曼昆宏观经济学Chapter01习题与答案
曼昆《宏观经济学》(第6、7版)笔记和课后习题详解(第1~3章)【圣才出品】
5．衰退（recession） 答：衰退是指实际 GDP 减少，但不严重的时期，一般的衡量标准是国民生产总值连续 两个季度下降。一个完整的经济周期包括繁荣、衰退、萧条和复苏四个阶段。在繁荣阶段， 经济活动全面扩张，不断达到新的高峰；在衰退阶段，经济在短时间保持均衡后出现紧缩的 趋势；在萧条阶段，经济出现急剧的收缩和下降，很快从活动量的最高点下降到最低点；在 复苏阶段，经济从最低点恢复并逐渐上升到先前的活动量高度，进入繁荣。
曼昆宏观经济学第10版课后答案和笔记
曼昆《宏观经济学》第10版笔记和课后习题详解目录第1篇导言第1章宏观经济学科学1.1 复习笔记1.2 课后习题详解第2章宏观经济学的数据2.1 复习笔记2.2 课后习题详解第2篇古典理论：长期中的经济第3章国民收入：源自何处？去向何方？3.1 复习笔记3.2 课后习题详解第4章货币系统：它是什么？如何起作用？4.1 复习笔记4.2 课后习题详解第5章通货膨胀：起因、影响和社会成本5.1 复习笔记5.2 课后习题详解第6章开放的经济6.1 复习笔记6.2 课后习题详解第7章失业7.1 复习笔记7.2 课后习题详解第3篇增长理论：超长期中的经济第8章经济增长Ⅰ：资本积累与人口增长8.1 复习笔记8.2 课后习题详解第9章经济增长Ⅱ：技术、经验和政策9.1 复习笔记9.2 课后习题详解第4篇经济周期理论：短期中的经济第10章经济波动导论10.1 复习笔记10.2 课后习题详解第11章总需求Ⅰ：建立IS-LM模型11.1 复习笔记11.2 课后习题详解第12章总需求Ⅱ：应用IS-LM模型12.1 复习笔记12.2 课后习题详解第13章重访开放经济：蒙代尔-弗莱明模型与汇率制度13.1 复习笔记13.2 课后习题详解第14章总供给与通货膨胀和失业之间的短期权衡14.1 复习笔记14.2 课后习题详解第5篇宏观经济理论和政策专题第15章一个经济波动的动态模型15.1 复习笔记15.2 课后习题详解第16章关于稳定化政策的不同观点16.1 复习笔记16.2 课后习题详解第17章政府债务和预算赤字17.1 复习笔记17.2 课后习题详解第18章金融系统：机会与危险18.1 复习笔记18.2 课后习题详解第19章消费和投资的微观基础19.1 复习笔记19.2 课后习题详解附录指定曼昆《宏观经济学》教材为考研参考书目的院校列表内容简介本书是曼昆《宏观经济学》（第10版）教材的学习辅导书，主要包括以下内容：（1）整理名校笔记，浓缩内容精华。
曼昆_宏观经济学_第五版答案(可直接复制)
P 。因此
作为一个竞争性的、追求利润最大化的企业对工人的雇用应使劳动的边际产量等于实际工资。 这同样也适用于资本的使用，应使资本的边际产量等于实际利率。
3. 在收入分配中规模收益不变的假设有什么作用？
复习题
1. 描述货币的职能。
第四章 货币与通货膨胀
【答案】货币有三种职能：价值储藏、计价单位以及交换媒介。作为一种价值储藏，货币是一 种把现在的购买力变成未来的购买力的方法；作为一种计价单位，货币提供了可以表示价格和
记录债务的单位；作为一种交换媒介，货币是我们用以购买商品与服务的东西。
通货膨胀率的变动。假设实际利率与通货膨胀无关；正如第三章中讨论的那样，是使储蓄和投 资达到均衡时的实际利率。因此通货膨胀率与名义汇率之间就有一对一的关系：如果通货膨胀 率上升
1%，那么名义利率也增长 1%。这种一对一的关系称为费雪效应。如果通货膨胀从 6% 上升到 8%，那么实际利率不变，名义汇率增长 2%。
模收益不变的条件下，经济利润为零。
4. 什么因素决定消费和投资？
【答案】消费正相关于可支配收入——完税后的收入。可支配收入越高，消费越高。投资负相 关于实际利率。投资的目的是获得利润，收益必须大于成本。由于实际利率即资本的使用成本，
实际利率越高资本使用成本就越高，因此投资需求下降。
【答案】当政府增加税收时，可支配收入下降，因此消费也下降。下降的消费数量等于增加的 税收乘以边际消费倾向（MPC）。边际消费倾向越高，增税对于消费的抑制作用越明显。由于产
量由生产要素和生产技术决定，政府购买没有改变，下降的消费数量必须由增加投资来补偿。 因为投资的增加，实际利率必然下降。因此，税收的增加导致了消费的下降，投资的增加，实 际利率的下降。
宏观经济学习题及答案(1-8课)
Macroeconomics(Tenth Edition)Rudiger Dornbusch, Stanley Fisher, Richard StartsCHAPTER 1 INTRODUCTIONConceptual Problemsing the aggregate supply-aggregate demand model explain how output and price are determined. Will output vary or stay fixed in the long run? Suppose the aggregate demand curve were to remain fixed: what can we infer about the behavior of prices over time?Answer:The way output and prices are determined in the aggregate can be analyzed most easily using the AD-AS model; however, we have to determine first which time frame we have in mind.The vertical AS-curve describes the very long run and output is determined by aggregate supply alone while the price level is determined by the level of aggregated demand relative to the output the economy can supply.The horizontal AS-curve describes the very short run and output is determined by aggregate demand alone while the price level is fixed and unaffected by changes in output.The upward-sloping AS-curve describes the medium run and fluctuations in aggregate supply or aggregate demand can determine actual output and the price level under the assumption that productive capacity is given.The AD-AS framework is a very simplified representation of the real world that cannot describe the behavior of all people and enterprises in an economy. In this framework, the effects of changes in aggregate demand on output and prices depend largely on the slope of the AS-curve. We should keep in mind that the long-run AS-curve tends to shift to the right from year to year as potential output tends to grow. Therefore, even in the unlikely event that the AD-curve remains fixed, the price level would change, that is, decline over time.Technical Problems1.Suppose that actual output is $120 billion and potential (full-employment) output is $156 billion. What is an output gap in this hypothetical economy? Based on your estimate of the output gap, would you expect the unemployment level to be higher or lower than usual?Answer：The textbook defines the output gap as the difference between actual GDP and potential GDP. Therefore the output gap in this hypothetical economy is -$36 billion. Since actual output falls short of potential output, we should expect the unemployment rate to be higher than usual.Chapter 2 National Income AccountingConceptual Problems1.what would happen to GDP if the government hired unemployed workers, who had been receiving amount $TR in unemployment benefits, as government employees and now paid the2.m $TR to do nothing? Explain.Answer:Government transfer payments (TR) do not arise out of any production activity and are thus not counted in the value of GDP. If the government hired the people who receive transfer payments, then their wages would be counted as part of government purchases (G), which is counted in GDP. Therefore GDP would rise even if these workers were paid to do nothing, as government purchases are measured on a cost basis.Technical Problems8.Suppose you buy a $100 government bond that is due next year. How much nominal interest will you receive if inflation is 4 percent over the year and the bond promises a real return of 3 percent?Answer:The real interest rate (r) is defined as the nominal interest rate (i) minus the rate of inflation (π). Therefore the nominal interest rate is the real interest rate plus the rate of inflation, ori = r + π = 3% + 4% = 7%.Chapter 3 Growth and AccumulationConceptual2. Can the Solow growth model help to explain the phenomenon of convergence? Answer:The Solow model predicts convergence, that is, countries with the same production function, savings rate, and population growth will eventually reach the same level of income per capita. In other words, a poor country may eventually catch up to a richer one by saving at the same rate and making technological innovations. However, if these countries have different savings rates, they will reach different levels of income per capita, even though their long-term growth rates will be the same.Technical9.For a Cobb-Douglas production function Y=AKθN（1-θ），verify that 1-θis labor’s share of income.[Hint: Labor’s share of income is the piece of income which results from that labor(MP L×N)divided by total income. ]Answer:The Cobb-Douglas production function is defined asY = F(N,K) = AN1-θKθ.The marginal product of labor can then be derived asMPN = (∆Y)/(∆N) = (1 - θ)AN-θKθ = (1 - θ)AN1-θKθ/N = = (1 - θ)(Y/N)==> labor's share of income = [MPN*(N)]/Y = (1 - θ)(Y/N)*[(N)/(Y)] = (1 - θ) Chapter 4 Growth and PolicyConceptual1.What is endogenous growth? How do endogenous growth models differ from the neoclassical models of growth presented in Chapter 3?Answer:Endogenous or self-sustained growth supposedly can be achieved by policies that affect a nation's savings rate and therefore the proportion of GDP that goes towards investment. The neoclassical growth model of Chapter 3 predicted that long-term growth can only be achieved through technological progress and that changes in the savings rate have only transitory effects. The endogenous growth model, however, predicts that countries with a higher savings rate can achieve higher long-term growth and that a nation's government can affect the long-term growth rate by implementing policies that affect the savings rate.2. Why doesn’t the constant marginal poduct of capital assumed in this chapter’s simple