微观经济学chapter2-6习题答案

Chapter 2 Thinking Like an Economists

TRUE OR FALSE

1. Economists devise theories, collect data, and then analyze these data in an attempt to verify or refute their theories. (T)

2. While the scientific method is applicable to studying natural sciences, it is not applicable to studying a nation’s economy. (F)

3. It is difficult for economists to make observations and develop theories, but it is easy for economists to run experiments to generate data to test their theories. (F)

4. Good assumptions simplify a problem without substantially affecting the answer. (T) 5. Assumptions can simplify the complex world and make it easier to understand. (T) 6. Economic models omit many details to allow us to see what is truly important. (T)

7. The circular-flow diagram explains, in general terms, how the economy is organized and how participants in the economy interact with one another. (T)

8. In the circular-flow diagram, households and firms are the decision makers. (T)

9. In the circular-flow diagram, factors of production are the goods and services produced by firms. (F)

10. In the circular-flow diagram, firms own the factors of production and use them to produce goods and services. (F)

11. In the circular-flow diagram, one loop represents the flow of goods and services, and the other loop represents the flow of factors of production. (F)

12. The production possibilities frontier is a graph that shows the various combinations of outputs that the economy can possibly produce given the available factors of production and the available production technology. (T)

13. Refer to Figure 2-1, if this economy uses all its resources in the dishwasher industry, it produces 35 dishwashers and no doghouses. (T) Figure 2-1

14. Refer to Figure 2-1, it is possible for this economy to produce 75 doghouses. (F) 15. Refer to Figure 2-1, it is possible for this economy to produce 30 doghouses and 20 dishwashers. (T)

16. Refer to Figure 2-1, it is possible for this economy to produce 45 doghouses and 30 dishwashers. (F)

17. Refer to Figure 2-1, unemployment could cause this economy to produce at point B. (T)

18. Refer to Figure 2-1, the opportunity cost of moving from point A to point D is 10 dishwashers. (T)

19. Refer to Figure 2-1, the opportunity cost of moving from point B to point D is 15 doghouses. (F)

20. Refer to Figure 2-1, the opportunity cost of an additional doghouse increases as more doghouses are produced. (T)

21. If an economy can produce more of one good without giving up any of another good, then the economy’s current production point is inefficient. (T)

22. When a production possibilities frontier is bowed outward, the opportunity cost of the first good in terms of the second good increases as more of the second good is produced. (F)

23. A production possibilities frontier will be bowed outward if some of the economy’s resources are better suited to producing one good than another. (T)

24. While the production possibilities frontier is a useful model, it cannot be used to illustrate economic growth. (F)

25. Microeconomics is the study of how households and firms make decisions and how they interact in specific markets. (T)

26. Macroeconomics is the study of economy-wide phenomena. (T)

27. Economists acting as scientists make positive statements, while economists acting as policy advisers make normative statements. (T)

28. Normative statements describe how the world is, while positive statements prescribe how the world should be. (F)

29. \statement, not a positive statement. (F)

30. There is only one explanation for why economists give conflicting advice on policy issues, and it is that they have different values about what policy should try to accomplish. (F)

31. The slope of a line is equal to the change in the x-variable divided by the change in the y-variable. (F)

Chapter 3 Interdependence And The Gains From Trade

TRUE OR FALSE

1. Interdependence among individuals and interdependence among nations are both based on the gains from trade. (T)

2. If a person chooses self-sufficiency, then she can only consume what she produces. (T)

3. If Wrex can produce more math problems per hour and more book reports per hour than Maxine can, then Wrex cannot gain from trading math problems and book reports with Maxine. (F) 4. Trade allows a country to consume outside its production possibilities frontier. (T) 5. Opportunity cost refers to how many inputs a producer requires to produce a good. (F) 6. Opportunity cost measures the trade-off between two goods that each producer faces. (T)

