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macroeconomics principles

Principles Of Macroeconomics 8th Edition Sayre, J.E.; Morris, A.J. - Solutions

8 6 3
In Table A2, suppose that w is the independent variable measured along the horizontal axis. The slope of the line relating w and isa. positive with a decreasing slope.b. negative with a decreasing slope.c. positive with an increasing slope.d. negative with a constant slope.e. positive with a
able measured along the horizontal axis. The slope of the line relating w and isa. +3. b.-3.c. -2/3.d. +3/2e. -3/2
e. less than
d. about
Refer to Table A2. Suppose that w is the independent vari at point b is difficult to determine exactly, but it must bea. greater than 5/2.b. about 5/2.c. between 5/2 and
In Fig. A4, consider the slopes of are ab and are be. The slope |
What is the slope across the are between b and c in Fig. A4?a. 1/2b. 2/3c. 1d. 2e. 3
The relationship between two variables that move in oppo- site directions is shown graphically by a line that isa. positively sloped.b. relatively steepc. relatively flat.d. negatively sloped.e. curved.
In Fig. A4 the relation- ship between x and y as x increases isa. positive with slope decreasing.b. negative with slope decreasing.c. negative with slope increasing.d. positive with slope increasing 10 FIGURE A4e. positive with slope first increasing then decreasing.
If variables x and y move up and down together, they are said to bea. positively related.b. negatively related.c. conversely related.d. unrelated.e. trendy.
From the data in Table Al, it appears that x and y have a negative relationship.a. b. x and y have a positive relationship.c. there is no relationship between x and y.d. there is first a negative and then a positive relationship between x and y.e. there is first a positive and then a negative
A point's position on a graph is best described by itsa. slope.b. coordinates.c. origin.d. causation.e. correlation. Graphs Used in Economic Models
Which of the following statements is false?a. The intersection of the x-axis and y-axis is the origin.b. Breaks in a graph's axes can be misleading.c. Breaks in a graph's axes can highlight a relationship.d. A causal relationship must imply a correlation.e. A correlation must imply a causal
A point with a negative x-coordinate must bea. below the horizontal axis.b. above the horizontal axis.c. d. to the left of the vertical axis. to the right of the vertical axis.e. below the vertical axis.
Relationships between three variables can be displayed on a small change in x, the line is steep. two-dimensional graph.
For a straight line, if a large change in y is associated with a
Ceteris paribus means "other things change." large change in x, the slope is large.
For a straight line, if a small change in y is associated with a
The slope of a curved line is not constant. change in the value of the variable measured on the hori- zontal axis by the change in the value of the variable mea- sured on the vertical axis. Graphing Relationships Among More Than Two Variables
The slope of a straight line is calculated by dividing the
In Fig. A3, the slope of the curve is approaching zero as we move from point a to point b.
In Fig. A3, the value of x is a minimum at point b.
In Fig. A3, the slope of the curve is increasing as we move from point b to pointc. FIGURE A3
In Fig. A3, the relationship between y and x is first nega- tive, reaches a minimum, and then becomes positive as x increases.
If a scatter diagram shows a clear relationship between vari- ables x and y, then x must cause y.
The graph of the relationship between two variables that are in fact unrelated is always vertical.
A graph with a break in the axes must be misleading.
If the graph of the relationship between two variables slopes. upward (to the right), the graph has a positive slope.
Stretching or compressing the scale on an axis can be misleading.
Suppose your friend, who is a history major, claims that economic models are useless because they are so unreal- istic. He claims that since the models leave out so many descriptive details about the real world, they can't possibly be useful for understanding how the economy works. How would you
Perhaps the biggest economic question is "How can we organize our lives so that when each of us makes choices in our self-interest, these choices also promote the social interest?" When Nike builds a factory in Malaysia and pays workers far less than North American wages, it is acting in its own
Indicate whether each of the following statements is positive or normative. If it is normative (positive), rewrite it so that it becomes positive (normative).a. The government ought to reduce the size of the deficit to lower interest rates.b. Government imposition of a tax on tobacco products will
Starting fresh, if the price of a bumper car ride rises to $8, how many rides will Branko now take? Explain why.
Assume Branko's benefits are the same as in Short Answer Problem
a. If Branko chooses by comparing total benefit and total cost, how many rides will be take? TABLE 1 Ride 1st 2nd 3rd Marginal benefit 10 7 4 Marginal cost 5 5 5b. If Branko chooses by comparing marginal benefit and marginal cost, how many rides will he take?c. Is Branko better off by choosing
Branko loves riding the bumper cars at the amusement park, but he loves the experience a little less with each suc- cessive ride. In estimating the benefit he receives from the rides, Branko would be willing to pay $10 for his first ride, $7 for his second ride, and $4 for his third ride. Rides
Suppose the government builds and staffs a hospital to pro- vide "free" medical care.a. What is the opportunity cost of the free medical care?b. Is it free from the perspective of society as a whole?