model of endogenous growth create a situation in which a single large firm dominaties the economy, as traditional microeconomic reasoning would suggest?Answer:A simple model with constant returns to scale to capital alone implies increasing returns to scale to all factors taken together, which could cause a single large firm to dominate the economy. However, such a model ignores the possibility that external returns to capital exist, in addition to the internal (private) returns. In other words, more investment not only leads to a higher and more efficient capital stock but also to new ideas and new ways of doing things, which can then be copied by others. Therefore, a single firm does not necessarily reap all of the benefits of increased output.Chapter 5 Aggregate supply and demandConceptual2. Explain why the calssical supply curve is vertical. What are the mechanisms that ensure continued full employment of labor in the calssical case?Answer:The classical aggregate supply curve is vertical, since the classical model assumes that nominal wages always adjust immediately to changes in the price level. This implies that the labor market is always in equilibrium and output is always at the full-employment level. If the AD-curve shifts to the right, firms try to increase output by hiring more workers, and they try to attract them by offering higher nominal wages. However, since we are already at full employment, the overall work force does not increase, so firms merely bid up nominal wages. The nominal wage increase is passed on in the form of higher product prices. Since the level of wages and prices will have increased proportionally, the real wage rate and the levels of employment and output will remain unchanged.If there is a decrease in demand, workers are willing to accept lower nominal wages to stay employed. Lower wage costs enable firms to lower their prices, and ultimatelynominal wages and prices decrease proportionally while the real wage rate and the levels of employment and output remain the same.Technical2. Suppose that the government increases spending from G to G’while simultaneously raising taxes in such a way that, at the initial level of output, the budget remains balanced.a. Show the effect of this change on the aggregate demand schedule.b. How does this affect output and the price level in the Keynisian case?c. How does this affect output and the price level in the classical case? Answer:a. According to the balanced budget theorem, a simultaneous and equal increase in government purchases and taxes will shift the AD-curve to the right, as the positive impact of the increase in government spending is greater than the negative impact of the tax increase. But if the AS-curve is upward sloping, then the balanced budget multiplier will be less than one, that is, the increase in output will be less than the increase in government purchases. This occurs because part of the fiscal expansion will be crowded out, that is, the level of private spending will decrease, due to a higher price level, lower real money balances, and the resulting rise in interest rates.b. In the Keynesian case, the AS-curve is horizontal and the price level remains unchanged. There is no real balance effect and therefore income increases more than in 2.a., that is, output increases by the whole shift in the AD-curve. However, the interest rate still increases and therefore the balanced budget multiplier is less than one (but greater than in 2.a.).c. In the classical case, the AS-curve is vertical and the output level remains unchanged. In this case, a shift in the AD-curve leads to a price increase and real money balances decline. Therefore interest rates increase further than in 2.b. or even 2.a., leading to full crowding out of investment. Hence the balanced budget multiplier is zero in the classical case.Chapter 6 Aggregate Supply: Wages, Prices, and UnemploymentConceptual1.Explain how the aggregate supply and Phillips curves are related to each other. Can any information be derived from one that cannot be derived from the other? Answer:The aggregate supply curve and the Phillips curve describe very similar relationships and both curves can be used to analyze the same phenomena. The AS-curve shows a relationship between the price level and the level of output, while the Phillips curve shows a relationship between the inflation and unemployment rates. For example, a movement along the upward-sloping AS-curve depicts an increase in the price level that is associated with an increase in the level of output. But Okun’s law states that changes in output and the rate of unemployment are tightly linked. Therefore, with an increase in the price level (a higher level of inflation) there will be a higher level of output (a lower level of unemployment). Thus the AS-curve is upward sloping while the Phillips curve is downward-sloping. This downward-sloping Phillips curve shifts whenever inflationary expectations change. If one assumes that workers will change their wage demands whenever their inflationary expectations change, one can conclude that a shift in the Phillips curve corresponds to a shift in the upward-sloping AS-curve, since higher wages imply a higher cost of production.The simple AD-AS diagram depicts a static framework, which relates changes in the price level to changes in output supplied or demanded. The Phillips-curve, on the other hand, depicts a dynamic framework in which percentage price changes (the rate of inflation) are related to changes in the unemployment rate. Along the short-run Phillips-curve inflationary expectations are assumed to be constant. If one assumes that price expectations are constant along the upward-sloping AS-curve, the AD-AS framework becomes even more compatible with the Phillips curve framework.CHAPTER 7 THE ANATOMY OF INFLATION AND UNEMPLOYMENT1.Discuss how the following changes would affect the natural (or frictional) rate of unemployment:a. Elimination of unionsb. Increased participation of teenagers in the labor market.Answer:a. It is unclear whether the elimination of unions would actually serve to reduce the natural rate of unemployment. The insider-outsider theory of the labor market suggests that firms bargain with unions (the insiders) and are not much concerned with the unemployed (the outsiders). If unions were eliminated, firms would tend to hire unemployed workers at a lower wage rate, thus reducing the natural unemployment rate. On the other hand, unions tend to preserve stable jobs for their members. Eliminating unions could lead not only to a reduction in bargaining power for labor in wage negotiations but also to an increase in the natural rate of unemployment. If labor unions were eliminated, the wage differentials between unionized and non-unionized workers would disappear and, in the process, some income would be redistributed.b. Increased labor force participation of teenagers would at least initially increase the natural rate of unemployment, since teenagers have a higher frequency of unemployment than older, more experienced workers. However, as more and more teenagers entered the labor force and more good and stable jobs became available to them, the natural rate of unemployment would