Macro economics Ch23489.docx
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Macro economics Ch23489.docx
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MacroeconomicsCh23489
Chapter2
3.Thebenefitsandcostsofacollegeeducationcanbestudiedinseveralways:
∙Examinerecentresearchonthereturnstocollegeeducation.Seehttp:
//www.census.gov/Press-Release/www/releases/archives/education/004214.html.
∙Studentscanstudytherelativepayofdifferentprofessions,includingdifferencesbymajorat:
http:
//stats.bls.gov/opub/mlr/1998/03/art5full.pdf.
AnswerstoMultiple-ChoiceQuestions
1.c
2.b
3.b
4.c
5.a
6.b
7.c
8.a
9.b
10.c
11.c
12.a
13.b
14.a
15.c
16.b
17.a
18.d
19.b
20.d
21.b
22.c
23.c
24.b
25.d
26.a
27.b
28.d
29.b
9
AnswerstoFill-InQuestions
1.underemployed
2.scarcity
3.unlimited;limited
4.theopportunitycostofproducingadditionalunitsofthisgoodincreases
5.increasingcosts
6.thesacrificeofnotbuyingthejacket
7.fivepercent
8.
(1)bluelaws;
(2)childlaborlaws;and(3)Americans'preferencefordaylightweekdayworkhours.
9.underemployment;lessthanfullproduction;inefficientallocationofresources.
10.productionpossibilitiesfrontierorcurve
11.within(orinside)
12.
(1)improvingtheleveloftechnologyand
(2)increasingtheamountofresources.
AnswerstoProblems
1.No—wecouldproduceeithermorecarsormorehouses.
2.Yes(bymovingtowardstheproductionpossibilitiesfrontier)
3.No
4.
Economics:
ChapterThreeAnswerSheet:
AnswerstoMultiple-ChoiceQuestions
1.d
2.b
3.b
4.c
5.b
6.c
7.d
8.c
9.c
10.c
11.a
12.b
13d
14d
15c
16b
17d
18a
19b
20b
21.c
22.d
AnswerstoFill-InQuestions
1.competitionandthepricemechanism
17
2.pursuedtheirownselfishinterests
3.publicgoods
4.externalbenefit
5.pollution,congestion
6.fascism
AnswersToQuestionsForFurtherThoughtAndDiscussion
1.Thecircularflowmodelisasimplifiedversionofoureconomy.Describehowthismodelworks.
Householdsupplyresources(land,labor,capital,andentrepreneurialability)tobusinessfirmsinexchangeforfactorpayments(rent,wages,interest,andprofits).Firmssupplyhouseholdswithgoodsandservicesandarepaidbythehouseholdsinconsumption
Ch.4Homeworkquestionsandprojects
1.Itisimportantthatstudentsareabletoapplydemandandsupplyanalysistoeventstheyseeintheirownlivesorreadabout.Askstudentstofindarticlesfromnewspapersorperiodicalsthatillustrateamarket.Makecertainthattheythesesteps:
∙Underlineonesentencetobeanalyzed(thearticlemaydiscussseveralmarkets).
∙Identifythegoodorservice.
∙Drawthedemandandsupplycurve,carefullylabelingeachaxis.Itmaynotbepossibletoputnumbersoneachaxis,butlabeltheunitsused.
∙Showtherelevantpricesandquantitiesforthecurrentmarketsituation.
∙Showanyshiftsthathavetakenplaceinthesupplyordemandcurves.Makecertainthatmovementsalongacurvearenotconfusedwithshiftsinthecurvesthemselves.
(Requiringdifferentarticlesandrecentarticleswillencouragestudentstodooriginalwork.)
2.Findexamplesofmarketsinactionontheinternet:
Auctions,see.
Commodities,see
AnswerstoMultiple-ChoiceQuestions
1.a
2.a
3.b
4.a
5.b
6.b
7.c
8.b
9.d
10.b
11.a
12.b
13.
23
a
14.b
15.a
16.a
17.a
18.d
19.a
20.d
21.b
22.d
23.a
24.a
25.b
26.a
27.d
28.b
29.c
AnswerstoFill-InQuestions
1.fall,fall
2.fall,rise
3.fall
4.demandandsupply
5.falls
6.ceilings,floors
7.rise;fall
8.thegovernment
9.thedemandforandthesupplyofmoney
10.itrises
11.rise
12.$12.40(orso)
13.42.5(orso)
14.surplus,57(orso)
15.shortage,50(orso)
16.above,below
AnswerstoProblems
1.Equilibriumpriceis$6;equilibriumquantity=40.
Figure1
24
2.Equilibriumpricerisesandequilibriumquantityrises.
3.Equilibriumpriceis$3.50;equilibriumquantityis20.
Figure2
4.Equilibriumpricerisesandequilibriumquantityfalls.
5.(a)$19;55
(b)increase
(c)$22;75
6.(a)$11;28
(b)decrease
(c)20
7.(a)floor
(b)surplus
(c)17(orso)
8.(a)ceiling
(b)shortage
(c)28(orso)
AnswerstoQuestionsforFurtherThoughtandDiscussion
1.a)Ifmarketpriceisaboveequilibriumprice,explainwhathappensandwhy?
25
Marketpricefallstoequilibriumprice.Atthehighermarketprice,sincequantitysuppliedisgreaterthanquantitydemanded,somesupplierswouldbewillingtoacceptalowerprice.Theywillbiddownthemarketpricetotheequilibriumlevelatwhichquantitydemandedequalsquantitysuppliedandallthosewhow
EconomicsChapter8
AnswerstoMultiple-ChoiceQuestions
1.c
2.a
3.b
4.d
5.c
6.d
7.a
8.b
9.a
10.b
11.b
12.b
13.a
14.c
15.
53
c
16.e
17.a
18.b
19.c
20.b
21.c
22.c
23.c
24.b
25.c
26.b
27.a
28.c
29.b
30.c
31.c
32.d
33.c
a(bisanacceptableanswerifoneassumesthatnetexportswillbe0in2012.)
EconomicsChapter9Answers:
AnswerstoMultiple-choiceQuestions
1.b
2.d
3.a
4.c
5.c(bisalsoacceptable)
6.a
7.a
8.b
9.
59
d
10.a
11.a
12.b
13.c
14.d
15.a
16.b
17.d
18.b
19.b
20.b
21.c
22.d
23.b
24.a
25.b
26.c
27.d
28.a
29.d
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