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macroeconomics principles

Questions and Answers of Macroeconomics Principles

From which of your recent purchases did you receive the most consumer surplus? Many public pools charge a single daily admission fee for an unlimited number of visits. Why do most people visit a pool
Demand curves generally slope downward due to which of the following?a. Lower prices for complements in consumptionb. Increases in personal incomec. Diminishing marginal utilityd. Diminishing
The chapter mentions that, “other things being equal,” the person who places the highest value on a good will be the one willing and able to pay the most for it. What types of things might not be
Choose one of the types of graphs described in this appendix to illustrate the most you would be willing to pay for your first, second, and third cup of coffee in one day.
Suppose that after a successful advertising campaign, the quantity of lattes Brian would demand at each price (up to $7) increases by 1.a. Brian’s pre-advertising demand schedule is provided in the
Suppose an economy produces televisions and turkeys. The accompanying table shows several of the economy’s efficient output combinations. Draw the production possibilities frontier for this economy
Suppose an economy in a cold climate makes sweatshirts and pizzas. The accompanying table shows several of the economy’s efficient output combinations. Draw the production possibilities frontier
Assume that there is no difference in the resources used to make hats and belts, except that two belts can be made with the same amount of resources needed to make one hat. Fill in the accompanying
Consider the following statement: “Economics is all about money and banks.” What part of the statement is true? What part is false? Provide a better explanation of what economics is about.
Which of the following items are typically scarce? Do particular people specialize in producing the scarce items? Explain how specialization helps reduce the problem of scarcity.a. Paintingsb.
What is one thing that could cause the production possibilities frontier in your economy to shift inward?
Some people end their formal education with a high school degree, some finish with a college degree, and some go on to obtain a graduate degree. Beyond the ability to pay tuition, what are some
What is the opportunity cost (not the dollar value, but the foregone activity) of you going to economics class?
Explain how incentives influenced something you did this week, how you did it, or for whom you did it.
The rectangle in the accompanying graph represents tax revenue. Calculate the area of the rectangle. Price $6 4 Tax revenue Supply + tax 0 3 Anderson, Survey of Economics, © 2019
How do incentives influence your study habits? Why do students often ask, “Is this going to be on the test?” Why would it be unwise for an education-maximizing instructor to answer, “No, it
Can you tell when a salesclerk works on a commission basis (meaning that the clerk’s earnings are based on the volume of sales)? Do people who work for tips behave differently from those who do not?
The triangle in the accompanying graph represents the net gain to consumers from purchasing a good. Calculate the area of the triangle. Price $9 4 Net gain Market price Demand Quantity 0 6 Anderson,
Suppose tickets to a basketball game with broad appeal are inexpensive, but you can only obtain them by standing in line for many hours. The tickets may not be transferred from one person to another.
Suppose the members of your family are fighting over a slice of pizza. Identify three ways to determine who gets the slice. Would any of these ways help assure that the person who most wants the
Which of the following are positive economic statements?a. The unemployment rate is 5.4 percent.b. The price of bottled water is too high.c. The average college tuition last year was $35,000.d. The
The following table lists the percentage of the population between the ages of 15 and 24 and the annual population growth rate in four countries. Illustrate this information on a scatter diagram with
Classify each of the following as a topic of either microeconomics or macroeconomics.a. Your family’s decision to buy a house.b. The Kellogg company’s hiring decisions.c. The economy’s supply
Draw the points (3, 6) and (2, 7) on a graph. Label the origin, the x-axis, and the y-axis.
Calculate the slope of a line going from (3, 6) to (2, 7).
On a new graph, draw a line that begins with a positive slope, ends with a negative slope, and always has a decreasing slope.
Identify the independent variable in each of the following pairs of variables.a. Years of work experience and current incomeb. Hours of lost sleep at night and coffee consumption the evening beforec.
For each pair of variables in I, II, III, and IV, indicate the shape of the curve that correctly depicts the relationship between the two variables. Choose from the following shapes:a.
Draw a bar chart showing the number of hours you spent studying during each of the last seven days.
Printed versions of textbooks are manufactured using printing presses, workers, and paper. Identify the category of factors of production in which each of these inputs belongs.
Draw a simple circular flow diagram (without government) and use the relationships shown in the diagram to explain how producers’ optimism about future sales can lead to an increase in future sales.
