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macroeconomics

Questions and Answers of Macroeconomics

If a senator trades his or her vote on an issue for a $10,000 payment, would you consider this corruption? If a senator votes a certain way in “exchange” for a $10,000 contribution to his or her
The United States imposes highly restrictive sugar import quotas that result in a domestic price that is generally 50 to 100 percent higher than the world price. The quotas benefit sugar growers at
The Federal Drug Administration will not approve new pharmaceutical products unless the developer can prove that its product is both safe and effective as a remedy for specified ailments. Do you
Indicate how each of the following activities will affect this year’s GDP: a. The sale of a used economics textbook to the college bookstore b. Smith’s $500 doctor bill for setting her son’s
If nominal GDP increased by 6 percent during a year, while the GDP deflator increased by 4 percent, by how much did real GDP change during the year?
A large furniture retailer sells $100,000 of household furnishings from inventories built up last year. How does this sale influence GDP? How are the components of GDP affected?
The receipts and year of release of five successful movies, along with the CPI data of each year are presented below. Assuming that the receipts for each of the movies were derived during their year
Suppose a group of British investors finances the construction of a plant to manufacture skateboards in St. Louis, Missouri. How will the construction of the plant affect GDP? Suppose the plant
Why might even real GDP be a misleading index of changes in output between 1950 and 2020 in the United States?
What are price indexes designed to measure? Outline how they are constructed. When GDP and other income figures are compared across time periods, explain why it is important to adjust for changes in
In 1982, the average hourly earnings of private nonagricultural production workers were $7.86 per hour. By 2019, the average hourly earnings had risen to $23.51. In 2019, the CPI was 255.7, compared
How much do each of the following contribute to GDP? a. Jones pays a repair shop $1,000 to rebuild the engine of her automobile. b. Jones spends $200 on parts and pays a mechanic $400 to rebuild
What is the difference between the consumer price index (CPI) and the GDP deflator? Which would be better to use if you want to measure whether your hourly earnings this year were higher than they
Indicate whether the following statements are true or false: a. “For the economy as a whole, inventory investment can never be negative.” b. “The net investment of an economy must always be
How do the receipts and expenditures of a state operated lottery affect GDP?
The accompanying chart presents 2020 data from the national-income accounts of the United States.a. Indicate the various components of GDP when it is derived by the expenditure approach. Calculate
GDP does not count productive services, such as child care, food preparation, cleaning, and laundry, provided within the household. Why are these things excluded? Is GDP a sexist measure? Does it
Indicate how each of the following will affect this year’s GDP:a. You suffer $10,000 of damage when you wreck your automobile. b. You win $10,000 in a state lottery. c. You spend $5,100 in
Can price indexes also be used to measure differences in the general level of prices between cities and geographic areas within a country? If you had a job offer paying $100,000 in San Francisco and
Should the United States attempt to reduce air and water pollution to zero? Why or why not?
If Jones trades a used car to Smith for $5,000, nothing new is created. Thus, there is no way the transaction can improve the welfare of people.” Is this statement true? Why or why not?
The government should provide such goods as health care, education, and highways because it can provide them for free.” Is this statement true or false? Explain your answer.
Indicate how each of the following changes would influence the incentive of a decision-maker to undertake the action described.a. A reduction in the temperature from 80° to 50° on one’s decision
a. What method is used to ration goods in a market economy? How does this rationing method influence the incentive of individuals to supply goods, services, and resources to others? b. How are
In recent years, the child tax credit has been increased in the United States. According to the basic principles of economics, how will the birthrate be affected by policies that reduce the taxes
The economic way of thinking stresses that good intentions lead to sound policy.” Is this statement true or false? Explain your answer.
Self-interest is a powerful motivator. Does this necessarily imply that people are selfish and greedy? Do self-interest and selfishness mean the same thing?
A restaurant offers an “all you can eat” lunch buffet for $10. Shawn has already eaten three servings, and is trying to decide whether to go back for a fourth. Describe how Shawn can use marginal
Individuals who economize are missing the point of life. Money is not so important that it should rule the way we live.” Evaluate this statement.
Positive economics cannot tell us which agricultural policy is better, so it is useless to policy makers.” Evaluate this statement.
I examined the statistics for our basketball team’s wins last year and found that, when the third team played more, the winning margin increased. If the coach played the third team more, we would
Which of the following are positive economic statements and which are normative? a. The speed limit should be lowered to 55 miles per hour on interstate highways. b. Higher gasoline prices cause
Why can’t we consume as much of each good or service as we would like? If we become richer in the future, do you think we will eventually be able to consume as much of everything as we would like?
Suppose that in an effort to help low-skill workers the government raises the legal minimum wage to $25 per hour. Can you think of any unintended secondary effects that will result from this action?
