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macroeconomics principles

Macroeconomics 9th Edition Stephen Slavin - Solutions

Which statement is true? (LO5)a) There are basically no arguments that can be made on behalf of trade protection.b) The arguments for trade protection are more valid than the arguments for free trade.c) The United States has had a record of fully supporting free trade since the early 20th
Which statement is true? (LO3)a) Comparative advantage is not necessary for trade to take place, but absolute advantage is.b) Absolute advantage is not necessary for trade to take place, but comparative advantage is.c) Both absolute and comparative advantage are necessary for trade to take place.d)
Which is the most accurate statement? (LO9)a) The United States can be described as a purely free trading nation.b) The United States is one of the most protectionist nations in the world.c) The rich nations provide hundreds of billions of dollars in agricultural subsidies to the poorer nations.d)
Which statement is true about how globalization has affected American workers? ( LO5 , 9 )a) The only jobs that have been lost or will be lost are blue-collar factory jobs.b) Most workers who have lost their jobs because of globalization have ended up in better paying jobs.c) Until now a relatively
Which statement is the most accurate? ( LO1 , 9 )a) Globalization has made some people winners and others losers.b) Globalization has been good for everyone involved.c) Globalization has been bad for everyone involved.d) Virtually all economists believe that globalization has almost no downside.
Which of the following would best describe our trading relationship with China fi ve years from now? (LO8)a) Our trade defi cit will be higher and we will be importing a higher proportion of “low-skill”products.b) Our trade defi cit will be higher and we will be importing a higher proportion of
Of the following, our imports of contribute most to our trade defi cit. (LO6)a) oilc) textilesb) clothingd) consumer electronics
Statement 1: Our trade defi cit with China is larger than our trade defi cit with Japan.Statement 2: Americans pay lower taxes on gasoline than do the citizens of most of the nations in Western Europe. (LO8)a) Statement 1 is true, and statement 2 is false.b) Statement 2 is true, and statement 1 is
Our trade defi cit with China in 2007 was. (LO8)a) under $100 billionb) between $100 billion and $150 billionc) between $150 billion and $200 billiond) over $200 billion
Each of the following would reduce our trade defi cit except . (LO7)a) increasing savingb) cutting defense spendingc) increasing investmentd) raising interest rates
Which would be the most accurate statement with respect to our chemical industry? (LO7)a) It is on the decline and now contributes to our balance of trade defi cit.b) It is large and growing.c) It generally provides a trade surplus of about$20 billion a year.d) It will almost completely disappear
Which country regularly counterfeits American goods and services, a practice which costs American industry over $200 billion a year? (LO6)a) Mexicoc) Chinab) Canadad) Japan
Our biggest annual trade defi cit in our history was more than billion. (LO1)a) $300d) $600b) $400e) $700c) $500
Of these three choices—tariffs, quotas, and free trade—economists like the most and the least. (LO4)a) tariffs, quotasd) free trade, quotasb) tariffs, free tradee) quotas, free tradec) free trade, tariffs f ) quotas, tariffs
Imports would be lowered by . (LO4)a) tariffs onlyb) import quotas onlyc) both tariffs and import quotasd) neither tariffs nor import quotas
The least applicable argument for protecting American industry from foreign competition would be the argument. (LO5)a) national securityc) low-wageb) infant industryd) employment
Which one of the following does NOT contribute to our huge trade defi cit? (LO6)a) Our failing educational systemb) Our high defense spendingc) Our high saving rated) Our huge oil imports
Our largest trade defi cit is with . (LO8)a) Japand) Mexicob) Canadae) Germanyc) China
Which statement is false? ( LO2 , 3 )a) No nation will engage in trade with another nation unless it will gain by that trade.b) The terms of trade will fall somewhere between the domestic exchange equations of the two trading nations.c) Most economists advocate free trade.d) None of these
The Chinese economic expansion since the early 1980s and the Japanese economic expansion from the late 1940s through the 1980s were . (LO8)a) virtually identicalb) both dependent on the American marketc) based in the economic principles of Karl Marxd) based on closing their domestic markets to
Which statement do you agree with? ( LO6 , 7 )a) There are several problems causing our huge trade defi cit; there are no easy solutions to these problems.b) We could quickly eliminate our trade defi cit by raising tariffs.c) The main reason we have a large trade defi cit is that foreigners refuse
Which makes the most sense economically? (LO1)a) Individual self-suffi ciencyb) National self-suffi ciencyc) National specializationd) None of these
Our balance of trade . (LO1)a) has always been positiveb) turned negative in the mid-1970sc) turned negative in the mid-1980sd) has always been negative
Practical Application: Can you think of any valid reason for tariff protection? Try to make a case for it.
