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Introduction To Information Systems 5th Edition R. Kelly Rainer, Brad Prince, Casey G. Cegielski - Solutions
In which of the following three markets are there likely to be the greatest feedback effects: market for housing, market for wheat, market for manufactured goods? (LO4-4)
Define the fallacy of composition. How does it affect the supply/demand model? (LO4-4)
In most developing countries, there are long lines of taxis at airports, and these taxis often wait two or three hours.What does this tell you about the price in that market?Demonstrate with supply and demand analysis. (LO4-3)
Assume that Argentina imposes a 20 percent tax on natural gas exports.(LO4-3)a. Demonstrate the likely effect of that tax on gas exports using supply and demand curves.b. What does it likely do to the price of natural gas in Argentina?
In the United States, say gasoline costs consumers about$2.50 per gallon. In Italy, say it costs consumers about$6 per gallon. What effect does this price differential likely have on: (LO4-3)a. The size of cars in the United States and in Italy?b. The use of public transportation in the United
You’re a commodity trader and you’ve just heard a report that the winter wheat harvest will be 2 billion bushels, a 40 percent jump, rather than an expected 30 percent jump. (LO4-3)a. What would you expect would happen to wheat prices?b. Demonstrate graphically the effect you suggested in part
Draw hypothetical supply and demand curves for tea. Show how the equilibrium price and quantity will be affected by each of the following occurrences:(LO4-3)a. Bad weather wreaks havoc with the tea crop.b. A medical report implying tea is bad for your health is published.c. A technological
OPEC announces it will increase oil production by 20 percent. What is the effect on the price of oil?Demonstrate your answer graphically. (LO4-3)
In a flood, usable water supplies ironically tend to decline because the pumps and water lines are damaged.What will a flood likely do to prices of bottled water? (LO4-3)
Explain what a sudden popularity of “Economics Professor”brand casual wear would likely do to prices of that brand. (LO4-3)
What is the expected impact of increased security measures imposed by the federal government on airline fares and volume of travel? Demonstrate your answer graphically. (LO4-3)
Why does sales volume rise during weeks when states suspend taxes on sales by retailers? Demonstrate your answer graphically assuming that the retailer pays the tax. (LO4-3)
Why does the price of airline tickets rise during the summer months? Demonstrate your answer graphically.(LO4-3)
It has just been reported that eating red meat is bad for your health. Using supply and demand curves, demonstrate the report’s likely effect on the equilibrium price and quantity of steak sold in the market.(LO4-3)
You’re given the following demand and supply tables:(LO4-3)a. Draw the market demand and market supply curves.b. What is excess supply/demand at price $30? Price $60?c. Label equilibrium price and quantity. P $30 40 50 60 D 15 10 2505 Demand Dz 0 0 53OO D3 10 7 0550 Supply P S S S3 $30 0 4 11 40
Derive the market supply curve from the following two individual supply curves. (LO4-2) $10 8 P 6 4 2 S S 2 4 68 10 Q
List four shift factors of supply and explain how each affects supply. (LO4-2)
Mary has just stated that normally, as price rises, supply will increase. Her teacher grimaces. Why? (LO4-2)
State the law of supply. Why is price directly related to quantity supplied? (LO4-2)
Distinguish the effect of a shift factor of demand on the demand curve from the effect of a change in price on the demand curve. (LO4-1)
List four shift factors of demand and explain how each affects demand. (LO4-1)
You’re given the following individual demand tables for comic books. (LO4-1)a. Determine the market demand table.b. Graph the individual and market demand curves.c. If the current market price is $4, what’s total market demand? What happens to total market demand if price rises to $8?d. Say
State the law of demand. Why is price inversely related to quantity demanded? (LO4-1)
In trade talks with Australia, the United States proposed that Australia cannot regulate the amount of foreign content on new media without first consulting the United States. Actress Bridie Carter of McLeod’s Daughters argued against adopting the trade agreement, arguing the agreement trades
You’ve set up the rules for a game and started the game but now realize that the rules are unfair. Should you change the rules?
Discuss the concepts of market failure and government failure in relation to operas.
