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macroeconomics principles
Macroeconomics 9th Edition Stephen Slavin - Solutions
As price is lowered, quantity supplied ____________. ( LO3 )
Equilibrium price is always determined by ____________ and ____________. ( LO3 )
If quantity supplied were greater than quantity demanded, market price would ____________. ( LO3 )
If supply rises and demand stays the same, equilibrium price will ____________, and equilibrium quantity will ____________. ( LO3 )
If demand falls and supply stays the same, equilibrium price will ____________, and equilibrium quantity will ____________. ( LO3 )
____________ could be described as a merger of state and corporate power . ( LO6 )
When you drive, rather than walk or take public transportation, you incur social costs such as ____________. ( LO4 )
Painting the outside of your house and planting a garden in your front yard are ____________ to your neighbors. ( LO4 )
Defense spending and police protection are examples of ____________. ( LO4 , 5 )
Adam Smith believed that if people set out to promote the public interest, they will not do nearly as much good as they will if they ____________. ( LO2 )
The invisible hand is generally associated with(a) the ____________ and (b)____________ . ( LO2 )
Economic growth can be attained by: ( LO7 )(1) _______________________ and(2) _______________________
Most of the time our economy is operating its production possibilities frontier. ( LO5 )
When we are effi ciently allocating our resources and using the best available technology, we are operating _________ on our _________ . ( LO5 , 6 )
Employment discrimination results in the _________ of our labor force. ( LO4 )
List some constraints on our labor force that prevent our fully using our plant and equipment 24 hours a day, seven days a week. ( LO4 )(1) _______________________ ;(2) _______________________ ;and (3) _______________________ .
Full employment implies an unemployment rate of about _______________ percent. ( LO4 )
If you went into a store with $25 and couldn’t decide whether to buy a pair of jeans or a jacket, and you fi nally decided to buy the jeans, what would be the opportunity cost of this purchase? _______________. ( LO9)
The law of diminishing returns, diseconomies of scale, and factor suitability each provide an explanation for the law of _______________. ( LO8 )
The law of increasing costs states that, as the output of one good expands, _______________. ( LO8 )
Human wants are relatively _______________, while economic resources are relatively _______________. ( LO2, 3)
The central fact of economics is (in one word) _______________. ( LO2)
A PhD driving a cab would be considered _______________. ( LO4 )
The ______________century was termed “The American Century.” (LO6)
Passage of the ______________ in 1944 enabled nearly 8 million veterans to go to school. (LO2)
The quarter century that was completely dominated by the great industrialists like Andrew Carnegie and John D. Rockefeller began in the year ______________. (LO1)
Since the end of World War II there have been ______________recessions. (LO5)
The main factor in finally bringing us out of the Great Depression was ______________. (LO3, 4)
Rapid technological change in agriculture during the fi rst half of the 19th century was brought on mainly by ______________. (LO1)
During President Dwight D. Eisenhower’s two terms, there were ______________recessions. (LO5)
Today one full-time American farmer feeds about ______________ people. (LO5)
Bills providing for Medicare and Medicaid were passed during the administration of President ______________. (LO5)
In 1933, our official unemployment rate was ______________ %. (LO3)
The country with the world’s largest output is ______________. (LO1)
The worst recession we had since World War II occurred in . (LO5)
In 1790, about ______________ of every 10 Americans lived on farms. (LO1)
The low point of the Great Depression was reached in the year ______________. (LO3)
If you could buy a market basket of goods and services in the United States for $10,000 and those same goods and services cost you $7,000 in Russia after you converted your dollars into rubles, (a) is the ruble undervalued or overvalued relative to the dollar? (b) by what percent? (LO3)
If you could buy a market basket of goods and services in the United States for $1,000 and those same goods and services cost you $1,200 after you converted your dollars into euros, (a) is the euro undervalued or overvalued relative to the dollar?(b) by what percent? (LO3)
Brazil ran a current account defi cit of $55 billion.What is its balance on the capital account? (LO3)
A country had exports of $100 billion, imports of$90 billion, net transfers from abroad of 2$10 billion, and 2$5 billion of net income from foreign investments. What is the country’s current account balance? (LO3)
A bottle of Viagra priced at $20 is sold in Berlin. (LO3)
A Cadillac priced at $20,000 is sold in London. (LO3)
Windows Vista priced at $100 is sold in China. (LO3)
A DVD priced at $10 is sold in Toronto. (LO3)
Use the exchange rates listed in Figure 6 of the chapter to fi nd how much it would cost in U.S. dollars and cents to make the purchases listed. A German camera priced at 250 euros. (LO3)Use the exchange rates listed in Figure 6 to fi nd how much it would cost in the currency specifi ed to make the
Use the exchange rates listed in Figure 6 of the chapter to fi nd how much it would cost in U.S. dollars and cents to make the purchases listed. A British book priced at 12 pounds. (LO3)
A carton of Canadian paper priced at $9.00 Canadian. Use the exchange rates listed in Figure 6 of the chapter to fi nd how much it would cost in U.S. dollars and cents to make the purchases listed (LO3)
A Toyota Corolla priced at 1.4 million yen. Use the exchange rates listed in Figure 6 of the chapter to fi nd how much it would cost in U.S. dollars and cents to make the purchases listed (LO3)
Suppose that last month the U.S. dollar was trading on the foreign-exchange market at 0.85 euros per dollar. Today the U.S. dollar is trading at 0.88 euros per dollar. (LO3)a) The dollar has depreciated and the euro has appreciated.b) The euro has depreciated and the dollar has appreciated.c) Both
If a Japanese DVD player priced at 12,000 yen can be purchased for $60, the exchange rate is (LO3)a) 200 yen per dollar.d) 200 dollars per yen.b) 20 yen per dollar.e) none of the above.c) 20 dollars per yen.