7. For a country producing two goods, the opportunity cost of one good will be the inverse of the opportunity cost of the other good. (T)

8. If one producer has the absolute advantage in the production of all goods, then that same producer will have the comparative advantage in the production of all goods as well. (F)

9. If a country has the comparative advantage in producing a product, then that country must also have the absolute advantage in producing that product. (F)

10. If one producer is able to produce a good at a lower opportunity cost than some other producer, then the producer with the lower opportunity cost is said to have an absolute advantage in the production of that good. (F)

11. Unless two people who are producing two goods have exactly the same opportunity costs, then

one person will have a comparative advantage in one good, and the other person will have a comparative advantage in the other good. (T)

12. The principle of comparative advantage states that, regardless of the price at which trade takes place, everyone will benefit from trade if they specialize in the production of the good for which they have a comparative advantage. (F)

13. Trade can benefit everyone in society because it allows people to specialize in activities in which they have a comparative advantage. (T)

14. Two countries can achieve gains from trade even if one country has an absolute advantage in the production of both goods. (T)

15. As long as two people have different opportunity costs, each can gain from trade with the other, since trade allows each person to obtain a good at a price lower than his or her opportunity cost. (T) 16. When each person specializes in producing the good in which he or she has a comparative advantage, each person can gain from trade but total production in the economy is unchanged. (F) 17. For both parties to gain from trade, the price at which they trade must lie exactly in the middle of the two opportunity costs. (F)

18. David Ricardo was the author of the 1817 book Principles of Political Economy and Taxation. (T) 19. International trade may make some individuals in a nation better off, while other individuals are made worse off. (T)

20. Trade can make some individuals worse off, even as it makes the country as a whole better off. (T) SHORT ANSWER

1. Explain the difference between absolute advantage and comparative advantage. Which is more important in determining trade patterns, absolute advantage or comparative advantage? Why?

Absolute advantage refers to productivity, as in the producer who can produce a product at a lower cost in terms of the resources used in production. Comparative advantage refers to the producer who can produce a product at a lower opportunity cost. Comparative advantage is the principle upon which trade patterns are based. Comparative advantage is based on opportunity cost, and opportunity cost measures the real cost to an individual or country of producing a particular product. Opportunity cost is therefore the information necessary for an individual or nation to determine whether to produce a good or buy it from someone else.

2. The only two countries in the world, Alpha and Omega, face the following production possibilities frontiers.

Alpha’s Production Possibilities Frontier Omega’s Production Possibilities Frontier

a. b. c. d.

Assume that each country decides to use half of its resources in the production of each good. Show these points on the graphs for each country as point A.

If these countries choose not to trade, what would be the total world production of popcorn and peanuts?

Now suppose that each country decides to specialize in the good in which each has a comparative advantage. By specializing, what is the total world production of each product now?

If each country decides to trade 100 units of popcorn for 100 units of peanuts, show on the graphs the gain each country would receive from trade. Label these points B.

Alpha’s Production Possibilities Frontier

Omega’s Production Possibilities Frontier

a. Alpha would be producing 125 units of peanuts and 75 units of popcorn (point A on its

production possibilities frontier) and Omega would be producing 50 units of peanuts and 150 units of popcorn (point A on its production possibilities frontier).

b. The total world production of peanuts would be 175 units and the total world production

of popcorn would be 225 units.

c. The total world production of peanuts would now be 250 units and the total world

production of popcorn would now be 300 units.

d. Alpha would be producing 250 units of peanuts and would trade 100 of them to Omega,

leaving Alpha with 150 units of peanuts. Alpha would then receive 100 units of popcorn from Omega. Omega would be producing 300 units of popcorn and would trade 100 of them to Alpha, leaving Omega with 200 units of popcorn. Omega would then receive 100 units of peanuts from Alpha.

Choice

1. People who provide you with goods and services (b)

a. are acting out of generosity.

b. do so because they get something in return. c. have chosen not to become interdependent. d. are required to do so by the government.