Go to a store in your community.a. Ask what limitations the owners faced in starting their business.b. Were these limitations necessary?c. Should there have been more or fewer limitations?d. Under what heading of reasons for government intervention would you put each of the limitations?e. Ask what
Tom Rollins founded a company called Teaching Co. He taped lectures at the top universities, packaged the lectures on DVD, and sold them for between $20 and $230 per series.a. Discuss whether such an idea could be expanded to include college courses that one could take at home.b. What are the
One of the specific problems socialist economies had was keeping up with capitalist countries technologically.a. Can you think of any reason inherent in a centrally planned economy that would make innovation difficult?b. Can you think of any reason inherent in a capitalist economy that would foster
Economists Edward Lazear and Robert Michael calculated that the average family spends two and a half times as much on each adult as they do on each child.a. Does this mean that children are deprived and that the distribution is unfair?b. Do you think these percentages change with family income?If
What arguments can you give for supporting a socialist organization of a family and a market-based organization of the economy?
The text discusses consumer sovereignty and suggests that it guides the market choices.a. Is consumer sovereignty a myth or reality in today’s consumer culture?b. Do consumers “direct” the economy as suggested by the text, or has invention become the mother of necessity, as Thorstein Veblen
This chapter emphasized the importance of the relationship between how the economic system is organized and value systems. Knowing that how I raise my child will greatly shape how he or she will ultimately fit into the social and economic process, should I raise my child to be selfless,
In economics, a household is defined as a group of individuals making joint decisions as though acting as one person.a. How do you think decisions are actually made about things like consumption and allocation of time within the household?b. Does bargaining take place?c. If so, what gives an
In his The Social Contract, Jean-Jacques Rousseau argued that “no State has ever been founded without a religious basis [but] the law of Christianity at bottom does more harm by weakening than good by strengthening the constitution of the State.” What does he mean by that, and is he correct?
Friedrich Hayek, the man quoted at the start of the chapter, is an Austrian economist who won a Nobel Prize in economics. He argued that government intervention is difficult to contain. Suppose central planners have decided to financially support all children with food vouchers, free day care, and
Why are international organizations limited in their effectiveness?(LO3-4)
What are two organizations that countries can use to coordinate economic relations and reduce trade barriers?(LO3-4)
Name two international organizations that countries have developed to coordinate economic actions. (LO3-4)
Give an example of a merit good, a demerit good, a public good, and a good that involves an externality.(LO3-3)
Say the government establishes rights to pollute so that without a pollution permit you aren’t allowed to emit pollutants into the air, water, or soil. Firms are allowed to buy and sell these rights. In what way will this correct for an externality? (LO3-3)
What are the six roles of government listed in the text? (LO3-3)
What are the two largest categories of state and local government expenditures? (LO3-3)
You’re starting a software company in which you plan to sell software to your fellow students. What form of business organization would you choose? Why? (LO3-2)
List the three major forms of business. (LO3-2)a. What form is most common?b. What form accounts for the largest proportion of sales?
Why is entrepreneurship a central part of any business?(LO3-2)
Why does an economy’s strength ultimately reside in its people? (LO3-2)
Is capitalism or socialism the better economic system?Why? (LO3-1)
How does a centrally planned socialist economy solve the what, how, and for whom to produce problems? (LO3-1)
How does a market economy solve the what, how, and for whom to produce problems? (LO3-1)
In a centrally planned socialist economy, what is the central coordinating mechanism? (LO3-1)
In a market economy, what is the central coordinating mechanism? (LO3-1)
Say that the hourly cost to employers per German industrial worker was $44. The hourly cost to employers per U.S. industrial worker was $34, while the average cost per Taiwanese industrial worker was $20.a. Give three reasons why firms produce in Germany rather than in a lower-wage country.b.
Groucho Marx is reported to have said “The secret of success is honesty and fair dealing. If you can fake those, you’ve got it made.” What would likely happen to society’s production possibility curve if everyone could fake honesty? Why? (Hint: Remember that society’s production
Lawns produce no crops but occupy more land (25 million acres) in the United States than any single crop, such as corn. This means that the United States is operating inefficiently and hence is at a point inside the production possibility curve. Right? If not, what does it mean?
