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macroeconomics principles
Macroeconomics In Context 4th Edition Neva Goodwin, Jonathan M. Harris, Julie A. Nelson, Pratistha Joshi Rajkarnikar, Brian Roach, Mariano Torras - Solutions
1. 10. What is monopsony?
1. 9. What are compensating wage differentials?
1. 8. How is human capital important in explaining wage variations?
1. 7. How does the neoclassical labor model explain variations in wages?
1.6. How can we use a supply-and-demand graph to illustrate the operation of a labor market?
1. 5. In what types of labor markets might labor supply be relatively wage elastic? In what types of markets might labor supply be relatively wage inelastic?
1. 4. Why can we generally assume that market labor supply curves will slope upward?
1. 3. Why might the individual labor supply curve bend baward?
1. 2. What are some of the opportunity costs of paid employment?
1.1. In the neoclassical labor model, how does a firm decide on the quantity of labor to hire?
1. 2. Do you think that the relative wages of average workers and top executives reflect their respective marginal revenue product? What kinds of policies would you favor regarding worker pay and executive compensation?
1.1. What evidence have you seen—in your own experience, others’ experiences, or through the media—of increasing “flexibility” in labor markets? Do you think that these anges have been beneficial, harmful, or both?
1. 3. What do you think society should be doing, if anything, to reduce labor market discrimination? Do you have any experience with discrimination in the workplace?
1. 2. is $10.87 for home health aides, $24.29 for firefighters, $38.39 for computer programmers, $56.81 for lawyers, and $76.81 for dentists.44 Based on the information in this section, try to explain why the wages for these various occupations differ. Do you think these wage differences are
1.1. According to the U.S. Bureau of Labor Statistics, the hourly median wage in
1. 2. Opticians fit people who have poor eyesight with glasses or contact lenses, prescribed by an optometrist. Beginning in the 1990s, tenological developments in laser eye surgery made surgery an increasingly popular way of correcting bad eyesight. What effect do you think this development had
1.1. Suppose that your college or university substantially raises the wages that it offers to pay students who tend computer laboratories, monitoring the equipment and answering questions. What do you think would happen to the quantity of labor supplied? Why? Where would the extra labor hours come
1. 6. Mat ea concept in Column A with an example in Column B.Column A Column Ba. Diminishing marginal utility 1. Janet hopes to become a CEO somedayb. Reference group 2. You decide that you have enough clothing and do not need any morec. Aspirational group 3. Your income increasesd. Absolute
1. 5. Various U.S. government agencies, among them the Food and Drug Administration (FDA) and the Environmental Protection Agency (EPA), include “consumer protection” as one of their goals. e FDA, for example, decides whether drugs that pharmaceutical companies want to sell are safe and
1. 4. Suppose that Antonio’s total utility from different quantities of snas per day is given by the table below.antity of snas per day Total utility Marginal utilityantity of snas per day Total utility Marginal utility 0 0 1 20 2 40 3 60 4 75 5 85 6 90 7 85 8 75a. Draw and label
1. 3. Next, suppose that Monifa’s income stays at $100, but the price of concert tiets drops from $20 to$12.50 ea.a. Draw and carefully label both her original and her new budget lines.b. Can she afford 2 movie tiets and 6 concert tiets aer the price drop?
1. 2. Continuing from the previous exercise, suppose that Monifa’s income rises to $120. Add her new budget line to the previous graph.
1.1. Monifa plans to spend her income on concert tiets and movie tiets. Suppose that she has an income of $100. e price of a concert tiet is $20, and the price of a movie tiet is $10.a. Draw, and carefully label, a budget line diagram illustrating the consumption combinations that
1. 25. How would consumption taxation work?
1. 24. How can flexible work-hour policies reduce excessive consumerism?
1. 23. What is voluntary simplicity?
1. 22. About what percentage of Americans are considered compulsive shoppers?
1. 21. What are the results of resear on the relationship between materialistic values and wellbeing?
1. 20. Over time, does average happiness increase as a country’s average income increases?
1. 19. Is average happiness higher in countries with higher average incomes?
1. 18. Within one country, are those with higher incomes happier, on average?
1. 17. What is subjective well-being?
1. 16. What is green consumerism? What is the difference between “deep” and “shallow” green consumerism?
1. 15. What is the ecological footprint approa to quantifying environmental impacts? What are some of the findings of ecological footprint resear?
1. 14. About how mu is spent annually on advertising in the United States, on a per-person basis?
1. 13. What are reference and aspirational groups?
1. 12. What is the difference between absolute and relative deprivation?
1. 11. How has revolving debt in the United States anged over time?
1. 10. What were some of the key developments in the history of consumerism?
1. 9. What is the consumer society?
1. 8. What are some of the limitations of the standard consumer model?
1. 7. What is diminishing marginal utility? What does it imply about the shape of a utility function?
1.6. What is marginal utility?
1. 5. What is a utility function? How can we represent one on a graph?
1.4. How does a budget line ange when the price of one of the items anges?
1. 3. How does a budget line ange when one’s income anges?
1. 2. What is a budget line? How can we show one on a graph?
1.1. What is consumer sovereignty?
1. 2. Do you believe that the government has a right to influence or otherwise interfere in consumer decisions? What additional policies, if any, do you think are needed regarding consumer behaviors?