Explain two ways in which your own activities are part of the economy’s circular flow. Which part of the circular-flow diagram in Figure 2.2 represents these activities? Goods and
Pair each type of firm on the left with one advantage on the right. Nonprofit organization Partnership LLC Owners control decision making Owners protected from creditors Is tax-exempt
Wonka chocolate bars are actually sold by the Nestlé corporation, but in the story of Charlie and the Chocolate Factory, Willy Wonka’s company was a sole proprietorship. Discuss the advantages and
Suggest an improvement in each of the following situations that could lead to efficiency.a. A college allocates its football tickets by lottery.b. A country with millions of unemployed workers
Suppose all income in an economy with 100 workers is shared equally. Explain one advantage and one disadvantage of this system relative to a capitalist system.
If all income in an economy with 100 workers is shared equally, the rewards for extra effort are equivalent to the rewards for working under a tax on output of what percent?
Explain how the decision of how much chocolate to produce is made in communist, socialist, and capitalist systems.
The GDP of any country can be divided into two kinds of goods: capital goods and consumption goods. The proportion of national output devoted to capital goods determines, to some extent, the
For a developing country to grow, it needs capital. The major source of capital in most countries is domestic saving, but the goal of stimulating domestic saving usually is in conflict with
In July 2015, the euro was trading at $1.09. Check the Internet or any daily newspaper to see what the “price” of a euro is today. What explanations can you give for the change? Make sure you
A cornerstone of new classical economics is the notion that expectations are “rational.” What do you think will happen to the prices of single-family homes in your community over the next several
Education is an area in which it has been hard to create productivity gains that reduce costs. Collect data on the tuition rates of your own college in the last 20 years and compare that increase to
Go to a recent issue of The Economist magazine. In the back of each issue is a section called “economic indicators.” That section lists the most recent growth data for a substantial number of
In January 2015, the Congressional Budget Office (CBO) issued a report estimating that the federal budget def icit for 2015 was expected to fall slightly to $468 billion, or 2.6 percent of GDP.
Since the year 2000, several countries have defaulted on their sovereign bonds. Do some research to find information on three countries that have defaulted since 2000.For each of the three countries
Obtain monthly data on the unemployment rate and the inflation rate for the last 2 years. (This data can be found at www.bls.gov or in a recent issue of the Survey of Current Business or in the
The Economics in Practice states that job applicants who have been unemployed for a long period of time have a more difficult time getting job interviews than do those applicants who have been
The unemployment rate stood at 9.6 percent late in 2010. Despite the fact that the economy had been growing out of the recession for over a year (real GDP was up 3 percent by Q2 2010), there was only
Obtain data on “average hourly earnings of production workers” and the unemployment rate for your state or area over a recent 2-year period. Has unemployment increased or decreased? What has
Economists and politicians have long debated the extent to which unemployment benefits affect the duration of unemployment. The table below represents unemployment and unemployment benefit data for
Paranoia, the largest country in central Antarctica, receives word of an imminent penguin attack. The news causes expectations about the future to be shaken. As a consequence, there is a sharp
In a June 17, 2015, press conference, Fed Chair Janet Yellen indicated the possibility of the Fed raising interest rates by the end of the year. On this date, the federal funds rate target set by the
The United States entered a deep recession at the end of 2007. The Fed under Ben Bernanke used aggressive monetary policy to prevent the recession from becoming another Great Depression. The Fed
Go to www.commerce.gov. Click on “Bureau of Economic Analysis.” Click next on “National” and then on the latest GDP release. Look through the report.Which of the components of aggregate
Go to www.bls.gov and click on the links for state and area employment and unemployment. Look at your home state and describe what changes have taken place in the workforce. Has the labor force
What is the unemployment rate in your state today?What was it in 1970, 1975, 1982, and 2008? How has your state done relative to the national average? Do you know or can you determine why?
What was the rate of growth in real GDP during the most recent quarter? You can find the answer in publications such as the Survey of Current Business, The Economist, and Business Week. Has growth
Look at a recent edition of The Economist. Go to the section on economic indicators. Go down the list of countries and make a list of the ones with the fastest and slowest GDP growth. Look also at
A World Bank brief entitled Natural Capital Accounting contains the following statement: “(A) major limitation of GDP is the limited representation of natural capital. The full contribution of
Describe the economy of your state. What is the most recently reported unemployment rate? How has the number of payroll jobs changed over the last 3 months and over the last year? How does your
The Economics in Practice describes prosperity and recession as they are depicted in literature. In mid-2009, there was a debate about whether the U.S. economy had entered an economic expansion. Look
Most college students either currently have, or at one time have had, roommates or housemates. Think about a time when you have shared your living space with one or more students, and describe the
In the summer of 2007, the housing market and the mortgage market were both in decline. Housing prices in most U.S. cities began to decline in mid-2006. With prices falling and the inventory of
In the State Trade by Commodity and Country section, click on “Exports and Imports”, then click on “Exports” for your state. There you will find a list of the top 25 commodities produced in
Suppose that the firm’s production technology is given by Y = zF(K, N) = zKα N1-α, where 0 < α < 1.Determine the firm’s demand forlabor as a function of z, K, α, and w, and
In the consumer’s choice problem, show that at least one good must be normal.
