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macroeconomy
The Macroeconomy Today 12th Edition Bradley Schiller - Solutions
What is the “ripple effect” in the News on page 211? LO2
Why might “belt-tightening” by consumers in a recession be unwelcome? (See News, p. 218.) LO3
What forces might turn an economic bust into an economic boom? What forces might put an end to the boom? LO3
Why was President Obama so concerned about the economy at the outset of his presidency? LO3
How might construction-industry job losses affect incomes in the clothing and travel industries? LO2
How can equilibrium output exceed full-employment output (as in Figure 10.9 )? LO3
When unwanted inventories pile up in retail stores, how is production affected? What are the steps in this process? LO3
How might declining prices affect a firm’s decision to borrow and invest? (See News, p. 207.) LO3
How should home builders respond when they see home prices falling? LO2
According to the World View on page 188, why did Panasonic cut investment spending in 2009? Was this a rational response? LO2
Why would an employed consumer cut spending when other workers were being laid off (see News, p. 185)? LO2
Why do rich people have a higher marginal propensity to save than poor people? LO1
Could President Obama have pursued the classical policy strategy? LO3
How did the decline in U.S. home prices in 2006–8 affect aggregate demand? LO2
How much do higher gasoline prices contribute to inflation? LO1
Could demand-pull inflation occur before an economy was producing at capacity? How? LO3
Identify two groups that benefit from deflation and two that lose. LO2
Who gained and who lost from the price changes in Table 7.2 ? LO2
Who gains and who loses from rising house prices? LO2
How might rapid inflation affect college enrollments? LO2
How can the outsourcing of U.S. computer jobs generate new U.S. jobs in construction or retail trade? (See News, p. 125.) LO3
Why is frictional unemployment deemed desirable?LO2
When the Chrysler plant in South St. Louis closed(p. 111), whose jobs and incomes were affected? LO2
If the government guaranteed some income to all unemployed persons, how might the unemployment rate be affected? Who should get unemployment benefits? (See News, p. 117.) LO2
Are you better off today than a year ago? How do you measure the change? LO1
Over 4 million Web sites sell a combined $70 billion of pornography a year. Should these sales be included in(a) GDP and (b) an index of social welfare? LO1
Is the Fordham Index of Social Health, discussed in the News on page 106, a better barometer of well-being than GDP? What are its relative advantages or disadvantages? LO1
How might the quality of life be adversely affected by an increase in GDP? Cite specific examples. LO1
What jobs are likely part of the underground economy? LO1
Should the government be downsized? Which functions should be cut back? LO2
What government actions might cause failures like points G 1 , G 2 , and G 3 in Figure 4.6 ? Can you give examples? LO3
The government now spends over $700 billion a year on Social Security benefits. Why don’t we leave it to individuals to save for their own retirement? LO1
Is there a shortage of on-campus parking at your school?How might the shortage be resolved? LO2
The World View on page 59 describes the use of prices to achieve an equilibrium in the kitchen. What happens to the food at more traditional restaurants? LO2
What would happen in the apple market if the government set a minimum price of $2.00 per apple? What might motivate such a policy? LO4
The shortage in the organ market ( Figure 3.8 ) requires a nonmarket rationing scheme. Who should get the available ( q a ) organs? Is this fairer than the marketdriven distribution? LO4
In Figure 3.8 , why is the organ demand curve downward-sloping rather than vertical? LO1
What do the demand and supply of Inaugural tickets look like? Who attends if tickets are openly sold? Who attends if “scalping” is outlawed? (News, p. 57) LO2
Which determinants of pizza demand change when the White House is in crisis (pp. 48–49)? LO3
What would have happened to gasoline production and consumption if the government had prohibited post-Katrina price increases (see News, p. 54)? LO4
With respect to the demand for college enrollment, which of the following would cause (1) a movement along the demand curve or (2) a shift of the demand curve? LO3a. An increase in incomes.b. Lower tuition.c. More student loans.d. An increase in textbook prices.
In our story of Tom, the student confronted with a Webdesign assignment, we emphasized the great urgency of his desire for Web tutoring. Many people would say that Tom had an “absolute need” for Web help and therefore was ready to “pay anything” to get it. If this were true, what shape
How might free markets help reduce global poverty?How might they impede that goal? LO3
Why are incomes so much more unequal in poor nations than in rich ones? LO3
Should the government try to equalize incomes more by raising taxes on the rich and giving more money to the poor? How might such redistribution affect total output and growth? LO3
Why should the government regulate how goods are produced? Can regulation ever be excessive? LO1
How many people are employed by your local or state government? What do they produce? What is the opportunity cost of that output? LO1
How might the following government interventions affect a nation’s economic growth? LO2a. Mandatory school attendance.b. High income taxes.c. Copyright and patent protection.d. Political corruption.
The U.S. farm population has shrunk by over 25 million people since 1900. Where did all the people go? Why did they move? LO2
Can we continue to produce more output every year? Is there a limit? LO2
Why is per capita GDP so much higher in the United States than in Mexico? LO2
Americans already enjoy living standards that far exceed world averages. Do we have enough? Should we even try to produce more? LO1
What is the opportunity cost of President Obama’s increased infrastructure spending? LO1
What is the connection between North Korea’s missile program and its hunger problem? (World View, p. 9) LO3
How many resources should we allocate to space exploration?How will we make this decision? LO2
Why do people around the world have so much faith in free markets (World View, p. 14)? LO2
Who would go to college in a completely private (market)college system? How does government intervention change this FOR WHOM outcome? LO3
Markets reward individuals according to their output;communism rewards people according to their needs. How might these different systems affect work effort? LO3
How might a nation’s production possibilities be affected by the following? LO2a. A decrease in taxes.b. An increase in government regulation.c. An increase in military spending.d. An increase in college tuition.e. Faster, more powerful electronic chips.
What’s the real cost of the food in the “free lunch” cartoon on page 6? LO1
How much time could you spend on homework in a day?How much do you spend? How do you decide? LO1
What opportunity costs did you incur in reading this chapter? If you read another chapter today, would your opportunity cost (per chapter) increase? Explain. LO1
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