Running mounting current account defi cits is analogous to . (LO5)a) running up debt on a credit cardb) taking money out of one pocket and putting it in anotherc) owing money to ourselvesd) borrowing money that never has to be repaid
Which is the most accurate statement? In early 2008 there was strong evidence that the . (LO3)a) yuan and yen were overvalued against the dollarb) yuan and yen were undervalued against the dollarc) yuan was undervalued against the yend) yen was undervalued against the yuan
According to the “Big Mac Index,”. ( LO3 , 4 )a) the U.S. dollar is too highly valued relative to virtually all other currenciesb) the U.S. dollar is valued too low relative to virtually all other currenciesc) you will be able to buy a Big Mac much more cheaply in China or Russia than in the
The most accurate statement would be: (LO5)a) The current account defi cit is high, but falling.b) The current account defi cit will bankrupt us by 2015.c) If our trade defi cit begins falling, the current account defi cit will fall.d) Our trade defi cit is much higher than our current account defi
Suppose that in the year 2012 we run a trade defi cit of $900 billion. Our current account defi cit would be about billion. (LO5)a) $600d) $1,000b) $800e) $1,200c) $900
Suppose the world was on the gold standard. If Peru ran persistent trade defi cits, . (LO3)a) Peru would be able to continue doing so with no consequencesb) Peru’s money stock would decline, its prices would fall, and its trade defi cit disappearc) Peru would soon suffer from infl ationd) Peru
Which is the most accurate statement? (LO2)a) Our balance on the current account is negative.b) Since our balance of payments is always zero, there is little to worry about.c) The income Americans receive from their foreign investments is much greater than the income foreigners receive for their
If you were going to spend time in Italy, France, and Germany, you would be paying for things with. (LO1)a) lira, francs, and marksb) dollarsc) eurosd) gold
Which of these is the most accurate statement? (LO5)a) There is no basis for the claim that the United States is living beyond its means.b) Our current account defi cit is not a serious problem.c) Our trade defi cit is a major economic problem.d) Since 2002 the dollar has been rising against most
Which is the most accurate statement? (LO2)a) Since our current account defi cit is matched by our capital account surplus, we have no problem with respect to our international transactions.b) Foreigners invest all the dollars they receive from our capital account defi cit to buy American assets.c)
The main reason why we are the world’s largest debtor nation is . (LO5)a) our military spendingb) our trade defi citc) infl ationd) high taxes
Which is the most accurate statement? ( LO4 , 5 )a) Since the euro was introduced it has lost almost half its value.b) The euro has facilitated trade among the members of the euro zone.c) The euro is now the world’s most important reserve currency.d) The euro circulates as currency in most of the
Devaluation would tend to . (LO3)a) make the devaluating country’s goods cheaperb) make the devaluating country’s goods more expensivec) have no effect on the value of the devaluating country’s goods
The most important infl uence on the exchange rate between two countries is . (LO3)a) the relative price levels of the two countriesb) the relative growth rates of the two countriesc) the relative level of interest rates in both countriesd) the relative wage rates of both countries
Today currency exchange rates are set mainly by. (LO3)a) the International Monetary Fundb) the U.S. Treasuryc) bilateral agreements between trading nationsd) supply and demand
The United States began to consistently run current account defi cits since . ( LO1 , 5 )a) 1961d) 1991b) 1971e) 2001c) 1981
The gold exchange standard was in effect from. (LO3)a) 1900 to 1944c) 1955 to 1980b) 1944 to 1973d) 1973 to the present
Which of the following is false? (LO3)a) The gold standard will work only when the gold supply increases as quickly as the world’s need for money.b) The gold standard will work only if all nations agree to devaluate their currencies simultaneously.c) The gold standard will work only if
If we were on an international gold standard,. (LO3)a) infl ations would be eliminatedb) recessions would be eliminatedc) trade defi cits and surpluses would be eliminatedd) no nation would ever have to devaluate its currency
The international gold standard worked well until. (LO3)a) World War Ic) 1968b) 1940d) 1975
Today international fi nance is based on. (LO3)a) the gold standardb) mainly a relatively free-fl oating exchange rate systemc) fi xed rates of exchange
In recent years we bought from foreigners than they bought from us, and we invested in foreign countries than foreigners invested in the United States. ( LO2 , 5 )a) more, morec) less, moreb) less, lessd) more, less
The total of our current and capital accounts. (LO2)a) will always be zerob) will always be negativec) will always be positived) may be positive or negative
An American importer of Italian shoes would pay in. (LO1)a) dollarsc) eurosb) goldd) lira
Which one of the following statement is the most accurate? (LO5)a) As a percentage of GDP, the United States has the highest current account surplus of any nation.b) As a percentage of GDP, the United States has the highest current account defi cit of any nation.c) As a percentage of GDP, our
Which statement is true? (LO5)a) Foreigners own most of the assets in the United States.b) We own more assets in foreign countries than foreigners own in the United States.c) Foreigners are driving up interest rates in the United States.d) None of these statements is true.
