曼昆经济学原理微观经济学英文版习题答案.docx
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曼昆经济学原理微观经济学英文版习题答案.docx
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Chapter1/TenPrinciplesofEconomicsF17
UNIT1
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,someeconomistshavesuggestedputtingknivesinsteeringcolumnssothatpeoplewilldrivemuchmore
1
carefully!
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'sstandardoflivingdependsonits
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