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Chapter 1

QUESTIONS FOR REVIEW

1. Explain the difference between microeconomics and macroeconomics .how are these two fields related?

Microeconomics is the study of how individual firms and households make decisions, and how they interact with one another. Microeconomic models of firms and households are based on principles of optimization—firms and households do the best they can given the constraints they face. For example, households choose which goods to purchase in order to maximize their utility, whereas firms decide how much to produce in order to maximize profits. In contrast, macroeconomics is the study of the economy as a whole; it focuses on issues such as how total output, total employment and the overall price level are determined. These economy-wide variables are based on the interaction of many households and many firms; therefore, microeconomics forms the basis for macroeconomics.

3. What is a market –clearing model? When is it appropriate to assume that markets clear?

A market-clearing model is one in which prices adjust to equilibrate supply and demand. Market-clearing models are useful in situations where prices are flexible. Yet in many situations, flexible prices may not be a realistic assumption. For example, labor contracts often set wages for up to three years. Or, firms such as magazine publishers change their prices only every three to four years. Most macroeconomists believe that price flexibility is a reasonable assumption for studying long-run issues.

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Over the long run, prices respond to changes in demand or supply, even though in the short run they may be slow to adjust.

Chapter 2

QUESTIONS FOR REVIEW

1. List the two things that GDP measures. How can GDP measure two things at once? GDP measures the total income earned from the production of the new final goods and services in the economy, and it measures the total expenditures on the new final goods and services produced in the economy. GDP can measure two things at once because the total expenditures on the new final goods and services by the buyers must be equal to the income earned by the sellers of the new final goods and services. As the circular flow diagram in the text illustrates, these are alternative, equivalent ways of measuring the flow of dollars in the economy.

PROBLEMS AND APPLICATIONS

3. Suppose a woman marries her butler. After they are married, her husband continues to wait on her as before, and she continues to support him as before (but as a husband rather than as an employee). How does the marriage affect GDP? How should it affect GDP?

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When a woman marries her butler, GDP falls by the amount of the butler’s salary. This happens because measured total income, and therefore measured GDP, falls by the amount of the butler’s loss in salary. If GDP truly measured the value of all goods and services, then the marriage would not affect GDP since the total amount of economic activity is unchanged. Actual GDP, however, is an imperfect measure of economic activity because the value of some goods and services is left out. Once the butler’s work becomes part of his household chores, his services are no longer counted in GDP. As this example illustrates, GDP does not include the value of any output produced in the home. Similarly, GDP does not include other goods and services, such as the imputed rent on durable goods (e.g., cars and refrigerators) and any illegal trade.

4. Place each of the following transactions in one of the four components of expenditure: consumption, investment, government purchases, and net exports. a. Boeing sells an airplane to the Air Force. b. Boeing sells an airplane to American Airlines. c. Boeing sells an airplane to Air France. d. Boeing sells an airplane to Amelia Earhart. e. Boeing builds an airplane to be sold next year.

a. The airplane sold to the Air Force counts as government purchases because the Air Force is part of the government.

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b. The airplane sold to American Airlines counts as investment because it is a capital good sold to a private firm.

c. The airplane sold to Air France counts as an export because it is sold to a foreigner. d. The airplane sold to Amelia Earhart counts as consumption because it is sold to a private individual.

e. The airplane built to be sold next year counts as investment. In particular, the airplane is counted as inventory investment, which is where goods that are produced in one year and sold in another year are counted

Chapter 3

QUESTIONS FOR REVIEW

1. What determines the amount of output an economy produces?

The factors of production and the production technology determine the amount of output an economy can produce. The factors of production are the inputs used to produce goods and services: the most important factors are capital and labor. The production technology determines how much output can be produced from any given amounts of these inputs. An increase in one of the factors of production or an improvement in technology leads to an increase in the economy’s output.

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Chapter 4

QUESTIONS FOR REVIEW 1. Describe the functions of money

Money has three functions: it is a store of value, a unit of account, and a medium of exchange. As a store of value, money provides a way to transfer purchasing power from the present to the future. As a unit of account, money provides the terms in which prices are quoted and debts are recorded. As a medium of exchange, money is what we use to buy goods and services.

4. Write the quantity equation and explain it

The quantity equation is an identity that expresses the link between the number of transactions that people make and how much money they hold. We write it as Money ×Velocity = Price ×Transactions M×V= P×T.

The right-hand side of the quantity equation tells us about the total number of transactions that occur during a given period of time, say, a year. T represents the total number of transactions. P represents the price of a typical transaction. Hence, the product P × T represents the number of dollars exchanged in a year.

The left-hand side of the quantity equation tells us about the money used to make these transactions. M represents the quantity of money in the economy. V represents the transactions velocity of money—the rate at which money circulates in the economy.

Because the number of transactions is difficult to measure, economists usually use a slightly different version of the quantity equation, in which the total output of the economy Y replaces the number of transactions T: Money ×Velocity = Price ×Output M×V= P×Y.

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