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business
the macro economy
The Micro Economy Today 15th Edition Bradley R. Schiller, Karen Gebhardt - Solutions
3. Who gains and who loses from rising house prices? L02
2. How might rapid inflation affect college enrollments? L02
1. Why would farmers rather store their output than sell it during periods of hyperinflation? How does this behavior affect prices? L02
What is an appropriate goal for price stability?
Who is hurt (or helped) by inflation?
What kind of price increases are referred to as inflation?
L03. The meaning of "price stability."
L02. How inflation redistributes income and wealth.
L01. How inflation is measured.
10. How can the outsourcing of U.S. computer jobs genersourced and (b) two jobs that would be hard to ate new U.S. jobs in construction or retail trade? (See outsource. L03 News, page 120) L03
9. Identify (a) two jobs at your school that could be out-
8. Why do people expect inflation to heat up when the unemployment rate approaches 4 percent? L03
7. Why is frictional unemployment deemed desirable? L02
6. Can you identify three institutional constraints on the use of resources (factors of production)? What has motivated these constraints? L02
5. If the government guaranteed some income to all unemployed persons, how might the unemployment rate be affected? Who should get unemployment benefits? (See News, page 112) L02
4. Why might job (re)entrants have a harder time finding a j ob than j ob losers? LO 2
3. What factors might explain (a) the rising labor-force participation rate of women and (b) the declining participation of men? (See Figure 6.2 for trends.) LO 1
2. If more teenagers stay in school longer, what happens to (a) production possibilities? (b) unemployment rates? LOl
1. Is it possible for unemployment rates to increase at the same time that the number of employed persons is increasing? How? LO 1
What's an appropriate policy goal for "full employment"?
What are the costs of unemployment?
When is a person "unemployed"?
L03. The meaning of "full employment."
L02. The major types of unemployment.
L01. How unemployment is measured.
9. Over 4 million Web sites sell a combined $50 billion of pornography a year. Should these sales be included in(a) GDP and (b) an index of social welfare? LO 1
8. Is the Fordham Index of Social Health, discussed in the News on page 103, a better barometer of well-being than GDP? What are its relative advantages or disadvantages? LO 1
7. How might the quality of life be adversely affected by an increase in GDP? LOl
6. What jobs are likely part of the underground economy? LO 1
5. Why is it important to know how much output is being produced? Who uses such information? LO 1
4. Can we increase consumption in a given year without cutting back on either investment or government services? Under what conditions? L03
3. If gross investment is not large enough to replace the capital that depreciates in a particular year, is net investment greater or less than zero? What happens to our production possibilities? L03
2. GDP in 1981 was $2.96 trillion. It grew to $3.07 trillion in 1982, yet the quantity of output actually decreased.How is this possible? LO 1
1. The manuscript for this book was typed by a friend. Had I hired a secretary to do the s ame job, GDP would have been higher, even though the amount of output would have been identical. Why is this? Does this make sense? LO 1
What's happening to prices and wages?
How much income is being generated in the marketplace?
How much output is being produced? What is it being used for?
L03. The major submeasures of output and income?
L02. Why aggregate income equals aggregate output.
L01. What GDP measures—and what it doesn't.
10. Should the government be downsized? Which functions should be cut back? L02
9. How does XM Satellite deter nonsubscribers from listening to its transmissions? Does this make radio programming a private good or a public good? LO 1
8. What government actions might cause failures like points G\, G2, and G3 in Figure 4.7? Can you give examples? L03
7. The government now spends over $500 billion a year on Social Security benefits. Why don't we leave it to individuals to save for their own retirement? LO 1
6. If smoking generates external costs, why shouldn't smoking simply be outlawed? How about cars that pollute? LOl
5. What is the specific market-failure justification for government spending on (a) public universities, (b)health care, (c) trash pickup, (d) highways, (e) police?Would a purely private economy produce any of these services? LO 1
4. Why might Fourth of July fireworks be considered a public good? Who should pay for them? What about airport security? LO 1
3. Could local fire departments be privately operated with their services sold directly to customers? What problems would be involved in such a system? LO 1
2. If everyone seeks a free ride, what mix of output will be produced in Figure 4.2? Why would anyone voluntarily contribute to the purchase of public goods like flood control or snow removal? LO 1
1. Why should taxpayers subsidize public colleges and universities? What external benefits are generated by higher education? LO 1
L03. The meaning of government failure.
L02. How government budgets are financed and spent.
L01. The nature and causes of market failure.
