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microeconomics principles

Questions and Answers of Microeconomics Principles

What is the natural unemployment rate?
Calculate the CPI basket and the percentage of the household’s budget spent on juice in 2013.The people on Coral Island buy only juice and cloth. The CPI basket contains the quantities bought in
What are the equilibrium real wage rate and the quantity of labour employed in 2014?The first table describes an economy’s labour market in 2014 and the second table describes its production
South Africa’s real GDP was 1,900 billion rand in 2011 and 1,970 billion rand in 2012. South Africa’s population was 50.5 million in 2011 and 51.0 million in 2012. Calculate:a. The growth rate of
What are the preconditions for labour productivity growth?
Draw a scatter diagram of the inflation rate and the interest rate. Describe the relationship.The spreadsheet provides the economic data: Column A is the year, column B is the inflation rate, column
Draw a graph of the relationship between the revenue per theatre on the y -axis and the number of theatres on the x -axis. Describe the relationship.LEGO Tops the Box Office Movie The LEGO
Draw a scatter diagram of the growth rate and the unemployment rate. Describe the relationship.The spreadsheet provides the economic data: Column A is the year, column B is the inflation rate, column
Draw a scatter diagram of the interest rate and the unemployment rate. Describe the relationship.The spreadsheet provides the economic data: Column A is the year, column B is the inflation rate,
Calculate the slope of the relationship in Problem 4 between 3,775 and 2,253 theatres.LEGO Tops the Box Office Movie The LEGO Movie About Last Night RoboCop The Monuments
Calculate the slope of the following relationship. 10 8 6 4 2 0 у 4.0 8.0 12.0 X
Calculate the slope of the relationship in Problem 4 between 2,253 and 3,372 theatres.LEGO Tops the Box Office Movie The LEGO Movie About Last Night RoboCop The Monuments
The Russian government spent $6.7 billion on Olympic facilities and $16.7 billion upgrading Sochi area infrastructure. Sponsors spent $27.6 billion on hotels and facilities hoping to turn Sochi into
What happens in the graph in Problem 10 if the temperature rises to 30°C?The table gives the price of a balloon ride, the temperature, and the number of rides a day. Price (dollars per
Draw a scatter diagram of the price of oil and the quantity of oil produced. Describe the relationship.The spreadsheet provides data on oil and gasoline: Column A is the year, column B is the
Which of the following statements is positive, which is normative, and which can be tested?a. Canada should cut its imports.b. China is Canada’s largest trading partner.c. The federal government
Draw a graph to show the relationship between the price and the number of rides when the temperature is 20°C. Describe this relationship.The table gives the price of a balloon ride, the temperature,
Eminem will hit the road with Rihanna offering an awesome deal—buy one and get one free! Mstars News , February 24, 2014 When Eminem gave away tickets, what was free and what was scarce?
Draw a scatter diagram of the price of gasoline and the quantity of gasoline refined. Describe the relationship.The spreadsheet provides data on oil and gasoline:Column A is the year, column B is the
When Costco opened a gas bar just off Highway 401, the neighbourhood was swamped with cars as drivers lined up to get the discount of 10 cents a litre.a. What is the opportunity cost of a litre of
Draw a scatter diagram of the quantity of oil produced and the quantity of gasoline refined. Describe the relationship.The spreadsheet provides data on oil and gasoline:Column A is the year, column B
a. Is the relationship positive or negative?b. Does the slope of the relationship become steeper or flatter as the value of x increases?c. Think of some economic relationships that might be similar
Calculate the slope of the relationship between x and y when x equals 3.Draw a graph that shows the relationship between the two variables x and y: x y 012 3 4 25 24 22 18 12 5 0
Calculate the slope of the relationship across the arc as x increases from 4 to 5.Draw a graph that shows the relationship between the two variables x and y: x y 012 3 4 25 24 22 18 12 5 0
Calculate the slope of the curve in the figure in the next column at point A. 18 10 0 4 A 9 X
What happens in the graph in Problem 21 if the rainfall increases from 200 mm to 400 mm?Data from in Problem 21The table gives data about umbrellas: price, the number purchased, and rainfall in
The table describes the preferences in Yucatan.a. What is the marginal benefit from sunscreen and how is it measured?b. Use the table in Problem 11. What does Yucatan produce to achieve allocative
Explain how we “read” the three scatter diagrams in Figs. A1.3 and A1.4 .Data from in Figure A1.3 FIGURE A1.3 A Scatter Diagram Movie Iron Man 3 The Hunger Games: Catching Fire Despicable Me
Music retailing is changing: Sony Music and Amazon are selling online, discount stores are selling at low prices, and downtown music re tailers are all struggling.a. Draw the PPF curves for downtown
Toyota will continue to produce 3 million cars per year and will use the balance of its resources to upgrade its workers’ skills and create new technology. In three years’ time, Toyota plans to
Draw a graph of two variables whose relationship shows (i) A maximum (ii) A minimum.
