Chap_02 Thinking Like an Economist象经济学家那样思考
曼昆经济学第二章练习题
Chapter 2 Thinking Like an Economist1. A simplifying assumption ( d )a.affects the important conclusions of an economic model.b.increases the level of detail in an economic model.c.limits the validity of an economic model’s conclusion.d.eliminates unnecessary details from an economic model.2. The ultimate purpose of an economic model is to ( c )a.explain reality as completely as possible.b.:c.establish assumptions that closely resemble reality.d.help us to understand economic behavior.e.guide government policy decisions.3. An economic model ( c )es equations to understand normative economic phenomena.b.often omits crucial elements.c.simplifies reality in order to focus on crucial elements.d.cannot be proven wrong.#4. Which of the following activities would occur in a market for factors of production( d )a.Reesa buys a new computer to help balance her personal checkbook.b.Randy pays a speeding ticket.c.Ian mows his grass.d.General Motors hires additional workers to run a third-shift at a factory.5. Which of the following activities would occur in a market for goods and services ( d )a.Harry mows his grass.b.General Motors hires additional workers to run a third shift at a factory.c.Jane bakes pies for Thanksgiving dinner.d.-e.Dolly buys a ticket to a ball game.6. The three sources of income for the household are ( b )a.taxes, subsidies from the government, and rent.b.wages, rent, and profit.c.wages, rent, and subsidies from the government.d.wages, rebates, and rent.7. Households play what role(s) in the circular flow diagram ( d )a.purchasers of factors of production and sellers of services.b.purchasers of factors of production and sellers of goods.c.!d.purchasers of goods and services only.e.purchasers of goods and services and sellers of factors of production.8. Which of the following is not an assumption that underlies an economy’s production possibilities frontier ( c )a.fixed income.b.fixed resources.c.unchanged technology.d.fully employed resources.9. Which of the following would not result in an outward shift of a nation’s production possibilities frontier ( )a.]b. a reduction in the unemployment rate.c. a rise in labor productivity.d.advances in technology.e.an expanding resource base.10. The production possibilities frontier demonstrates the basic economic principle that( )a.economies are always efficient.b.assuming full employment, supply will always determine demand.c.assuming full employment, an economy is efficient only when the productionof capital goods in a particular year is greater than the production ofconsumption goods in that year.d.assuming full employment, to produce more of any one thing, the economymust produce less of at least one other good.【11. Opportunity costs most often increase as you move down a production possibilities frontier because ( )a.resources are not completely adaptable to alternative uses.b.factors of production are limited and human wants are unlimited.c.efficiencies are generated by large-scale production.d.economic efficiency is only possible in the short run.12. Suppose an economy has the production possibilities frontier shown in the diagram and is operating at position A. Which of the statements below is false ( )a.This economy could produce more of both capital and consumption goods.b.This economy is experiencing full employment.c.This economy could produce more capital goods without decreasing thequantity of consumption goods produced.d.~e.This economy could produce more consumption goods without decreasingthe quantity of capital goods produced.:13. If the economy shown in the diagram moves from position A to position B, we would know that ( )a.the rate of unemployment increased.b.consumption goods production increased, but capital goods productiondecreased.c.its unemployment decreased, but at the expense of either capital orconsumption good production.d.it has achieved full employment of resources.14. All points on a production possibilities frontier show the ( )a.maximum satisfaction that households receive from their purchases of goods.b.minimum quantities of resources that must be used to produce a givenquantity of output.c.maximum output that society can produce with given resources and technology.d..e.minimum output that society can produce with given resources and technology.15. The branch of economics that is concerned with the overall performance of the economy is called ( )a.resource economics.b.contemporary economics.c.macroeconomics.d.microeconomics.16. Which of the following questions would not be of particular interest to a microeconomist ( )a.Why do national economies growb.What percentage of consumer income is spent on entertainmentc.）d.Why do workers refer the 4-day workweeke.What happens to worker productivity when the job shifts to a 4-dayworkweek17. The television network newscaster reports that the national inflation rate in the past year equaled 4 percent. This report is most likely prepared from work done by a ( )a.microeconomist.b.normative economist.c.macroeconomist.d.social scientist rather than an economist.18. The Secretary of Labor states that wage rates in the country have risen by 2 percent this past year. The head of a local labor union states that wage gains should have been higher. The Secretary’s statement is a _________________ economic statement, and the labor head’s statement is a __________________economic statemen t. ( )a.、b.normative; normativec.normative; positived.positive; normativee.positive; positive19. “An increase in interest rates will lower economic growth.” This statement is ( )a. a positive economic statement.b. a normative economic statement.c.untrue in every case.d.controversial, and so not a valid economic issue.<20. The distinction between positive and normative economics ( )a.is that positive economics applies only to microeconomic problems.b.is that normative economics applies only to microeconomic problems.c.explains why economics is not a social science but a natural science.d.helps us to understand why economists sometimes disagree with oneanother.21. Which of the following is most closely associated with positive economics ( )a.Determining the impact of government spending on the actual level of totalemployment.b.Determining the best level of immigration into a country.c.|d.Determining whether too many luxury goods are being produced.e.Determining whether or not the government should reduce poverty.22. If two variables tend to increase and decrease together, they are ( )a.positively correlated.b.negatively correlated.c.uncorrelated.d.quasi-correlated23. The number of rainy days in the year and annual sales of suntan lotion are probably( )a.>b.positively correlated.c.negatively correlated.d.uncorrelated.e.quasi-correlated.24. A student’s course grade and amount of time spent studying the for course are generally ( )a.positively correlated.b.negatively correlated.c.uncorrelated.d.quasi-correlated.>Ch021)d2)c3)c4)~5)d6)d7)b8)d9)a10)a11)d12)a13)b14)d15)c16)c17)a18)c19)c20)a21)d22)a23)a24)b25)a。
Chap02像经济学家一样思考(经济学原理,曼昆,中英文双语)
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Microeconomics and Macroeconomics
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Microeconomics focuses on the individual parts of the economy.
