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microeconomics

Questions and Answers of Microeconomics

How did mechanism design lead to behavioral economics?
Can a model that includes just money price miss relevant prices? Why or why not?
How is choice architecture related to behavioral economics and mechanism design?
Behavioral economics is a new field in economics. Are nudges new too?
What is a nudge policy? Give an example.
How can a nudge be defined as libertarian?
In what way is nudge policy paternalistic?
Two people are given the choice to participate in a retirement program in which the firm matches contributions.Person A is given a form on which she must check a box to opt into the retirement
What are three types of choices in which nudges are useful?
Why is a nudge useful for choices where benefits and costs are separated by time?
Why, in the traditional model, is a nudge unnecessary but potentially helpful in the behavioral model?
Classify the following nudges as either a “potentially advantageous default nudge,” an “information or encouragement nudge,” or “not a nudge.”a. A firm redesigns its health enrollment
Government has provided a way for people to file their tax returns on the Internet to make filing easier and raise compliance. Is this an example of a libertarian paternalistic policy? Explain your
What distinguishes a nudge from a push?
Why would push instead of nudge policies be required?
Identify the following as either a nudge, a push, or neither.a. The cover of your state tax forms reports that 90 percent of residents pay taxes on time.b. If your friends gain weight, you are likely
How is conspicuous consumption an example of the importance of relative materialism to one’s happiness?
How might conspicuous consumption lower total happiness?
What are four reasons to be cautious about nudges?
Why aren’t there many libertarian nudge policies?
Assume that government proposes that all employees must be presented with the choice of opting out of a retirement saving program. What assumptions are necessary for this to be a true nudge? Are they
Behavioral economics seems to suggest that the“long-term self” rather than the “short-term self” is rational.How do we know that? (Austrian)
There is an implicit view in the chapter that if a policy meets the libertarian paternalistic goal, it is a good policy.Is that necessarily the case? (Radical)
How does behavioral economics undermine the standard supply/demand model? (Institutionalist)
Behavioral economics acknowledges that cultural norms impact people’s behavior, something that feminist economists have long included in their analysis. What risks does nudge policy pose for using
What mechanism might be developed to determine whether it is appropriate for government to give a nudge?
Why were more batters being hit in the American League than in the National League starting in 1973? (Be sure your answer uses shadow prices.)
To offset the effect of the designated hitter system, what might the American League do to reduce the number of beanballs thrown?
In which of the following cases might a nudge be helpful?Explain why or why not.a. Deciding what mortgage is affordable.b. Deciding whether to exercise or not on a particular day.c. Deciding whether
Do we as a society focus too much on consumption, and, if so, how would one change that focus?
Describe five nudges that firms currently use to get you to do what they want you to do.
How does economic engineering differ from economic science?
How does a shadow price differ from a normal price?
Does grading in courses involve an incentive compatibility problem?
Why did economists’ work in mechanism design lead to a greater interest in behavioral economics?
True or false? A traditional economist believes people are always rational.
If an economist believes that choice architecture is important, is he or she more likely to be a traditional economist or a behavioral economist?
A policy designed to structure choices so that people make a certain choice is called what type of policy?
If the government tells a company how to structure the bills it issues, is the policy a nudge policy?
Do more conspicuous consumption goods make society better off?
What are four concerns about behavioral economic policies?
Could anyone object to a Pareto optimal policy?Why?
Would it be wrong for economists to propose only Pareto optimal policies?
Would all economists oppose price controls? Why or why not?
In the early 1990s, the 14- to 17-year-old population fell because of low birthrates in the mid-1970s. Simultaneously the combined decisions of aging baby boomers to have kids resulted in an increase
Should the buying and selling of body organs be allowed?Why or why not?
In the 1970s legislators had difficulty getting laws passed requiring people to wear seat belts. Now not only do most people wear seat belts, but many cars have airbags too. Do people value their
Economist Steven D. Levitt estimated that, on average, for each additional criminal locked up in the United States, 15 crimes are eliminated. In addition, although it costs about $30,000 a year to
If one uses a willingness-to-pay measure in which life is valued at what people are willing to pay to avoid risks that might lead to death, the value of a U.S. citizen’s life is$2.6 million, a
Economists Robin R. Jenkins, Nicole Owens, and Lanelle Bembenek Wiggins estimate the value of the lives of children by using parents’ willingness to purchase bicycle helmets. Wearing a helmet
What are three ways in which a well-functioning market might have undesirable results?
Until recently, China had a strict one-child-per-family policy.For cultural reasons, families favor boys and there are now many more male than female children born in China. How is this likely to
As organ transplants become more successful, scientists are working on ways to transplant animal organs to humans.Pigs are the odds-on favorites as “donors” since their organs are about the same
Why are economists’ views of politicians cynical?
Anthony Zielinski, a former member of the Milwaukee Board of Supervisors, proposed that the county government sell the organs of dead welfare recipients to help pay off the welfare recipients’
What is the basis for the opinions of public choice economists about government’s ability to correct market failures?
Even though a policy’s stated goals may be laudable, its actual outcome can often cause serious problems.a. How much does it matter to an economist how closely a policy’s goals match its