start to decline again. With more people in the labor force, the supply of labor would be higher and wage rates would be driven down, contributing to wage stagnation.2. The following information is to be used for calculations of the unemployment rate: Suppose there are two major groups, adults and teenagers, with adults divided into men and women. Teenagers account for 10 percent of the labor force; adults account for 90 percent. Women make up 35 percent of the adult labor force. Suppose also that the unemployment rates for these groups are follows: teenagers, 19 percent; men, 7 percent; women, 6 percent.a. Calculate the aggregate unemployment rate.b. What if the share of teenagers in the labor force increases from 10 to 15 percent. How will this affect the aggregate unemployment rate?Answer:a. The aggregate unemployment rate can be calculated by adding the unemployment rates of different groups weighted by their share of the labor force. The data in the problem indicate that teenagers constitute 10% of the labor force. The adult work force (the other 90%) is divided into 35% females and 65% males. Thus we can calculate the overall unemployment rate as:u = (0.1)(0.19) + (0.9)[(0.35)(0.06) + (0.65)(0.07)] = 0.019 + (0.9)(0.021 + 0.0455)= 0.019 + 0.05985 = 0.07885 = 7.9%.b. If the labor force participation rate of teenagers increases to 15%, the overall unemployment rate changes to:u1 = (0.15)(0.19) + (0.85)[(0.35)(0.06) + (0.65)(0.07)]= 0.0285 + (0.85)(0.021 + 0.0455)= 0.0285 + 0.056525 = 0.085025 = 8.5%.CHAPTER 8 POLICY PREVIEW1. How does the Taylor rule help a central bank to set interest rates? How could this rule be adapted if the central bank decided to follow a policy of pure inflation targeting?Answer：The Taylor rule serves as a guide for a central bank on how to set the nominal interest rate in response to current economic conditions. Specifically it states that:i t = r*+ πt+ α*( πt - πt*) + β*[100* (Y t - Y t* )/Y t* ]and suggests that if the inflation rate goes above the inflation target rate π* set by t he central bank or if output goes above the full-employment level Y*, the central bank should raise interest rates . Clearly, the larger the size of the coefficients α and β, the more aggressively the central bank should respond to a change in either inflation or output. If the coefficient β is set to β = 0, the Taylor rule corresponds to strict inflation targeting, in which changes in output are ignored while the central bank still responds to changes in the inflation rate.2. Assume output is currently 1.6% below its full-employment level and the inflation rate is3.5%. Assume further that the central bank has specified that the inflation coefficient is α = 0.5 and that the “natural real interest rate” is assumed to be 2%. At what level should the central bank set the nominal interest rate if it wants to enforce a strict inflation target of 2.5%?Answer：The Taylor rule suggests that a central bank sets the nominal interest rate in the following way:i t = r*+ πt+ α*( πt - πt*) + β*[100* (Y t - Y t* )/Y t* ]Strict inflation targeting suggests that the output coefficient is set to β = 0, so it does not matter how far GDP is below its potential. However, if the current inflation rate is 3.5%, then according to the Taylor rule the central bank should set the nominal interest rate at 6%, sincei t = 2 + 3.5 + 0.5*(3.5 – 2.5) = 5.5 + 05*(1) = 6.。
曼昆《宏观经济学》课后习题及详解(宏观经济学科学)【圣才出品】
第1章宏观经济学科学一、概念题1．宏观经济学（macroeconomics）答：宏观经济学与微观经济学相对，是一种现代的经济分析方法。
它以国民经济总体作为考察对象，研究经济生活中有关总量的决定与变动，解释失业、通货膨胀、经济增长与波动、国际收支及汇率的决定与变动等经济中的宏观整体问题，所以又称之为总量经济学。
宏观经济学的中心和基础是总需求—总供给模型。
具体来说，宏观经济学主要包括总需求理论、总供给理论、失业与通货膨胀理论、经济增长与经济周期理论、开放经济理论、宏观经济政策等内容。
对宏观经济问题进行分析与研究的历史十分悠久，但现代意义上的宏观经济学直到20世纪30年代才得以形成和发展起来。
现代宏观经济学诞生的标志是凯恩斯于1936年出版的《就业、利息和货币通论》。
宏观经济学在20世纪30年代奠定基础，二战后逐步走向成熟并得到广泛应用，20世纪60年代后的“滞胀”问题使凯恩斯主义的统治地位受到严重挑战并形成了货币主义、供给学派、理性预期等学派对立争论的局面，20世纪90年代新凯恩斯主义的形成又使国家干预思想占据主流。
宏观经济学是当代发展最为迅猛，应用最为广泛，因而也是最为重要的经济学学科。
2．实际GDP（real GDP）答：实际GDP指用以前某一年的价格作为基期的价格计算出来的当年全部最终产品的市场价值。
它衡量在两个不同时期经济中的产品产量变化，以相同的价格或不变金额来计算两个时期所生产的所有产品的价值。
在国民收入账户中，以2010年的价格作为基期来计算实际GDP，意味着在计算实际GDP时，用现期的产品产量乘以2010年的价格，便可得到以2010年价格出售的现期产出的价值。
3．通货膨胀与通货紧缩（inflation and deflation）答：（1）通货膨胀是指在一段时期内，一个经济中大多数商品和劳务的价格水平持续显著地上涨。
它包含三层含义：①通货膨胀是经济中一般价格水平的上涨，而不是个别商品或劳务的价格上涨；②通货膨胀是价格的持续上涨，而非一次性上涨；③通货膨胀是价格的显著上涨，而非某些微小的上升，例如每年上升0.5%，不能视为通货膨胀。
曼昆宏观经济学-课后答案-中文版
(2)隐含的价格平减指数是帕氏指数，因为它是用一篮子可变物品计算的。CPI是拉斯派
尔指数，因为它是用一篮子固定物品计算的。由(1)中计算得2010年隐含的价格平减指数
是1.52，它表示物价从2000年到2010年上涨了5)0，o；而（1PI是1.6，它表示物价从2000年到2010
中交通管制的劳务。所以这些活动属于GDP的部分。转移支付是政府对不用交换物品和劳务的个
人的支付。转移支付是减少家庭可支配收入的税收的对立面，它增加家庭的可支配收入。例如对
老年人的社会保障支付、失业包厢以及退伍军人津贴，它不包括在GDP中。一
6、消费、投资、政府购买决定经济产出的需求，而生产要素与生产函数袂定经济产出的供求。
2000年消费的面包数量多于201 0年，CPI对面包加高其权重。由于面包价格上涨幅度高于
汽车，CPI就显示出物价水平较高的上涨。一
(3)这问题没有清晰的答案。理想的是，能有一个准确衡量生活成本的物价水平的指标。当一
种物品价格相对较昂贵时，人们会少买该种物品而多买其它物品。例子中，消费者少买面包多买
变。如果生产函数是规模报酬不变，经济中竞争性的利润最大化的企业的总收入（等同总产
出）分为劳动报酬（MPLx L）和资本报酬(MPKxK)：F(I<，L)=(MPK×K) - (MPL×L)。+
如果向每种要素支付其边际产量，那这些要素支付的总和等于总产出。换言之，规模收益不
变，利润最大化，以及竞争性共同意味着经济利润为零。一
实际GDP变动百分比-3%-2×失业率的变动，印如果失业率保持不变，实际GDP增长3%
左右。这种正常的增长率是由于人口增长、资本积累和技术进步引起的。失业率每上升一个
曼昆经济学原理答案(宏观部分)
第八篇宏观经济学的数据第二十二章一国收入的衡量复习题1．解释为什么一个经济的收入必定等于其支出?答：对一个整体经济而言，收入必定等于支出。
因为每一次交易都有两方：买者和卖者。
一个买者的1美元支出是另一个卖者的1美元收入。
因此，交易对经济的收入和支出作出了相同的贡献。
由于GDP既衡量总收入又衡量总支出，因而无论作为总收入来衡量还是作为总支出来衡量，GDP都相等。
2．生产一辆经济型轿车或生产一辆豪华型轿车，哪一个对GDP的贡献更大?为什么?答：生产一辆豪华型轿车对GDP的贡献大。
因为GDP是在某一既定时期一个国家内生产的所有最终物品与劳务的市场价值。
由于市场价格衡量人们愿意为各种不同物品支付的量，所以市场价格反映了这些物品的市场价值。
由于一辆豪华型轿车的市场价格高于一辆经济型轿车的市场价格，所以一辆豪华型轿车的市场价值高于一辆经济型轿车的市场价值，因而生产一辆豪华型轿车对GDP的贡献更大。
3．农民以2美元的价格把小麦卖给面包师。
面包师用小麦制成面包，面包以3美元的价格出售。
这些交易对GDP的贡献是多少呢?答：对GDP的贡献是3美元。
GDP只包括最终物品的价值，因为中间物品的价值已经包括在最终物品的价格中了。
4．许多年以前佩吉为了收集唱片而花了500美元。
今天她在旧货销售时把她收集的物品卖了100美元。
这种销售如何影响现期GDP?答：现期GDP只包括现期生产的物品与劳务，不包括涉及过去生产的东西的交易。
因而这种销售不影响现期GDP。
5．列出GDP的四个组成部分。
各举一个例子。
答：GDP等于消费(C)+投资(I)+政府购买(G)+净出口(NX)消费是家庭用于物品与劳务的支出，如汤姆一家人在麦当劳吃午餐。
投资是资本设备、存货、新住房和建筑物的购买，如通用汽车公司建立一个汽车厂。
政府购买包括地方政府、州政府和联邦政府用于物品与劳务的支出，如海军购买了一艘潜艇。
净出口等于外国人购买国内生产的物品(出口)减国内购买的外国物品(进口)。
经济学原理 曼昆课后答案 chapter 1
Problems and Applicat ions1. a. A family deciding whether to buy a new car faces a tradeoff between the costof the car and other things they might want to buy. For example, buying thecar might mean they must give up going on vacation for the next two years.So the real cost of the car is the family's opportunity cost in terms of what theymust give up.b. For a member of Congress deciding whether to increase spending on nationalparks, the tradeoff is between parks and other spending items or tax cuts. Ifmore money goes into the park system, that may mean less spending onnational defense or on the police force. Or, instead of spending more moneyon the park system, taxes could be reduced.c. When a company president decides whether to open a new factory, thedecision is based on whether the new factory will increase the firm's profitscompared to other alternatives. For example, the company could upgradeexisting equipment or expand existing factories. The bottom line is: Whichmethod of expanding production will increase profit the most?d. In deciding how much to prepare for class, a professor faces a tradeoffbetween the value of improving the quality of the lecture compared to otherthings she could do with her time, such as working on additional research.2. When the benefits of something are psychological, such