曼昆微观经济学习题.docx
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曼昆微观经济学习题.docx
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曼昆微观经济学习题
1.Describesomeofthetrade-offsfacedbyeachof
thefollowing:
a.afamilydecidingwhethertobuyanewcar
b.amemberofCongressdecidinghowmuch
tospendonnationalparks
c.acompanypresidentdecidingwhetherto
openanewfactory
d.aprofessordecidinghowmuchtoprepare
forclass
e.arecentcollegegraduatedecidingwhether
togotograduateschool
2.Youaretryingtodecidewhethertotakea
vacation.Mostofthecostsofthevacation(airfare,
hotel,andforgonewages)aremeasuredin
dollars,butthebenefitsofthevacationarepsychological.
Howcanyoucomparethebenefits
tothecosts?
3.YouwereplanningtospendSaturdayworking
atyourpart-timejob,butafriendasksyouto
goskiing.Whatisthetruecostofgoingskiing?
Nowsupposeyouhadbeenplanningtospend
thedaystudyingatthelibrary.Whatisthecost
ofgoingskiinginthiscase?
Explain.
4.Youwin$100inabasketballpool.Youhave
achoicebetweenspendingthemoneynowor
puttingitawayforayearinabankaccount
thatpays5percentinterest.Whatistheopportunity
costofspendingthe$100now?
5.Thecompanythatyoumanagehasinvested
$5millionindevelopinganewproduct,butthe
developmentisnotquitefinished.Atarecent
meeting,yoursalespeoplereportthattheintroduction
ofcompetingproductshasreduced
theexpectedsalesofyournewproductto
$3million.Ifitwouldcost$1milliontofinish
developmentandmaketheproduct,should
yougoaheadanddoso?
Whatisthemostthat
youshouldpaytocompletedevelopment?
6.TheSocialSecuritysystemprovidesincomefor
peopleoverage65.IfarecipientofSocial
Securitydecidestoworkandearnsome
income,theamountheorshereceivesinSocial
Securitybenefitsistypicallyreduced.
a.HowdoestheprovisionofSocialSecurity
affectpeople’sincentivetosavewhile
working?
b.Howdoesthereductioninbenefitsassociated
withhigherearningsaffectpeople’s
incentivetoworkpastage65?
7.A1996billreformingthefederalgovernment’s
antipovertyprogramslimitedmanywelfare
recipientstoonlytwoyearsofbenefits.
a.Howdoesthischangeaffecttheincentives
forworking?
b.Howmightthischangerepresentatrade-off
betweenequalityandefficiency?
8.Yourroommateisabettercookthanyouare,
butyoucancleanmorequicklythanyour
roommatecan.Ifyourroommatedidallthe
cookingandyoudidallthecleaning,would
yourchorestakeyoumoreorlesstimethanif
youdividedeachtaskevenly?
Giveasimilar
exampleofhowspecializationandtradecan
maketwocountriesbothbetteroff.
9.Explainwhethereachofthefollowinggovernment
activitiesismotivatedbyaconcernabout
equalityoraconcernaboutefficiency.Inthe
caseofefficiency,discussthetypeofmarket
failureinvolved.
a.regulatingcableTVprices
b.providingsomepoorpeoplewithvouchers
thatcanbeusedtobuyfood
c.prohibitingsmokinginpublicplaces
d.breakingupStandardOil(whichonce
owned90percentofalloilrefineries)into
severalsmallercompanies
e.imposinghigherpersonalincometaxrates
onpeoplewithhigherincomes
f.institutinglawsagainstdrivingwhile
intoxicated
10.Discusseachofthefollowingstatementsfrom
thestandpointsofequalityandefficiency.
a.“Everyoneinsocietyshouldbeguaranteed
thebesthealthcarepossible.”
b.“Whenworkersarelaidoff,theyshouldbe
abletocollectunemploymentbenefitsuntil
theyfindanewjob.”
11.Inwhatwaysisyourstandardoflivingdifferent
fromthatofyourparentsorgrandparents
whentheywereyourage?
Whyhavethese
changesoccurred?
12.SupposeAmericansdecidetosavemoreof
theirincomes.Ifbankslendthisextrasavingto
businesses,whichusethefundstobuildnew
factories,howmightthisleadtofastergrowth
inproductivity?
Whodoyousupposebenefits
fromthehigherproductivity?
Issocietygetting
afreelunch?
13.In2010,PresidentBarackObamaandCongress
enactedahealthcarereformbillintheUnited
States.Twogoalsofthebillweretoprovide
moreAmericanswithhealthinsurance(viasubsidies
forlower-incomehouseholdsfinanced
bytaxesonhigher-incomehouseholds)and
toreducethecostofhealthcare(viavarious
reformsinhowhealthcareisprovided).
a.Howdothesegoalsrelatetoequalityand
efficiency?
b.Howmighthealthcarereformincreaseproductivity
intheUnitedStates?
c.Howmighthealthcarereformdecreaseproductivity
intheUnitedStates?
14.DuringtheRevolutionaryWar,theAmerican
coloniescouldnotraiseenoughtaxrevenue
tofullyfundthewareffort;tomakeupthis
difference,thecoloniesdecidedtoprintmore
money.Printingmoneytocoverexpenditures
issometimesreferredtoasan“inflationtax.”
Whodoyouthinkisbeing“taxed”whenmore
moneyisprinted?
Why?
