of an increase in consumer income on the demand for a good.
What forces the price down if it is above equilibrium? What forces the price up if it is below equilibrium?
If chocolate is found to have positive health benefits, would this lead to a shift of the demand curve or a movement along the demand curve?
If a severe frost destroys some of Florida’s citrus crop, would this lead to a shift of the supply curve or a movement along the supply curve?
What’s the difference between money income and real income?
Describe fluctuations in economic activity over time. Because economic activity fluctuates, how is long-term growth possible?
The price level grew slightly faster than real GDP between 1947 and 2014. Does this mean that the rising price level masked an actual decline in output? Why or why not?
Describe the two ways of computing GDP and explain why they are equivalent.
Trace through the circular flow model, explaining each of the 10 steps along the way.
Identify the limitations of the national income accounting system.
What is a price index and why is it useful?
What are the leakages from and injections into the circular flow? How are leakages and injections related in the circular flow?
What does the unemployment rate measure, and what are four sources of unemployment?
What are the pros and cons of unemployment insurance?
What is inflation and what are two sources of inflation?
How does unanticipated inflation harm some individuals and harm the economy as a whole?
What’s labor productivity, and why is it important for a nation’s standard of living?
What was happening to U.S. labor productivity during each of the five periods since World War II identified in Exhibit 6, and why does it matter?Exhibit 6
Evaluate the evidence that technological change increases the unemployment rate.
What is a consumption function and what is its slope?
What changes can shift the consumption function up or down?
Why does investment vary more than consumption from year to year?
How does the aggregate expenditure line determine the quantity of aggregate output demanded?
What is the simple spending multiplier?
What determines the shape and position of the short-run aggregate supply curve?
What’s the relationship between the aggregate expenditure line and the aggregate demand curve?
What market forces push the economy toward its potential output in the long run?
Why do shifts of the aggregate demand curve change the price level in the long run but not potential output?
What can shift an economy’s potential output in the long run?
What is the relationship between potential output and the natural rate of unemployment? a. If the economy currently has a frictional unemployment rate of 2 percent, structural unemployment of 2
The ability of the economy to eliminate any imbalances between actual and potential output is some times called self-correction. Using an aggregate supply and aggregate demand diagram, show why this
What discretionary fiscal policies could close a recessionary gap? What discretionary fiscal policies could close an expansionary gap?
What is the opportunity cost of an activity, and why is that cost sometimes difficult to estimate?
What is the difference between absolute advantage and comparative advantage, and which is more relevant in deciding who should do what?
List the assumptions used to develop the PPF, and identify six economic ideas demonstrated by the PPF.
What three questions must every economic system answer?
What basic economic questions must be answered in a barter economy? In a primitive economy? In a capitalist economy? In a command economy?
Suppose you go to a restaurant and buy an expensive meal. Halfway through, despite feeling quite full, you decide to clean your plate. After all, you think, you paid for the meal, so you are going to
Determine whether each of the following would cause the economy’s PPF to shift inward, outward, or not at all: a. An increase in average length of annual vacations b. An increase in
Identify and describe the movement of resources and products through the circular flow model.
What two measures are compared when making an economic choice?
Determine whether each of the following is primarily a microeconomic or a macroeconomic issue:a. What price to charge for an automobileb. Measuring the impact of tax policies on consumer spending in
It is often costly to obtain the information necessary to make good decisions. Yet your own interests can be best served by rationally weighing all options available to you. This requires informed
Review the discussion of pitfalls in economic thinking in this chapter. Then identify the fallacy, or mistake in thinking, in each of the following statements:a. Raising taxes always increases
Suppose I observe that communities with lots of doctors tend to have relatively high rates of illness. I conclude that doctors cause illness. What’s wrong with this reasoning?
Why do American households and businesses buy things from foreigners? What are the characteristics of the items we buy from foreigners? What are the characteristics of the things we sell to
Trade restrictions limiting the sale of cheap foreign goods in the United States are necessary to protect the prosperity of Americans.” Evaluate this statement made by an American political leader.