Suppose that the consumer’s preferences are given by the utility function U(C, l) = ln C + α ln l,where α > 0. Determine the consumer’s choice of consumption and leisure and interpret
Does purchasing power parity hold in practice in the short run? Why or why not? Does it hold in the long run? Why or why not?
What happens in the long run in the New Keynesian model?
What causes output to fluctuate in the real business cycle model?
In the New Keynesian model, does a liquidity trap imply that no economic policy can close a positive output gap?
What happens when the money supply increases in a liquidity trap?
How does monetary policy stabilization differ from fiscal policy stabilization?
How do Keynesians justify intervention in the economy through monetary and fiscal policy?
Why is monetary policy not neutral in the New Keynesian model? What are the effects of a change in the central bank’s target interest rate?
How is monetary policy determined in the New Keynesian model? What is the central bank’s target, and what does the central bank control directly?
Which markets clear in the New Keynesian model, and which do not?
Are Keynesian business cycle models currently being used? If so, what for?
What are the faults of the New Keynesian model?
Explain why the Phillips curve relationship in the basic New Keynesian model takes the form it does.
What three factors have been suggested for the decline in real interest rates in the world?
What countries in the world have flexible exchange rates? Which have fixed exchange rates?
What are the different systems for fixing the exchange rate? Describe how each works.
Suppose that the firm’s production technology is given by Y = z min(K, αN), where α > 0. As in Problem 3, determine the firm’s demand for labor as a function of z, K, α, and w, and
Suppose that U(c, c′) = ln c + β ln c,where β > 0. Determine consumption in the current and future periods for the consumer, and interpret your solutions in terms of income and substitution
In the optimal growth model, suppose that U(Ct) = ln Ct and F(Kt, Nt) = Ktα Nt1–α, with d = 1(100% depreciation).(a) Guess that the value function takes the form v(Kt) = A + B ln Kt, where A
Suppose in the Solow growth model that there is government spending financed by lump-sum taxes, with total government spending G = gY, where 0 < g < 1. Solve for steady state capital per
Determine the effects of an increase in matching efficiency, e, on w, j, u, and v.
Show that, if U(c) = ln c,then there is no need for a bank in the Diamond – Dybvig economy, and explain this result.
Suppose that consumers can meet and trade in period 1 instead of going to the bank in sequence. Show that, given the banking contract (d1, d2),there could be Pareto-improving trades that early and
Suppose a search economy with the possibility of double coincidences; that is, assume that when an agent produces a good, that she cannot consume it herself. In a random match where two agents meet
Suppose in the monetary intertemporal model that U(C) = 2C1/2 and V(N) = (1/2)N2. Determine closed-form solutions for consumption, employment, output, the nominal interest rate, and the real interest
Suppose that the firm produces output only from capital. Current output is given by Y = zKα, and future output is given by Y′ = z′(K′)α, where 0 < α < 1. Determine investment for the
Suppose that U(c, c′) = ln c + β ln c, where β > 0, and assume that the consumer lends at the real interest rate r1 and borrows at the interest rate r2, where r1 < r2. Under what conditions
Determine the effects of an increase in the separation rate δ on w, j, u, and v.
Suppose in the one-sided search model that an unemployed worker receives a wage offer with probability π.Then, conditional on receiving a wage offer, the offer is w2 with probability α2, w3 with
For the closed-economy, one-period model, suppose that U(C, l) = min (C, βl), and F(K, N) = αK + δN, where β > 0, α > 0, and δ > 0. Determine consumption, employment, output, leisure,
For the closed-economy, one-period model, suppose that U(C, l) = ln C + βl, and F(K, N) = zKα N1 – α, where β > 0 and 0 < α < 1. Determine consumption, employment, output, leisure,
How does an absence of double coincidence of wants make money socially useful?

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