After you have studied Economics in the News on pp. 46 – 47, answer the following questions.a. How does the discovery of new oil and gas reserves change Canada’s PPF ?b. How do technological
How does the production possibilities frontier illustrate production efficiency?
Why is opportunity cost a ratio?
What is marginal cost? How is it measured?
What is marginal benefit? How is it measured?
What is the opportunity cost of economic growth?
In April 2014, the money price of a litre of milk was $2.01 and the money price of a litre of gasoline was $1.30. Calculate the real price of a litre of gasoline in terms of milk.
Define the quantity demanded of a good or service.
The demand and supply schedules for potato chips are:a. Draw a graph of the potato chip market and mark in the equilibrium price and quantity.b. If the price is 60¢ a bag, is there a shortage or a
Define the quantity supplied of a good or service.
Calculate Canada’s GDP in 2008.The table lists some data for Canada in 2008. Item Wages paid to labour Consumption expenditure Net domestic income at factor cost Investment Government
Over what range of prices does a shortage arise? What happens to the price when there is a shortage?
Calculate nominal GDP in 2013 and 2014.Tropical Republic produces only bananas and coconuts. The base year is 2013. Quantities Bananas Coconuts Prices Bananas Coconuts 2013 800 bunches 400
Over what range of prices does a surplus arise? What happens to the price when there is a surplus?
In 2013, flow A was $1,000 billion, flow C was $250 billion, flow B was $650 billion, and flow E was $50 billion. Calculate investment. FACTOR MARKETS HOUSEHOLDS FIRMS Q GOODS MARKETS DⓇ
Real GDP grew 1 percent in 2013. Business investment increased 3.2 percent, exports grew 1.6 percent, and imports rose by 2.2 percent. Use the flows in the figure in Problem 2 to identify each flow
What adjustments must be made to total income to make it equal GDP?
How is real GDP calculated?
After you have studied Economics in the News on pp. 478 – 479 , answer the following questions.a. Which economy—the Canadian or the U.S.—had the longer and deeper recession in 2008–2009?b.
Statistics Canada reported the following data for 2013:Labour force: 19.4 millionEmployment: 18.0 millionWorking-age population: 26.7 million Calculate the:a. Unemployment rate.b. Labour force
Unemployment between July 2011 and January 2012 if the labour force was constant.In July 2011, the Canadian unemployment rate was 7.2 percent. In January 2012, the unemployment rate was 7.6 percent.
The labour force between July 2011 and January 2012, if unemployment was constant.In July 2011, the Canadian unemployment rate was 7.2 percent. In January 2012, the unemployment rate was 7.6
An exodus of discouraged searchers from the job market kept the unemployment rate from climbing above 10 percent. Had the labour force not decreased by 661,000, the unemployment rate would have been
Calculate the CPI and the inflation rate in 2014.The people on Coral Island buy only juice and cloth. The CPI basket contains the quantities bought in 2013. The average household spent $60 on juice
Calculate the inflation rates for the years ended June 2009 and June 2010. How did the inflation rate change in 2010?Statistics Canada reported the following CPI data:June 2008 217.3June 2009
Do these numbers tell us anything about the relative size of their labour force participation rates and employment-to-population ratios?The IMF World Economic Outlook reports the following
What is the output gap? How does it change when the economy goes into recession?
Why might these CPI numbers be biased? How can alternative price indexes avoid this bias?Statistics Canada reported the following CPI data:June 2008 217.3June 2009 214.6June 2010 216.9
How does the unemployment rate fluctuate over the business cycle?
What do these numbers tell us about the relative size of their natural unemployment rates?The IMF World Economic Outlook reports the following unemployment rates: Region United States Euro
What is the price level?
Statistics Canada reported the following data for July 2014:Labour force participation rate: 67.4 percentWorking-age population: 29.0 millionEmployment-to-population ratio: 62.5 Calculate the:a.
What is the CPI and how is it calculated?