as going on a vacation, it isn'teasy to compare benefits to costs to determine if it's worth doing. But there are two ways to think about the benefits. One is to compare the vaca tion with what youwould do in its place. If you didn't go on vacation, would you buy something like anew set of golf clubs? Then you can decide if you'd rather have the new clubs or the vacation. A second way is to think about how much work you had to do to earn the money to pay for the vacation; then you can decide if the psychological benefits of the vacation were worth the psychological cost of working.3. If you are thinking of going skiing instead of working at your part-time job, the cost ofskiing includes its monetary and time costs, plus the opportunity cost of the wagesyou're giving up by not working. If the choice is between skiing and going to thelibrary to study, then the cost of skiing is its monetary and time costs plus the cost to you of getting a lower grade in your course.4. If you spend $100 now instead of investing it for a year and earning 5 percent interest,you are giving up the opportunity to spend $105 a year from now. The idea thatmoney has a time value is the basis for the field of finance, the subfield of economics that has to do with prices of financial instruments like stocks and bonds.5. The fact that you've already sunk $5 million isn't relevant to your decision anymore,since that money is gone. What matters now is the chance to earn profits at themargin. If you spend another $1 million and can generate sales of $3 million, you'llearn $2 million in marginal profit, so you should do so. You are right to think that the project has lost a total of $3 million ($6 million in costs and only $3 million in revenue) and you shouldn't have started it. That's true, but if you don't spend the additional $1 million, you won't have any sales and your losses will be $5 million. So what matters is not the total profit, but the profit you can earn at the margin. In fact, you'd pay up to $3 million to complete development; any more than that, and you won't beincreasing profit at the margin.6. Harry suggests looking at whether productivity would rise or fall. Productivity iscertainly important, since the more productive workers are, the lower the cost pergallon of potion. Harry wants to look at average cost. But both Harry and Ron aremissing the other side of the equation−revenue. A firm wants to maximize its profits, so it needs to examine both costs and revenues. Thus, Hermione is right−it’s best to examine whether the extra revenue would exceed the extra costs. In addition,Hermione is the only one who’s thinking at the margin.7. a. Since a person gets fewer after-tax Social Security benefits the greater is his orher income, there's an incentive not to save for retirement. If you save a lot,your income will be higher, and you won't get as much after-tax Social Securityincome as someone who didn't save as much. The unintended consequenceof the taxation of Social Security benefits is to reduce saving; yet the SocialSecurity system arose because of worries that people wouldn’t save enoughfor retirement.b. For the same reason, you'll tend not to work (or not work as much) after age65. The more you work, the lower your after-tax Social Security benefits willbe. Thus the taxation of Social Security benefits discourages work effort afterage 65.8. a. When welfare recipients who are able to work have their benefits cut off aftertwo years, they have greater incentive to find jobs than if their benefits were tolast forever.b. The loss of benefits means that someone who can't find a job will get noincome at all, so the distribution of income will become less equal. But theeconomy will be more efficient, since welfare recipients have a greaterincentive to find jobs. Thus the change in the law is one that increasesefficiency but reduces equity.9. By specializing in each task, you and your roommate can finish the chores more quickly.If you divided each task equally, it would take you more time to cook than it would takeyour roommate, and it would take him more time to clean than it would take you. By specializing, you reduce the total time spent on chores.Similarly, countries can specialize and trade, making both better off. For example,suppose it takes Spanish workers less time to make clothes than French workers, and French workers can make wine more efficiently than Spanish workers. Then Spainand France can both benefit if Spanish workers produce all the clothes and Frenchworkers produce all the wine, and they exchange some wine for some clothes.10. a. Being a central planner is tough! To produce the right number of CDs by theright artists and deliver them to the right people requires an enormous amountof information. You need to know about production techniques and costs inthe CD industry. You need to know each person's musical tastes and whichartists they want to hear. If you make the wrong decisions, you'll beproducing too many CDs by artists that people don't want to hear, and notenough by others.b. Your decisions about how many CDs to produce carry over to other decisions.You have to make the right number of CD players for people to use. If youmake too many CDs and not enough cassette tapes, people with cassetteplayers will be stuck with CDs they can't play. The probability of makingmistakes is very high. You will also be faced with tough choices about themusic industry compared to other parts of the economy. If you produce moresports equipment, you'll have fewer resources for making CDs. So alldecisions about the economy influence your decisions about CD production.11. a. Efficiency: The market failure comes from the monopoly by the cable TVfirm.b. Equityc. Efficiency: An externality arises because secondhand smoke harmsnonsmokers.d. Efficiency: The market failure occurs because of Standard Oil's monopolypower.e. Equityf. Efficiency: There's an externality because of accidents caused by drunkdrivers.12. a. If everyone were guaranteed the best health care possible, much more of ournation's output would be devoted to medical care than is now the case.Would that be efficient? If you think that currently doctors form a monopolyand restrict health care to keep their incomes high, you might think efficiencywould increase by providing more health care. But more likely, if thegovernment mandated increased spending on health care, the economy wouldbe less efficient because it would give people more health care than theywould choose to pay for. From the point of view of equity, if poor people areless likely to have adequate health care, providing more health care wouldrepresent an improvement. Each person would have a more even slice of theeconomic pie, though the pie would consist of more health care and less ofother goods.b. When workers are laid off, equity considerations argue for the unemploymentbenefits system to provide them with some income until they can find new jobs.After all, no one plans to be laid off, so unemployment benefits are a form ofinsurance. But there’s an efficiency problem why work if you can getincome for doing nothing? The economy isn’t operating e fficiently if peopleremain unemployed for a long time, and unemployment benefits