What is the economist’s case for free trade?
Should we be worried about our trade defi cit? Explain why or why not.
We run huge trade imbalances with two countries. Explain the cause of the imbalances.
Explain why globalization is good for the United States. What are the drawbacks of globalization for our economy?
What is wrong with having tariffs and quotas? Which is the lesser of the two evils, and why?
How much is the percentage of income received by the middle three quintiles on line S? 100 80 Percent of income 60 40 20 20 0 S R Q 0 10 20 30 40 30 40 50 60 70 80 90 100 Percent of households
How much is the percentage of income received by the highest quintile on line R? 100 80 Percent of income 60 40 20 20 0 S R Q 0 10 20 30 40 30 40 50 60 70 80 90 100 Percent of households
How much is the percentage of income earned by the highest quintile on Lorenz curve Q? 100 80 Percent of income 60 40 20 20 0 S R Q 0 10 20 30 40 30 40 50 60 70 80 90 100 Percent of households
How much is the percentage of income received by the lowest quintile on line R? 100 80 Percent of income 60 40 20 20 0 S R Q 0 10 20 30 40 30 40 50 60 70 80 90 100 Percent of households
Which one of the following statements is false? (LO5)a) Nearly half of all poor Americans own their own homes.b) A poor person today has roughly the same standard of living as a middle-income person 30 years ago.c) The reported consumption spending of people in the lowest income quintile is about
Who made this statement? “I still have the audacity to believe that people everywhere can have three meals a day.” (LO 4 )a) Charles Murrayb) William Julius Wilsonc) Barbara Bush (mother of President George W.Bush)d) Martin Luther King, Jr.e) Lisbeth B. Schorr
Which is the most accurate statement? (LO 6 )a) Because of the efforts of the Veterans Administration, only a handful of veterans are homeless.b) Most military families have to get by on food stamps and help from food pantries and soup kitchens.c) Military pay is high enough to keep virtually all
Within the city of New Orleans, most of the victims of Hurricane Katrina were . (LO 5 )a) rich and whiteb) rich and blackc) poor and whited) poor and black
Which one of the following statements is the most accurate? (LO 8 )a) Our nation provides cradle-to-grave security for our military personnel and their families.b) Because of the relative high pay and benefi ts provided by the military, very few military families run into fi nancial problems.c) No
What would be the most effective way of raising people out of poverty? (LO 8 )a) Cut off welfare payments to every family with at least one adult member between the ages of 18 and 64.b) Raise the minimum hourly wage.c) Eliminate the earned income tax credit.d) Have the government put welfare
Between 2000 and 2004 the poverty rate. (LO 4 , 9 )a) rose for four consecutive yearsb) fell for four consecutive yearsc) rose for two years and then fell for two yearsd) fell for two years and then rose for two years
Which statement is true? (LO 6 , 8 )a) Over 90 percent of the families receiving public assistance are headed by people who are employed.b) Nearly 90 percent of those in the workforce earn at least $10 an hour.c) The welfare rolls are much lower today than they were in 1994.d) If every adult on
Which statement is true? (LO 6 , 9 )a) Most of the nation’s poor receive welfare benefi ts.b) Since the Welfare Reform Act of 1996, no new welfare cases have been accepted.c) More people than ever are receiving welfare benefi ts.d) Most single mothers who have recently left the welfare rolls
Which one of the following people would most likely experience at least a year of poverty after her or his 20th birthday? (LO 5 )a) A high school dropoutb) A black personc) A white persond) A college dropout
The largest government program aimed exclusively at helping the poor is . (LO 6 )a) the earned income tax creditb) public assistancec) food stampsd) Social Security
Which statement is true? (LO 1 , 3 )a) If we redistributed income every year so that everyone would get the same amount, this would hurt the effi ciency of our economy.b) Virtually everyone agrees that we should redistribute most of the income received by the rich to the poor.c) The poor get a
Which is the most accurate statement? (LO 4 , 5 )a) Although there are poor children in the U.S., our child poverty problem is not nearly as bad as that of most other rich countries.b) The reason so many people in poor countries still don’t have safe drinking water is that it would cost at least
Which statement is true? (LO 3 )a) All of the 10 richest Americans inherited their fortunes.b) In order to make the top ten list of American billionaires, you need a fortune of over $15 billion.c) The two richest families in the United States today are the Rockefellers and the Fords.d) Most of the
Which of the following statements is the most accurate? (LO 5 , 6 )a) The welfare rolls today are much lower than they were in 1996.b) About 1 in 8 Americans lives below the poverty line.c) Without Social Security benefi ts, at least 75 percent of all senior citizens would be poor.d) The Welfare
Real median family income in the U.S. has. (LO 1 , 3 )a) grown each year since 2000b) declined each year since 2000c) doubled since the late 1960sd) become lower today than it was in 1975
Between 1968 and 2006, our income distribution has. (LO 1 )a) became more equalb) stayed about the samec) became less equal
