Microeconomics Private And Public Choice 13th Edition James D. Gwartney - Solutions

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2. In what sense is the term “market” being used in ea of the following sentences? “Go to the market and get some bananas.” “e market is the best invention of humankind.” “e labor market for new Ph.D.s is bad this year.” “e advance of the market leads to a decline in
1. You aend a college or university. In what sense is it an “educational institution”? Can you identify any institutionalized paerns that structure the behavior of students and faculty at your sool?
2. Make a list of several things that, over the past few days, you have eaten, drunk, been entertained by, been transported by, been sheltered by, or received other services from (e.g., “dinner at Gina’s,” “my apartment,” and “the health clinic”). en, using the definitions in this
1. Education is sometimes provided within the core sphere (at-home presool activities and home sooling), is oen provided by the public purpose sphere (public and nonprofit sools), and is occasionally provided by for-profit firms (“arter sools” or firms offering specific
5. Match each concept in Column A with an example in Column B. a. Column A Negative externality 1. b. An essential economic activity 2. Column B You should spend more time studying economics A fair and just society 3. If you spend more time studying economics, you will have less time to sleep C. A
4. Suppose that society could produce the following combinations of pizzas and books:a. Using graph paper (or a computer program), draw the PPF for pizza and books, being as exact and neat as possible. (Put books on the horizontal axis. Assume that the points above can be connected to define a
3. How is the concept of efficiency related to the concept of scarcity? Consider, for example, your own use of time. When do you feel that time is more, and when less, scarce? Do you think about how to use your time differently during exam week than you do when you are on vacation?
2. e notion of scarcity reflects the idea that resources cannot be streted to aieve all the goals that people desire. But what makes a particular resource “scarce”? If a resource seems to be in greater supply than is needed (like desert sand), is it scarce? If it is freely open to the
1. In ea of the following, indicate whi of the four essential economic activities is taking place, and in whi sphere.a. Ms. Katar, an executive at Acme Manufacturing, directs the cleanup of one of the company’s old industrial waste dump sites.b. Mr. Ridge plants a garden in his yard.c.
17. What do we mean when we speak of economic activity “in context”?
16. How can we classify economic actors into three spheres?
15. What is the circular flow model of economic activity?
14. What is a model?
13. What is the relationship between a society’s PPF and resource management?
12. What kinds of decisions would make a PPF expand over time? What kinds of decisions would make it contract over time?
11. Draw a societal PPF, and use it to explain the concepts of tradeoffs (opportunity cost), aainable and unaainable output combinations, and efficiency.
10. How do abundance and scarcity create the possibility of, and the necessity for, economic decision making?
9. Define negative and positive externalities, and give examples of ea.
8. What is an economic actor?
7. What are some examples of final goals?
6. What is the goal of efficiency?
5. Is the aainment of wealth a final goal?
4. What is the difference between final and intermediate goals?
3. What is the difference between positive and normative questions? Give a couple of examples of ea.
2. Name the four essential economic activities.
1. What is the definition of economics?
2. Model building is sometimes compared to map making. If you wanted to give people directions for reaing the place where you live, what would you put on the map that you drew for them? What would you put on the map you drew if someone asked you about good places to go hiking, where the highest
1. Describe three situations in whi economic activities could affect its environmental context and three ways in whi economic behavior could affect its social context. How might these influences that the economy exerts on its contexts result in anging how the contexts, in turn, affect
2. Consider the following possible productive activities. Whi ones do you think will tend to expand the PPF in the future? Whi ones will tend to contract it?(ere may be room for disagreement on some points.)a. Increasing educational opportunitiesb. Manufacturing lawn mowersc. Building a
1. Suppose that your “resources” for studying can be devoted to either or both of two subjects: this class and another class you are taking. Would the PPF for your “production” have the shape portrayed in Figure 1.1? Discuss.
2. Imagine that an engineer, an artist, and an economist are all observing the construction of a new office building. Considering the three basic economic questions discussed in this section, what aspects of the process might the economist notice, and what words might she use to describe what is
1. The admissions office at your college decides who will be admied and who will not be. Is this an economic activity? Of what kind? (ere may be more than one correct answer.)
2. How can economic systems deal with the problems caused when some goals conflict with others? For example, what if a goal of increased consumption causes growing environmental damage, with some people enjoying more goods but others suffering from the effects of pollution?