encourageunemployment. Thus, there’s a tradeoff between equity and efficiency. Themore generous are unemployment benefits, the less income is lost by anunemployed person, but the more that person is encouraged to remainunemployed. So greater equity reduces efficiency.13. Since average income in the United States has roughly doubled every 35 years, we arelikely to have a better standard of living than our parents, and a much better standard of living than our grandparents. This is mainly the result of increased productivity, so that an hour of work produces more goods and services than it used to. Thusincomes have continuously risen over time, as has the standard of living.14. If Americans save more and it leads to more spending on factories, there will be anincrease in production and productivity, since the same number of workers will havemore equipment to work with. The benefits from higher productivity will g o to boththe workers, who will get paid more since they're producing more, and the factoryowners, who will get a return on their investments. There's no such thing as a freelunch, though, because when people save more, they're giving up spending. They get higher incomes at the cost of buying fewer goods.15. a. If people have more money, they're probably going to spend more on goodsand services.b. If prices are sticky, and people spend more on goods and services, then outputmay increase, as producers increase output to meet the higher demand ratherthan raising prices.c. If prices can adjust, then people's higher spending will be matched withincreased prices, and output won't rise.16. To make an intelligent decision about whether to reduce inflation, a policymaker wouldneed to know what causes inflation and unemployment, as well as what determines the tradeoff between them. Because prices are sticky, an attempt to reduce inflation willlead to higher unemployment. A policymaker thus faces a tradeoff between the benefits of lower inflation compared to the cost of higher unemployment.。
宏观经济学第一章练习题答案
宏观经济学第一章练习题答案(总2页)-本页仅作为预览文档封面，使用时请删除本页-宏观经济学第一章习题二、单选题1.下列哪一项不列入国内生产总值的核算 (B)A 出口到国外的一批货物B. 政府给贫困家庭发放的一笔救济金C. 经纪人为一座旧房买卖收取的一笔佣金D. 保险公司收到一笔家庭财产保险费2. 一国的国内生产总值小于国民生产总值,说明该国公民从外国取得的收入( A ) 外国公民从该国取得的收入.A.大于B.小于C.等于D. 可能大于也可能小于3. 面粉是中间产品这一命题( A )A.一定是对的B.一定是不对的C. 可能是对的,也可能是不对的D.以上三种说法全对.4. 经济学上的投资是指( D )A.企业增加一笔存货B.建造一座住宅C.企业购买一台计算机D. 以上都是5. 在一个有家庭、企业、政府和国外的部门构成的四部门经济中,GDP是( A)的总和.A．消费、总投资、政府购买和净出口B. 消费、净投资、政府购买和净出口C．消费、总投资、政府购买和总出口D. 工资、地租、利息、利润和折旧6．下列哪一项不是公司间接税 (B)A．销售税B.公司所得税C.货物税D.公司财产税7.下列项目中,( C )不属于要素收入的是A.总统薪水B. 股息C. 公司对灾区的捐献D. 银行存款者取得的利息8.在统计中,社会保险税增加对( D ) 项有影响.A.国内生产总值B. 国内生产净值C. 国民收入D. 个人收入三、多选题1.下列可以列入GDP的有 (BC)A．购买普通股票B.购买当年生产的小汽车C．买卖一幢旧房子的经纪人费用D. 购买棉纱的总价值2.用支出法核算GDP包括 (ABCD)A消费B.投资C. 政府购买D. 净出口。
宏观经济学习题与答案
第一章国民收入核算一、选择题1、国内生产总值是下面哪一项的市场价值( ）A.一年内一个经济中生产的所有最终商品和劳务；B.一年内一个经济中交换的所有商品和劳务;C.一年内一个经济中交换的所有最终商品和劳务；D。
一年内一个经济中的所有交易。
2、通过以下哪项我们避免了重复记帐( )A。
剔除金融转移； B。
计算GDP时使用增值法；C. 剔除以前生产产品的市场价值；D. 剔除那些未涉及市场交换的商品.3、GDP帐户不反映以下哪一项交易（）A. 卖掉以前拥有的住房时，付给房地产经纪商6%的佣金；B。
在游戏中赢得的100美元；C. 新建但未销售的住房；D。
向管道工维修管道支付的工资。
4、当实际GDP为175亿美元，GDP价格缩减指数为160时，名义GDP为( ）A．110亿美元;B. 157亿美元；C. 280亿美元；D。
175亿美元.5、如果当期价格低于基期价格，那么( ）A．实际GDP等于名义GDP； B. 实际GDP小于名义GDP；C. 实际GDP和名义GDP是同一回事;D. 实际GDP大于名义GDP。
6、一国的国民生产总值小于国内生产总值,说明该国公民从外国取得的收入（）外国公民从该国取得的收入。
A。
大于; B. 小于； C. 等于； D. 可能大于也可能小于。
7、下列哪一项计入GDP（）A.购买一辆用过的旧自行车； B。
购买普通股票；C. 汽车制造厂买进10吨钢板；D.晚上为邻居照看儿童的收入。
8、假设第1年即基年有当期美元产出为＄500，如果第8年价格矫正指数翻了一倍而实际产出增加了50％，则第8年的当期美元产出等于（ )A. ＄2000;B. ＄1500;C. ＄1000；D。
＄750.9、在一个四部门经济中,GDP是( ）A。
消费、总投资、政府购买和净出口； B。
消费、净投资、政府购买和净出口；C. 消费、总投资、政府购买和总出口;D. 工资、地租、利息、利润和折旧.10、净出口是指( ）A。
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
Chapter 1Ten Principles of EconomicsMULTIPLE CHOICE1.The word that comes from the Greek word for “one who manages a household” isa. market.b. consumer.c. producer.d. economy.ANSWER: d. economy.TYPE: M SECTION: 1 DIFFICULTY: 12. The word economy comes from the Greek word fora. “environment.”b. “one who manages a household.”c. “one who participates in a market.”d. “conservation.”ANSWER: b. “one who manages a household.”TYPE: M SECTION: 1 DIFFICULTY: 13. Households and economies have each of the following in common EXCEPT botha. must allocate scarce resources.b. face many decisions.c. must allocate the goods and services they produce.d. must have a central decisionmaker.ANSWER: d. must have a central decisionmaker.TYPE: M SECTION: 1 DIFFICULTY: 24. Economics deals primarily with the concept ofa. scarcity.b. poverty.c. change.d. power.ANSWER: a. scarcity.TYPE: M SECTION: 1 DIFFICULTY: 15. Which of the following is NOT included in the decisions that every society must make?a. what goods will be producedb. who will produce goodsc. what determines consumer preferencesd. who will consume the goodsANSWER: c. what determines consumer preferencesTYPE: M SECTION: 1 DIFFICULTY: 26. Both households and societies face many decisions becausea. resources are scarce.b. populations may increase or decrease over time.c. wages for households and therefore society fluctuate with business cycles.d. people, by nature, tend to disagree.ANSWER: a. resources are scarce.TYPE: M SECTION: 1 DIFFICULTY: 27. A good is considered scarce in a society whena. more output of the good is possible.b. everyone in that society cannot have all they want of the good.c. the government restricts production of the good.d. only the richest people in the economy can buy all they want of the good. ANSWER: b. everyone in that society cannot have all they want of the good.TYPE: M SECTION: 1 DIFFICULTY: 28. Scarcity exists whena. there is less than an infinite amount of a resource or good.b. society can meet the wants of every individual.c. there is less of a good or resource available than people wish to have.d. the government fails to produce goods.ANSWER: c. there is less of a good or resource available than people wish to have. TYPE: M SECTION: 1 DIFFICULTY: 29. Which of the following would NOT be true in a world without scarcity?a. There would be no need for the science of economics.b. Everyone would have all the goods and services they wanted.c. There would have to be an infinite supply of every resource.d. There would be opportunity costs.ANSWER: c. There would have to be an infinite supply of every resource.TYPE: M SECTION: 1 DIFFICULTY: 210. Approximately what percentage of the world’s economies experience scarcity?a. 25%b. 50%c. 75%d. 100%ANSWER: d. 100%TYPE: M SECTION: 1 DIFFICULTY: 111. When a society cannot produce all the goods and services people wish to have it is said that the economy isexperiencinga. scarcity.b. communism.c. externalities.d. market failure.ANSWER: a. scarcity.TYPE: M SECTION: 1 DIFFICULTY: 112. For society, a good is not scarce ifa. at least one individual in society can obtain all he or she wants of the good.b. firms are producing at full capacity.c. all members of society can have all they want of it.d. those who have enough income can buy all they want of the good.ANSWER: c. all members of society can have all they want of it.TYPE: M SECTION: 1 DIFFICULTY: 213. Which product would be considered scarce?a. Nike shoesb. Monet paintingsc. 