Why do people engage in trade? If one trading partner gains, must the others involved in the transaction lose an equal amount? Why or why not?
What are transaction costs, and why do they reduce the number of trades? How have companies such as eBay (and the Internet more generally) lowered transaction costs?
People in business get ahead by exploiting the needs of their consumers. The gains of business are at the expense of suffering imposed on their customers.” Evaluate this statement.
What is the major function of the middleman? Would people be better off if there were no middlemen? Why or why not?
If you have a private-ownership right to something, what does this mean? Does private ownership give you the right to do anything you want with the things that you own? Explain. How does private
What is the law of comparative advantage? According to the law of comparative advantage, what should be the distinguishing characteristics of the goods a nation produces? What should be the
Does a 60-year-old tree farmer have an incentive to plant and care for Douglas fir trees that will not reach optimal cutting size for another 50 years?
What forms of competition does a private property, market directed economy authorize? What forms does it prohibit?
Why is exchange important to a nation’s prosperity? How does trade influence the quantity of output that trading partners are able to produce? In a market economy, will there be a tendency for both
Chick-fil-A’s “Eat Mor Chikin” advertising campaign features three cows holding signs that say things like “Save the cows, eat more chicken.” If consumers began eating more chicken and less
In many states, ticket scalping, or reselling tickets to entertainment events at prices above the original purchase price, is prohibited. Who is helped and who is hurt by such prohibitions? How can
Two centuries ago, there were more buffalo than cattle in the United States. Even though millions of cattle are killed for beef consumption each year, the cattle population continues to grow while
Consider the following questions: a. Do you think that your work effort is influenced by whether there is a close link between personal output and personal compensation (reward)? Explain. b.
In this chapter, it was stated that a private property right also involves having the right to transfer or exchange what you own with others. However, selling your organs is a violation of federal
During the last four decades, entrepreneurs like Steve Jobs, Jeff Bezos, and Elon Musk have earned billions of dollars. Do you think the average American is better or worse off as the result of the
As the skill level (and therefore earnings rate) of, say, an architect, computer specialist, or chemist increases, what happens to his or her opportunity cost of doing other things? How is the time
Which of the following do you think would lead to an increase in the current demand for beef? a. Higher pork prices b. Higher consumer income c. Higher prices of feed grains used to feed
What is being held constant when a demand curve for a specific product (shoes or apples, for example) is constructed? Explain why the demand curve for a product slopes downward to the right.
What is the law of supply? How many of the following “goods” do you think conform to the general law of supply? Explain your answer in each case.a. Gasoline b. Cheating on exams c. Political
Are prices an accurate measure of a good’s total value? Are prices an accurate measure of a good’s marginal value? What’s the difference? Can you think of a good that has high total value but
What is being held constant when the supply curve is constructed for a specific good like pizza or automobiles?Explain why the supply curve for a good slopes upward to the right.
Define consumer surplus and producer surplus. What is meant by economic efficiency, and how does it relate to the gains of consumers and producers?
How is the market price of a good determined? When the market for a product is in equilibrium, how will consumers value an additional unit compared to the opportunity cost of producing that unit? Why
The future of our industrial strength cannot be left to chance. Somebody has to develop notions about which industries are winners and which are losers.” Is this statement by a newspaper columnist
What factors determine the cost of producing a good or service? Will producers continue to supply a good or service if consumers are unwilling to pay a price sufficient to cover the cost?
Production should be for people and not for profit.” Answer the following questions concerning this statement: a. If production is profitable, are people helped or harmed? Explain. b. Are people
What must an entrepreneur do to earn a profit? How do the actions of firms earning profits influence the value of resources? What happens to the value of resources when losses are present? If a firm
What’s wrong with this way of thinking? “Economists claim that when the price of something goes up, producers increase the quantity supplied to the market. But last year, the price of oranges was
What is the invisible hand principle? Does it indicate that self-interested behavior within markets will result in actions that are beneficial to others? What conditions are necessary for the
In a market economy, will there be a tendency for both resources and products to be supplied by low-cost producers? Why or why not? Does this matter? Explain.
What is the difference between substitutes and complements? Indicate two goods that are substitutes for each other. Indicate two goods that are complements.
Do business firms operating in competitive markets have a strong incentive to serve the interest of consumers? Are they motivated by a strong desire to help consumers? Are “good intentions”
What must an entrepreneur do in order to be successful? If an entrepreneur is successful, how will the lives of others be affected? Explain.
How has entrepreneurial activity altered the goods and services available to consumers in recent years? Provide examples.
What determines whether a new product will be a success or failure? Why is the profit and loss system important to guide entrepreneurial efforts in a competitive market economy?

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