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Contemporary Economics 2nd Edition William A. McEachern - Solutions
Adam Smith argued that although each individual pursues his or her self-interest in a market economy, the “invisible hand” of _?_ promotes the general welfare.
True or False In a pure market economy, resources are publicly owned and controlled.
According to the law of increasing opportunity cost, each additional increment of one good requires the sacrifice ofa. successively larger increments of the other good.b. equal increments of the other good.c. successively smaller increments of the other good.d. the level of productive efficiency
Movement along the PPF indicates that the _?_ of more capital goods is fewer consumer goods.
Which of the following is not a simplifying assumption made when a production possibilities frontier (PPF) is created?a. Only two goods are considered.b. The prices of the goods produced do not change.c. Production is limited to a fixed period of time.d. There is a set amount of resources available
Points _?_ the PPF represent unattainable combinations given the resources and technology available.
The economic question _?_ often is referred to as the distribution question.
True or False All economic systems must decide what goods will be produced from the resources they have.
True or False The law of comparative advantage applies not only to individuals, but also to firms, regions of countries, and entire nations.
Which of the following is the best example of a division of labor?a. Todd lives in a cabin in the woods where he does most things for himself.b. Julia works as a doctor, while her husband Ted is an automobile mechanic.c. Benito washes dishes after lunch, while his wife dries and puts them away.d.
_?_ is a system of exchange in which products are traded directly for other products.
True or False According to the law of comparative advantage, only people with an absolute advantage can benefit from specialization.
Research Investigate the division of labor and specialization on a high-school sports team, such as basketball, football, or field hockey. Write a paragraph explaining the different positions, and how each one contributes to the team effort.
Joel and Jamal work together at a bakery. In one hour Joel can ice ten cakes or prepare five pies. In the same time Jamal can ice eight cakes or prepare only one pie. Draw bar graphs to represent production of iced cakes and prepared pies for each of the following situations. Explain how your
What advantages may be offered by a division of labor in addition to allowing workers to become more accomplished at the tasks they complete?
How is a division of labor accomplished?
How does money help people complete exchanges?
Why does specialization require people to complete exchanges?
Why isn’t Sardonica able to produce at point E given the current situation?
If Sardonica produces combination D on the graph, what can you say about the efficiency of its production?
If Sardonica chooses to produce 500 units of product B instead of 460 of them, why must it give up the production of 400 units of product A?
If Sardonica chooses to produce 400 units of product A instead of 800, roughly how many more units of product B can it make?
If Sardonica produces 800 units of product A, how many units of product B can it make?
Government Why has the federal government passed laws intended to encourage businesses to buy more capital goods? Given time, what should this do to the location of the economy’s PPF?
Math Consider the table in graphing exercise 7 above. Suppose digital cameras sell on the world market for $300 each, while DVD players sell for $200 each. How much revenue would firms in Iberia get from selling each of the combinations of production indicated on the table? Which combination would
The nation of Iberia can produce either digital cameras or DVD players in its factory. The more it makes of one product, the less it is able to make of the other. The table to the right shows different combinations of the two products it could manufacture next month.Use these data to construct a
Using consumer goods and capital goods in a production possibilities frontier, what conditions would produce a straight-line PPF? What does this indicate about opportunity cost along the PPF, and why?
Explain why the law of increasing opportunity cost causes PPFs to be bowedout from the origin (corner) of their graphs.
If an economy that produces bowling balls and plastic tables is operating at a point inside its PPF, how efficiently is it using its resources?
What does it mean to say that an economy produces bowling balls efficiently?
What does a production possibilities frontier for plastic tables and bowling balls identify?
Explain why each of the following assumptions is made when a production possibilities frontier (PPF) is constructed.a. Only two goods or services are considered.b. The time considered is limited.c. The available resources are fixed in terms of quality and quantity.d. The available technology does
Government When governments decide how to spend money, they often behave in a way similar to command economies. Investigate an important spending decision made by your local government. Write a one-page paper that identifies problems that were encountered that have been common in command economies.