Research shows that after-school jobs are highly correlated with decreases in grade point averages. Those who work 1 to 10 hours get a 3.0 GPA and those who work 21 hours or more have a 2.7 GPA. Higher GPAs are, however, highly correlated with higher lifetime earnings.Assume that a person earns
When all people use economic reasoning, inefficiency is impossible because if the benefit of reducing that inefficiency were greater than the cost, the inefficiency would be eliminated. Thus, if people use economic reasoning, it’s impossible to be on the interior of a production possibility
Writing in 1776, Adam Smith was concerned with not only the profound effects of the division of labor on productivity (as your textbook notes) but also its stultifying effect on the human capacity. In The Wealth of Nations, Smith warned that performing a few simple operations over and over again
Thorstein Veblen wrote that vested interests are those seeking “something for nothing.” In this chapter, you learned how technology shapes the economy’s production possibilities over time so that a country becomes increasingly good at producing a subset of goods.a. In what ways have vested
It has been said that “capitalism robs us of our sexuality and sells it back to us.”a. Does sex sell?b. Is sex used to sell goods from Land Rovers to tissue paper?c. Who, if anyone, is exploited in the use of sex to sell commodities?d. Are both men and women exploited in the same ways?(Feminist)
The text makes it look as if maximizing output is the goal of society.a. Is maximizing output the goal of society?b. If the country is a Christian country, should it be?c. If not, what should it be? (Religious)
State the law of one price. How is it related to the movement of manufacturing out of the United States? (LO2-4)
If workers in China and India become as productive as U.S. workers, what adjustments will allow the United States to regain its competitiveness? (LO2-4)
What effect has globalization had on the ability of firms to specialize? How has this affected the competitive process? (LO2-4)
Suppose the United States and Japan have the following production possibility tables: (LO2-3)a. Draw each country’s production possibility curve.b. In what good does the United States have a comparative advantage?c. Is there a possible trade that benefits both countries?d. Demonstrate your answer
Does the fact that the production possibility model tells us that trade is good mean that in the real world free trade is necessarily the best policy? Explain. (LO2-3)
If neither of two countries has a comparative advantage in either of two goods, what are the gains from trade? (LO2-3)
A country has the following production possibility table: (LO2-2)a. Draw the country’s production possibility curve.b. What’s happening to the trade-off between food and clothing?c. Say the country gets better at the production of food. What will happen to the production possibility curve?d.
How does the theory of comparative advantage relate to production possibility curves? (LO2-2)
In two hours JustBorn Candies can produce 30,000 Peeps or 90,000 Mike and Ikes or any combination in between. (LO2-2)a. What is the trade-off between Peeps and Mike and Ikes?b. Draw a production possibility curve that reflects this trade-off.c. Identify and label three points: efficient production,
Design a grade production possibility table and curve that demonstrates a rising trade-off as the grade in each subject rises. (LO2-1)
Show how a production possibility curve would shift if a society became more productive in the output of both widgets and wadgets. (LO2-1)
Show how a production possibility curve would shift if a society became more productive in its output of widgets but less productive in its output of wadgets. (LO2-1)
Is a good economist always objective? Explain your answer.
Prospect theory suggests that people are hurt more by losses than they are uplifted by gains of a corresponding size. If that is true, what implications would it have for economic policy?
Tyler Cowen, an economist at George Mason University, presents an interesting case that pits the market against legal and social forces. The case involves payola—the payment of money to disk jockeys for playing a songwriter’s songs. He reports that Chuck Berry was having a hard time getting his
About 100,000 individuals in the United States are waiting for organ transplants, and at an appropriate price many individuals would be willing to supply organs. Given those facts, should human organs be allowed to be bought and sold?