Ashley, Doug, and Mei-Lin are planning to travel from Halifax to Sydney. The trip takes one hour by airplane and five hours by train. The air fare is $100 and train fare is $60. They all have to take time off from work while travelling. Ashley earns $5 per hour in her job, Doug $10 per hour, and
"If all people would only economize, the problem of scar- city would be solved." Agree or disagree, and explain why.
The common element to making personal, business, and government policy decisions is to evaluatea. total benefits and total costs to find greatest gain.b. marginal benefits and marginal costs to find greatest gain.c. marginal benefits and marginal costs to find highest marginal benefit.d. marginal
Which of the following statements is false? An economic modela. is tested by comparing predictions with the facts.b. is difficult to test because of the simultaneous operation of many factors.c. tests only positive economic statements.d. can be tested using natural and economic experimentse.
A normative statement is a statement regardinga. what is usually the case.b. the assumptions of an economic model.c. what ought to be.d. the predictions of an economic model.e. what is.
Which of the following statements is normative?a. Scientists should not make normative statements.b. Warts are caused by handling toads.c. As compact dise prices fall, people will buy more of them.d. If income increases, sales of luxury goods will fall.e. None of the above.
Which of the following is a positive statement?a. Low rents will restrict the supply of housing.b. High interest rates are bad for the economy.e. Housing costs too much.d. Owners of apartment buildings ought to be free to charge whatever rent they want.e. Government should control the rents that
A positive statement isa. about what ought to be.b. about what is.c. always true.d. capable of evaluation as true or false by observation and measurement.e. b and d.
Monika will choose to eat a seventh pizza slice ifa. the marginal benefit of the seventh slice is greater than its marginal cost.b. the marginal benefit of the seventh slice is less than its marginal costc. the total benefit of all seven slices is greater than their total cost.d. the total benefit
Economists assume thata. self-interested actions are all selfish actions.b. consumers and producers pursue their self-interest while politicians and public servants pursue the social interest.c. incentives are key in reconciling self-interest and the social interest.d. all people pursue the social
Marginal benefit is thea. total benefit of an activity.b. additional benefit of a decrease in an activity.c. additional benefit of an increase in an activity.d. opportunity cost of a decrease in an activity.e. opportunity cost of an increase in an activity.
Which of the following sayings best describes opportunity cost?a. "Make hay while the sun shines."b. "Money is the root of all evil."c. "Boldly go where no one has gone before."d. "There's no such thing as a free lunch."e. "Baseball has been very good to me."
The opportunity cost of attending universitya. depends on what you expect to eam with your degree.b. must be greater than the money cost of attending university.c. must be less than the money cost of attending university.d. depends on your major.e. depends on what you could earn now.
Renata has the chance to either attend an economics lecture or play tennis. If she chooses to attend the lecture, the value of playing tennis isa. greater than the value of the lecture.b. not comparable to the value of the lecture.c. equal to the value of the lecture.d. the opportunity cost of
When the government chooses to use resources to build a dam, those resources are no longer available to build a high- way. This illustrates the concept ofa. a market.b. macroeconomics.c. opportunity cost.d. a "how" tradeoff.e. the big tradeoff.
When boats fish in international waters, that is certainly a(n)a. self-interested choice.b. altruistic choice.c. globalization choice.d. factor of production choice.e. choice in the social interest.
The knowledge and skill obtained from education and training isa. labourb. human capital.c. physical capital.d. entrepreneurship.e. technological know-how.
Which statement about incomes earned by factors of production is false?a. Land earns rent.b. Natural resources car rent.e. Labour earns wages.d. Capital earns profit.e. Entrepreneurship earns profit.
All of the following are resources excepta. natural resources.b. tools.c. entrepreneurship.d. government.e. land.
The trends over the past 60 years in what we produce show that has shrunk. has expanded and.a. manufacturing; servicesb. manufacturing: agriculturec. agriculture; services.d. agriculture; manufacturinge. services; agriculture
The two big economic questionsa. arise from scarcity.b. summarize the scope of economics.c. describe choices we make.d. examine incentives that influence choices.e. are all of the above.
The first big economic question about goods and services includes all of the following excepta. what to produce.b. why produce.c. how to produce.d. what quantities to produce.e. who gets what is produced. Two Big Economic Questions
Microeconomics studies all of the following except thea. decisions of individual firms.b. effects of government safety regulations on the price of cars.c. global economy as a whole.d. prices of individual goods and services.e. effects of taxes on the price of beer.
The branch of economics that studies the choices of indi- vidual households and firms is calleda. macroeconomics.b. microeconomics.c. positive economics.d. normative economics.e. home economics.
The problem of scarcity existsa. only in economies with government.b. only in economies without government.c. in all economies.d. only when people have not optimized.e. now, but will be eliminated with economic growth.
Scarcity differs from poverty because available resources is called the problem ofa. opportunity cost.c. b. scarcity. normative economics.d. what to produce.e. who will consume.a. resources exceed wants for the rich.b. wants exceed resources even for the rich.c. the rich do not have to make
The fact that human wants cannot be fully satisfied with
Economics is a useful policy tool for governments and businesses, but not for individuals.
