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microeconomics
Questions and Answers of
Microeconomics
Using information from the Application "Flight Insurance," calculate the price of fair insurance if the probability were as high as 0.00000077 , the frequency in 2001 when many people died in the
Using the information in the Application "Botox and Price Discrimination," determine how much Allergan loses by being a single-price monopoly rather than a perfectly price-discriminating monopoly.
Using the figure in the Application "A Semiconductor Integrated Circuit Isoquant," show that as the firm employs additional fixed-proportion technologies, the firm's overall isoquant approaches a
In the Old Testament, God promised riches to Israel if Israel kept God’s commandments. But in the New Testament, Jesus says that it is easier for a camel to go through the eye of a needle than for
If the firm described in Figure 13-4 is producing 4 units, what would you advise it to do, and why?
A business firm is thinking of buying a capital good, which will earn \($2,000\) a year for the next four years and cost \($7,000.\) The interest rate is 8 percent. Should the firm buy the capital
Suppose college students are given two options. With option A, the price a student pays for a class is always the equilibrium price. For example, if the equilibrium price to take Economics 101 is
If people pay for good weather, who ultimately receives the “good-weather payment”?
For this exercise, your instuctor may assign you to work with another student.a. With your partner, survey 10 people (perhaps fellow students in other classes or family members and friends) and ask
Jason Furman served as the chairman of the White House Council of Economic Advisers under President Obama. In an opinion column in the Wall Street Journal discussing President Trump’s tax reform
Evaluate the following statement: “Policies to redistribute income are desperately needed in the United States. Without such policies, the roughly 13 percent of the population that is currently
Imagine that the next time the New England Patriots play the Miami Dolphins at Gillette Stadium in Foxborough, Massachusetts, Patriots star quarterback Tom Brady has a temporary lack of judgment and
The chapter mentions that in 1965, married women with children did an average of 32 hours of housework per week, while men did an average of only 4 hours of housework—a total of 36 hours of
Graphs simplify economic ideas and make them more concrete. Consider the data available on these two Web sites:• www.eia.gov/dnav/pet/pet_pri_gnd_a_epmr_pte_dpgal_w.htm provides data on the retail
José has $55 to spend on apples and oranges. Given the information in the following table, is José maximizing utility? Briefly explain. Total Marginal Utility of Last Price Quantity Utility Unit
Use the following graph to answer the questions.a. If the wage rate and the rental price of ovens are both $100 and total cost is $2,000, is the cost-minimizing point A, B, or C? Briefly explain.b.
Explain why it is true that for a firm in a perfectly competitive market, the profit-maximizing condition MR = MC is equivalent to the condition P = MC.
If a politician running for office does not speak in general terms, does not try to move to the middle of the political spectrum, and does not take polls, is the median voter model therefore wrong?
Voters often criticize politicians running for office who do not speak in specific terms (i.e., who do not specify which spending programs will be cut, whose taxes will be raised, etc.). If voters
Would bad weather be something that could affect voter turnout? Explain your answer.
In Example 2 with equal taxes, did the outcome of the vote make anyone worse off? If so, whom and by how much?
The average farmer is likely to be better informed about federal agricultural policy than the average food consumer is. Why?
Consider special-interest legislation that will transfer$40 million from group A to group B, a group with 10,000 persons. Is this legislation more likely to pass when group A consists of (a) 10,000
Give an example of public-interest talk spoken by a specialinterest group.
Why is rent-seeking activity socially wasteful?
A national survey poll found that two-thirds of Americans polled could not name all three branches of the United States government nor a single Supreme Court justice. Another poll found that 91
What does it mean to say that a theory is falsifiable?
What is the five-step process to building a theory?
Women in some countries have more children than women in other countries because they have a stronger preference for having children. Would an economist be likely to use different preferences to
Consider Jack who attends both his son’s high school football games and a few professional football games too. At which games is Jack more likely to be well behaved? Why?
Kidnappers can’t be rational because no rational person would be a kidnapper. Comment.
Can evidence prove that a theory is correct?
Identify two observations that are inconsistent with the baseball-cap-wearing theory of cheating on an exam.
Ocean views (from a house) are not free. Do you agree or disagree? Explain your answer.
What does it mean if you are included in another person’s utility function in a positive way?
I’ve heard that economists build a lot of theories. That’s why I think that economics might be too abstract a course of study. Theories come with a lot of mathematics, diagrams, and complex
Suppose the United States can produce 120 units of X at an opportunity cost of 20 units of Y and the United Kingdom can produce 40 units of X at an opportunity cost of 80 units of Y. Identify
If a country can produce more of all of its goods than any other country can, would it benefit from specializing and trading? Explain your answer.
Do government officials analyze data to determine what their country can produce at a comparative advantage?
Who benefits and who loses from tariffs? Explain your answer.
Identify the directional change in consumers’ surplus and producers’ surplus when we move from free trade to tariffs.Is the change in consumers’ surplus greater than, less than, or equal to the
What is a major difference between the effects of a quota and the effects of a tariff?
Outline the details of the infant industry argument for trade restriction.