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How households and firms make decisions and how they interact in specific markets
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家庭出售 企业购买
The Circular-Flow Diagram 经济循环图
Factors of Production 生产要素
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Inputs used to produce goods and services 用于生产物品与劳务的投入
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Land, labor, and capital
Market for Factors of Production
Labor, land, and capital Income
经济循环图
收入 销售商品 和服务 支出
物品与劳务 市场
购买商品 和服务
企业
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工资、租金 和利润
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劳动、土地 和资本
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Figure 1 The Circular Flow
Economics
Supply Opportunity cost Elasticity
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Consumer Surplus Demand Deadweight loss
每个研究领域都有自己的语言
经济学
02像经济学家一样思考.
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生产可能性边界阐明的概念
u效 率 u 权衡取舍 u 机会成本 u 经济增长
经济学思考方法
u 利用理论建立抽象的模型，然后进 一步分析模型。
u 利用两种方法:
u 描述性的方法 (报告实情等) u 分析性的方法 (抽象推理)
经济模型
u 经济学家利用模型来简化真实世界，使我 们更好地理解这个世界。 u 两个最基本的经济学模型是：
u 循环流向图 u 生产可能性边界
The Circular-Flow Model 经济循环流向图
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生产可能性边界 向外移动
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微观经济学与宏观经济学
u 微观经济学 研究经济个体现象
u 家庭和企业如何作出决策，以及他们如何在 特定市场上相互交易。
u 宏观经济学 研究经济总体现象
u 从总体上看，各种市场在国家水平上如何相 互影响。
谢谢大家！
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每 一 次 的 加 油，每 一次的 努力都 是为了 下一次 更好的 自己。 20.12.2020.12.20Sunday, December 20, 2020
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天 生 我 材 必 有用， 千金散 尽还复 来。16:52:1716:52:1716:5212/20/2020 4:52:17 PM
Chpt_2 Thinking Like an Economist
Ch 2 Thinking Like an EconomistTrue/FalseIndicate whether the statement is true or false.Figure 2-14153********1015202530354045____1. Refer to Figure 2-14. It is possible for this economy to produce 30 doghouses and 20 dishwashers. ____2. Points inside the production possibilities frontier represent feasible levels of production. ____3. A production possibilities frontier will be bowed outward if some of the economy’s resources are better suited to producing one good than another. ____4. While the production possibilities frontier is a useful model, it cannot be used to illustrate economic growth. ____5. When a variable that is not named on either axis of a graph changes, we read the change as a movement alongthe curve.Multiple ChoiceIdentify the choice that best completes the statement or answers the question.____ 6. Economists, like mathematicians, physicists, and biologists,a. make use of the scientific method.b. try to address their subject with a scientist’s objectivity.c. devise theories, collect data, and then analyze these data in an attempt to verify or refutetheir theories. d. All of the above are correct.____ 7. Economists face an obstacle that many other scientists do not face. What is that obstacle? a. It is often difficult to formulate theories in economics.b. It is often difficult and sometimes impossible to perform experiments in economics.c. Economics cannot be addressed objectively; it must be addressed subjectively.d. The scientific method cannot be applied to the study of economics.____ 8. In conducting their research, economists face an obstacle that not all scientists face; specifically, in economics, it is often difficult and sometimes impossible toa. make use of theory and observation.b. rely upon the scientific method.c. conduct laboratory experiments.d. find articles or books that were written before 1900.____ 9. Which of the following statements is (are) correct?a. Relative to other scientists, economists find it more difficult to generate useful data.b. Theory and observation are important in economics as well as in other sciences.c. To obtain data, economists often rely upon the natural experiments offered by history.d. All of the above are correct.____ 10. Which of the following statements about models is correct?a. The more details a model includes, the better the model.b. Models assume away irrelevant details.c. Models cannot be used to explain how the economy functions.d. Models cannot be used to make predictions.____ 11. Economic models are built witha. recommendations concerning public policies.b. facts about the legal system.c. assumptions.d. statistical forecasts.____ 12. The circular-flow diagram is aa. visual model of the economy.b. visual model of the relationships among money, prices, and businesses.c. model that shows the effects of government on the economy.d. mathematical model of how the economy works.____ 13. Factors of production area. the mathematical calculations firms make in determining their optimal production levels.b. social and political conditions that affect production.c. the physical relationships between economic inputs and outputs.d. inputs into the production process.____ 14. In the circular-flow diagram, in the markets fora. goods and services, households and firms are both sellers.b. goods and services, households are buyers and firms are sellers.c. the factors of production, households are buyers and firms are sellers.d. the factors of production, households and firms are both buyers.