1-carat diamondsd. All of the above are correct.ANSWER: d. All of the above are correct.TYPE: M SECTION: 1 DIFFICULTY: 214. Which of the following goods best meets the definition of scarcity?a. airb. water in the oceanc. water in a cityd. wood in a forestANSWER: c. water in a cityTYPE: M SECTION: 1 DIFFICULTY: 215. Economics is defined as the study ofa. business.b. how society manages its scarce resources.c. central planning.d. government regulation.ANSWER: b. how society manages its scarce resources.TYPE: M SECTION: 1 DIFFICULTY: 116. Economics is the study ofa. how society manages its scarce resources.b. the government’s role in society.c. how a market system functions.d. how to increase production.ANSWER: a. how society manages its scarce resources.TYPE: M SECTION: 1 DIFFICULTY: 117. In most societies, resources are allocated bya. a single central planner.b. those who own the resources.c. those firms that use resources to provide goods and services.d. the combined actions of millions of households and firms.ANSWER: d. the combined actions of millions of households and firms.18. Economists study all of the following EXCEPTa. how people make decisions.b. how people interact with one another.c. the forces and trends that affect the economy as a whole.d. how societies change over time.ANSWER: d. how societies change over time.TYPE: M SECTION: 1 DIFFICULTY: 219. Which of the following is NOT a major area of study for economists?a. how people make decisionsb. how countries choose national leadersc. how people interact with each otherd. how forces and trends affect the overall economyANSWER: b. how countries choose national leadersTYPE: M SECTION: 1 DIFFICULTY: 220. The adage, “There is no such thing as a free lunch,” is used to illustrate the concept ofa. tradeoffs.b. scarcity.c. productivity.d. efficiency.ANSWER: a. tradeoffs.TYPE: M SECTION: 1 DIFFICULTY: 221. The adage, “There is no such thing as a free lunch,” meansa. even people on welfare have to pay for food.b. the cost of living is always increasing.c. to get something we like, we usually have to give up another thing we like.d. all costs are included in the price of a product.ANSWER: c. to get something we like, we usually have to give up another thing we like.TYPE: M SECTION: 1 DIFFICULTY: 222. Economists use the phrase “There is no such thing as a free lunch,” to illustratea. how inflation increases prices.b. that to get one thing, we must give up something else.c. that nothing is free in a market economy.d. that if something looks too good to be true, it probably is.ANSWER: b. that to get one thing, we must give up something else.TYPE: M SECTION: 1 DIFFICULTY: 223. Which best represents the concept represented by the adage, “There is no such thing as a free lunch”?a. Melissa can only attend the concert if she takes her sister with her.b. Greg is hungry and homeless.c. Brian must repair the tire on his bike before he can ride it to class.d. Kendra must decide between going to Colorado or Cancun for spring break.ANSWER: d. Kendra must decide between going to Colorado or Cancun for spring break.TYPE: M SECTION: 1 DIFFICULTY: 324. Guns and butter are used to represent the classic societal tradeoff between spending ona. durable and nondurable goods.b. imports and exports.c. national defense and consumer goods.d. law enforcement and agriculture.ANSWER: c. national defense and consumer goods.TYPE: M SECTION: 1 DIFFICULTY: 225. Henry decides to spend two hours playing golf rather than working at his job which pays $8 per hour. Henry’stradeoff isa. the $16 he could have earned working for two hours.b. nothing, because he enjoys playing golf more than working.c. the increase in skill he obtains from playing golf for those two hours.d. nothing, because he spent $16 for green fees to play golf.ANSWER: a. the $16 he could have earned working for two hours.TYPE: M SECTION: 1 DIFFICULTY: 226. When society requires that firms reduce pollution, there isa. a tradeoff because of reduced incomes to the firms’ owners, workers, and customers.b. no tradeoff, since everyone benefits from reduced pollution.c. no tradeoff for society as a whole, since the cost of reducing pollution falls only on the firms affected by therequirements.d. a tradeoff only if some firms are forced to close.27. Daniel decides to spend the last two hours of the night before his economics exam studying instead of sleeping. ForDaniel, his tradeoff would bea. nothing, since no dollar value can be put on sleep.b. nothing, since studying would be more beneficial than sleep.c. the six hours of sleep he could have had if he had gone to bed before midnight.d. the two hours of rest he would have gotten.ANSWER: d. the two hours of rest he would have gotten.TYPE: M SECTION: 1 DIFFICULTY: 228. A tradeoff exists between a clean environment and a higher level of income in thata. studies show that individuals with higher levels of income actually pollute less than low-income individuals.b. to pay for pollution clean-up, the government must increase taxes which lowers income.c. laws that reduce pollution raise costs of production and reduce incomes.d. by employing individuals to clean up pollution, employment and income both rise.ANSWER: c. laws that reduce pollution raise costs of production and reduce incomes.TYPE: M SECTION: 1 DIFFICULTY: 329. Which of the following would NOT be a result of laws that require firms to reduce pollution?a. lower spending by governmentb. higher prices to consumersc. lower wages to workersd. smaller profit to firmsANSWER: a. lower spending by governmentTYPE: M SECTION: 1 DIFFICULTY: 230. Pollution regulations willa. increase profit to firms.b. impose a tradeoff on society.c. allow firms to raise workers’ wages.d. lower prices for consumers.ANSWER: b. impose a tradeoff on society.TYPE: M SECTION: 1 DIFFICULTY: 231. Which of the following best defines efficiency?a. absolute fairnessb. equal distributionc. minimum wasted. consumer sovereigntyANSWER: c. minimum wasteTYPE: M SECTION: 1 DIFFICULTY: 132. Which of the following is true?a. Efficiency refers to the size of the economic pie; equity refers to how the pie is divided.b. Fortunately, government policies are designed to promote both equity and efficiency.c. As long as the economic pie continually gets larger, no one will have to go hungry.d. Efficiency and equity can both be achieved if the economic pie is cut into equal pieces.ANSWER: a. Efficiency refers to the size of the economic pie; equity refers to how the pie is divided.TYPE: M SECTION: 1 DIFFICULTY: 333. Efficiency means thata. society is conserving resources in order to save them for the future.b. society’s goods and services are distributed fairly among society’s members.c. society has lessened its dependence on foreign energy sources.d. society is getting the most it can from its scarce resources.ANSWER: d. society is getting the most it can from its scarce resources.TYPE: M SECTION: 1 DIFFICULTY: 234. Economists use the word equity to describe a situation in whicha. each member of society has the same income.b. society is getting the most it can from its scarce resources.c. those in society who have the least will receive the most.d. the benefits of society’s resources are distributed fairly among society’s members.ANSWER: d. the benefits of society’s resources are distributed fairly among society’s members.TYPE: M SECTION: 