Microeconomics 9th Edition Stephen Slavin - Solutions

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17. Fill-In Questions Total investment is found by adding (1) __________ ;(2) __________ ; and (3) __________ .
16. Fill-In Questions An investment will be undertaken if the expected profi t rate is higher than the __________ . (LO5)
15. Fill-In Questions The expected profi t rate is found by dividing by __________ . (LO5)
14. Fill-In Questions During severe recessions, our capacity utilization rate falls to around __________ percent. (LO5)
13. Fill-In Questions In Marx’s terms, the people who wait outside the factory gates for work are the __________ . (LO4)
12. Fill-In Questions According to Karl Marx, capital was created by the __________ and expropriated by the __________ . (LO4)
11. Fill-In Questions Gross investment - __________ = Net investment. (LO3)
10. Fill-In Questions The least stable form of investment is __________ investment. (LO5)
9. Fill-In Questions Theoretically, you would need an investment of about$ __________ to control a corporation that had $100 million in preferred stock, $50 million in common stock, and $350 million
8. Fill-In Questions The creditors of a corporation are mainly its __________ . (LO1)
7. Fill-In Questions A corporation is controlled by its __________ . (LO1)
6. Fill-In Questions A corporation is owned by its and its __________ . (LO1)
5. Fill-In Questions The two main disadvantages of incorporating are(1) and (2) __________ . (LO1)
4. Fill-In Questions The key advantage of incorporating is __________ . (LO1)
3. Fill-In Questions A partnership is owned by __________ people. (LO1)
2. Fill-In Questions There are about __________ million business fi rms in the United States. (LO1)
1. Fill-In Questions Of the big three spending sectors of GDP, the least stable is __________ . (LO5)
13. Fill-In Questions As disposable income rises, C+ I + G ____________. (LO2 )
12. Fill-In Questions If Adam Smith were alive today, he would say that our government is too ____________ . (LO6 )
11. Fill-In Questions If you earned $10,000 in 2008, how much did the federal government collect in payroll tax?$ ____________. (LO5 )
10. Fill-In Questions The maximum marginal tax rate of the federal personal income tax today is ____________ percent. (LO5 )
9. Fill-In Questions The most important source of federal tax revenue is the ____________ tax. (LO5 )
8. Fill-In Questions In 2008 the Social Security tax rate was ____________ percent. (LO5 )
7. Fill-In Questions Examples of regressive taxes include ____________ and ____________ . (LO3 )
6. Fill-In Questions Progressive taxes place the greatest burden on the ____________. (LO3 )
5. Fill-In Questions The average tax rate is found by dividing by ____________. (LO4 )
4. Fill-In Questions The largest federal government transfer payment is ____________. (LO5 )
3. Fill-In Questions Fiscal year 2007 began on (fi ll in month, day, and year). (LO1 )
2. Fill-In Questions Name basic economic influences of the federal government: (1) ____________; (2) ____________; and(3) ____________. (LO6 )
1. Fill-In Questions The economic role of the federal government began to get very large in the year ____________. (LO1 )
8. Fill-In Questions The world’s biggest exporting nation is ________________ . (LO5)
7. Fill-In Questions The main concern of the labor union members who were protesting against the WTO, the IMF, and the World Bank was ________________ . (LO6)
6. Fill-In Questions The only trading bloc that has eliminated all its internal tariffs is________________ . (LO6)
5. Fill-In Questions Our exports of goods and services are about ________________ percent of our GDP. (LO2)
4. Fill-In Questions Farmers in poor countries with foreign grain imports have been most hurt by American and European ________________ . (LO7)
3. Fill-In Questions In the year 2007 we ran a trade defi cit of$ ________________ billion. (LO2)
2. Fill-In Questions The three members of NAFTA are ________________ , ________________ , and ______________. (LO6)
1. Fill-In Questions Xn = ________________ - ________________ . (LO3)
12. Fill-In Questions Per capita real GDP is found by dividing ____________ by ____________ . (LO6)13. Fill-In Questions Over time, per capita real GDP comparisons become ____________ valid. (LO6).