____ 15. In the circular-flow diagram, in the markets fora. goods and services, households and firms are both sellers.b. goods and services, households are sellers and firms are buyers.c. the factors of production, households are sellers and firms are buyers.d. the factors of production, households and firms are both buyers.____ 16. Which of the following transactions does not take place in the markets for factors of production in the circular-flow diagram?a. a landowner leases land to a farmerb. a farmer hires a teenager to help with harvestc. a retired farmer sells his combine to a new farmerd. a woman buys corn for dinner____ 17. In the circular-flow diagram, which of the following items represents a payment for a factor of production?a. interestb. capitalc. spending by households on goodsd. spending by households on servicesFigure 2-2____ 18. Refer to Figure 2-2.If Box A of this circular-flow diagram represents firms, then which box represents households?a. Box Bb. Box Cc. Box Dd. Any one of the other boxes (B, C, or D) could represent households.____ 19. Which of the following is a correct statement about production possibilities frontiers?a. An economy can produce only on the production possibilities frontier.b. An economy can produce at any point inside or outside a production possibilities frontier.c. An economy can produce at any point on or inside the production possibilities frontier, butnot outside the frontier.d. An economy can produce at any point inside the production possibilities frontier, but noton or outside the frontier.____ 20. If an economy is producing efficiently, thena. there is no way to produce more of one good without producing less of another good.b. it is possible to produce more of both goods without increasing the quantities of inputs thatare being used.c. it is possible to produce more of one good without producing less of another good.d. it is not possible to produce more of any good at any cost.____ 21. Which of the following trade-offs does the production possibilities frontier illustrate?a. if an economy wants to increase efficiency in production, then it must sacrifice equality inconsumptionb. once an economy has reached the efficient points on its production possibilities frontier,the only way of getting more of one good is to get less of the otherc. for an economy to consume more of one good, it must stop consuming the other goodentirelyd. for an economy to produce and consume goods, it must sacrifice environmental quality____ 22. If a production possibilities frontier is bowed outward, then the opportunity cost of producing more of the first good is highest whena. the economy is producing much of the first good and little of the second good.b. the economy is producing equal amounts of the first and second goods.c. the economy is producing little of the first good and much of the second good.d. None of the above is correct because the opportunity cost of producing more of the firstgood is constant.____ 23. Economists believe that production possibilities frontiersa. never have a bowed shape.b. rarely have a bowed shape.c. often have a bowed shape.d. always have a bowed shape.Table 2-2Production Possibilities for Batterland____ 24. Refer to Table 2-2. What is the opportunity cost to Batterland of increasing the production of pancakes from 150 to 300?a. 75 wafflesb. 150 wafflesc. 250 wafflesd. 325 wafflesFigure 2-3____ 25. Refer to Figure 2-3. At which point is this economy producing its maximum possible quantity of tubas?a. Jb. Lc. Md. N____ 26. Refer to Figure 2-3. This economy cannot produce at which point(s)?a. Jb. J, Lc. J, L, Md. LFigure 2-5306090120150180210240270300330255075100125150175200225____ 27. Refer to Figure 2-5. A movement from point C to point D could be caused by a. unemployment.b. a decrease in society's preference for bananas.c. fewer resources available for production of bananas.d. All of the above are correct.Figure 2-624681012141651015202530354045____ 28. Refer to Figure 2-6. This economy cannot produce at which point(s)?a. A, B, Db. C, D, F, Gc. C, F, Gd. DFigure 2-8Panel (a) Panel (b)1234560.511.522.533.544.555.566.571234560.511.522.533.544.555.566.57____ 29. Refer to Figure 2-8, Panel (a). In order to gain 2 donuts by moving from point L to point M, society mustsacrificea. efficiency.b. employment.c. 4 cups of coffee.d. More than one of the above is correct.Figure 2-10batteriesBAbagels____ 30. Refer to Figure 2-10.Which of the following events would explain the shift of the production possibilities frontier from A to B?a. The economy’s citizens developed an enhanced taste for batteries.b. The economy experienced a technological advance in the production of batteries.c. More capital became available in the economy.d. More labor became available in the economy.____ 31. The field of economics is traditionally divided into two broad subfields,a. national economics and international economics.b. consumer economics and producer economics.c. private sector economics and public sector economics.d. microeconomics and macroeconomics.____ 32. Economists speaking like policy advisers makea. positive statements.b. descriptive statements.c. claims about how the world is.d. claims about how the world should be.____ 33. “Prices rise when the quantity of money rises rapidly” is an example of aa. negative economic statement.b. positive economic statement.c. normative economic statement.d. statement that contradicts one of the basic principles of economics.