15.Imaginethatyouareapolicymakertryingto
decidewhethertoreducetherateofinflation.
Tomakeanintelligentdecision,whatwould
youneedtoknowaboutinflation,unemployment,
andthetrade-offbetweenthem?
16.Apolicymakerisdecidinghowtofinancethe
constructionofanewairport.Hecaneither
payforitbyincreasingcitizens’taxesorby
printingmoremoney.Whataresomeofthe
short-runandlong-runconsequencesofeach
option?
1.Drawacircular-flowdiagram.Identifythe
partsofthemodelthatcorrespondtotheflow
ofgoodsandservicesandtheflowofdollars
foreachofthefollowingactivities.
a.Selenapaysastorekeeper$1foraquartof
milk.
b.Stuartearns$4.50perhourworkingatafastfood
restaurant.
c.Shannaspends$30togetahaircut.
d.Sallyearns$10,000fromher10percent
ownership
ofAcmeIndustrial.
2.Imagineasocietythatproducesmilitarygoods
andconsumergoods,whichwe’llcall“guns”
and“butter.”
a.Drawaproductionpossibilitiesfrontierfor
gunsandbutter.Usingtheconceptofopportunity
cost,explainwhyitmostlikelyhasa
bowed-outshape.
b.Showapointthatisimpossiblefortheeconomy
toachieve.Showapointthatisfeasible
butinefficient.
c.Imaginethatthesocietyhastwopolitical
parties,calledtheHawks(whowanta
strongmilitary)andtheDoves(whowanta
smallermilitary).Showapointonyourproduction
possibilitiesfrontierthattheHawks
mightchooseandapointtheDovesmight
choose.
d.Imaginethatanaggressiveneighboring
countryreducesthesizeofitsmilitary.Asa
result,boththeHawksandtheDovesreduce
theirdesiredproductionofgunsbythesame
amount.Whichpartywouldgetthebigger
“peacedividend,”measuredbytheincrease
inbutterproduction?
Explain.
3.Thefirstprincipleofeconomicsdiscussedin
Chapter1isthatpeoplefacetrade-offs.Use
aproductionpossibilitiesfrontiertoillustrate
society’strade-offbetweentwo“goods”—a
cleanenvironmentandthequantityofindustrial
output.Whatdoyousupposedetermines
theshapeandpositionofthefrontier?
Show
whathappenstothefrontierifengineers
developanewwayofproducingelectricity
thatemitsfewerpollutants.
4.Aneconomyconsistsofthreeworkers:
Larry,
Moe,andCurly.Eachworkstenhoursaday
andcanproducetwoservices:
mowinglawns
andwashingcars.Inanhour,Larrycaneither
mowonelawnorwashonecar;Moecaneither
mowonelawnorwashtwocars;andCurly
caneithermowtwolawnsorwashonecar.
a.Calculatehowmuchofeachserviceisproduced
underthefollowingcircumstances,
whichwelabelA,B,C,andD:
•Allthreespendalltheirtimemowing
lawns.(A)
•Allthreespendalltheirtimewashing
cars.(B)
•Allthreespendhalftheirtimeoneach
activity.(C)
•Larryspendshalfhistimeoneachactivity,
whileMoeonlywashescarsandCurly
onlymowslawns.(D)
b.Graphtheproductionpossibilitiesfrontier
forthiseconomy.Usingyouranswersto
part(a),identifypointsA,B,C,andDon
yourgraph.
c.Explainwhytheproductionpossibilities
frontierhastheshapeitdoes.
d.Areanyoftheallocationscalculatedinpart
(a)inefficient?
Explain.
5.Classifythefollowingtopicsasrelatingto
microeconomicsormacroeconomics.
a.afamily’sdecisionabouthowmuchincome
tosave
b.theeffectofgovernmentregulationsonauto
emissions
c.theimpactofhighernationalsavingoneconomic
growth
d.afirm’sdecisionabouthowmanyworkers
tohire
e.therelationshipbetweentheinflationrate
andchangesinthequantityofmoney
6.Classifyeachofthefollowingstatementsas
positiveornormative.Explain.
a.Societyfacesashort-runtrade-offbetween
inflationandunemployment.
b.Areductionintherateofmoneygrowthwill
reducetherateofinflation.
c.TheFederalReserveshouldreducetherate
ofmoneygrowth.
d.Societyoughttorequirewelfarerecipientsto
lookforjobs.
e.Lowertaxratesencouragemoreworkand
moresaving.
7.Ifyouwerepresident,wouldyoubemore
interestedinyoureconomicadvisers’positive
viewsortheirnormativeviews?
Why?
1.Mariacanread20pagesofeconomicsinan
hour.Shecanalsoread50pagesofsociologyin
anhour.Shespends5hoursperdaystudying.
a.DrawMaria’sproductionpossibilitiesfrontier
forreadingeconomicsandsociology.
b.WhatisMaria’sopportunitycostofreading
100pagesofsociology?
2.AmericanandJapaneseworkerscaneachproduce
4carsayear.AnAmericanworkercan
produce10tonsofgrainayear,whereasa
Japaneseworkercanproduce5tonsofgraina
year.Tokeepthingssimple,assumethateach
countryhas100millionworkers.
a.Forthissituation,constructatableanalogous
tothetableinFigure1.
b.Graphtheproductionpossibilitiesfrontierof
theAmericanandJapaneseeconomies.
c.FortheUnitedStates,whati
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