The main economics policy tool is to compare total costs act selfishly. and total benefits to find the solution with the greatest gain.
Economists assume that it is human nature for all people to
Economists test positive statements about how the world works to weed out those that are wrong.
Tradeoffs and opportunity costs are the key concepts for understanding the economic way of thinking.
A positive statement is about what is, while a normative statement is about what will be.
When the opportunity cost of an activity increases, the incentive to choose that activity increases.
Choices made in the pursuit of self-interest always promote the social interest.
In economics, the definition of "capital" includes financial assets like stocks and bonds.
"When do choices made in the pursuit of the social interest also promote self-interest?" is one of the big economic questions.
In economics, the definition of "land" includes nonrenew- able resources but excludes renewable resources.
"How do choices determine what, how, and for whom goods and services are produced?"" is one of the big economic questions. Two Big Economic Questions
Economics studies the choices people make to cope with scarcity and the institutions that influence and reconcile choices.
Entrepreneurs bear the risks arising from the business deci- sions they make.
Economics explains how we use unlimited resources to satisfy limited wants.
15. (LO 7) Can an economy grow too fast? What might be some of the problems of high growth?
14. (LO 7) Does a high income level mean a higher standard of living? Why, or why not?
13. (LO 6) Assume that an economy can produce either 300 tonnes of coffee and no rubber, or 100 tonnes of rubber and no coffee. You may further assume that this 3:1 coffee/rubber ratio is constant. Draw a production possibilities curve for this economy with coffee on the vertical axis. Next,
12. (LO 3) Kant Skatte is a professional player in the National Hockey League. Because he loved the game so much, Kant dropped out of high school and worked very hard to develop his physical strength and overcome his limitations. Eventually, he made it to the NHL. What data are needed to estimate
11. (LO 5) To what extent is the organization of a family based on the four Cs? Give examples of how each of the four Cs is used to assign household chores to its members. What blend of the four Cs do you think is preferable, and why?
10. (LO 2) Explain the analogy between the use of theory and the use of a map.
9. (LO 6) Suppose the country of Catalona produces leather shirts and leather moccasins, and the production of each requires the same amount of leather and the same tools.Workers in Catalona are equally capable of producing either product. Draw a production possibilities curve for Catalona, and
8. (LO 6) Illustrate economic growth using a production possibilities curve (remember to label the axes). What are two possible causes of economic growth?
7. (LO 2, 6) Write down a normative statement that relates to economics. Next, change your statement to make it a positive one.
6. (LO 5) Identify and explain the four factors of production and the names given to payments received by each.Intermediate (Problems 7–9)
5. (LO 2) Explain why the discipline of economics is sometimes called the science of choice.
4. (LO 3) Below is a list of economic goods. You are to decide whether each is a consumer good (C), a capital good(K), or possibly both (B), depending on the context in which it is used.a) A pair of socksb) A golf coursec) A Big Mac hamburgerd) A wheelbarrow
3. (LO 3) Below is a list of resources. Indicate whether each is labour (L), capital (K), land (N), or enterprise (E).a) An irrigation ditch in Manitobab) The work done by Jim Plum, a labourer who helped dig the irrigation ditchc) A laked) The air we breathee) The efforts of the founder and primary
2. (LO 2) Identify each of the following statements as positive or normative:a) Canada is the best country in the world to live in.b) Canada’s national income has risen for the last five years.c) If the world price of wheat rises, Canada will export less wheat.d) Unemployment is a more serious
1. (LO 7) Match the letters on the left with the numbers on the right. Place the correct letter in the blank. (Data refer to Canada.)a) over $40 000 per person 1. inflationb) 2.2 percent per year 2. unemploymentc) above 6 percent for 3. economic growth last 20 yearsd) below 3 percent for 4.
(LO 6) Table 1.21 contains the production possibilities data for capital goods and consumer goods in the economy of New Harmony.Please see the Answer Key (on Connect) for the solution to the Comprehensive Problem. An alternative version of the Comprehensive Problem is available to instructors on
10. (L0 4) Below are the data for the maximum production of the only two products for the countries of Oz and Zas.Oz 40 food units OR 20 equipment units Zas 20 food units OR 30 equipment unitsa) If each country is self-sufficient, with no trade between them, and each uses one half of its resources
Consumer goods 50 40 30 20 10 0 TABLE 1.18 Hours Pages 2 80 4 130 6 160 8 175 10 180a) From this information, complete the production possibilities in Table 1.20b) From Table 1.19, draw Jennifer’s production possibilities curve between movies watched and pages studied on the grid in Figure
9. (LO 6) Jennifer is planning how to spend a particularly rainy Sunday, and the choice is between watching video movies (each lasting two hours) or studying her economics textbook. She has 10 hours available to her. If she decides to study, she could read the following number of pages at the rate
8. (LO 6) The data in Table 1.18 are for the small country of Xanadu. Assume that the economy is originally producing combination C, but technological change occurs that enables it to produce 60 percent more units of capital goods (for outputs B through F).a) Complete the Capital goods 2 row in

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