____ 34. The Council of Economic Advisersa. was created in 1946.b. advises the president of the United States on economic policy matters.c. writes the annual Economic Report of the President.d. All of the above are correct.____ 35. Economists sometimes give conflicting advice becausea. graduate students in economics are encouraged to argue with each other.b. economists have different values and scientific judgment.c. economists acting as scientists do not like to agree with economists acting as policyadvisers.d. economics is more of a belief system than a science.____ 36. Sometimes economists disagree because their scientific judgments differ. Which of the following instances best reflects this source of disagreement?a. One economist believes income tax cuts are unfair to those with low incomes; anothereconomist believes income tax cuts are not unfair to those with low incomes.b. One economist believes unemployment causes more human suffering than does inflation;another economist believes inflation causes more human suffering than doesunemployment.c. One economist believes the policies of the Democratic party offer the best hope forAmerica's future; another economist believes the policies of the Republican party offer thebest hope for America's future.d. One economist believes increases in the minimum wage increase unemployment; anothereconomist believes increases in the minimum wage do not increase unemployment.____ 37. A survey of professional economists revealed that more than three-fourths of them agreed with fourteen economic propositions. Which of the following is not one of those propositions?a. A ceiling on rents reduces the quantity and quality of housing available.b. Fiscal policy has a significant stimulative impact on a less than fully employed economy.c. The gap between Social Security funds and expenditures will become unsustainably largewithin the next fifty years if current policies remain unchanged.d. The United States should implement universal health care for its citizens.____ 38. How did the influential economist John Maynard Keynes explain his remark that although economics is an easy subject compared with the higher branches of philosophy or pure science, it is a subject at which fewexcel?a. Most people who study economics are not very bright.b. Good economists must possess a rare combination of gifts.c. Economics is quite boring; hence, people tend to lose interest in it before mastering it.d. Good thinkers become frustrated with economics because it does not make use of thescientific method.____ 39. The slope of a line is equal toa. the change in the value of x divided by the change in the value of y.b. the change in the value of y divided by the change in the value of x.c. the horizontal distance divided by the vertical distance.d. the value of y divided by the value of x.____ 40. Bill has noticed that increases in unemployment insurance claims are associated with recessions, and therefore he advocates limits on unemployment insurance so as to prevent recessions. Martha has noticedthat most drug addicts once attended schools, and therefore she advocates getting rid of schools so as toprevent drug addiction.a. The reasoning of both Bill and Martha suffers from the omitted variable problem.b. The reasoning of both Bill and Martha suffers from the reverse causality problem.c. Bill's reasoning suffers from the reverse causality problem, and Martha's reasoning suffersfrom the omitted variable problem.d. Martha's reasoning suffers from the reverse causality problem, and Bill's reasoning suffersfrom the omitted variable problem.Short Answ er41. Using the outline below, draw a circular-flow diagram representing the interactions between households andfirms in a simple economy. Explain briefly the various parts of the diagram.42. The prairie dog has always been considered a problem for American cattle ranchers. They dig holes thatcattle and horses can step in, and they eat grass necessary for cattle. Recently, ranchers have discovered that there is a demand for prairie dogs as pets. In some areas, prairie dogs can sell for as high as $150 each.Cattlemen are now fencing off prairie dog towns on their land so these towns will not be disturbed by theircattle.Draw a rancher’s production possibilities frontier showing increasing opportunity cost of cattle production interms of prairie dog production. Using a separate graph for each situation, show what would happen to theinitial production possibilities frontier in each of the following situations:a. The outcome is efficient, with ranchers choosing to produce equal numbers of cattle andprairie dogs.b. As a protest against the government introducing the gray wolf back into the wild in theirstate, ranchers decide to withhold 25 percent of the available grassland for grazing.c. The price of prairie dogs increases to $200 each, so ranchers decide to allot additionalland for prairie dogs.d. The government grants new leases to ranchers, giving them 10,000 new acres ofgrassland each for grazing.e. A drought destroys most of the available grass for grazing of cattle, but not for prairiedogs since they also eat plant roots.43. Draw a production possibilities frontier showing increasing opportunity cost of hammers in terms ofhorseshoes.a. On the graph, identify the area of feasible outcomes and