Good economics turns out to be no more than common sense. If an economic doctrine doesn’t make common sense, then it can’t be good economics.Hear what and how the economist thinks:This is a
In the foreign exchange market, how is the demand for dollars linked to the supply of pesos?
What could cause the U.S. dollar to appreciate against the Mexican peso on the foreign exchange market?
Suppose that the U.S. economy grows and that the Swiss economy does not. How will this difference affect the exchange rate between the dollar and the Swiss franc? Why?
What does the purchasing power parity theory say? Give an example to illustrate your answer.
Identify the directional change in consumers’ surplus and producers’ surplus when we move from free trade to tariffs. Is the change in consumers’ surplus greater than, less than, or equal to
How does an overvalued dollar affect U.S. exports and imports?
In each of the following cases, identify whether the U.S.dollar is overvalued or undervalued:a. The fixed exchange rate is \($2\) 5 £1, and the equilibrium exchange rate is \($3\) 5 £1.b. The fixed
Good economics turns out to be no more than common sense. If an economic doctrine doesn’t make common sense, then it can’t be good economics.Hear what and how the economist thinks:This is a
What is the major difference between the market output and the socially optimal output?
For an economist, is the socially optimal output always preferred to the market output?
What does it mean to internalize an externality?
Are the transaction costs of buying a house higher or lower than those of buying a hamburger at a fast-food restaurant? Explain your answer.
Does the property rights assignment a court makes matter to the resource-allocative outcome?
What condition must be satisfied for a tax to adjust correctly for a negative externality?
Why is it likely that tradable pollution permits will eliminate a given level of pollution at lower cost than a command-and-control system which mandates that each polluter eliminate the same amount
Emission taxes and tradable pollution permits create different kinds of uncertainty. Explain.
Under both emission taxes and tradable pollution permits, polluters must pay to pollute. Explain.
Why does the market fail to produce nonexcludable public goods?
Identify each of the following goods as a nonexcludable public good, an excludable public good, or a private good:a. A composition notebook used for writingb. A Shakespearean play performed in a
Give an example, other than a movie in a movie theater or a play in a theater, of a good that is nonrivalrous and excludable.
Give an example that illustrates how asymmetric information can lead to more of a good being consumed than if there is symmetric information.
Adverse selection has the potential to eliminate some markets. How so?
Give an example of moral hazard that is not used in the text.
The economist reads what a student has written on a course evaluation form:I like the course and have learned a lot this semester. However, I find myself getting distracted when students come into
How can government change the distribution of income?
“Income inequality at one point in time is sometimes consistent with income equality over time.” Comment.
Smith and Jones have the same income this year: $40,000.Does it follow that their income came from the same sources? Explain your answer.
Starting with the top fifth of income earners and proceeding to the lowest fifth, suppose the income share of each group is 40 percent, 30 percent, 20 percent, 10 percent, and 5 percent. Can these
Country A has a Gini coefficient of 0.45. What does that statement mean?
Jack and Harry work for the same company, but Jack earns more than Harry. Is this evidence of wage discrimination?Explain your answer.
A person decides to assume a lot of risk in earning an income. How could this decision affect her income?
“Poor people will always exist.” Comment.
What percentage of the U.S. population was living in poverty in 2015?
What is the general description of a disproportionate percentage of the poor?
Define each of the following:a. In-kind transfer paymentb. Lorenz curvec. Wage discrimination
Why does the price for loanable funds tend to equal the return on capital goods?
Why does the real interest rate, not the nominal interest rate, matter to borrowers and lenders?
What is the present value of $1,000 two years from today if the interest rate is 5 percent?
Give an example to illustrate that economic rent varies with the perspective from which a factor is viewed.
Nick’s salary is pure economic rent. What does this statement imply about Nick’s next-best alternative salary?
What are the social consequences of firms competing for artificial rents, as opposed to competing for real rents (in an environment in which there are no barriers to competing for real rents)?
Why does profit exist?
“Profit is not simply a dollar amount; it is a signal.”Comment.
What are two majors ways of increasing trade?
The economist reads about a survey of people picked at random who were asked the question: What percent profit on each dollar of sales do you think the average company earns after taxes? The average
What does it mean to say that an individual has a positive rate of time preference?
The economist is watching the news on television. A reporter says: “The debate is heating up over the proposed increase in the minimum wage. We asked people at random if they thought a rise in the
What will lower the demand for union labor?
What is the difference between a closed shop and a union shop?
What is the objective of a strike?
What is a major difference between a monopsonist and a factor price taker?
Under what conditions will the minimum wage increase the number of people working?
How could a collectively bargained higher wage rate in the unionized sector of the economy lead to a lower wage rate in the nonunionized sector of the economy?
The objective of labor unions is to obtain higher wages for their members. They just keep pushing wages up, up, and up.What and how the economist thinks:This statement makes me think about a seller
“If a firm is a price taker, it does not have the ability to control the price of the product it sells.” What does this statement mean?
The horizontal demand curve for the perfectly competitive firm signifies that it cannot sell any of its product for a price higher than the market equilibrium price. Why not?
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