Questions and Answers of Principles Of Macroeconomics

In 2015, it was disclosed that the water supplied at several Hong Kong public housing estates contained dangerous amounts of lead. The level of lead in the water samples taken from the area exceeded
Some airplane manufacturers offer merchandise such as airplane models at their official online stores. Suppose you wish to purchase an authentic Boeing airplane model. Go to the Boeing Store’s
Identify whether each of the following transactions will take place in an input market or in an output market, and whether firms or households are demanding the good or service, or supplying the good
Over the past decade, the price of beef has risen, and consumers have purchased less beef. Analysts have offered various explanations for these trends. Analyst 1, for example, claims that this is due
This summer, it was difficult to find peaches in Florida grocery stores. What does this indicate about the market for peaches and the current price of a peach?
Explain how each of the following situations would affect a nation’s production possibilities curve.a. A group of vocational schools is established for training low-skilled adults.b. A drought hits
The nation of Temeria is able to produce ships and raise horses in combinations represented by the data in the following table. Each number represents hundreds of units. Explain why the data shows
Punting is arguably more popular in Cambridge and Oxford than in any other region of the United Kingdom. During the warmer seasons, it is common to see rivers filled with punts—flat-bottomed boats
Established in 1903 by Cecil Rhodes, the Rhodes Scholarship is considered one of the world’s most prestigious awards, presented to select foreign students for postgraduate studies at the University
Match each diagram in Figure 1 with its description here. Assume that the economy is producing or attempting to produce at point A and that most members of society like meat and not fish. Some
Briefly describe the trade-offs involved in each of the following decisions. List some of the opportunity costs associated with each decision, paying particular attention to the trade-offs between
You are an intern at the Shanghai Morning Post. The editor-in-chief asks you to write the first draft of an editorial for next week’s edition. Your assignment is to describe the costs and benefits
Earlier in the chapter, we discussed the trade-off between producing consumer goods and physical capital, as well as the importance of mobile phone technology to developing countries. How would
For each of the following, describe some of the potential opportunity costs:a. Visiting your parents over the weekendb. Exercising an hour every other dayc. The government of your country renovating
Explain the pitfalls in the following statements.a. People who play golf are more likely to own a luxury car than people who do not play golf. Therefore, owning a luxury car causes people to play
Which of the following statements are examples of positive economic analysis? Which are examples of normative analysis?a. An effective minimum wage policy in Japan would result in excess labor
Prior to 2018, people could deduct the taxes they pay to their home state before calculating their federal tax bill. So, for example, if you earned $100,000 and paid $20,000 in state taxes, the
Explain whether each of the following is an example of a macroeconomic concern or a microeconomic concern.a. In 2018, legislators in Japan’s lower house passed an integrated resort (IR)
Visit Fortune’s website. You will find a list of the world’s 500 largest companies. While going through the list, are you surprised by anything in particular? Is there any firm that interests
The U.S. Bureau of Labor Statistics’ Occupational Outlook Handbook provides career information on education, pay, and outlook for hundreds of occupations. Go to www.
On the Forbes 2018 list of the World’s Billionaires, Jeff Bezos, founder and CEO of Amazon, ranks at the top with a net worth of $112 billion. Does this “richest man in the world” face
In order to cover the cost of living, getting a part-time job is a common practice among students; however, parents are concerned that combining paid work with academics may jeopardize their
Frank pays an $80 monthly membership fee to a fitness center for unlimited use of its facilities. On average, he goes to the center 10 times a month. What is the average cost of each visit he makes
The State of Florida recently decided to substantially increase the funding for the University of Florida, the state’s flagship university. This policy was evaluated by various government agencies
It is well known that a college education, on average, increases one’s income. Economists estimate that over one’s lifetime, a college degree holder will earn on average almost 70 percent more
Economists have identified educational attainment as potential predictor of who marries whom. Highly educated individuals marry other highly educated individuals, and people with less education marry

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