1. You have evidently made a decision to dedicate some of your personal resources in time and money to studying college economics. Whi of the goals listed in Table 1.1 was most important to you (and perhaps to your family or community, if they were involved) in making this decision? Did any of
2. In what ways do you think economics might help to provide solutions to social problems and improve overall well-being? And are there ways in whi the workings of the economic system may create social problems or make them worse? How would you hope to use economic understanding to help resolve
1. What current issues are you most interested in? How do you think economics might help you understand these issues?
1.4. “Unlike a marketplace in which pollution is profitable, government control of resources and pollution can take into account the desires of all the people.”Evaluate, using economic thinking.
1.3. “The buildup of carbon dioxide and other gases in the air threatens to warm the planet and cause enormous damage worldwide. We must immediately stop this buildup for the sake of future generations.”Why do many economists disagree with this statement?Are they not concerned about the
1.2. “The national parks belong to us all. No one should be charged money to enter.” Evaluate, using the economic way of thinking.
1.1. The movie The Perfect Storm is set in a situation in which a very short fishing season forces the fishers to go to sea despite the dangerous conditions.Explain how a move to ITQs could solve that problem.
1.● Why does federal ownership of our national parks pose problems for park managers serving the public? Are there ways to lessen those problems?
1.● How can the government utilize marketlike policies to reduce the cost of environmental policy?
1.● What can economics tell us about an effective policy on global warming and climate change? Will economic growth help with this problem or make matters worse?
1.● Why do people seek governmental regulation to improve the environment in a market economy?
1.5. “Water is a necessity of life. It should not be bought and sold, or traded in markets!” Use the economic way of thinking to evaluate this statement.
1.4. Why have cotton fields retreated and forests returned in many areas of the southeastern United States?With fewer acres farmed, will the nation continue to be able to provide food and fiber for itself? Explain.
1.3. In the industrial nations, have succeeding generations, each with a higher income than before, left the world resource-poor, with only low-grade mineral ores left, for example? Have they been“consuming the future’s birthright”? Explain your answer.
1.2. “If China and India continue their economic expansion, the world cannot provide enough raw materials without terrible shortages worldwide.” Evaluate this statement.
1.1. If the world were about to run out of a highly valued resource, what would happen to its price? How would this affect the future supply of the resource relative to demand?
1.● Why is there a major misallocation problem for a few key resources like water?
1.● What do prices indicate is happening to resource scarcity?
1.● Are proved reserves the same thing as the total future supply of a resource?
1.● Why have there been repeated forecasts that the world will run out of key resources? Why have these forecasts been consistently wrong?
1.7. Even though the wage scale of union members is substantially greater than the minimum wage, unions have generally been at the forefront of those lobbying for higher minimum rates. Why do you think unions fight so hard for a higher minimum wage?
1.6. A survey of firms in your local labor market reveals that the average hourly wage rate of unionized production workers is $1.50 higher than the average wage rate of nonunion production workers. Does this indicate that unionization increases the wage rates of workers in your area by $1.50? Why
1.5. “Unions provide the only protection available to working men and women. Without unions, employers would be able to pay workers whatever they wanted.” True or false?
1.4. Evaluate the following statements.a. “An increase in the price of steel will be passed along to consumers in the form of higher prices for automobiles, homes, appliances, and other products made with steel.” Do you agree or disagree?b. “An increase in the price of craft union labor will
1.3. “If a union is unable to organize all the major firms in an industry, it is unlikely to exert a major effect on the wages of union members.” Indicate why you either agree or disagree.
1.2. Assume that the primary objective of a union is to raise the wages of its members.a. Discuss the conditions that will help the union achieve this objective.b. Why might a union be unable to meet its goal?
1.1. Suppose that Florida migrant workers are effectively unionized. What will be the effect of the unionization on (a) the price of Florida oranges,(b) the profits of Florida fruit growers in the short run and in the long run, (c) the mechanization of the fruit-picking industry, and (d) the
1.● Can unions increase the wages of all workers?
1.● Can unions increase the wages of their members? What makes a union strong? What factors limit the power of a union?
1.● How much of the U.S. workforce is unionized?
1.5. Compared to women, men are overrepresented in occupations like coal mining and construction, in which working conditions are more dangerous.For example, 5,275 American men were killed on the job in 2006, compared to 428 women. How will the more dangerous working conditions of men influence
1.4. In 2007, the median earnings of single men working full time, year-round were only 60 percent of their married counterparts. Does this indicate that employment discrimination existed against single men and in favor of married men?
