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modern principles of economics
Questions and Answers of
Modern Principles Of Economics
Representatives of competing firms often comprise special interest groups. Why are competitors sometimes willing to cooperate in order to form lobbying associations?
Special interests do not oppose regulations in all cases. The Marketplace Fairness Act of 2013 would require online merchants to collect sales taxes from their customers in other states. Why might a
To ensure safety and efficacy, the Food and Drug Administration regulates the medicines that pharmacies are allowed to sell in the United States. Sometimes this means a company must test a drug for
How is it possible to bear a cost without realizing it? What are some examples of policies that affect people in ways of which they may not even be aware?
Is pork-barrel spending always a bad thing? Can you think of some examples of pork-barrel projects, perhaps from your own district, that have had positive results?
The United States currently uses a voting system called “first past the post” in elections, meaning that the candidate with the most votes wins. What are some of the problems with a “first past
What are some alternatives to a “first past the post” system that might reduce the problem of voting cycles?
AT&T spent some $10 million dollars lobbying Congress to block entry of competitors into the telephone market in 1978. Why do you think it efforts failed?
Occupy Wall Street was a national (and later global) organized protest against the greed, bank profits, and financial corruption that led to the 2008–2009 recession. The group popularized slogans
Say that the government is considering a ban on smoking in restaurants in Tobaccoville. There are 1 million people living there, and each would benefit by $200 from this smoking ban. However, there
Country A has export sales of $20 billion, government purchases of $1,000 billion, business investment is $50 billion, imports are $40 billion, and consumption spending is $2,000 billion. What is the
Which of the following are included in GDP, and which are not?a. The cost of hospital staysb. The rise in life expectancy over timec. Child care provided by a licensed day care centerd. Child care
Using data from Table 19.5 how much of the nominal GDP growth from 1980 to 1990 was real GDP and how much was inflation?Table 19.5
Would you usually expect GDP as measured by what is demanded to be greater than GDP measured by what is supplied, or the reverse?
What are the main components of measuring GDP with what is demanded?
According to Table 19.7, how long has the average recession lasted since the end of World War II?Table 19.7 Trough December 1900 August 1904 June 1908 January 1912 December 1914 March 1919 July
According to Table 19.7, how long has the average expansion lasted since the end of World War II?Table 19.7 Trough December 1900 August 1904 June 1908 January 1912 December 1914 March 1919 July
Is it possible for GDP to rise while at the same time per capita GDP is falling? Is it possible for GDP to fall while per capita GDP is rising?
The Central African Republic has a GDP of 1,107,689 million CFA francs and a population of 4.862 million. The exchange rate is 284.681CFA francs per dollar. Calculate the GDP per capita of Central
Explain briefly whether each of the following would cause GDP to overstate or understate the degree of change in the broad standard of living.a. The environment becomes dirtierb. The crime rate
What are the main components of measuring GDP with what is produced?
Why must you avoid double counting when measuring GDP?
What is the difference between a series of economic data over time measured in nominal terms versus the same data series over time measured in real terms?
How do you convert a series of nominal economic data over time to real terms?
What are typical GDP patterns for a high-income economy like the United States in the long run and the short run?
What are the two main difficulties that arise in comparing different countries's GDP?
List some of the reasons why economists should not consider GDP an effective measure of the standard of living in a country.
U.S. macroeconomic data are among the best in the world. Given what you learned in the Clear It Up "How do statisticians measure GDP?", does this surprise you, or does this simply reflect the
What does GDP not tell us about the economy?
Should people typically pay more attention to their real income or their nominal income? If you choose the latter, why would that make sense in today’s world? Would your answer be the same for the
Cross country comparisons of GDP per capita typically use purchasing power parity equivalent exchange rates, which are a measure of the long run equilibrium value of an exchange rate. In fact, we
Why might per capita GDP be only an imperfect measure of a country’s standard of living?
The “prime” interest rate is the rate that banks charge their best customers. Based on the nominal interest rates and inflation rates in Table 19.10, in which of the years would it have been best
How might you measure a “green” GDP?
A mortgage loan is a loan that a person makes to purchase a house. Table 19.11 provides a list of the mortgage interest rate for several different years and the rate of inflation for each of those
Last year, a small nation with abundant forests cut down $200 worth of trees. It then turned $100 worth of trees into $150 worth of lumber. It used $100 worth of that lumber to produce $250 worth of
Ethiopia has a GDP of $8 billion (measured in U.S. dollars) and a population of 55 million. Costa Rica has a GDP of $9 billion (measured in U.S. dollars) and a population of 4 million. Calculate the
In 1980, Denmark had a GDP of $70 billion (measured in U.S. dollars) and a population of 5.1 million. In 2000, Denmark had a GDP of $160 billion (measured in U.S. dollars) and a population of 5.3
The Czech Republic has a GDP of 1,800 billion koruny. The exchange rate is 25 koruny/U.S. dollar. The Czech population is 20 million. What is the GDP per capita of the Czech Republic expressed in
Explain what the Industrial Revolution was and where it began.
Explain the difference between property rights and contractual rights. Why do they matter to economic growth?
Are there other ways in which we can measure productivity besides the amount produced per hour of work?
Assume there are two countries: South Korea and the United States. South Korea grows at 4% and the United States grows at 1%. For the sake of simplicity, assume they both start from the same
What do the growth accounting studies conclude are the determinants of growth? Which is more important, the determinants or how they are combined?