11. Fill-In Questions Economists call the psychological strain associated with work ____________ . (LO7)
10. Fill-In Questions Economists call any good or service that people are willing to pay for ____________ . (LO7)
9. Fill-In Questions Goods and services produced without the government’s knowledge are part of the ____________ economy.
8. Fill-In Questions ____________ measures total production in one year. (LO1)
7. Fill-In Questions GDP includes only payments for ____________ . ( LO1, 2)
6. Fill-In Questions Had Anne Gindorff Heinz been alive during World War I, her standard of living would have been about ____________ percent of what it would be today. (LO6)
5. Fill-In Questions If Diane Hilgers had been alive during the American Revolution, her standard of living would have been about ____________ percent of what it would be today. (LO6)
4. Fill-In Questions NDP - ____________ = national income. ( LO2 , 3 )
3. Fill-In Questions GDP - ____________ = NDP. (LO2)
2. Fill-In Questions Nearly all our goods and services are produced by ____________ . ( LO1 , 2 )
1. Fill-In Questions The nation’s expenditure on all the fi nal goods and services produced during the year at market prices is ____________ . (LO1)
23. Fill-In Questions To stop infl ation, we need to convince people that _______________.
22. Fill-In Questions Once infl ation is under way, a(n) _______________ takes over. (LO7)
21. Fill-In Questions If the consumer price index rises from 150 to 180, the cost of living rose by _______________ percent. (LO6)
20. Fill-In Questions According to A. W. Phillips, there is a trade-off between _______________ and _______________ . (LO8)
19. Fill-In Questions Two exogenous business cycle theories are the _______________ theory and the _______________ theory. (LO2)
18. Fill-In Questions During a very severe recession when more than 11 percent of the labor force is out of work, most of the unemployment is _______________ unemployment. (LO4)
17. Fill-In Questions Since President George W. Bush took offi ce the misery index has been below _______________ . (LO8)
16. Fill-In Questions The misery index is found by adding the and the _______________ . (LO8)
15. Fill-In Questions The unemployment rate for blacks is about _______________ times the white unemployment rate.
14. Fill-In Questions Between the mid-1970s and the mid-1980s, our unemployment rate never dipped below _______________ percent. (LO4)
13. Fill-In Questions Liberals say the unemployment rate is actually than the BLS says it is; conservatives say it is really _______________ . (LO4)
12. Fill-In Questions The monetary theory of the business cycle hypothesizes that recessions are set off when and recoveries begin when the monetary authorities _______________ . (LO2)
11. Fill-In Questions According to the inventory theory of the business cycle, a recession is set off when retailers _______________ . (LO2)
10. Fill-In Questions Theories that place the cause of business cycles within the economy rather than outside are known as _______________ theories. (LO2)
9. Fill-In Questions The low point of a business cycle is the ;the high point is the _______________ . (LO1)
8. Fill-In Questions In the year _______________ the OPEC nations quadrupled the price of oil. (LO7)
7. Fill-In Questions The upper turning point of a business cycle just before the onset of a recession is called the _______________ . (LO1)
6. Fill-In Questions When the overall unemployment rate is 6.5 percent, the cyclical unemployment rate is _______________ . (LO5)
5. Fill-In Questions A person who is functionally illiterate faces long periods of _______________ unemployment. (LO5)
4. Fill-In Questions To fi nd the unemployment rate we need to divide the _______________ by the _______________ . (LO4)
3. Fill-In Questions To fi nd the number of people in the labor force we need to add the _______________ and the _______________ . (LO4)
2. Fill-In Questions Stagflation is a contraction of the words _______________ and _______________ . (LO7)
1. Fill-In Questions The worst recessions since World War II began in the year _______________ and the year _______________ . (LO1)