Between 1968 and 2006, the percentage share of total income grew for the . (LO 1 , 2 )a) lowest two quintilesb) the middle three quintilesc) the highest quintiled) the highest quintile and the lowest quintile
Which of the following is the most accurate statement? (LO 5 )a) The standard of living of poor American children is very low compared to that of middle-class American children.b) Poor children in the United States are much worse off than poor children in virtually all other OECD countries.c) Poor
The richest fi fth of all American families receives percent of our total income. (LO 1 )a) almost 35c) more than 60b) about 50d) more than 75
The superrich get most of their income from. (LO 2 )a) rent, interest, and profi tsb) wagesc) illegal transactionsd) none of the above
The earned income tax credit is . (LO 6 )a) a form of welfareb) a refund check paid to the working poor by the Internal Revenue Servicec) a very minor form of government aid to the poord) opposed by both liberals and conservatives
Which one of the following statements is false? (LO 6 , 7 )a) The poor pay higher prices to buy groceries, furniture, and appliances.b) Low-income families can pay over $500 more for the same car bought by a higher-income household.c) The poor pay higher interest rates than people with higher
It would not be reasonable to say that poor people are. (LO 5 )a) grudgingly tolerated by society’s “productive”membersb) largely superfl uous to our socioeconomic systemc) basically self-supportingd) poor for a variety of reasons
Which statement is false? (LO 7 , 8 )a) Poverty breeds poverty.b) Poor people have low human capital.c) The liberals and conservatives disagree on how to get people off the welfare rolls and into selfsupporting jobs.d) None of these statements is false.
Social scientists believe the differential between what women and men earn can be explained by employment discrimination. (LO 2 )a) almost all ofb) about half ofc) only a small part of
More than one out of every children lives in poverty. (LO 5 )a) twoc) eightb) sixd) eleven
Which statement is true? (LO 5 )a) Virtually none of the homeless have jobs.b) Many of the homeless are mentally ill.c) The homeless are concentrated in a few large cities.d) None of these statements is true.
“The exodus of middle- and working-class families from many ghetto neighborhoods removes an important‘social buffer’” was said by . (LO7)a) Nicholas Lemannb) Charles Murrayc) Barbara Ehrenreichd) William Julius Wilson
Darity and Myers predict that . (LO 7 )a) welfare reform will lead to a sharp decline in the number of black families living below the poverty lineb) cutting welfare benefi ts will increase the ranks of marriageable young black menc) the underlying cause of poverty is too much government
Which statement is true? (LO 5 )a) Most poor people are black.b) Most black people are poor.c) People over age 65 have a higher poverty rate than the overall rate for Americans.d) None of these statements is true.
About million Americans are homeless. (LO 5 )a) 2 to 3d) 20 to 25b) 6 to 8e) 40 to 50c) 12 to 15
Which statement is false? (LO 5 )a) About three-fourths of the poor are single mothers and their children.b) About half of the poor are elderly.c) People living in the South are more likely to be poor than those living in the rest of the country.d) None of these statements is false.
Which statement is true? (LO 7 , 8 )a) Very few poor people hold jobs.b) The main reason for poverty is that some people refuse to work.c) A person holding a minimum wage job could raise her family out of poverty.d) There are millions of people whose jobs don’t pay enough to support their
Which is not aimed solely at the poor? (LO 6 )a) Food stampsb) Public assistancec) Social Securityd) Medicaid
Each of the following is a major source of great wealth except . (LO 3 )a) earning large salariesb) starting up new companiesc) real estated) inheritance
Women working full-time earn a little more than percent of what is earned by their male counterparts. (LO 1 , 3 )a) 33c) 75b) 50d) 100
Compared to their levels in 2003, the poverty line has and the minimum hourly wage has. (LO 4 )a) gone up, gone upb) stayed the same, stayed the samec) gone up, stayed the samed) stayed the same, gone up
To keep a family of four at the poverty line a person working a 40-hour week would need to earn about an hour. (LO 4 )a) $6d) $12b) $8e) $14c) $10
Doctors earn more than people in other professions basically because . (LO 2 , 3 )a) they need to be compensated for all those years they spent in schoolb) they are in short supply relative to the demand for their servicesc) it costs a lot more to be a doctor—offi ce expenses, support staff, and
An equal distribution of income would. (LO 1 )a) hurt both the work incentive and the incentive to saveb) hurt neither the work incentive nor the incentive to savec) hurt the work incentive but not the incentive to saved) hurt the incentive to save but not the work incentive
The Darity-Myers thesis is an attempt to explain. (LO 7 )a) black povertyb) the poverty of the elderlyc) worldwide povertyd) the permanent underclass
Which is the most accurate statement? (LO 7 )a) Although there are several theories of poverty, it is possible to formulate just one theory which completely explains 99 percent of all poverty in the United States.b) There are at least a dozen theories of poverty, and each has at least some apparent
Most social scientists defi ne the poor as being the lowest percent of our income recipients. (LO 4 )a) 10d) 40b) 20e) 50c) 3
Practical Application: What steps would you take to cut our poverty rate in half?