the area of infeasible outcomes.b. On the graph, label a point that is efficient and a point that is inefficient.c. On the graph, illustrate the effect of the discovery of a new vein of iron ore, a resourceneeded to make both horseshoes and hammers, on this economy.d. On a second graph, illustrate the effect of a new computerized assembly line in theproduction of hammers on this economy.44. Identify each of the following topics as being part of microeconomics or macroeconomics:a. the impact of a change in consumer income on the purchase of luxury automobilesb. the effect of a change in the price of Coke on the purchase of Pepsic. the impact of a war in the Middle East on the rate of inflation in the United Statesd. factors influencing the rate of economic growthe. factors influencing the demand for tractorsf. the impact of tax policy on national savingg. the effect of pollution taxes on the U.S. copper industryh. the degree of competition in the cable television industryi. the effect of a balanced-budget amendment on economic stabilityj. the impact of deregulation on the savings and loan industry45. Which of the following statements are positive and which are normative?a. The minimum wage creates unemployment among young and unskilled workers.b. The minimum wage ought to be abolished.c. If the price of a product in a market decreases, then, other things equal, quantity demanded willincrease.d. A little bit of inflation is worse for society than a little bit of unemployment.e. There is a tradeoff between inflation and unemployment in the short run.f. If consumer income increases, then, other things equal, the demand for automobiles willincrease.g. The U.S. income distribution is not fair.h. U.S. workers deserve more liberal unemployment benefits.i. If interest rates increase, then investment will decrease.j. If welfare benefits were reduced, then the country would be better off.46. Use the following graph to answer the following questions.a. How would point J be represented as an ordered pair?b. What type of curve is this?c. Does this curve show a positive or negative correlation between price and quantity?d. Compute the slope of D1 between points J and L.e. What is the slope of D1 between points L and N? Why would you not have tocalculate this answer?f. What is it called if we move from D1 to D2?g. How do you know that the slope of D2 is the same as the slope of D1?1020304050607080481216202428323640Ch 2 Thinking Like an EconomistAnswer SectionTRUE/FALSE1. ANS: T PTS: 1 DIF: 2 REF: 2-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Applicative2. ANS: T PTS: 1 DIF: 2 REF: 2-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Interpretive3. ANS: T PTS: 1 DIF: 2 REF: 2-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Interpretive4. ANS: F PTS: 1 DIF: 2 REF: 2-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier | Economic growth MSC: Interpretive5. ANS: F PTS: 1 DIF: 2 REF: 2-5NAT: Analytic LOC: The study of economics and definitions in economicsTOP: Graphs MSC: InterpretiveMULTIPLE CHOICE6. ANS: D PTS: 1 DIF: 2 REF: 2-1NAT: Analytic LOC: The study of economics and definitions in economicsTOP: Economists MSC: Interpretive7. ANS: B PTS: 1 DIF: 2 REF: 2-1NAT: Analytic LOC: The study of economics and definitions in economicsTOP: Economists MSC: Interpretive8. ANS: C PTS: 1 DIF: 2 REF: 2-1NAT: Analytic LOC: The study of economics and definitions in economicsTOP: Economists MSC: Interpretive9. ANS: D PTS: 1 DIF: 2 REF: 2-1NAT: Analytic LOC: The study of economics and definitions in economicsTOP: Economists MSC: Interpretive10. ANS: B PTS: 1 DIF: 2 REF: 2-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Economic models MSC: Interpretive11. ANS: C PTS: 1 DIF: 2 REF: 2-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Economic models MSC: Interpretive12. ANS: A PTS: 1 DIF: 1 REF: 2-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Circular-flow diagram MSC: Definitional13. ANS: D PTS: 1 DIF: 1 REF: 2-1NAT: Analytic LOC: The study of economics and definitions in economicsTOP: Factors of production MSC: Definitional14. ANS: B PTS: 1 DIF: 1 REF: 2-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Circular-flow diagram MSC: Definitional15. ANS: C PTS: 1 DIF: 1 REF: 2-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Circular-flow diagram | Factor markets MSC: Definitional 16. ANS: D PTS: 1 DIF: 2 REF: 2-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Circular-flow diagram | Factor markets MSC: Applicative 17. ANS: A PTS: 1 DIF: 2 REF: 2-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Circular-flow diagram MSC: Interpretive18. ANS: A PTS: 1 DIF: 2 REF: 2-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Circular-flow diagram MSC: Interpretive19. ANS: C PTS: 1 DIF: 2 REF: 2-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Interpretive20. ANS: A PTS: 1 DIF: 2 REF: 2-1NAT: Analytic LOC: Efficiency and equality TOP: Efficiency MSC: Interpretive21. ANS: B PTS: 1 DIF: 2 REF: 2-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Interpretive22. ANS: A PTS: 1 DIF: 2 REF: 2-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier | Opportunity cost MSC: Interpretive 23. ANS: C PTS: 1 DIF: 2 REF: 2-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier | Economists MSC: Interpretive 24. ANS: A PTS: 1 DIF: 2 REF: 