The Labor Department reported that hiring accelerated in November, and the unemployment rate fell to 8.6 percent from 9 percent in October. Two reasons for the fall are that more Americans got jobs,
In Canada between June and July in 2014, the number of full-time jobs fell by 59,700 while part-time jobs increased by 60,000. The unemployment rate fell 0.1 percent to 7 percent as some workers left
With about 1.3 million Canadians looking for work, some employers are swamped with job applicants, but many employers can’t hire enough workers. The job market has changed. During the recession,
Oregon’s 5.6 percent unemployment rate is close to the national average of 5.5 percent. A few years ago, Oregon had one of the highest unemployment rates in the nation. To avoid rising
After you have studied Economics in the News on pp. 504 – 505 , answer the following questions.a. Describe the key differences in performance of the U.S. and Canadian job markets during
Brazil’s real GDP was 1,180 trillion reais in 2013 and 1,202 trillion reais in 2014. Brazil’s population was 198 million in 2013 and 200 million in 2014. Calculate:a. The growth rate of real
The IMF projects that China’s real GDP per person will be 15,040 yuan in 2015 and 16,010 yuan in 2016 and that India’s real GDP per person will be 54,085 rupees in 2015 and 56,840 rupees in 2016.
What are labour productivity and potential GDP in 2014?The first table describes an economy’s labour market in 2014 and the second table describes its production function in 2014. Real wage
The Asian Development Bank reported that Myanmar’s GDP growth accelerated to 7.5% in 2013 from 7.3% in 2012. Growth was supported by rising investment, improved business confidence, commodity
What has been the average growth rate of Canadian real GDP per person over the past 86 years? In which periods was growth most rapid and in which periods was it slowest?
What is the aggregate production function?
What are the two broad sources of potential GDP growth?
In 2014, China’s real GDP is growing at 7 percent a year and its population is growing at 0.5 percent a year. If these growth rates continue, in what year will China’s real GDP per person be
Mexico’s real GDP was 13,405 trillion pesos in 2013 and 13,805 trillion pesos in 2014. Mexico’s population was 118.4 million in 2013 and 119.5 million in 2014. Calculate:a. The growth rate of
What, according to neoclassical growth theory, is the fundamental cause of economic growth?
Just six months ago, India was looking good. Annual growth was 9%, consumer demand was huge, and foreign investment was growing. But now most economic forecasts expect growth to slow to 7%—a big
According to former Federal Reserve chairman Alan Greenspan, IT investments in the 1990s boosted productivity, which boosted corporate profits, which led to more IT investments, and so on, leading to
We are at a tipping point where technology—from software to hardware and everything in between—is weaving its way into all that we do and is about to touch every industry. Every day, we are
After you have studied Economics in the News on pp. 534 – 535 , answer the following questions.a. How do South Africa and Botswana compare on economic growth rates?b. For South Africa to grow
What was Michael’s gross investment, depreciation, and net investment during 2015?Michael is an Internet service provider. On December 31, 2014, he bought an existing business with servers and a
What is the value of Michael’s capital at the end of 2015?Michael is an Internet service provider. On December 31, 2014, he bought an existing business with servers and a building worth $400,000.
What is the distinction between gross investment and net investment?
What are the three main types of markets for financial capital?
What is the loanable funds market?
Why is the real interest rate the opportunity cost of loanable funds?
The table sets out the data for an economy when the government’s budget is balanced.a. Calculate the equilibrium real interest rate, investment, and private saving.b. If planned saving decreases by
On January 1, 2014, Terry’s Towing Service owned 4 tow trucks valued at $300,000. During 2014, Terry’s bought 2 new trucks for a total of $180,000. At the end of 2014, the market value of all of
How does a government budget surplus or deficit influence the loanable funds market?
Calculate net investment and gross investment during 2011.An economy’s capital stock was $46.3 billion at the end of 2010, $46.6 billion at the end of 2011, and $47.0 billion at the end of 2012.
What is the crowding-out effect and how does it work?
Calculate depreciation and net investment during 2012.An economy’s capital stock was $46.3 billion at the end of 2010, $46.6 billion at the end of 2011, and $47.0 billion at the end of 2012.
Annie runs a fitness centre. On December 31, 2014, she bought an existing business with exercise equipment and a building worth $300,000. During 2015, business improved and she bought some new
Recent data indicate that Canadians are saving more. Statistics Canada reports that the Household Savings Rate is currently 5.4%, a 0.4% increase from the previous year. Likewise, a recent Bank of
A judge in Lamar County, Texas, ruled that TransCanada has permission to build its Keystone XL pipeline from Cushing, Oklahoma, to Port Arthur, Texas. TransCanada has said it will start building as
If the Indian government reduces its deficit and returns to a balanced budget, how will the demand for or supply of loanable funds in India change?At the start of 2008, India had an annual growth of
After you have studied Economics in the News on pp. 556 – 557 , answer the following questions.a. Why does the news article say that bond prices and interest rates move in opposite directions? Is

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