What has happened to the welfare rolls since the mid-1990s? What are the causes of this trend?
There are several theories of the causes of poverty. Why can’t a single theory explain all the poverty in the United States?
Who are the poor in the United States? A few population groups have very high incidences of poverty. Explain why people in each of these groups tend to be poor.
Discuss the basic determinants of income distribution.
What’s the difference between the distribution of income and the distribution of wealth? Describe the distribution of income and the distribution of wealth in the United States.
Given the information in Table 1 , fi ll in Malthus’s predictions for the years 2025, 2050, and 2075. ( LO7) TABLE 1 Year 2000 Food Production 1 2025 2050 2075 Population 1
The most likely effect of a worldwide effort to slow greenhouse gas emissions would be to the rate of economic growth. ( LO5 )a) substantially lowerc) slightly raiseb) slightly lowerd) substantially raise
Which statement is true? ( LO3 )a) Americans unquestionably receive the best health care in the world.b) Americans have the highest life expectancy and the lowest infant mortality rate in the world.c) More than $1,000 per capita in the U.S. is spent on health-care-related paperwork and
Which one of the following is the most accurate statement? ( LO8 )a) Baumol’s Disease explains most of our loss of manufacturing jobs to foreign competitors.b) The productivity of many workers in the service sector cannot be increased.c) William Baumol believes that the expansion of the health
Which one of the following statements would you agree with? ( LO3 )a) By the mid-1990s computerization had reached the critical mass necessary to signifi cantly raise our rate of productivity growth.b) Globalization has slowed our rate of productivity growth.c) High military and homeland security
Each of the following countries except is extremely poor. ( LO6 )a) Malawic) Burundib) Brazild) Ethiopia
Which statement is true? ( LO5 )a) Americans are the most productive workers in the world.b) In most economic sectors Americans are less productive than workers in other mature economies.c) The offi cial average workweek for most American information workers greatly overestimates the hours they
FedEx, Wal-Mart, and the airlines have ( LO3 )a) not taken advantage of the information technology revolution.b) used the information technology revolution mainly to lay off employees.c) used the information technology revolution to cut costs.d) all experienced lower productivity growth due to the
Since 1995 our productivity rose by more than 2.5 percent in . ( LO2 )a) just one yearb) two yearsc) three yearsd) more than three years
Malthus may have been correct in his predictions for. ( LO7 )a) at least some industrial countries and some LDCsb) at least some industrial countries but no LDCsc) at least some LDCs but no industrial countriesd) neither the LDCs nor the industrial countries
Rapid population growth the economic development of LDCs. ( LO6 , 7 )a) severely hampersb) slightly hampersc) slightly helpsd) greatly helps
Which of the following statements is true? ( LO3 )a) The American health care system is run very effi ciently.b) About one out of every six dollars of our GDP goes toward health care.c) The United States spends less per person on health care than most other developed nations.d) Health insurance
Mancur Olson suggests that the best remedy for overcoming the economic infl uence of special interest groups is . ( LO3 )a) bringing down the barriers to international tradeb) having the federal government curb the infl uence of special interest groupsc) raising tariffs on all imports that are
A major reason why health care costs are so high is. ( LO3 )a) doctors must not only pay high malpractice insurance premiums, but employ people just to deal with health care insurance paymentsb) doctors have become very greedyc) Medicaid and Medicare have forced up doctors’feesd) doctors are
Which is the most accurate statement? ( LO5 )a) The tremendous surge of immigrants into the United States has slowed our economic growth.b) Most high-tech employers oppose increasing immigration quotas.c) In the late 1990s the fl ood of immigrants willing to take low-paying jobs has caused millions
Which statement is true? ( LO5 )a) The permanent underclass is basically an economic asset because it is a cheap source of labor.b) The permanent underclass has slowed our rate of economic growth.c) About 2 percent of all Americans are members of the permanent underclass.d) Because the United
Which statement best refl ects the role of our educational system in preparing students for the workforce? ( LO5 )a) More people than ever are attending college, so our labor force is better educated than at any time in our history.b) Business fi rms are having trouble fi nding secretaries who can

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