Suppose as the result of the Civil War that the United States had been divided into two countries and that, through the years, high trade barriers had grown up between the two. How might the standard
Can both of the following statements be true? Why or why not? a. “Tariffs and import quotas promote economic inefficiency and reduce the real income of a nation. Economic analysis suggests that
Imports destroy jobs; exports create them. The average American is hurt by imports and helped by exports.” Do you agree or disagree with this statement? Explain.
The accompanying chart indicates an actual newspaper quotation of the exchange rate of various currencies. On February 2, did the dollar appreciate or depreciate against the British pound? How did it
An increased scarcity of a product benefits producers and harms consumers. In effect, tariffs and other trade restrictions increase the domestic scarcity of products by reducing the supply from
In 2018, the Trump administration imposed a 25 percent tariff on steel. What is the expected impact on employment in the U.S. auto industry?
If the dollar depreciates relative to the Japanese yen, how will this affect the dollar price of a Japanese camera produced by Nikon, for example? How will this change influence the quantity of Nikon
How will the purchases of items from foreigners compare with the sales of items to foreigners when the foreign exchange market is in equilibrium? Explain.
Will a flexible exchange rate bring the imports of goods and services into balance with the exports of goods and services? Why or why not?
Suppose the exchange rate between the United States and Mexico freely fluctuates in the open market. Indicate whether each of the following would cause the dollar to appreciate or depreciate relative
Explain why the current-account balance and capital-account balance must sum to zero under a pure flexible rate system.
Rapidly growing strong economies often experience trade deficits, whereas economies with sluggish growth often have trade surpluses. Can you explain this puzzle?
In recent years, a substantial share of the domestic capital formation in the United States has been financed by foreign investors. Is this dependence on foreign capital dangerous? What would happen
Suppose that the United States were running a currentaccount deficit. How would each of the following changes influence the size of the current-account deficit?a. A recession in the United States b.
If taxes imposed on personal and corporate income increased substantially in the United States and the monetary policy of the United States was less stable and more inflationary than other countries,
If foreigners have confidence in the U.S. economy and therefore move to expand their investments in the United States, how will the U.S. current-account balance be affected? How will the
Is a trade surplus indicative of a strong, healthy economy? Why or why not?
Changes in exchange rates will automatically direct a country to a current-account balance under a flexible exchange rate system.” Is this statement true or false?
Several members of Congress have been highly critical of Japan and China because U.S. imports from these countries have persistently been substantially greater than our exports to them.a. Under a
In recent years, the central banks of both Japan and China have purchased large amounts of U.S. Treasury bonds. These purchases increase the exchange rate value of the dollar relative to the Japanese
How do taxes influence the efficiency of resource use? How much does it cost for the government to raise an additional dollar (or $1 billion) of tax revenue?
During the past six decades, there has been a shift in the composition of the federal budget toward more spending on income transfers and health care and a smaller share for national defense. Does
Because the structure of the personal income tax is progressive, a larger share of income is taxed at higher rates as real income increases. Therefore, economic growth automatically results in higher
Compared with the situation before 1981, the marginal tax rates imposed on individuals and families with high incomes are now lower. What was the top marginal personal income tax rate in 1980? What
As the result of changes during the last two decades, the bottom half of income recipients now pay little or no personal income tax. Rather than paying taxes, many of them now receive payments back
How have the size and functions of government changed during the last two centuries? Did the framers of the U.S. Constitution seek to limit the size of the federal government? If so, how?
Can democracy survive if a majority of citizens pay little or nothing in taxes while benefiting directly from a higher level of government spending? Why or why not? Discuss.
Is the Social Security system based on the same principles as private insurance? Why or why not?
Why does the Social Security system face a crisis? Are there real assets in the Social Security Trust Fund that can be used to pay future benefits? Will the trust fund help to avert higher future
Do you think workers should be permitted to invest all or part of their Social Security taxes into a personal retirement account? Why or why not?
How does Social Security affect the economic well-being of blacks relative to whites and Hispanics? Explain.
Does the current Social Security system promote income equality? Why or why not?

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