2. When an economist points out that you and millions of other people are interdependent, he or she is referring to the fact that we all (b)

a. rely upon the government to provide us with the basic necessities of life. b. rely upon one another for the goods and services we consume. c. have similar tastes and abilities.

d. are concerned about one another’s well-being. 3. When can two countries gain from trading two goods? (d)

a. when the first country can only produce the first good and the second country can only

produce the second good

b. when the first country can produce both goods, but can only produce the second good at

great cost, and the second country can produce both goods, but can only produce the first good at great cost

c. when the first country is better at producing both goods and the second country is worse

at producing both goods

d. Two countries could gain from trading two goods under all of the above conditions.

4. Shannon bakes cookies and Justin grows vegetables. In which of the following cases is it impossible for both Shannon and Justin to benefit from trade? (a)

a. Shannon does not like vegetables and Justin does not like cookies.

b. Shannon is better than Justin at baking cookies and Justin is better than Shannon at

growing vegetables.

c. Justin is better than Shannon at baking cookies and at growing vegetables. d. Both Shannon and Justin can benefit from trade in all of the above cases. 5. A production possibilities frontier is bowed outward when (d)

a. the more resources the economy uses to produce one good, the fewer resources it has

available to produce the other good.

b. an economy is self-sufficient instead of interdependent and engaged in trade. c. the rate of tradeoff between the two goods being produced is constant.

d. the rate of tradeoff between the two goods being produced depends on how much of

each good is being produced.

6. The following table contains some production possibilities for an economy for a given month. (d) Sweaters Gloves 4 300 6 ? 8 100 If the production possibilities frontier is bowed outward, then “?” could be

d. cannot be represented by a demand curve in the usual way. 7. The demand for Neapolitan ice cream is likely quite elastic because (d)

a. ice cream must be eaten quickly.

b. this particular flavor of ice cream is viewed as a necessity by many ice-cream lovers. c. the market is broadly defined.

d. other flavors of ice cream are good substitutes for this particular flavor.

8. Which of the following is not a determinant of the price elasticity of demand for a good? (b)

a. the time horizon

b. the steepness or flatness of the supply curve for the good c. the definition of the market for the good d. the availability of substitutes for the good

13. When we move upward and to the left along a linear, downward-sloping demand curve, price elasticity of demand (b)

a. first becomes smaller, then larger. b. always becomes larger. c. always becomes smaller.

d. first becomes larger, then smaller.

14. The difference between slope and elasticity is that (a)

a. slope is a ratio of two changes, and elasticity is a ratio of two percentage changes. b. slope is a ratio of two percentage changes, and elasticity is a ratio of two changes. c. slope measures changes in quantity demanded more accurately than elasticity. d. none of the above; there is no difference between slope and elasticity.

Figure 5-1

15. Refer to Figure 5-1. The demand curve representing the demand for a luxury good with several close substitutes is (c)

a. A. b. B. c. C. d. D.

16. Refer to Figure 5-1. Atog says he would buy one cup of coffee per day regardless of the price. If this is true, then Atog's demand for coffee is represented by demand curve (a)

a. A. b. B. c. C. d. D.

17. Suppose demand is perfectly inelastic, and the supply of the good in question decreases. As a result, (b)

a. the equilibrium quantity decreases, and the equilibrium price is unchanged. b. the equilibrium price increases, and the equilibrium quantity is unchanged. c. the equilibrium quantity and the equilibrium price both are unchanged. d. buyers’ total expenditure on the good is unchanged.

18. The case of perfectly elastic demand is illustrated by a demand curve that is (b)

a. vertical. b. horizontal.

c. downward-sloping but relatively steep. d. downward-sloping but relatively flat. 19. For a vertical demand curve, (a)

a. slope is undefined, and price elasticity of demand is equal to 0. b. slope is equal to 0, and price elasticity of demand is undefined. c. slope and price elasticity of demand both are undefined. d. slope and price elasticity of demand both are equal to 0.