1 DIFFICULTY: 235. One definition of equity would bea. equality.b. efficiency.c. fairness.d. similarity.ANSWER: c. fairness.36. When government policies are being designed,a. there is usually a tradeoff between equity and efficiency.b. equity and efficiency goals are usually independent of each other.c. equity can usually be achieved without an efficiency loss.d. increasing efficiency usually results in more equity.ANSWER: a. there is usually a tradeoff between equity and efficiency.TYPE: M SECTION: 1 DIFFICULTY: 237. When government policies such as the welfare system try to help the most needy members of society, ita. increases equity and reduces efficiency.b. reduces charitable contributions in an economy.c. increases the productivity of the needy in the society.d. causes market failure to occur.ANSWER: a. increases equity and reduces efficiency.TYPE: M SECTION: 2 DIFFICULTY: 238. When the government implements programs such as progressive income tax rates, which of the following is likely tooccur?a. Equity is increased and efficiency is increased.b. Equity is increased and efficiency is decreased.c. Equity is decreased and efficiency is increased.d. Equity is decreased and efficiency is decreased.ANSWER: b. Equity is increased and efficiency is decreased.TYPE: M SECTION: 2 DIFFICULTY: 239. When the government attempts to cut the economic pie into more equal slices,a. it is easier to cut the pie, and therefore the economy can produce a larger pie.b. the government can more easily allocate the pie to those most in need.c. the pie gets smaller, and there will be less pie for everyone.d. the economy will spend too much time cutting and loses the ability to produce enough pie for everyone. ANSWER: c. the pie gets smaller, and there will be less pie for everyone.TYPE: M SECTION: 2 DIFFICULTY: 340. When the government attempts to improve equity in an economy the result is oftena. an increase in overall output in the economy.b. additional government revenue since overall income will increase.c. an actual reduction in equity.d. reduced efficiency in the economy.ANSWER: d. reduced efficiency in the economy.TYPE: M SECTION: 2 DIFFICULTY: 241. When the government redistributes income from the rich to the poor,a. efficiency is improved, but equity is not.b. both rich people and poor people benefit directly.c. people work less and produce fewer goods and services.d. rich people consume fewer goods , but poor people consume more goods, resulting in no real change. ANSWER: c. people work less and produce fewer goods and services.TYPE: M SECTION: 1 DIFFICULTY: 242. In economics, the cost of something isa. the dollar amount of obtaining it.b. always measured in units of time given up to get it.c. what you give up to get it.d. usually higher than people think it will be.ANSWER: c. what you give up to get it.TYPE: M SECTION: 1 DIFFICULTY: 143. What you give up to obtain an item is called youra. opportunity cost.b. explicit cost.c. true cost.d. direct cost.ANSWER: a. opportunity cost.TYPE: M SECTION: 1 DIFFICULTY: 144. The opportunity cost of going to college isa. the total spent on food, clothing, books, transportation, tuition, lodging, and other expenses.b. the value of the best opportunity a student gives up to attend college.c. zero for students who are fortunate enough to have all of their college expenses paid by someone else.d. zero, since a college education will allow a student to earn a larger income after graduation.ANSWER: b. the value of the best opportunity a student gives up to attend college.45. For most students, the largest single cost of a college education isa. the wages given up to attend school.b. tuition, fees, and books.c. room and board.d. transportation, parking, and entertainment.ANSWER: a. the wages given up to attend school.TYPE: M SECTION: 1 DIFFICULTY: 246. The largest single cost of going to college is usuallya. books.b. room and board.c. tuition.d. lost wages.ANSWER: d. lost wages.TYPE: M SECTION: 1 DIFFICULTY: 147. The opportunity cost of an item isa. the number of hours needed to earn money to buy it.b. what you give up to get that item.c. usually less than the dollar value of the item.d. the dollar value of the item.ANSWER: b. what you give up to get that item.TYPE: M SECTION: 1 DIFFICULTY: 148. Mallory decides to spend 3 hours working overtime rather than watching a video with her friends. She earns $8 anhour. Her opportunity cost of working isa. the $24 she earns working.b. the $24 minus the enjoyment she would have received from watching the video.c. the enjoyment she would have received had she watched the video.d. nothing, since she would have received less than $24 of enjoyment from the video.ANSWER: c. the enjoyment she would have received had she watched the video.TYPE: M SECTION: 1 DIFFICULTY: 349. Russell spends an hour studying instead of playing tennis. The opportunity cost to him of studying isa. the improvement in his grades from studying for the hour.b. the difference between the improvement in his grades from studying minus the enjoyment of playing tennis.c. the enjoyment and exercise he would have received had he played tennis.d. zero. Since Russell chose to study rather than to play tennis, the value of studying must have been greater than thevalue of playing tennis.ANSWER: c. the enjoyment and exercise he would have received had he played tennis.TYPE: M SECTION: 1 DIFFICULTY: 250. College-age athletes who drop out of college to play professional sportsa. are not rational decision makers.b. are well aware that their opportunity cost of attending college is very high.c. are concerned more about present circumstances than their future.d. underestimate the value of a college education.ANSWER: b. are well aware that their opportunity cost of attending college is very high.TYPE: M SECTION: 1 DIFFICULTY: 251. People make decisions at the margin bya. following tradition.b. experience.c. calculating dollar costs.d. comparing costs and benefits.ANSWER: d. comparing costs and benefits.TYPE: M SECTION: 1 DIFFICULTY: 152. The word “margin” meansa. edge.b. distance.c. space.d. measure.ANSWER: a. edge.TYPE: M SECTION: 1 DIFFICULTY: 153. Making decisions “at the margin” means that peoplea. make those decisions that do not impose a marginal cost.b. evaluate how easily a decision can be reversed if problems arise.c. compare the marginal costs and marginal benefits of each decision.d. always calculate the marginal dollar costs for each decision.54. A marginal change is aa. long-term trend.b. large, significant adjustment.c. change for the worse, and so is usually short-term.d. small incremental adjustment.ANSWER: d. small incremental adjustment.TYPE: M SECTION: 1 DIFFICULTY: 155. Which of the following is the best example of a marginal change?a. After graduating college, Audrey’s income increases from $500 per month to $3,000 per month.b. Morgan gets a raise at her part-time job and is now paid $7.25 per hour instead of $7.00.c. Housing prices in an area increase by 40% when a new interstate is built in a small town.d. A hard freeze wipes out half of the orange crop in Florida and the price of orange juice doubles.ANSWER: b. Morgan gets a raise at her part-time job and is now paid $7.25 per hour instead of $7.00.TYPE: M SECTION: 1 DIFFICULTY: 356. Which of the following is the best example of a marginal change?a. The price of housing rose in Seattle by 5% in last year.b. Kim gets a big promotion at work. She also gets a raise from $25,000 per year to $40,000 per year.c. Mark graduates from college and takes a job. His income increases from $10,000 per year to $50,000 per year.d. A drought hits the upper Midwest and the price of wheat increases from $4.00 per bushel to $8.00 per bushel. ANSWER: a. The price of housing rose in Seattle by 5% in last year.TYPE: M SECTION: 1 DIFFICULTY: 357. A marginal change is illustrated by which of the following?a. Nancy retires and takes a part-time job. She was working 40 hours per week and now works 10 hours per week.b. State University has announced that due to state budget deficits, tuition must rise by 25% next year.c. Ryan moved to a new apartment and now pays 40% more rent than before.d. Arizona, which usually receives 10 inches of rain per year, received 11 inches last year.ANSWER: d. Arizona, which usually receives 10 inches of rain per year, received 11 inches last year.TYPE: M SECTION: 1 DIFFICULTY: 358. After much consideration, you have chosen Cancun over Ft. Lauderdale for your Spring Break trip this year. For thisdecision to change, which of the following must occur?a. The marginal benefit of Cancun must increase.b. The marginal cost of Cancun must decrease.c. The marginal benefit of Ft. Lauderdale must increase.d. The marginal cost of Ft. Lauderdale must increase.ANSWER: c. The marginal benefit of Ft. Lauderdale must increase.TYPE: M SECTION: 1 DIFFICULTY: 359. The average cost per seat on the 50-passenger Floating-On-Air Bus company’s trip from Kansas City to St. Louis is $40.If no refreshments are served and 3 seats are empty, the bus company could increase its profit only if ita. charged no less than $40 for the 3 remaining seats.b. charged more than $40 for the 3 remaining seats.c. charged any ticket price above $0 for the remaining seats.d. left the seats empty.ANSWER: c. charged any ticket price above $0 for the remaining seats.TYPE: M SECTION: 1 DIFFICULTY: 260. A rational decision maker takes an action only if thea. marginal benefit is less than the marginal cost.b. marginal benefit is greater than the marginal cost.c. average benefit is greater than the average cost.d. marginal benefit is greater than both the average cost and the marginal cost.ANSWER: b. marginal benefit is greater than the marginal cost.TYPE: M SECTION: 1 DIFFICULTY: 261. Mike has spent $500 purchasing and repairing an old fishing boat, which he expects to sell for $800 once the repairsare complete. He discovers that he needs an additional repair, which will cost $400, in order to complete the repairs.He can sell the boat as it is now for $300. What should he do?a. He should cut his losses and take the $300.b. He should never sell something for less than it cost.c. He should complete the repairs and sell the boat.d. It doesn’t matter which action he takes; the outcome is the same either way.ANSWER: c. He should complete the repairs and sell the boat.TYPE: M SECTION: 1 DIFFICULTY: 362. Stan buys a 1966 Mustang, which he plans to restore and sell. He anticipates that the cost of the car and the repairswill be $10,000 and that he can sell it for $13,000. When he has spent $10,000, he discovers he needs to replace the engine, which will cost $4,000. He can sell the car without the new engine for $9,000. Stan shoulda. complete the repairs and sell the car for $13,000.b. cut his losses and sell the car now for $9, 000.d. never try such an expensive project again.c. be totally indifferent between finishing the project and selling the car now.ANSWER: d. be totally indifferent between finishing the project and selling the car now.TYPE: M SECTION: 1 DIFFICULTY: 363. A donut shop sells fresh baked donuts from 5 a.m. until 3 p.m. every day but Sunday. The cost of making and sellinga dozen glazed donuts is $1.00. Since this shop does not sell day-old donuts the next day, what should the managerdo if he still has 10 dozen left at 2:30 p.m.?a. lower the price of the remaining donuts even if the price falls below $1.00b. lower the price of the remaining donuts as long as it’s more than $1.00c. Lower the price on all donuts so they will all be sold earlier in the dayd. throw them away and produce 10 fewer dozen tomorrowANSWER: a. lower the price of the remaining donuts even if the price falls below $1.00TYPE: M SECTION: 1 DIFFICULTY: 364. Economists understand that people respond toa. laws.b. incentives.c. threats more than rewards.d. positives, but not negatives.ANSWER: b. incentives.TYPE: M SECTION: 1 DIFFICULTY: 165. When policymakers make policies that change the costs and benefits that people face, they cana. alter behaviors.b. make people ignore incentives.c. create inflation.d. reduce government revenue.ANSWER: a. alter behaviors.TYPE: SECTION: 1 DIFFICULTY: 266. Ralph Nader’s book Unsafe at Any Speed caused Congress to requirea. safety glass in all new cars.b. seat belts in all new cars.c. air bags in all new cars.d. stricter drunk driving laws in all states.ANSWER: b. seat belts in all new cars.TYPE: M SECTION: 1 DIFFICULTY: 167. U.S. laws requiring that drivers wear seat belts have resulted ina. a reduction in both driver deaths and pedestrian deaths.b. fewer accidents and fewer deaths per accident.c. fewer driver deaths, fewer accidents and fewer pedestrian deaths.d. little change in the number of driver deaths, but more accidents and more pedestrian deaths.ANSWER: d. little change in the number of driver deaths, but more accidents and more pedestrian deaths.TYPE: M SECTION: 1 DIFFICULTY: 268. One effect of a government-imposed seat belt law has beena. fewer pedestrian deaths.b. safer driving.c. an increase in the number of accidents.d. that everyone now wears seat belts.ANSWER: c. an increase in the number of accidents.TYPE: M SECTION: 1 DIFFICULTY: 169. Which of the following does NOT result when seat belt laws alter a driver’s cost-benefit calculation?a. Fewer drivers are killed.b. More pedestrians are killed.c. Drivers drive faster.d. More accidents occur.ANSWER: a. Fewer drivers are killed.TYPE: M SECTION: 1 DIFFICULTY: 270. In the former Soviet Union, producers were paid for meeting output targets, not for selling products. Under thosecircumstances, what were the economic incentives for producers?a. to produce good quality products so that society benefits from the resources usedb. to conserve on costs, so as to maintain efficiency in the economyc. to produce enough to meet the output target, without regard for quality or costd. to produce those products that society desires mostANSWER: c. to produce enough to meet the output target, without regard for quality or costTYPE: M SECTION: 1 DIFFICULTY: 271. Your professor loves her work, teaching economics. She has been offered other positions in the corporate worldmaking 25 percent more, but has decided to stay in teaching. Her decision would not change unless the marginala. cost of teaching increased.b. benefit of teaching increased.c. cost of teaching decreased.d. cost of a corporate job increased.ANSWER: a. cost of teaching increased.TYPE: M SECTION: 1 DIFFICULTY: 3。