Macroeconomics In Context 4th Edition Neva Goodwin, Jonathan M. Harris, Julie A. Nelson, Pratistha Joshi Rajkarnikar, Brian Roach, Mariano Torras - Solutions

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1.24. What are some major characteristics and strengths and weaknesses of the business sphere?
1. 23. What are some major characteristics and functions of the public-purpose sphere?
1. 22. What are some major characteristics and functions of the core sphere?
1. 21. What are the three spheres of economic activity?
1. 20. Is wealth more or less equally distributed than income? Why?
1. 19. Has income inequality in your country decreased or increased over recent decades? What are some of the reasons?
1. 18. What is the Gini ratio? What does a higher value of the ratio signify?
1. 17. What is a Lorenz curve? What does it measure?
1. 16. What share of aggregate income does each quintile of households receive?
1. 15. Describe progressive, proportional, and regressive taxation.
1. 14. What is the difference between means-tested and social insurance programs?
1. 13. What is the main reason for transfer programs?
1. 12. What are the two major forms of income received in exchange?
1. 11. What is a sustainable socioeconomic system? What is the difference between sustaining and restoring a system?
1. 10. What is the difference between renewable and nonrenewable resources?
1. 9. Explain the difference between gross and net investment.
1. 8. Describe the difference between a stock and a flow, giving examples.
1. 7. Describe the relationship between consumption and saving.
1. 6. What are the two main forms that the activity of distribution takes?Describe.
1. 5. Describe the economic activity of production.
1. 4. What do economists mean by “investment”?
1. 3. How does economists’ use of the term “capital” differ from common use?
1. 2. What five types of capital contribute to productivity? Describe them.
1.1. What are the four essential economic activities?
1. 2. Make a list of several things from which, over the past few days, you have eaten, drunk, been entertained by, been transported by, been sheltered by, or received other services. (For example, “dinner at Gina’s,”“my apartment,” or “the health clinic.”) Then, using the definitions
1.1. Education is sometimes provided within the core sphere (at-home preschool activities and parents helping with homework), often provided by the public-purpose sphere (public and nonprofit schools), and sometimes provided by for-profit firms (including some “charter schools” or firms
1. 2. What do you think is the minimum level of income that an individual or a small family would need to live reasonably well in your community?(Think about the rent or mortgage on a one- or two-bedroom residence, etc.) What does this probably mean about where the average level of income in your
1.1. In your own life so far, how big a role has exchange played in giving you what you need to live? (That is, to what extent have you received assets, goods, or services because of something specific that you have traded in return?) How big a role has transfer played? Do you expect this to change
1. 2. Do you think that a cheap and safe substitute for the use of fossil fuels in cars will ever be found? What about a substitute for the ozone layer, an atmospheric layer that protects the earth from damaging radiation from the sun? Discuss.
1.1. Linda thinks a rich person is someone who earns a lot of money. Carlos thinks a rich person is someone who has a big house and owns lots of corporate shares and bonds. How would the distinction between stocks and flows lend clarity to their discussion?
1. 2. Classify each of the following according to which economic activity or activities it involves from this list: production, resource maintenance, distribution, and consumption. If any seem to include aspects of more than one activity, name the activities and explain your reasoning.a. Harvesting
1.1. Think of a common activity that you enjoy. For example, perhaps you like to get together with friends and listen to music on your smartphone while popping popcorn in the microwave. List the stocks of natural, manufactured, human, and social capital that you draw on while engaging in this
1. 5. Match each concept in Column A with a definition or example in Column B:Column A Column Ba. A positive externality 1. An apple pie producer trusts that apple growers will supply the apples that they promise to deliverb. Theoretical investigation 2. The annual harvest of apples in a country
1. 4. Suppose that society could produce the following combinations of pizzas and books:Alternative Quantity of pizzas Quantity of books A50 0B 40 10 C30 18 D20 24 E10 F0 28 30a. Using graph paper (or a computer program), draw the production-possibilities frontier (PPF) for pizza and books, being
1. 3. How is the concept of efficiency related to the concept of scarcity?Consider, for example, your own use of time. When do you feel time to be more and when less scarce? Do you think about how to use your time differently during exam week compared to when you are on vacation?