Draw a horizontal line. Label the left side of the line “Pure Market Economy”and the right side, “Pure Command Economy.” Place each of the following nations on your line at a place that you think accurately represents the current state of its economy: United States, China, North Korea,
Why is the U.S. economic system sometimes called a “mixed market economy”?
What problems are likely to occur in command economies?
Why are property rights important to the efficient working of a market economy?
What did Adam Smith mean when he talked about an “invisible hand” that guides production in market economies?
Compare the answers to the three basic economic questions in a pure market economy with the answers to these questions in a pure command economy.Present your answers using a spreadsheet or grid.
Why is fast food so fast?
Why is experience a good teacher?
How much can an economy produce with the resources available?
Why are economies around the world becoming more market oriented?
Can you actually save time by applying economic principles to your family chores?
Access EconNews Online at thomsonedu.com/school/econxtra. Click on e-con@pps and then click on the policy debate entitled “Are Americans Overworked?”Read the three quotations under “Issues and Background.” If the fundamental human resource is “time,” do you think it is a benefit or a
Sharpen Your Skills: Cause and Effect The owners of a bakery found they had more customers who wanted to buy their bread and cakes than they could serve. As a result they decided to expand the size of their business and employ twice as many workers. How does this example demonstrate cause and
Productive Resources List the steps that need to be taken to produce a loaf of bread.Identify examples of each type of productive resource used in this process.
Opportunity Cost Your uncle has offered to buy you either a new computer or a goodquality bicycle as a graduation present. The prices of both items are the same. Write an essay that identifies which gift you would choose and describes the opportunity cost that would result from your choice. Why
Circular-Flow Model Sketch a copy of the circular-flow model shown below on your own paper. Place each of the following in the correct location on your model.a. Brad has a pizza delivered as he watches Monday-night football.b. The Sony Corporation produces a new TV.c. Brad works at a local
Which of the following is a sunk cost that should be ignored when deciding whether or not to buy a new computer over the Internet?a. the $50 delivery chargeb. the $30 monthly payment you already agreed to make to connect to the Internetc. the extra $200 you might pay to get a flat-screen monitord.
True or False The opportunity cost you would incur for cleaning your room would probably be different on Saturday evening than on Tuesday afternoon.
Which of the following would not be a possible opportunity cost of attending college?a. other uses of the money used to pay college tuitionb. other uses of the time used to study and attend classesc. other uses of extra income earned because of the college educationd. other uses of the money used
True or False The value of the opportunity cost of a particular choice is the same for all people.
True or False If you have nothing better to do when you make a choice, there is no opportunity cost of your decision.
Which of the following is Yo-chee’s opportunity cost of spending $8 to go to a movie with her friends?a. the value of the $8 she spentb. the value of the time she worked to earn the $8c. the value of the enjoyment she received from seeing the movied. the value of the pizza she would have bought
True or False Opportunity cost is the value of the best alternative that you pass up when you make a choice.
Which of the following is an example of market economics?a. Tyrone received a 5 percent raise in his wage last year.b. On average, prices in the economy increased by 2.3 percent last year.c. The federal government borrowed more than $100 billion last year.d. U.S. businesses invested 3.1 percent
A rational decision maker will change the status quo as long as the expected __?__ benefit from the change exceeds the expected __?__ cost.
True or False Most of the disagreement among economists involves debates over positive statements.
Which of the following is a normative statement?a. On average, Rose works 30 hours a week.b. Rose is paid $8.00 per hour for her labor.c. Rose pays 7.65 percent of her earnings in Social Security tax.d. Rose’s hourly pay is too low.
True or False The assumption of rational self-interest rules out concerns for others.
__?__statements concern what is.
True or False In general, the assumption of rational self-interest means that individuals try to maximize the expected benefit achieved with a given cost.
When economists use the other-thingsconstant assumption they are trying toa. consider only variables that interest them.b. duplicate reality in their ideas.c. establish economic laws that will last indefinitely.d. combine several ideas into one.
A(n) __?__ is a simplification of economic reality that is used to make predictions about the real world.