1.3. Physical strength is important in some jobs. Do you think differences in physical strength between men and women contribute to earnings differences according to gender? Why or why not? Do they also influence the share of men relative to women who will pursue a college education? Explain.
1.2. Between 1960 and 1990, the labor force participation rate of married women approximately doubled.What impact did this influx of married workers into the labor force have on (a) the average years of work experience of women relative to men, (b) the mean hours of work time of women relative to
1.1. Is employment discrimination the major cause of earnings differences between men and women?Carefully justify your answer.
1.● How have the educational choices and career goals of women changed? Will this affect their future earnings?
1.● How has the economic status of women changed in recent decades?
1.● Why are the earnings of women substantially lower than those of men? Is it because of employment discrimination?
1.5. Currently, students attending state colleges and universities are heavily subsidized, but those attending private higher educational institutions are not.Do you think this is fair? Would you like to see a voucher system applied to higher education? Why or why not?
1.4. Consider the three reform proposals discussed by the authors at the end of this special topic. Indicate why you believe each is either a good or a bad idea.Explain your answers.
1.3. Should parents have the right to choose which schools their children attend? Why or why not? Discuss.
1.2. How does the lack of competition in the provision of education affect the quality and cost of education?Explain.
1.1. “The best solution to reverse the decline in student performance in recent decades is to increase spending on education.” Evaluate this statement.
1.● How can the quality of education be improved?
1.● What does economics have to say about the structure of education?
1.● How do student achievement scores today compare with those of the past? How does student performance in the United States compare with other countries?
1.● How has spending on education changed in recent decades? How does the educational spending of the United States compare with that of other countries?
1.8. If the government either provides (or forces insurers to provide) insurance to persons with preexisting adverse health conditions, how will this influence the incentive to purchase insurance when you are healthy?
1.7. Suppose the government established a new program that would use revenues from a payroll tax to finance 85 percent of the maintenance and repair cost of automobiles incurred by those who are employed.How would this legislation influence (a) the prices of auto repair and maintenance services,
1.6. Do personal choices influence health care expenditures?If health care is paid for by others or if everyone is charged the same premium for health care, how will this influence the incentive to make healthy lifestyle choices?
1.5. Consider the six reform proposals suggested by the authors at the end of this feature. Indicate why you believe each is either a good or a bad idea. Explain your answers.
1.4. How did the Medicare and Medicaid programs influence the cost of medical services purchased by Americans who were neither poor nor elderly?Explain.
1.3. Do individuals have a right to free health care? Do they have a right to force others to provide them with free health care? Discuss.
1.2. When an employer provides health insurance benefits as part of the compensation package, does this represent a gift by employers to their employees?Do employees earn these benefits? Why or why not? Justify your response.
1.1. How does the substitution of third-party payments by insurance companies and the government for the out-of-pocket purchase of health care by consumers influence the demand and price of medical services?Explain.
1.● What can be done to improve the delivery of health care services?
1.● What is likely to happen to health care prices and expenditures in the future?
1.● Why have the prices of health care services risen so rapidly in recent decades?
1.● How much do Americans spend on health care?
1.6. What are the most important lessons Americans should learn from the Great Depression? Do you think we have learned them? Why or why not?
1.5. “I’m for international trade, but not when it takes jobs from Americans. If the American worker can produce the product, Americans should not buy it from foreigners.” Do you agree with this statement?Why or why not?
1.4. Could the United States ever experience another Great Depression? Why or why not?
1.3. “Franklin Roosevelt is recognized as one of our greatest presidents because his New Deal policies brought the Great Depression to an end.” Evaluate this statement.
1.2. Do the length and severity of the Great Depression reflect a defect in the operation of markets?Do they reflect a failure of government policy?Discuss.
1.1. “The Great Depression was caused by the 1929 stock market crash. The 1929 collapse of stock prices was the most severe in U.S. history, and therefore it is not surprising that it caused a prolonged period of economic hardship.” Evaluate this statement.
1.● Does the Great Depression reflect a failure of markets or a failure of government?
1.● Did monetary and fiscal policy help promote recovery from the Great Depression?

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Microeconomics Private And Public Choice 13th Edition James D. Gwartney - Solutions

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