曼昆经济学原理微观经济学英文版习题答案考试章节筛选Word格式.docx
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曼昆经济学原理微观经济学英文版习题答案考试章节筛选Word格式.docx
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SOLUTIONSTOTEXTPROBLEMS:
QuickQuizzes
1.Thefourprinciplesofeconomicdecisionmakingare:
(1)peoplefacetradeoffs;
(2)thecostofsomethingiswhatyougiveuptogetit;
(3)rationalpeoplethinkatthemargin;
and(4)peoplerespondtoincentives.Peoplefacetradeoffsbecausetogetonethingthattheylike,theyusuallyhavetogiveupanotherthingthattheylike.Thecostofsomethingiswhatyougiveuptogetit,notjustintermsofmonetarycostsbutallopportunitycosts.Rationalpeoplethinkatthemarginbytakinganactionifandonlyifthemarginalbenefitsexceedthemarginalcosts.Peoplerespondtoincentivesbecauseastheycomparebenefitstocosts,achangeinincentivesmaycausetheirbehaviortochange.
2.Thethreeprinciplesconcerningeconomicinteractionsare:
(1)tradecanmakeeveryonebetteroff;
(2)marketsareusuallyagoodwaytoorganizeeconomicactivity;
and(3)governmentscansometimesimprovemarketoutcomes.Tradecanmakeeveryonebetteroffbecauseitallowscountriestospecializeinwhattheydobestandtoenjoyawidervarietyofgoodsandservices.Marketsareusuallyagoodwaytoorganizeeconomicactivitybecausetheinvisiblehandleadsmarketstodesirableoutcomes.Governmentscansometimesimprovemarketoutcomesbecausesometimesmarketsfailtoallocateresourcesefficientlybecauseofanexternalityormarketpower.
3.Thethreeprinciplesthatdescribehowtheeconomyasawholeworksare:
(1)acountry’sstandardoflivingdependsonitsabilitytoproducegoodsandservices;
(2)pricesrisewhenthegovernmentprintstoomuchmoney;
and(3)societyfacesashort-runtradeoffbetweeninflationandunemployment.Acountry’sstandardoflivingdependsonitsabilitytoproducegoodsandservices,whichinturndependsonitsproductivity,whichisafunctionoftheeducationofworkersandtheaccessworkershavetothenecessarytoolsandtechnology.Pricesrisewhenthegovernmentprintstoomuchmoneybecausemoremoneyincirculationreducesthevalueofmoney,causinginflation.Societyfacesashort-runtradeoffbetweeninflationandunemploymentthatisonlytemporaryandpolicymakershavesomeabilitytoexploitthisrelationshipusingvariouspolicyinstruments.
QuestionsforReview
1.Examplesoftradeoffsincludetimetradeoffs(suchasstudyingonesubjectoveranother,orstudyingatallcomparedtoengaginginsocialactivities)andspendingtradeoffs(suchaswhethertouseyourlasttendollarsonpizzaoronastudyguideforthattougheconomicscourse).
2.Theopportunitycostofseeingamovieincludesthemonetarycostofadmissionplusthetimecostofgoingtothetheaterandattendingtheshow.Thetimecostdependsonwhatelseyoumightdowiththattime;
ifit'
sstayinghomeandwatchingTV,thetimecostmaybesmall,butifit'
sworkinganextrathreehoursatyourjob,thetimecostisthemoneyyoucouldhaveearned.
3.Themarginalbenefitofaglassofwaterdependsonyourcircumstances.Ifyou'
vejustrunamarathon,oryou'
vebeenwalkinginthedesertsunforthreehours,themarginalbenefitisveryhigh.Butifyou'
vebeendrinkingalotofliquidsrecently,themarginalbenefitisquitelow.Thepointisthateventhenecessitiesoflife,likewater,don'
talwayshavelargemarginalbenefits.
4.Policymakersneedtothinkaboutincentivessotheycanunderstandhowpeoplewillrespondtothepoliciestheyputinplace.Thetext'
sexampleofseatbeltsshowsthatpolicyactionscanhavequiteunintendedconsequences.Ifincentivesmatteralot,theymayleadtoaverydifferenttypeofpolicy;
forexample,someeconomistshavesuggestedputtingknivesinsteeringcolumnssothatpeoplewilldrivemuchmorecarefully!
Whilethissuggestionissilly,ithighlightstheimportanceofincentives.
5.Tradeamongcountriesisn'
tagamewithsomelosersandsomewinnersbecausetradecanmakeeveryonebetteroff.Byallowingspecialization,tradebetweenpeopleandtradebetweencountriescanimproveeveryone'
swelfare.
6.The"
invisiblehand"
ofthemarketplacerepresentstheideathateventhoughindividualsandfirmsareallactingintheirownself-interest,pricesandthemarketplaceguidethemtodowhatisgoodforsocietyasawhole.
7.Thetwomaincausesofmarketfailureareexternalitiesandmarketpower.Anexternalityistheimpactofoneperson’sactionsonthewell-beingofabystander,suchasfrompollutionorthecreationofknowledge.Marketpowerreferstotheabilityofasingleperson(orsmallgroupofpeople)toundulyinfluencemarketprices,suchasinatownwithonlyonewelloronlyonecabletelevisioncompany.Inaddition,amarketeconomyalsoleadstoanunequaldistributionofincome.
8.Productivityisimportantbecauseacountry'
sstandardoflivingdependsonitsabilitytoproducegoods
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