20. Consider airfares on flights between New York and Minneapolis. When the airfare is $250, the quantity demanded of tickets is 2,000 per week. When the airfare is $280, the quantity demanded of tickets is 1,700 per week. Using the midpoint method, (A)

a. the price elasticity of demand is about 1.43, and an increase in the airfare will cause

airlines' total revenue to decrease.

b. the price elasticity of demand is about 1.43, and an increase in the airfare will cause

airlines' total revenue to increase.

c. the price elasticity of demand is about 0.70, and an increase in the airfare will cause

airlines' total revenue to decrease.

d. the price elasticity of demand is about 0.70, and an increase in the airfare will cause

airlines' total revenue to increase.

21. Harry's Barber Shop increased its total monthly revenue from $1,500 to $1,800 when it raised the price of a haircut from $5 to $9. The price elasticity of demand for Harry's Haircuts is (b)

a. 0.567. b. 0.700. c. 1.429. d. 2.200.

22. 156. When demand is inelastic, a decrease in price will cause (b)

a. an increase in total revenue. b. a decrease in total revenue.

c. no change in total revenue, but an increase in quantity demanded. d. no change in total revenue, but a decrease in quantity demanded.

23. Which of the following could be the price elasticity of demand for a good for which an increase in price would increase revenue? (a)

a. 0.2 b. 1 c. 1.5

d. All of the above could be correct.

24. Necessities such as food and clothing tend to have (d)

a. high price elasticities of demand and high income elasticities of demand. b. high price elasticities of demand and low income elasticities of demand. c. low price elasticities of demand and high income elasticities of demand. d. low price elasticities of demand and low income elasticities of demand.

25. For Susie, a 7 percent increase in income results in a 12 percent increase in the quantity demanded of pizza. For Susie, the income elasticity of demand for pizza is (d)

a. negative, and pizza is an normal good. b. negative, and pizza is a inferior good. c. positive, and pizza is an inferior good. d. positive, and pizza is a normal good.

26. Suppose good X has a negative income elasticity of demand. This implies that good X is (c)

a. a normal good. b. a necessity. c. an inferior good. d. a luxury.

27. Food and clothing tend to have (a)

a. small income elasticities because consumers, regardless of their incomes, choose to buy

relatively constant quantities of these goods.

b. small income elasticities because consumers buy proportionately more of both goods at

higher income levels than they buy at low income levels. c. large income elasticities because they are necessities.

d. large income elasticities because they are relatively inexpensive.

28. Suppose goods A and B are substitutes for each other. We would expect the cross-price elasticity between these two goods to be (a)

a. positive. b. negative.

c. either positive or negative. It depends whether A and B are normal goods or inferior

goods.

d. either positive or negative. It depends whether the current price level is on the elastic

or inelastic portion of the demand curve.

29. Which of the following could be the cross-price elasticity of demand for two goods that are complements? (a)

a. -1.3 b. 0 c. 0.2 d. 1.4

30. Determinants of the price elasticity of supply is the (d)

a. number of close substitutes for the good in question.

b. the ability of sellers to change the amount of the good they produce. c. length of the time period. d. Both b and c

31. In the long run, the quantity supplied of most goods (d)

a. will increase in almost all cases, regardless of what happens to price. b. cannot respond at all to a change in price.

c. can respond to a change in price, but the change is almost always inconsequential. d. can respond substantially to a change in price. 32. When a supply curve is relatively flat, (c)

a. sellers are not at all responsive to a change in price.

b. the equilibrium price changes substantially when the demand for the good changes. c. the supply is relatively elastic. d. the supply is relatively inelastic.

33. A linear, upward-sloping supply curve has (a)

a. a constant slope and a changing elasticity of supply. b. a changing slope and a constant elasticity of supply. c. both a constant slope and a constant elasticity of supply. d. both a changing slope and a changing elasticity of supply.