What policies can the government of a free-market economy implement to stimulate economic growth?
List the areas where government policy can help economic growth.
Use an example to explain why, after periods of rapid growth, a low-income country that has not caught up to a high-income country may feel poor.
What are the “advantages of backwardness” for economic growth?
Would you expect capital deepening to result in diminished returns? Why or why not? Would you expect improvements in technology to result in diminished returns? Why or why not?
Why does productivity growth in high-income economies not slow down as it runs into diminishing returns from additional investments in physical capital and human capital? Does this show one area
How did the Industrial Revolution increase the economic growth rate and income levels in the United States?
How much should a nation be concerned if its rate of economic growth is just 2% slower than other nations?
How is GDP per capita calculated differently from labor productivity?
How do gains in labor productivity lead to gains in GDP per capita?
What is an aggregate production function?
What do economists mean when they refer to improvements in technology?
For a high-income economy like the United States, what aggregate production function elements are most important in bringing about growth in GDP per capita? What about a middle-income country such as
List some arguments for and against the likelihood of convergence.
Over the past 50 years, many countries have experienced an annual growth rate in real GDP per capita greater than that of the United States. Some examples are China, Japan, South Korea, and Taiwan.
Labor Productivity and Economic Growth outlined the logic of how increased productivity is associated with increased wages. Detail a situation where this is not the case and explain why it is not.
Change in labor productivity is one of the most watched international statistics of growth. Visit the St. Louis Federal Reserve website and find the data section (http://research.stlouisfed.org).
Refer back to the Work It Out about Comparing the Economies of Two Countries and examine the data for the two countries you chose. How are they similar? How are they different?
Education seems to be important for human capital deepening. As people become better educated and more knowledgeable, are there limits to how much additional benefit more education can provide? Why
Describe some of the political and social tradeoffs that might occur when a less developed country adopts a strategy to promote labor force participation and economic growth via investment in
Why is investing in girls’ education beneficial for growth?
How is the concept of technology, as defined with the aggregate production function, different from our everyday use of the word?
What sorts of policies can governments implement to encourage convergence?
As technological change makes us more sedentary and food costs increase, obesity is likely. What factors do you think may limit obesity?
An economy starts off with a GDP per capita of 12,000 euros. How large will the GDP per capita be if it grows at an annual rate of 3% for 10 years? 3% for 30 years? 6% for 30 years?
Say that the average worker in Canada has a productivity level of $30 per hour while the average worker in the United Kingdom has a productivity level of $25 per hour (both measured in U.S. dollars).
Say that the average worker in the U.S. economy is eight times as productive as an average worker in Mexico. If the productivity of U.S. workers grows at 2% for 25 years and the productivity of
Suppose the adult population over the age of 16 is 237.8 million and the labor force is 153.9 million (of whom 139.1 million are employed). How many people are “not in the labor force?” What are
Whose unemployment rates are commonly higher in the U.S. economy:a. Whites or nonwhites?b. The young or the middle-aged?c. College graduates or high school graduates?
Over the long term, has the U.S. unemployment rate generally trended up, trended down, or remained at basically the same level?
Beginning in the 1970s and continuing for three decades, women entered the U.S. labor force in a big way. If we assume that wages are sticky in a downward direction, but that around 1970 the demand
Is the increase in labor force participation rates among women better thought of as causing an increase in cyclical unemployment or an increase in the natural rate of unemployment? Why?
Many college students graduate from college before they have found a job. When graduates begin to look for a job, they are counted as what category of unemployed?
What is the difference between being unemployed and being out of the labor force?
How do you calculate the unemployment rate? How do you calculate the labor force participation rate?
Are all adults who do not hold jobs counted as unemployed?
If you are out of school but working part time, are you considered employed or unemployed in U.S. labor statistics? If you are a full time student and working 12 hours a week at the college cafeteria
What happens to the unemployment rate when unemployed workers are reclassified as discouraged workers?
What happens to the labor force participation rate when employed individuals are reclassified as unemployed? What happens when they are reclassified as discouraged workers?
What are some of the problems with using the unemployment rate as an accurate measure of overall joblessness?
What criteria do the BLS use to count someone as employed? As unemployed?
Assess whether the following would be counted as “unemployed” in the Current Employment Statistics survey.a. A husband willingly stays home with children while his wife works.b. A manufacturing
Are U.S. unemployment rates typically higher, lower, or about the same as unemployment rates in other high-income countries?
Are U.S. unemployment rates distributed evenly across the population?
When would you expect cyclical unemployment to be rising? Falling?
Why is there unemployment in a labor market with flexible wages?
Name and explain some of the reasons why wages are likely to be sticky, especially in downward adjustments.
What term describes the remaining level of unemployment that occurs even when the economy is healthy?
What forces create the natural rate of unemployment for an economy?
Would you expect the natural rate of unemployment to be roughly the same in different countries?
Would you expect the natural rate of unemployment to remain the same within one country over the long run of several decades?
What is frictional unemployment? Give examples of frictional unemployment.
What is structural unemployment? Give examples of structural unemployment.
After several years of economic growth, would you expect the unemployment in an economy to be mainly cyclical or mainly due to the natural rate of unemployment? Why?
What type of unemployment (cyclical, frictional, or structural) applies to each of the following:a. Landscapers laid off in response to a drop in new housing construction during a recession.b. Coal
Using the definition of the unemployment rate, is an increase in the unemployment rate necessarily a bad thing for a nation?
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