In standard textbook economic analysis, institutions are often portrayed as creating market failures.a. Give an example of market failure caused by an institution not discussed in the text.b. What
The text deemphasizes the fact that people are social creatures who feel a need to conform to norms; Post-Keynesians emphasize norms.a. Who shapes these social norms?b. Does society as a whole
Critics have pointed out a number of flaws in cost/benefit analysis: It assigns a dollar value to things that are not commodities such as human life; it places a price on public goods that we consume
In his paper “Why Did the Economist Cross the Road? The Hierarchical Logic of Ethical and Economic Reasoning,”economist Andrew Yuengert of Pepperdine University argues that “economists often
In cost/benefit terms, explain your decision to take an economics course.
How much do you value your life in dollar terms? Are your decisions consistent with that valuation?
If someone offered you $1 million for one of your kidneys, would you sell it? Why or why not?
The technology is now developing so that road use can be priced by computer. A computer in the surface of the road picks up a signal from your car and automatically charges you for the use of the
According to U.S. government statistics, the cost of averting a premature death differs among various regulations.Car seat belt standards cost $100,000 per premature death avoided, while hazardous
Technology will soon exist such that individuals can choose the sex of their offspring. Assume that technology has now arrived and that 70 percent of the individuals choose male offspring.a. What
In a study of hospital births, the single most important prediction factor of the percentage of vaginal births as opposed to caesarean (C-section) births was ownership status of hospitals—whether
Why might an economist propose a policy that has little chance of adoption?
In the book Why Not? Yale professors Barry Nabalof and Ian Ayres suggest that computers that record driver behavior(similar to the black boxes in planes that record crashes) be installed in cars. In
According to economists Henry Saffer of Kean University, Frank J. Chaloupka of the University of Illinois at Chicago, and Dhaval Dave of CUNY Graduate Center, using the criminal justice system to
Economists Michael Tanner and Stephen Moore of the Cato Institute recently calculated the hourly wage equivalent of welfare for a single mother with two children for each of the 50 United States.
If someone suggests that economists should focus only on Pareto optimal policies, how would you respond?
How does a radical analysis of labor markets differ from a mainstream analysis?
When can “being mean” actually be “being nice”?
If the text correctly describes the valuation individuals place on life with regard to smoke detector purchases and premium tire usage, how would you advise them to alter their behavior in order to
Why should you be very careful about any cost/benefit analysis?
When using marginal cost/marginal benefit analysis, do “other things remain constant”? Explain.
True or false? The goal of society is efficiency.
A cocaine addict purchases an ounce of cocaine from a drug dealer.Since this was a trade both individuals freely entered, is society better off?
True or false? If someone chooses to sell himself into slavery, the individual, and thus society, is better off.
In what way does government positively contribute to economic policy? In what way does it negatively contribute to economic policy?
List one recent choice you made and explain why you made the choice in terms of marginal benefits and marginal costs.
Suppose you currently earn $60,000 a year. You are considering a job that will increase your lifetime earnings by$600,000 but that requires an MBA. The job will mean also attending business school
Why are modern economists more likely to “let the data speak” than are earlier economists?
Say you bought a share of Oracle for $100 and a share of Cisco for$10. The price of each is currently $15.Assuming taxes are not an issue, which would you sell if you needed $15?
Can you think of a reason why a cost/benefit approach to a problem might be inappropriate? Can you give an example?
John, your study partner, has just said that the opportunity cost of studying this chapter is about 1/38 the price you paid for this book, since the chapter is about 1/38 of the book. Is he right?
Ali, your study partner, states that rationing health care is immoral—that health care should be freely available to all individuals in society.How would you respond?
Your study partner, Joan, states that market forces are always operative.Is she right? Why or why not?
There has been a superb growing season and the quantity of tomatoes supplied exceeds the quantity demanded. What is likely to happen to the price of tomatoes?
True or false? Economists should focus their policy analysis on institutional changes because such policies offer the largest gains.
John, your study partner, is a free market advocate. He argues that the invisible hand theorem tells us that the government should not interfere with the economy. Do you agree?Why or why not?
Tell whether the following five statements belong in positive economics, normative economics, or the art of economics.1. We should support the market because it is efficient.2. Given certain
Say that the hourly cost to employers per German industrial worker is $43. The hourly cost to employers per U.S. industrial worker is $39, while the average cost per Taiwanese industrial worker is
In the graph below, what is the opportunity cost of producing an extra unit of good X in terms of good Y? LO 5 4 3 Y 2 1 0 1 2 3 4 5 X The production possibility curve is a curve measuring the
If no resource had a comparative advantage in the production of any good, what would the shape of the production possibility curve be? Why?
Identify the point(s) of inefficiency and efficiency. What point(s) is (are) unattainable? Y B A X C D
Your firm is establishing a trucking business in Saudi Arabia. The managers have noticed that women are generally paid much less than men in Saudi Arabia, and they suggest that hiring women would be
When a natural disaster hits the midwestern United States, where most of the U.S. butter is produced, what happens to the U.S. production possibility curve for guns and butter?

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