10. Is there a shortage of on-campus parking at your school?How might the shortage be resolved? L02
9. The World View on page 61 describes the use of prices to achieve an equilibrium in the kitchen. What happens to the food at more traditional restaurants? L02
8. What would happen in the apple market if the government set a minimum price of $2.00 per apple? What might motivate such a policy? L04
7. The shortage in the organ market (Figure 3.8) requires a nonmarket rationing scheme. Who should get the available (qa) organs? Is this fairer than the marketdriven distribution? L04
6. In Figure 3.8, why is the organ demand curve downwardsloping rather than vertical? LO 1
5. Why do Internet ticket resellers make so much money(News, p. 58)? How else might tickets be (redistributed? L02
4. Which determinants of pizza demand change when the White House is in crisis (page 49)? L03
3. What would have happened to gasoline production and consumption if the government had prohibited postKatrina price increases (see News, page 55)? L04
2. With respect to the demand for college enrollment, which of the following would cause (1) a movement along the demand curve or (2) a shift of the demand curve? L03a. An increase in incomes.b. Lower tuition.c. More student loans.d. An increase in textbook prices.
1. In our story of Tom, the student confronted with a Webdesign assignment, we emphasized the great urgency of his desire for Web tutoring. Many people would say that Tom had an "absolute need" for Web help and therefore was ready to "pay anything" to get it. If this were true, what shape would his
Why do prices and production levels often change?
How does the price of a product affect its production and consumption?
What determines the price of a good or service?
L04. How government price controls affect market outcomes.
L03. What causes market prices to change.
L02. How market prices are established.
L01. The meaning of market demand and supply.
10. How might free markets help reduce global poverty?How might they impede that goal? L03
9. Why are incomes so much more unequal in poor nations than in rich ones? L03
8. Should the government try to equalize incomes more by raising taxes on the rich and giving more money to the poor? How might such redistribution affect total output and growth? L03
7. Why should the government regulate how goods are produced? Can regulation ever be excessive? LO 1
6. How many people are employed by your local or state government? What do they produce? What is the opportunity cost of that output? LO 1
5. How might the following government interventions affect a nation's economic growth? L02a. Mandatory school attendance.b. High income taxes.c. Copyright and patent protection.d. Political corruption.
4. The U.S. farm population has shrunk by over 25 million people since 1900. Where did all the people go? Why did they move? L02
3. Why do people suggest that the United States needs to devote more output to investment goods? Why not produce just consumption goods? L02
2. Why is per capita GDP so much higher in the United States than in Mexico? L02
1. Americans already enjoy living standards that far exceed world averages. Do we have enough? Should we even try to produce more? LO 1
FOR WHOM is the output produced?
HOW is that output produced?
WHAT goods and services does the United States produce?
L03. How incomes are distributed in the U.S. and elsewhere.
L02. How America is able to produce so much output.
L01. The relative size and content of U.S. output (GDP).
9. What is the connection between North Korea's missile program and its hunger problem? (World View, page 9) L03
8. How many resources should we allocate to space exploration? How will we make this decision? L02
7. How will the Chinese economy benefit from private property? (See World View, page 17.) Is there any downside to greater entrepreneurial freedom? L03
6. How does government intervention affect college admissions? Who would go to college in a completely private(market) college system? L03
5. Markets reward individuals according to their output;communism rewards people according to their needs.How might these different systems affect work effort? L03
4. How might a nation's production possibilities be affected by the following? L02a. A decrease in taxes.b. An increase in government regulation.c. An increase in military spending.d. An increase in college tuition.e. Faster, more powerful electronic chips.
3. What's the real cost of the food in the "free lunch" cartoon on page 5? LO 1
2. How much time could you spend on homework in a day?How much do you spend? How do you decide? LO 1
1. What opportunity costs did you incur in reading this chapter? If you read four more chapters of this book today, would your opportunity cost (per chapter) increase?Explain. LO 1
The Economy Tomorrow: Using the data from Problem 7 (at the original price of $21), determine how many ties the producer would supply if(a) A tax of $2 per tie were collected from the producer. (c) Profits were taxed at 50 percent.
A firm has leased plant and equipment to produce video games, which can be sold in unlimited quantities at $13 each. The following figures describe the associated costs of production:Rate of output (per day) 0 1 2 3 4 5 6 7 8 Total cost (per day) $50 $55 $62 $75 $96 $125 $162 $203 $248(a) How much
Complete the following table:Output Total Cost Marginal Cost Average Total Cost Average Variable Cost 0 $100 5 110 10 130 15 170 20 220 25 290 30 380 35 490 According to the table above,(a) If the price is $50, how much output will the firm supply? (c) At what price will the firm shut down?(b) How
Illustrate on the accompanying graph the changes to the cost curves due to(a) Higher feed prices. (c) Higher worker productivity.(b) Lower wage rates.Does the profit-maximizing rate of output increase, decrease, or stay the same with(d) Higher feed prices? (f) Higher worker productivity?(e) Lower
Assume that the price of silk ties in a perfectly competitive market is $21 and that the typical firm confronts the following costs:Quantity(ties per day) 0 1 2 3 4 5 6 7 8 9 10 Total cost $10 $17 $26 $37 $50 $65 $82 $101 $122 $145 $170(a) What is the profit-maximizing rate of output for the
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