Go to two stores: a supermarket and a convenience store.a. Write down the cost of a gallon of milk in each.b. The prices are most likely different. Using the terminology used in this chapter, explain why that is the case and why anyone would buy milk in the store with the higher price.c. Do the
Say that divorce is made illegal unless both parties agree to remarry at the time of the divorce. If such a law were enacted, would you expect a divorced-person market for remarriage to develop? On average would you expect husbands or wives to have a higher price? Why?
Economics is about strategic thinking, and the strategies can get very complicated. Suppose Marge kisses Mike and asks whether he liked it. She’d like Mike to answer“yes” and she’d like that answer to be truthful. But Mike knows that, and if he likes Marge, he may well say that he liked the
A Wall Street Journal article asked readers the following questions. What’s your answer?a. An accident has caused deadly fumes to enter the school ventilation system where it will kill five children.You can stop it by throwing a switch, but doing so will kill one child in another room. Do you
Adam Smith, who wrote The Wealth of Nations, and who is seen as the father of modern economics, also wrote The Theory of Moral Sentiments. In it he argued that society would be better off if people weren’t so selfish and were more considerate of others. How does this view fit with the discussion
Economist Steven Landsburg argues that if one believes in the death penalty for murderers because of its deterrent effect, using cost/benefit analysis we should execute computer hackers—the creators of worms and viruses—because the deterrent effect in cost saving would be greater than the
Radical economists believe that all of economics, like all theorizing or storytelling, is value-laden. Theories and stories reflect the values of those who compose them and tell them. For instance, radicals offer a different analysis than most economists of how capitalism works and what ought to be
The textbook model assumes that individuals have enough knowledge to follow the economic decision rule.a. How did you decide what college you would attend?b. Did you have enough knowledge to follow the economic decision rule?c. For what type of decisions do you not use the economic decision rule?d.
In October of 2004, the supply of flu vaccine fell by over 50 percent when a major producer of the vaccine was shut down. The result was that the vaccine had to be rationed, with a priority schedule established: young children, people with weakened immunity, those over 65, etc., taking priority.a.
Economic institutions are “habits of thought” that organize society.a. In what way might patriarchy be an institution and how might it influence the labor market?b. Does the free market or patriarchy better explain why 98 percent of secretaries are women and 98 percent of automobile mechanics
In “Rational Choice with Passion: Virtue in a Model of Rational Addiction,” Andrew M. Yuengert of Pepperdine University argues that there is a conflict between reason and passion.a. What might that conflict be?b. What implications does it have for applying the economic model? (Religious)
State whether the following statements belong in positive economics, normative economics, or the art of economics. (LO1-5)a. In a market, when quantity supplied exceeds quantity demanded, price tends to fall.b. When determining tax rates, the government should take into account the income needs of
What is the difference between normative and positive statements? (LO1-5)
Distinguish between theorems and precepts. Is it possible for two economists to agree about theorems but disagree about precepts? Why or why not? (LO1-4)
Does economic theory prove that the free market system is best? Why? (Difficult) (LO1-4)
What is an economic model? What besides a model do economists need to make policy recommendations? (LO1-4)
Individuals have two kidneys, but most of us need only one. People who have lost both kidneys through accident or disease must be hooked up to a dialysis machine, which cleanses waste from their bodies. Say a person who has two good kidneys offers to sell one of them to someone whose kidney
Give two examples of political or legal forces and explain how they might interact with economic forces. (LO1-3)
Give two examples of social forces and explain how they keep economic forces from becoming market forces. (LO1-3)
Suppose your college has been given $5 million. You have been asked to decide how to spend it to improve your college.Explain how you would use the economic decision rule and the concept of opportunity costs to decide how to spend it. (LO1-2)
Suppose you currently earn $30,000 a year. You are considering a job that will increase your lifetime earnings by $300,000 but that requires an MBA. The job will mean also attending business school for two years at an annual cost of $25,000. You already have a bachelor’s degree, for which you
What is the opportunity cost of buying a $20,000 car? (LO1-2)
Economists Henry Saffer of Kean University, Frank J.Chaloupka of the University of Illinois at Chicago, and Dhaval Dave of Bentley College estimated that the government must spend $4,170 on drug control to deter one person from using drugs and that the cost one drug user imposes on society is $897.
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