The world’s leading debtor nation is. (LO5)a) Argentinac) Mexicob) Brazild) the United States
During the 1980s, . (LO5)a) both American investment abroad and foreign investment in the United States increasedb) both American investment abroad and foreign investment in the United States decreasedc) American investment abroad increased and foreign investment in the United States decreasedd)
Which statement is true? (LO5)a) In the 1980s we did not receive many dollars in investment funds from foreigners.b) In the 1980s foreign investment funds were attracted by our high interest rates.c) Our military spending has helped reduce our current account defi cit.d) None of these statements is
In 2007 our net foreign debt was over $trillion. (LO5)a) onec) threee) fi veb) twod) four
We became a debtor nation in . (LO5)a) 1975c) 1985b) 1980d) 1990
Practical Application: Foreigners are buying up hundreds of billions of dollars in American assets. In what ways should this be a matter of concern to Americans?
Who demands Japanese yen? Who supplies yen?
How is the exchange rate determined in a freely fl oating rate system?
What is a foreign exchange rate? Provide a few examples.
Explain why a currency depreciation leads to an improvement in a nation’s balance of trade.
If the dollar depreciates relative to the Japanese yen, will the Sony DVD player you wanted become more or less expensive? What effect will this have on the number of Sony DVD players that Americans buy?
For several months before your vacation trip to Germany you fi nd that the exchange rate for the dollar has increased relative to the euro. Are you pleased or saddened? Explain.
Can there be a defi cit on Current Account and a defi cit on Capital Account at the same time? Explain.
How did the United States go from being the world’s largest creditor nation to the world’s largest debtor?
Why does the dollar fl uctuate with other currencies?
What is the gold standard? How does it work?
What is meant by our balance of payments? Explain what current account and capital account are.
Chile will trade ________ for ________ . (LO3)Assume Bolivia and Chile use the same amount of resources to produce tin and copper. Figure 2 represents their production possibilities curves. A. Bolivia 10 8 6 Tons of tin + 2 B. Chile 10 CO 6 Tons of tin 2 4 6 8 10 12 2 Tons of copper T 1 4 6 8 10
Bolivia will trade ________ for ________ . (LO3)Assume Bolivia and Chile use the same amount of resources to produce tin and copper. Figure 2 represents their production possibilities curves. A. Bolivia 10 8 6 Tons of tin + 2 B. Chile 10 CO 6 Tons of tin 2 4 6 8 10 12 2 Tons of copper T 1 4 6 8 10
Chile has a comparative advantage in the production of which metal? (LO3)Assume Bolivia and Chile use the same amount of resources to produce tin and copper. Figure 2 represents their production possibilities curves. A. Bolivia 10 8 6 Tons of tin + 2 B. Chile 10 CO 6 Tons of tin 2 4 6 8 10 12 2
Bolivia has a comparative advantage in the production of which metal? (LO3)Assume Bolivia and Chile use the same amount of resources to produce tin and copper. Figure 2 represents their production possibilities curves. A. Bolivia 10 8 6 Tons of tin + 2 B. Chile 10 CO 6 Tons of tin 2 4 6 8 10 12 2
Which of the following is the most accurate statement? ( LO1 , 9 )a) Americans are very willing to buy domestically produced goods, even if they are more expensive than imported goods.b) We import more foreign goods than we did 40 years ago, but merchandise imports are still about the same
In order for trade between two countries to take place, . (LO3)a) absolute advantage is necessaryb) comparative advantage is necessaryc) both absolute and comparative advantage are necessaryd) neither absolute nor comparative advantage is necessary
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