2-1NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity costTOP: Opportunity cost MSC: Interpretive25. ANS: D PTS: 1 DIF: 2 REF: 2-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Applicative26. ANS: B PTS: 1 DIF: 2 REF: 2-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Applicative27. ANS: A PTS: 1 DIF: 2 REF: 2-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier | Unemployment MSC: Applicative 28. ANS: D PTS: 1 DIF: 2 REF: 2-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Applicative29. ANS: C PTS: 1 DIF: 3 REF: 2-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier | Opportunity cost MSC: Analytical 30. ANS: B PTS: 1 DIF: 2 REF: 2-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Applicative31. ANS: D PTS: 1 DIF: 1 REF: 2-1NAT: Analytic LOC: The study of economics and definitions in economicsTOP: Microeconomics | Macroeconomics MSC: Definitional32. ANS: D PTS: 1 DIF: 2 REF: 2-2NAT: Analytic LOC: The study of economics and definitions in economicsTOP: Economists | Normative statements MSC: Interpretive33. ANS: B PTS: 1 DIF: 2 REF: 2-2NAT: Analytic LOC: The study of economics and definitions in economicsTOP: Positive statements MSC: Applicative34. ANS: D PTS: 1 DIF: 2 REF: 2-2NAT: Analytic LOC: The study of economics and definitions in economicsTOP: Council of Economic Advisers MSC: Interpretive35. ANS: B PTS: 1 DIF: 2 REF: 2-3NAT: Analytic LOC: The study of economics and definitions in economicsTOP: Economists MSC: Interpretive36. ANS: D PTS: 1 DIF: 2 REF: 2-3NAT: Analytic LOC: The study of economics and definitions in economicsTOP: Economists MSC: Interpretive37. ANS: D PTS: 1 DIF: 1 REF: 2-3NAT: Analytic LOC: The study of economics and definitions in economicsTOP: Economists MSC: Definitional38. ANS: B PTS: 1 DIF: 2 REF: 2-4NAT: Analytic LOC: The study of economics and definitions in economicsTOP: Economists MSC: Interpretive39. ANS: B PTS: 1 DIF: 1 REF: 2-5NAT: Analytic LOC: The study of economics and definitions in economicsTOP: Graphs | Slope MSC: Definitional40. ANS: A PTS: 1 DIF: 2 REF: 2-5NAT: Analytic LOC: The study of economics and definitions in economicsTOP: Omitted variable MSC: ApplicativeSHORT ANSWER41. ANS:This diagram should duplicate the essential characteristics of the diagram in the text, with an explanation of the meaning of each flow and each market. It is important that the student understands that the inner loop represents the flow of real goods and services and that the outer loop represents the corresponding flow of payments.PTS: 1 DIF: 1 REF: 2-1 NAT: AnalyticLOC: Understanding and applying economic models TOP: Circular-flow diagramMSC: Definitional42. ANS:(c) (d)dogsdogsprairie cattle(e)dogsprairie cattle PTS: 1 DIF: 3 REF: 2-1 NAT: Analytic LOC: Understanding and applying economic models TOP: Production possibilities frontier MSC: Analytical 43. ANS:(a-c) (d)shoesdiscoveryshoeshorse-hammersPTS: 1 DIF: 2 REF: 2-1 NAT: Analytic LOC: Understanding and applying economic models TOP: Production possibilities frontier MSC: Applicative44. ANS: a, b, e, g, h, and j are microeconomic topics. c, d, f, and i are macroeconomic topics. PTS: 1 DIF: 2 REF: 2-1 NAT: Analytic LOC: The study of economics and definitions in economics TOP: Microeconomics | Macroeconomics MSC: Applicative45. ANS: a, c, e, f, and i are positive statements. b, d, g, h, and j are normative statements. PTS: 1 DIF: 2 REF: 2-2 NAT: Analytic LOC: The study of economics and definitions in economics TOP: Positive statements | Normative statements MSC: Applicative 46. ANS:a. (20,24)b. a demand curvec. a negative correlation between price and quantityd. -8/20 or -2/5e. -2/5; because the slope of a straight line is constantf. an increase in demand.g. because the 2 lines are parallelPTS: 1 DIF: 2 REF: 2-5 NAT: Analytic LOC: The study of economics and definitions in economics TOP: Graphs MSC: Applicative。
Ch_02
1Chapter 2第2章Thinking Like an Economist像经济学家一样思考2内容提要Outline•作为科学家的经济学家The Economist as Scientist •作为政策制定者的经济学家The Economist as Policymaker •为什么经济学家意见分歧Why Economists Disagree3像经济学家一样思考Thinking like an Economist经济学的思考方法The economic way of thinking . . .要求分析地、客观地进行思考。
Involves thinking analytically and objectively.使用科学的方法。
Makes use of the scientific method.4科学的研究方法The Scientific Method观察，理论，进一步观察Observation, Theory, and MoreObservation5科学的研究方法The Scientific Method理论分析：解释现实经济的运作。
Theoretical analysis: explain how real world operates.经验（或实证）分析：用数据检验理论Empirical analysis: analyze data to test the theories.讲逻辑讲证据6假设的作用The Role of Assumptions作出假设是为了便于理解现实。
Economists make assumptions in order to make the world easier to understand.科学思维中的“艺术”成分是确定作出什么假设The art in scientific thinking is deciding which assumptions to make.作出不同的假设用来回答不同的问题。
微观经济学原理英文--Thinking Like an Economist ppt课件
Some Familiar Models
A model of human anatomy from high school biology class
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5
Some Familiar Models
© Olga Rosi/
A model airplane
6
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7
Our First Model:
The Circular-Flow Diagram
The Circular-Flow Diagram: a visual model of the economy, shows how dollars flow through markets among households and firms
如同经济学家般的思考问题(精)
如同經濟學家般的思考問題
前言
每一門學科都有他轉有的術語與獨特的 思維方式 例如數學家會常說公理、積分、向量空 間, 心理學家會常說自我、定位、認知分歧 等
前言
律師常說談判地點、侵權行為、約定的 禁止翻供 經濟學者常用供給、需求、彈性、比較 利益、消費者剩餘、無謂損失等。
飛機模型
人體模型
牙齒牙床模型
Don’t forget to floss!