1.2. The notion of “scarcity” reflects the idea that resources cannot be stretched to achieve all the goals that people desire. But what makes a particular resource “scarce”? If there seems to be more of it around than is needed, such as desert sand, is it scarce? If it is freely open to
1.1. Consider the following data for the euro area, taken from the EU Commission’s Ameco database 2016. Perform the graphing exercises below using either pencil and graph paper or a computer spreadsheet or presentation program.Year Unemployment rate(%)Inflation (% per year)2006 8.4 2.2 2007 7.5
1. 12. Besides public goods and externalities, describe four real-world factors that can cause market outcomes to be less than ideal
1. 11. What are negative and positive externalities? Give examples of each.
1. 10. What is a public good? Why will private markets generally undersupply public goods?
1.9. What are the four institutional requirements of markets?
1. 8. What are some of the assumptions of the basic neoclassical model? Why are markets said to be efficient according to this model?
1. 7. What are the three different meanings of the term “markets”?
1. 6. What kinds of decisions would make a PPF expand over time? What kinds of decisions would make it shrink over time?
1. 5. Draw a societal production-possibilities frontier, and use it to explain the concepts of trade-offs (opportunity cost), attainable and unattainable output combinations, and efficiency.
1. 4. What three requirements are met in producing along a production possibilities frontier?
1. 3. How do abundance and scarcity create the possibility of and the necessity of economic decision making?
1.2. What is a model? How does the ceteris paribus assumption simplify the creation of a model?
1.1. What are the three main modes of economic investigation? Describe each.
1. 2. “Indeed it has been said that democracy is the worst form of government,” said British Prime Minister Winston Churchill (1874 1965), “except all those other forms that have been tried from time to time.” Some people make the same claim about more marketized forms of economic systems.
1.1. In what sense is the term “market” being used in each of the following sentences? “Go to the market and get some bananas.” “The market is the best invention of humankind.” “The labor market for new PhDs is bad this year.” “The advance of the market leads to a decline in
1. 2. Consider the following activities. Which ones do you think would expand society’s PPF in the future? Which ones would shrink it? (There may be room for disagreement on some.)a. Increasing education spendingb. Expanding oil productionc. Building a wind-power facilityd. Restoring wetlandse.
1.1. Suppose that your study time can be allocated to studying either for this course or for another course. Your two “outputs” are your grades in each course. Draw a production possibilities curve for these two outputs.Would the curve be shaped like the PPF in Figure 2.1? Discuss.
1. 2. Model building is sometimes compared to map making. If someone asks you how to get to your house, what will you put on the map you draw for them? What if the question asked has to do with the location of the highest point in town, the town’s political boundaries, the public transit system,
1.1. Consider the following examples of investigation. For each one, indicate which mode of investigation it most closely represents—empirical, theoretical, or historical.a. A biologist tries to determine the number of different species of plants found on a plot of rainforestb. Albert Einstein
1. 5. Match each concept in Column A with a definition or example in Column B:Column Aa. Keynesian economics Column B 1. Lowering the income tax rateb. Classical economicsc. Monetary policyd. Fiscal policye. Living standards growthf. Business cycle 2. Studies how economics applies at the national
1. 4. State whether the following statements are true or false. If false, also write a corrected statement.a. Fiscal policy refers to government influences on credit and interest rates.b. Specialization and the division of labor are characteristics of industrial production.c. Classical economists
1. 3. State whether the following statements are true or false. If false, also write a corrected statement.a. Macroeconomics is about the activities of government agencies.b. Economic growth always leads to improvements in living standards.c. The three aspects to consider in thinking about
1. 2. Classify each of the following as to whether it is an example of a positive question or a normative question (some may have elements of both).a. “What is the level of country x’s national debt?”b. “Is the national debt too high?”c. “How low should the unemployment rate be?”d.
1.1. The more you pay attention to what is going on in the macroeconomy around you, the more meaningful this class will be to you. Find an article in a newspaper or newsmagazine (hard copy or online) that deals with a macroeconomic topic. Make a list of terms, concepts, people, organizations, or
1. 10. Name two or more global issues that will likely shape the development of macroeconomics in the twenty-first century.
1. 9. What historical developments and concerns motivated—and what beliefs characterized—the classical economists? The school of Keynesian economics? The work of the monetarists? The synthesis of Keynesian and classical thought?
1. 8. What is the “precautionary principle”?
1. 7. What global developments have caused financial, social, and ecological sustainability or restoration to become increasingly prominent as macroeconomic concerns?
1. 6. Why are macroeconomic fluctuations a cause for concern?
