曼昆经济学原理复习资料整理.docx
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曼昆经济学原理复习资料整理.docx
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曼昆经济学原理复习资料整理
Q4Whyshouldpolicymakersthinkaboutincentives?
Policymakersneedtothinkaboutincentivessotheycanunderstandhowpeoplewillrespondtothepoliciestheyputinplace.Thetext'sexampleofseatbeltsshowsthatpolicyactionscanhavequiteunintendedconsequences.Ifincentivesmatteralot,theymayleadtoaverydifferenttypeofpolicy;forexample,someeconomistshavesuggestedputtingknivesinsteeringcolumnssothatpeoplewilldrivemuchmorecarefully!
Whilethissuggestionissilly,ithighlightstheimportanceofincentives.
Q6whatdoestheinvisiblehandofthemarketplacedo?
The"invisiblehand"ofthemarketplacerepresentstheideathateventhoughindividualsandfirmsareallactingintheirownself-interest,pricesandthemarketplaceguidethemtodowhatisgoodforsocietyasawhole.
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Q1Howiseconomicslikeascience?
Economicsislikeasciencebecauseeconomistsusethescientificmethod.Theydevisetheories,collectdata,andthenanalyzethesedatainanattempttoverifyorrefutetheirtheoriesabouthowtheworldworks.Economistsusetheoryandobservationlikeotherscientists,buttheyarelimitedintheirabilitytorun
controlledexperiments.Instead,theymustrelyonnaturalexperiments.
Q5Useaproductionpossibilitiesfrontiertodescribetheideaof“efficiency”?
Theideaofefficiencyisthatanoutcomeisefficientiftheeconomyisgetting
allitcanfromthescarceresourcesithasavailable.Intermsoftheproductionpossibilitiesfrontier,anefficientpointisapointonthefrontier,suchaspointAinFigure4.Apointinsidethefrontier,suchaspointB,isinefficientsincemoreofonegoodcouldbeproducedwithoutreducingtheproductionofanothergood.
Q7Whatisthedifferencebetweenapositiveandanormativestatement?
Giveanexampleofthat.
Positivestatementsaredescriptiveandmakeaclaimabouthowtheworldis,whilenormativestatementsareprescriptiveandmakeaclaimabouthowtheworldoughttobe.Hereisanexample.Positive:
Arapidgrowthrateofmoneyisthecauseofinflation.Normative:
Thegovernmentshouldkeepthegrowthrateofmoneylow.
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Q1Explainhowabsoluteadvantageandcomparativeadvantagediffer.
Absoluteadvantagereflectsacomparisonoftheproductivityofoneperson,firm,
ornationtothatofanother,whilecomparativeadvantageisbasedontherelativeopportunitycostsofthepersons,firms,ornations.Whileaperson,firm,ornationmayhaveanabsoluteadvantageinproducingeverygood,theycan'thaveacomparativeadvantageineverygood.
Q4WillanationtendtoexportorimportgoodstoQuestion2.
Anationwillexportgoodsforwhichithasacomparativeadvantagebecauseithasasmalleropportunitycostofproducingthosegoods.Asaresult,citizensofallnationsareabletoconsumequantitiesofgoodsthatareoutsidetheirproductionpossibilitiesfrontiers.
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Q5Propeye'sincomedeclines,andasaresult,hebuysmorespinach.Isspinachaninferiororanormalgoods?
WhathappenstoPopeye'sdemandcurveforspinach?
SincePopeyebuysmorespinachwhenhisincomefalls,spinachisaninferiorgoodforhim.Sincehebuysmorespinach,butthepriceofspinachisunchanged,hisdemandcurveforspinachshiftsoutasaresultofthedecreaseinhisincome.
Q8Doseachangeinproducers'technologyleadtoamovementalongthesupplycurve?
Doesachangeinpriceleadtoamovementalongthesupplycurveorashiftinthesupplycurve?
Achangeinproducers'technologyleadstoashiftinthesupplycurve.Achange
inpriceleadstoamovementalongthesupplycurve.
Q9Definetheequilibriumofamarket.Describetheforcesthatmoveamarkettowardsitsequilibrium.
Theequilibriumofamarketisthepointatwhichthequantitydemandedisequaltoquantitysupplied.Ifthepriceisabovetheequilibriumprice,sellerswant
tosellmorethanbuyerswanttobuy,sothereisasurplus.Sellerstrytoincreasetheirsalesbycuttingprices.Thatcontinuesuntiltheyreachtheequilibriumprice.Ifthepriceisbelowtheequilibriumprice,buyerswanttobuymorethansellerswanttosell,sothereisashortage.Sellerscanraisetheirpricewithoutlosingcustomers.Thatcontinuesuntiltheyreachtheequilibriumprice.
Q11Describetheroleofpricesinmarketeconomies.
Pricesplayavitalroleinmarketeconomiesbecausetheybringmarketsinto
equilibrium.Ifthepriceisdifferentfromitsequilibriumlevel,quantitysuppliedandquantitydemandedarenotequal.Theresultingsurplusorshortageleadssupplierstoadjustthepriceuntilequilibriumisrestored.Pricesthusserveassignalsthatguideeconomicdecisionsandallocatescarceresources.
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Q2Listandexplainthefourdeterminantsofthepriceelasticityofdemand
discussedinthechapter.
Thedeterminantsofthepriceelasticityofdemandincludehowavailableclose
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