1.1. In what ways do you think money can buy happiness? In what ways can having a lot of money decrease one’s happiness? How does money enter into your own conception of what happiness means?
1. 3. Over time, does average happiness increase as a country’s average income increases?
1. 2. Is average happiness higher in countries with higher average incomes?
1.1. Within one country, are those with higher incomes happier, on average?
1.2. Do you think that green consumerism is an oxymoron? Do you think that your own consumer behaviors are environmentally sustainable? Why or why not?
1.1. ink about one product you have purased recently that is not mentioned in the text. Try to list the environmental impacts of this product, considering the production, consumption, and eventual disposal of it. What steps do you think could be taken to reduce the environmental impacts
1.2. ink about at least one fashion item you own, su as an item of clothing, jewelry, or accessory, that you think says a lot about who you are. What do you think it says about you? Do you think others interpret the item in the same way that you do? How mu do you think that you were
1.1. What are your reference groups? Describe why you consider these your reference groups? What are your aspirational groups? Why do you aspire to be a member of these groups?
1. 2. What do you know about views on consumerism in other countries, either from what you have read or what you have observed from traveling? Whi societies, if any, do you find too focused on consumerism? Whi societies, if any, do you think have appropriate views on consumerism?
1.1. Considering what you know about the societies in whi your grandparents or great-grandparents grew up, would you say that they lived in a “consumer society”? How do you think their views on consumerism as young adults might have differed from those of you and your friends?
1. 2. Explain in words why the total utility curve has the shape that it does in Figure 8.4
1. 5. Mat ea concept in Column A with an example in Column B.Column A Column Ba. Self-interestb. Altruism 1. Finding a restaurant that is close by and has food that is “good enough”2. Carefully examining all available automobile models to select the one that is best for youc. Satisficing
1.4. Consider a rational, profit-maximizing business firm. What motivations might the firm have that are not directly related to making a profit? For example, what if the firm made a donation to a community organization or voluntarily cleaned up pollution resulting from its production process?Why
1. 3. How does time discounting affect your own decision making? Do you do things today with a view toward future benefits, or do you look mainly for short-term satisfaction? Does your time discount rate differ in different areas of your life?
1. 2. Consider the process of applying to college and oosing a college to aend if admied. Would you say that this process involves:a. Maximizing behaviorb. Satisficing behaviorc. Meliorating behaviord. Bounded rationality Could it involve a combination of them? Could this differ from
1.1. Whi of the following is consistent with the view of human behavior as purely self-interested?Whi may indicate broader motivations?a. Miael sells his car on eBay.b. Jane joins a community clean-up group.c. Ramon studies to become a doctor.d. Joe buys a birthday present for his
1. 22. What are some policy examples of "nudges"?
1. 21. What is libertarian paternalism?
1. 20. What are the policy implications of behavioral economics?
1. 19. What is loss aversion?
1. 18. Summarize the model of economic behavior in contextual economics.
1. 17. Explain the concept of bounded rationality.
1. 16. What is meliorating?
1. 15. What is satisficing?
1. 14. What are some of the insights from neuroeconomics?
1. 13. What does the evidence indicate about the relationship between selfishness and happiness?
1. 12. Does the scientific evidence indicate that people act only out of self-interest?
1. 11. Does behavioral economics suggest that people's decisions can be significantly influenced by outside factors?
1. 10. Does the evidence suggest that people should always make economic decisions without relying upon their emotions?
1. 9. What is the difference between a high and low time discount rate?
1. 8. What is the anoring effect?
1. 7. Why is the default oice in a decision so important?
1. 6. How can "framing" affect decision making?
1. 5. What is the availability heuristic?
1.4. What is behavioral economics?
1. 3. What are the policy implications of the neoclassical model?
1. 2. What is the neoclassical model?
1.1. Did Adam Smith think that people were always self-interested?
1. 2. What do you think about libertarian paternalism as a way to guide policies? Do you think there are any problems with this approa?
1.1. Do you think “satisficing” should be considered rational behavior? What about “meliorating”? For example, recall the example of the fisherman who compares ea fish that he cates to the one in the boat, keeping the larger one and throwing the others ba into the water. What might
1. 2. Discuss how one or more conclusions reaed by behavioral economists help you to understand an experience that you have had making an economic decision.
1.1. Can you think of any other economic situations where people seem to make irrational decisions? For the most part, do you think people are rational or irrational?
1. 2. Do you believe economics should strive, as mu as possible, to be value free? What do you think are the advantages and disadvantages of this approa?
1. 3. Mat ea concept in Column A with a definition or example in Column B.Column A Column Ba. Tariff 1. Economic weakness resulting from too mu import dependenceb. Import substitution 2. When a region competes by providing a low-cost business environment, resulting in deterioration of
1. 2. Continuing the Ricardian story from Section 2.1 of this apter, suppose that England were, aer a while, to put a tariff on imports of Portuguese wine. Since we only have wine and cloth in this story, we will have to (somewhat unrealistically) express this tax in terms of units of goods
1. 27. What are some of the conflicts between developed and developing countries over trade issues?
1. 26. What are some of the advantages and disadvantages of bilateral and regional trade agreements?
1. 25. How can a trade war make both countries worse off?
1. 24. What does the World Trade Organization do?
1. 23. What are some administrative obstacles that can be used to influence trade?
1. 22. How do countries use subsidies to influence trade?
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