1. 5. What is economic development? What factors are important in ensuring that economic growth benefits a country’s population as a whole?
1. 4. What is meant by “living standards growth”? Is this the same as“economic growth”?
1. 3. What is the difference between positive and normative questions?
1. 2. How does macroeconomics differ from microeconomics?
1.1. What is economics?
1. 2. The fact that economists do not always agree and that there are alternative “schools” of macroeconomic thought can sometimes seem confusing. It may help to think about or discuss in a group how economics compares to other subjects that you or your classmates have studied. What kinds of
1.1. Which major historical events influenced the development of macroeconomics as a field of study? In addition to the problems listed in the text, do you think there are other current problems that macroeconomics should be addressing?
1. 2. No one would argue that the goal of macroeconomics is to make people worse off! Yet this outline of macroeconomic goals suggests that trying too hard to achieve some narrowly defined goals may lead to such a result. Why do you think that some economists would view economic growth as the major
1.1. Which of the macroeconomic goals discussed in this section do you think should have the highest priority? Why? Are there other major goals that you think are missing from the preceding discussion?
1. ■ Are economic activities ecologically sustainable into the future? Is the natural environment that supports life being treated in a way that will sustain its quality into the future? Or is it becoming depleted or degraded?
1. ■ Are economic activities socially sustainable into the future? Are disparities between the “haves” and the “have-nots” accelerating or diminishing? Are they based on justifiable causes or on unequal power relations? Are young people receiving the upbringing and education required to
1.■ Are economic activities financially sustainable into the future? Or is a country incurring a high amount of debt that may create a heavy burden on its future inhabitants?
1.2. Are you familiar with the following terms? While you will study them in detail in this course, see how well you can come up with a definition for them just from your previous knowledge. (It does not matter at this point if you are not familiar with them.)unemployment recession inflation
1.1. You have evidently made a decision to dedicate some of your personal resources of time and money in college to studying economics. Why?What do you hope to learn in this course that will be helpful for you in reaching your goals?
1. 3. Mat ea concept in Column A with an example in Column B.Column A Column Ba. A legal barrier to entry 1. Lobbying to get a concessionb. Predatory pricing 2. Patent rightsc. Rent-seeking behavior 3. Electricity distributiond. Nonprice competition 4. Cornflakes in different-colored boxese.
1. 2. Suppose that two oligopolistic retail ains are considering opening a new sales outlet in a particular town. e anges to ea firm’s profits, depending on the actions taken, are given in the following payoff matrix. If a ain does not open a new outlet, it earns no addition to
1.1. When Braeburn Publishing priced its poetry book at $5, it sold 5 books, and when it priced the volume at $8, it sold 4 books. You can calculate that its revenues were higher with the higher price.Suppose that, from further test marketing, this firm determines that it faces the demand curve
1. 17. How can government lobbying be reformed to reduce the negative social impacts of market power?
1. 16. What is some of the evidence suggesting further regulation of market concentration is warranted?
1. 15. What are concentration ratios, and how can they determine whether an industry is oligopolistic?
1. 14. How can firms in oligopoly markets cooperate to increase profits?
1. 13. Demonstrate how a payoff matrix can be used to model business behavior in a duopoly.
1. 12. What market conditions aracterize oligopoly?
1. 11. Are monopolistically competitive markets efficient? Explain.
1. 10. How is a monopolistically competitive firm imagined to maximize profits?
1. 9. What market conditions aracterize monopolistic competition?
1. 8. Explain, with a graph, how a price-discriminating seller behaves.
1. 7. List and describe four cases in whi monopolies might be efficient.
1. 6. Explain, with a graph, how monopoly market power generally leads to inefficiency.
1. 5. In what ways are monopolies inefficient?
1. 4. How does a pure monopolist maximize profits?
1. 3. Describe three types of barriers to entry, giving examples of ea.
1. 2. What market conditions aracterize pure monopoly?
1.1. List and briefly define the three idealized market structure types in addition to perfect competition.
1. 2. Suppose that a seller in a duopoly needs to decide whether to spend a lot or a lile on advertising.Assume that the consumers are already reasonably well informed about the product, so the purpose of a lot of advertising is to draw customers away from the rival. How could the payoffs from

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Macroeconomics In Context 4th Edition Neva Goodwin, Jonathan M. Harris, Julie A. Nelson, Pratistha Joshi Rajkarnikar, Brian Roach, Mariano Torras - Solutions

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