34. If the price elasticity of supply is 1.5, and a price increase led to a 1.8% increase in quantity supplied, then the price increase amounted to (c)

a. 0.67%. b. 0.83%. c. 1.20%. d. 2.70%.

35. On a certain supply curve, one point is (quantity supplied = 200, price = $4.00) and another point is (quantity supplied = 250, price = $4.50). Using the midpoint method, the price elasticity of supply is about (d)

a. 0.22. b. 0.53. c. 1.00.

d. 1.89.

36. Holding all other factors constant and using the midpoint method, if a pencil manufacturer increases production from 40 to 50 boxes when price increases by 20 percent, then supply is (d)

a. inelastic, since the price elasticity of supply is equal to .91. b. inelastic, since the price elasticity of supply is equal to 1.1. c. elastic, since the price elasticity of supply is equal to 0.91. d. elastic, since the price elasticity of supply is equal to 1.1. 37. If the price elasticity of supply for a good is equal to infinity, then (b)

a. the supply curve is vertical. b. the supply curve is horizontal.

c. the supply curve also has a slope equal to infinity.

d. the quantity supplied is constant regardless of the price.

38. Because the demand for wheat tends to be inelastic, the development of a new, more productive hybrid wheat would tend to (b)

a. increase the total revenue of wheat farmers. b. decrease the total revenue of wheat farmers. c. decrease the demand for wheat. d. decrease the supply of wheat.

39. Knowing that the demand for wheat is inelastic, if all farmers voluntarily did not plant wheat on 10 percent of their land, then (c)

a. consumers of wheat would buy more wheat.

b. wheat farmers would suffer a reduction in their total revenue. c. wheat farmers would experience an increase in their total revenue. d. the demand for wheat would decrease. 40. n the market for oil in the short run, demand (b)

a. and supply are both elastic. b. and supply are both inelastic. c. is elastic and supply is inelastic. d. is inelastic and supply is elastic.

41. Which of the following statements helps to explain why government drug interdiction increases drug-related crime? (c)

a. The direct impact is on buyers, not sellers.

b. Successful drug interdiction policies reduce the demand for illegal drugs.

c. Drug addicts will have an even greater need for quick cash to support their habits.

d. In the short run, both equilibrium quantities and prices will fall in the markets for illegal

drugs.

Chapter 6 Supply, Demand, and Government policies

TRUE OR FALSE

1. Economic policies often have effects that their architects did not intend or anticipate. (T) 2. Rent-control laws dictate a minimum rent that landlords may charge tenants. (F) 3. Minimum-wage laws dictate the lowest wage that firms may pay workers. (T) 4. Price controls can generate inequities. (T)

5. If a good or service is sold in a competitive market free of government regulation, then the price of the good or service adjusts to balance supply and demand. (T)

6. A price ceiling is a legal minimum on the price at which a good or service can be sold. (F) 7. A price ceiling set above the equilibrium price is not binding. (T)

8. A price ceiling set below the equilibrium price causes quantity demanded to exceed quantity supplied. (T)

9. Long lines and discrimination are examples of rationing methods that may naturally develop in response to a binding price ceiling. (T)

10. Price ceilings are typically imposed to benefit buyers. (T)

11. When the government imposes a binding price ceiling on a competitive market, a surplus of the good arises, and sellers must ration the scarce goods among the large number of potential buyers. (F) 12. When free markets ration goods with prices, it is both efficient and impersonal. (T)

13. The effects of rent control in the long run include lower rents and lower-quality housing. (T) 14. A price floor is a legal minimum on the price at which a good or service can be sold. (T) 15. A price floor set above the equilibrium price is not binding. (F)

16. A price floor set above the equilibrium price causes a surplus in the market. (T) 17. Price floors are typically imposed to benefit buyers. (F) 18. Not all sellers benefit from a binding price floor. (T)