經濟學模型
第一個模型: 循環流程圖 一個顯示金錢如何透過市場在家計單位 和廠商間流轉的經濟體系的視覺模型。 很簡潔但所能呈現的又用推論也很少, 可以忽略之。 第二個模型:生產可能邊界 (Production Possibilities Frontier)
「假設」所扮演的角色
經濟學家常常設立各種假設而建構經濟 學模型,其道理也是為了將複雜的現象 簡化,而不背離事實現況,但可以推論出 有意義的結論。經濟學家往往為了分析 不同面向的問題,而有不同的假設
「假設」所扮演的角色
經濟學模型之所以做不同的假設,這猶 如同個人在不同場合，因為聽眾不同, 想知道的訊息不同，故自我假設的內容 就會不一樣 如何介紹淡水 如何介紹棒球選手 都是做簡化之下才能達到介紹的目的, 無論自然科學或社會科學,不做假設無 法進行推論。
「假設」所扮演的角色
因為經濟學常做許多假設,有人就認為 經濟學不切實際,但我們日常活當中,幾 乎無時不在做假設,只是我們思維鬆散 而沒有察覺到自己其實是在做假設,舉 例說明之: 我中午要吃生菜莎拉 從台北車站坐捷運到淡水要多久時間? 約30分鐘
Unit 2 Thinking Like an Economist
Unit 2Thinking Like an Economist/像经济学家那样思考1、每个研究领域都有它自己的语言和思考方式。
数学家谈论定理、积分和空间向量。
心理学家谈论自我、本我和认知失调。
律师谈论侵权行为和允诺禁反言原则。
2、经济学也一样。
供给、需求、弹性、比较优势、消费者剩余、净损失——这些术语是经济学家语言的一部分。
起初，这些新的语言可能看起来是不必要的神秘。
但是，你会看到，它的价值在于它能提供给你一种新的和有用的思考方式，让你思考你生活的世界。
3、经济学家试图从科学的角度来阐释他们的学科。
他们演绎经济学和物理学家演绎物质、生物学家演绎生命一样：他们设计理论、收集数据，然后分析这些数据，试图能够证明或者反驳他们的理论。
4、对于初学者来说，宣称经济学是一门科学似乎看起来很奇怪。
毕竟，经济学家并不和试管或者显微镜一起工作。
然而，科学的精华是科学的方法——世界如何运作这一理论的逐渐发展和试验。
这种观察的方法运用于研究一个国家的经济，就像它运用于研究地球的重力或者一个物种的演变。
就像爱因斯坦曾经提到的“科学的全部无非就是日常思考的精炼”。
5、尽管爱因斯坦的言论对于社会科学例如经济学是正确的，就像它对于自然科学例如物理学一样是正确的，大多数人并不习惯于通过科学的角度来看待社会。
因此，让我们来讨论一些方法，通过这些方法，经济学家运用科学的逻辑来观察经济如何运作。
6、牛顿，17世纪著名的科学家和数学家，当有一天他看见一个苹果从树上掉下时，引起了他的深思。
这个观察使牛顿形成了重力的理论，这一理论不仅应用于苹果落地，而且应用于宇宙中的任何两个物体之间。
牛顿定律的不断试验表明它适用于很多情形。
由于牛顿定律在解释试验时很成功，所以今天仍然在世界各个大学的物理课程中被学习。
7、现象和理论的这一关系也同样发生在经济学领域。
经济学家可能生活在这样的国家，这个国家的物价正在迅速增长，在这一现象的推动下，经济学家发现了关于通货膨胀的理论。
曼昆经济学第二章练习题
Chapter 2 Thinking Like an Economist1. A simplifying assumption ( d )a.affects the important conclusions of an economic model.b.increases the level of detail in an economic model.c.limits the validity of an economic model’s conclusion.d.eliminates unnecessary details from an economic model.2. The ultimate purpose of an economic model is to ( c )a.explain reality as completely as possible.b.establish assumptions that closely resemble reality.c.help us to understand economic behavior.d.guide government policy decisions.3. An economic model ( c )es equations to understand normative economic phenomena.b.often omits crucial elements.c.simplifies reality in order to focus on crucial elements.d.cannot be proven wrong.4. Which of the following activities would occur in a market for factors of production?( d )a.Reesa buys a new computer to help balance her personal checkbook.b.Randy pays a speeding ticket.c.Ian mows his grass.d.General Motors hires additional workers to run a third-shift at a factory.5. Which of the following activities would occur in a market for goods and services? ( d )a.Harry mows his grass.b.General Motors hires additional workers to run a third shift at a factory.c.Jane bakes pies for Thanksgiving dinner.d.Dolly buys a ticket to a ball game.6. The three sources of income for the household are ( b )a.taxes, subsidies from the government, and rent.b.wages, rent, and profit.c.wages, rent, and subsidies from the government.d.wages, rebates, and rent.7. Households play what role(s) in the circular flow diagram? ( d )a.purchasers of factors of production and sellers of services.b.purchasers of factors of production and sellers of goods.c.purchasers of goods and services only.d.purchasers of goods and services and sellers of factors of production.8. Which of the following is not an assumption that underlies an economy’s production possibilities frontier? ( c )a.fixed income.b.fixed resources.c.unchanged technology.d.fully employed resources.9. Which of the following would not result in an outward shift of a nation’s production possibilities frontier? ( )a. a reduction in the unemployment rate.b. a rise in labor productivity.c.advances in technology.d.an expanding resource base.10. The production possibilities frontier demonstrates the basic economic principle that( )a.economies are always efficient.b.assuming full employment, supply will always determine demand.c.assuming full employment, an economy is efficient only when the productionof capital goods in a particular year is greater than the production ofconsumption goods in that year.d.assuming full employment, to produce more of any one thing, the economymust produce less of at least one other good.11. Opportunity costs most often increase as you move down a production possibilities frontier because ( )a.resources are not completely adaptable to alternative uses.b.factors of production are limited and human wants are unlimited.c.efficiencies are generated by large-scale production.d.economic efficiency is only possible in the short run.12. Suppose an economy has the production possibilities frontier shown in the diagram and is operating at position A. Which of the statements below is false? ( )a.This economy could produce more of both capital and consumption goods.b.This economy is experiencing full employment.c.This economy could produce more capital goods without decreasing thequantity of consumption goods produced.d.This economy could produce more consumption goods without decreasing thequantity of capital goods produced.would know that ( )a.the rate of unemployment increased.b.consumption goods production increased, but capital goods productiondecreased.c.its unemployment decreased, but at the expense of either capital orconsumption good production.d.it has achieved full employment of resources.14. All points on a production possibilities frontier show the ( )a.maximum satisfaction that households