19. In which year and quarter did the prosperity phase of the business cycle begin? (LO1)Year Quarter Real GDP 2020 I 18,215 2020 II 18,703 2020 III 19,496 2020 IV 19,002 2021 I 18,771 2021 II 18,563
18. Cameron Amundson and Carter Amundson reside in Eagle’s Nest, Iowa, which has an unemployment rate of 6 percent and a labor force of 100. Cameron is a senior at the University of Dubuque and
17. If the unemployment rate is 10 percent and 90 million people are working, how many people are unemployed? (LO4)
16. If cyclical unemployment is 6 percent, how much is the unemployment rate? (LO5)
15. (a) In which year did disinfl ation set in? (b) In which year did defl ation set in?Year CPI 2010 100.0 2011 104.0 2012 110.2 2013 121.7 2014 129.4 2015 132.0 2016 133.5 2017 134.0 2018 133.8
14. If the unemployment rate is 10 percent, there are 150 million people in the labor force, and there are 5 million discouraged workers, how many people are unemployed? (LO4)
13. In which year was the misery index (a) the highest?(b) the lowest?Unemployment Rate Infl ation Rate Year (percent) (percent)1948 8.0 3.0 1949 5.9 2.1 1950 5.3 5.9 1951 3.3 6.0 1952 3.0 0.8 1953
12. (a) If the CPI fell from 180 to 150, by what percentage did the price level fall? (b) If the CPI rose from 150 to 180, by what percentage did the price level rise? (LO6)
11. Answer these questions, given the information that follows: (a) How many people are in the labor force?(b) What is the unemployment rate? Employed:90 million; discouraged workers: 4
10. Label the graph in Figure 1 with respect to the three phases of the business cycle and the cycle turning points. (LO1)
9. If the overall rate of unemployment is 8.3 percent, what is the rate of cyclical unemployment? (LO5)
In which year and quarter did the prosperity phase of the business cycle begin? (LO1)Year Quarter Real GDP2020 I 18,2152020 II 18,7032020 III 19,4962020 IV 19,0022021 I 18,7712021 II 18,5632021 III
8. If the rate of infl ation is 5 percent, the prime rate of interest is 6 percent, and the unemployment rate is 7 percent, how much is the misery index? (LO7)
7. If the CPI rose from 200 in 1991 to 240 in 1997, by what percentage did prices increase? (LO6)
6. If the CPI is currently 178.9, by what percentage did prices rise since the base year? (LO6)
5. How much would the real rate of interest be if the nominal interest rate was 12 percent and the expected rate of infl ation was 4 percent? (LO7)
4. How much would the nominal interest rate be if the real rate of interest were 6 percent and the expected rate of infl ation were 7 percent?
3. Given the following information, how many people are in the labor force? 3 million people are collecting unemployment insurance; 7 million people are offi cially unemployed; 2 million people are
2. Compute the unemployment rate given the following information: 8 million unemployed, 117 million employed. (LO4)
1. If the unemployment rate is 7 percent, how much is cyclical unemployment? (LO5)
46. In recent years, which one of the following has tended to push up our natural unemployment rate? (LO5)a) Our increasing disability rolesb) The quadrupling of our prison populationc) The rapid
45. Which would be the most accurate description of the six decades since the late 1940s compared to the eight decades preceding the 1940s? (LO1)a) The recessions were milder and the booms less
44. Which is the most accurate statement? (LO4)a) The monthly rate of job creation during the administration of George W. Bush has been faster than that during Bill Clinton’s administration.b) We
43. There are over 2 million Americans in prison. This tends to the offi cial unemployment rate. (LO5)a) raiseb) lowerc) have no effect on
42. The rate of job creation during the administration of George W. Bush has been . (LO5)a) relatively lowb) relatively highc) about average
41. During the mid-1980s, both Bolivia and Nicaragua experienced . (LO7)a) creeping infl ationc) disinfl ationb) hyperinfl ationd) defl ation
40. The 1996 Welfare Reform Act has pushed our unemployment rate; our high prison population has pushed our unemployment rate. (LO4 , 5 )a) up, upc) down, upb) down, downd) up, down

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Microeconomics 9th Edition Stephen Slavin - Solutions

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