True or False When you play football in a public park you receive a free good because you do not pay to use the park.
Which of the following is an exhaustible resource?a. crude oil in the groundb. corn growing in a fieldc. water in the oceand. fish in the ocean
True or False Services are different from goods because they are not able to satisfy human desires.
When a firm’s revenue from sales exceeds its costs of production, it will earn a(n) __?__.
A(n) __?__ is a person who tries to earn a profit by dreaming up a new product or finding a better way to produce an existing one.
Which of the following is not an example of a natural resource?a. lumber used to build a houseb. a tree standing in a forestc. a carpenter who installs new cabinetsd. gasoline you put in your car
True or False Scarcity exists because our supplies of productive resources are limited.
Office Technology Ms. Morra teaches introductory classes in office technology. Her school board has approved $15,000 for her to buy new computers to replace her old outdated models. For this amount she can buy 20 low-end computers that just meet her student’s current needs, or she can purchase 10
Entrepreneurship Wilma owns a 200-acre farm. She could plant either beans or tomatoes. If the weather is sunny and there is enough rain, she can earn $400 per acre of tomatoes. However, if it is dry or cloudy, tomatoes may earn her no profit at all. Beans are hardy and will grow well unless the
Explain how your graph shows that the value of buying a snowblower changes over time. What does this have to do with the opportunity cost of other uses for limited funds?
Harold sells snowblowers at his hardware store in North Dakota. Although he never changes his price, his sales vary throughout the year. The following table shows his sales in each month of last year. Draw a line graph that demonstrates these data.
What is the greatest cost of attending college at in-state public institutions?
Why should consumers ignore costs they have already paid when making decisions?
What factor forces even people who are very wealthy to face opportunity costs?
Why isn’t the opportunity cost of using your time to do homework always the same?
Why must there be an opportunity cost for every choice you make?
Marketing Examine some of the advertising that a college or university uses to try to convince new students to apply for admission. Explain how this advertising is intended to help potential students make rational choices.
Research Find the number of new claims for unemployment insurance compensation filed in a recent week in your state at www.dol.gov. Explain how unemployment relates to both market economics and national economics.
Latischa works for a business that produces pocket calculators. She spends $100 on phone service from the $2,000 she earns each month. She also pays rent of $800 per month. Draw and label a simple circularflow model. Use the figure to the right as a guide. Place her income and both expenditures
Tomás bought two pairs of shoes for $60 each. He chose not to purchase a third pair at this price. What do you know about the marginal value of a third pair of shoes for Tomás?
Identify each of the following as an example of either a positive or normative statement.a. Drew earns $7.50 per hour at his job.b. $250 is too much to pay for a prom dress.c. Schools should hire more math teachers.d. The U.S. unemployment rate in 2005 was 5.1%.e. The minimum wage ought to be
When Anthony went to watch another school’s basketball team he saw that their center was nearly seven-feet tall. He immediately decided that this person would be that team’s best rebounder. What theory did he use to draw this conclusion?
What does rational self-interest suggest that people want to achieve?
Why do economists often use the other-things-constant assumption when they develop economic theories?
How are economic theories used in the real world?
Government Identify a good or service provided by the government that has no apparent cost for you. Why is this good or service not really free?
Draw a pie chart that demonstrates how you spend the money you have(movies, CDs, clothing, food, transportation, etc). To draw a pie chart, draw a circle and divide it into slices. Label each slice with a type of spending, and identify it as either a good or a service. Each slice represents a
Identify each of the following as a human resource, natural resource, or capital resource:a. a hammer used to build a wooden boxb. the tree that was cut down to make lumber to build a wooden boxc. the effort used to nail lumber together to make a wooden box
How can you tell whether the food you eat from your refrigerator is scarce?
What are examples of productive resources you use in your life?
What is the central problem you face when you make economic choices?
In what way are people who pound on vending machines relying on a theory?
Why is there no sense crying over spilt milk?
Why are characters in comic strips like Hagar the Horrible, Cathy, and FoxTrot missing a finger on each hand?
Why are you reading this book right now rather than doing something else?
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