19. If the equilibrium price of an airline ticket is $500 and the government imposes a price floor of $400 on airline tickets, then fewer airline tickets will be sold than at the market equilibrium. (F) 20. The goal of the minimum wage is to ensure workers a minimally adequate standard of living. (T) 21. In an unregulated labor market, the wage adjusts to balance labor supply and labor demand. (T) 22. A binding minimum wage causes the quantity of labor demanded to exceed the quantity of labor supplied. (F)

23. Rent subsidies and wage subsidies are better than price controls at helping the poor because they have no costs associated with them. (F)

24. A tax on sellers shifts the supply curve to the left, but not the demand curve. (T)

25. The term tax incidence refers to how the burden of a tax is distributed among the various people who make up the economy. (T)

26. If a tax is imposed on the sellers of a product, then the tax burden will fall entirely on the sellers. (F)

27. A tax on buyers shifts the demand curve to the right. (F)

28. A tax of $1 on buyers shifts the demand curve downward by exactly $1. (T)

29. A tax on buyers usually causes buyers to pay more the good and sellers to receive less for the good than they did before the tax was levied. (T)

30. Whether a tax is levied on sellers or buyers, taxes discourage market activity. (T)

31. Whether a tax is levied on sellers or buyers, buyers and sellers usually share the equivalent burden of taxes. (T)

32. The wedge between the buyers’ price and the sellers’ price is the same, regardless of whether the tax is levied on buyers or sellers. (T)

33. Lawmakers can decide whether the buyers or the sellers must send a tax to the government, but they cannot legislate the true burden of a tax. (T)

34. If the demand curve is very elastic and the supply curve is very inelastic in a market, then the sellers will bear a greater burden of a tax imposed on the market, even if the tax is imposed on the buyers. (T)

35. A tax burden falls more heavily on the side of the market that is less elastic. (T) Short Answer

1. Using a supply and demand diagram, show a labor market with a binding minimum wage. Use the diagram to show those who are helped by the minimum wage and those who are hurt by the minimum wage.

20. When a tax is placed on the sellers of a product, (b)

a. buyers pay more and sellers receive more than they did before the tax. b. buyers pay more and sellers receive less than they did before the tax. c. buyers pay less and sellers receive more than they did before the tax. d. buyers pay less and sellers receive less than they did before the tax. 21. When a tax is placed on the sellers of cell phones, (c)

a. the size of the cell phone market and the price paid by buyers both increase.

b. the size of the cell phone market increases, but the price paid by buyers decreases. c. the size of the cell phone market decreases, but the price paid by buyers increases. d. the size of the cell phone market and the price paid by buyers both decrease. 22. If a tax is levied on the buyers of a product, then the demand curve (b)

a. will not shift. b. will shift down. c. will shift up.

d. will become flatter.

23. A tax imposed on the buyers of a good will (a)

a. raise the price paid by buyers and lower the equilibrium quantity. b. raise the price paid by buyers and raise the equilibrium quantity.

c. raise the effective price received by sellers and lower the equilibrium quantity. d. raise the effective price received by sellers and raise the equilibrium quantity. 24. A tax imposed on the buyers of a good will (c)

a. lower the price paid by buyers and lower the equilibrium quantity. b. lower the price paid by buyers and raise the equilibrium quantity.

c. lower the effective price received by sellers and lower the equilibrium quantity. d. lower the effective price received by sellers and raise the equilibrium quantity.

25. If the government removes a tax on sellers of a good and imposes the same tax on buyers of the good,

then the price paid by buyers will (d)

a. increase and the price received by sellers will increase. b. increase and the price received by sellers will not change. c. not change and the price received by sellers will increase. d. not change and the price received by sellers will not change. 26. In the final analysis, tax incidence (c)

a. depends on the legislated burden. b. is entirely random.

c. depends on the forces of supply and demand. d. falls entirely on buyers or entirely on sellers.

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