receive from their purchases of goods.b.minimum quantities of resources that must be used to produce a givenquantity of output.c.maximum output that society can produce with given resources and technology.d.minimum output that society can produce with given resources and technology.15. The branch of economics that is concerned with the overall performance of the economy is called ( )a.resource economics.b.contemporary economics.c.macroeconomics.d.microeconomics.16. Which of the following questions would not be of particular interest to a microeconomist? ( )a.Why do national economies grow?b.What percentage of consumer income is spent on entertainment?c.Why do workers refer the 4-day workweek?d.What happens to worker productivity when the job shifts to a 4-day workweek?17. The television network newscaster reports that the national inflation rate in the past year equaled 4 percent. This report is most likely prepared from work done by a ( )a.microeconomist.b.normative economist.c.macroeconomist.d.social scientist rather than an economist.18. The Secretary of Labor states that wage rates in the country have risen by 2 percent this past year. The head of a local labor union states that wage gains should have been higher. The Secretary’s statement is a _________________ economic statement, and the labor head’s statement is a __________________economic statement. ( )a.normative; normativeb.normative; positivec.positive; normatived.positive; positive19. “An increase in interest rates will lower economic growth.” This statement is ( )a. a positive economic statement.b. a normative economic statement.c.untrue in every case.d.controversial, and so not a valid economic issue.20. The distinction between positive and normative economics ( )a.is that positive economics applies only to microeconomic problems.b.is that normative economics applies only to microeconomic problems.c.explains why economics is not a social science but a natural science.d.helps us to understand why economists sometimes disagree with one another.21. Which of the following is most closely associated with positive economics? ( )a.Determining the impact of government spending on the actual level of totalemployment.b.Determining the best level of immigration into a country.c.Determining whether too many luxury goods are being produced.d.Determining whether or not the government should reduce poverty.22. If two variables tend to increase and decrease together, they are ( )a.positively correlated.b.negatively correlated.c.uncorrelated.d.quasi-correlated23. The number of rainy days in the year and annual sales of suntan lotion are probably( )a.positively correlated.b.negatively correlated.c.uncorrelated.d.quasi-correlated.24. A student’s course grade and amount of time spent studying the for course are generally ( )a.positively correlated.b.negatively correlated.c.uncorrelated.d.quasi-correlated.Ch021) d2) c3) c4) d5) d6) b7) d8) a9) a10)d11)a12)b13)d14)c15)c16)a17)c18)c19)a20)d21)a22)a23)b24)a。
微观经济学chapter2-6习题答案
微观经济学chapter2-6习题答案Chapter 2 Thinking Like an EconomistsTRUE OR FALSE1. Economists devise theories, collect data, and then analyze these datain 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 easierto 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 economyis 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 thevarious combinations of outputs that the economy can possibly produce giventhe 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) Figure2-114. 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 a nother. (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 TradeTRUE OR FALSE1. 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 goodwill 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, thenone 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 ata 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 thecountry as a whole better off. (T) SHORT ANSWER1. 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 alower 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 Frontiera. 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 FrontierOmega’s Production Possibilities Frontiera. Alpha would be producing 125 units of peanuts and 75 units of popcorn (point A on itsproduction 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 productionof popcorn would be 225 units.c. The total world production of peanuts would now be 250 units and the total worldproduction 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 100units 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.Choice1. 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 onlyproduce the second goodb. when the first country can produce both goods, but can only produce the second good atgreat cost, and the second country can produce both goods, but can only produce the first good at great costc. when the first country is better at producing both goods and the second country is worseat producing both goodsd. 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 atgrowing 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 hasavailable 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 ofeach 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感谢您的阅读，祝您生活愉快。
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Descriptive (reporting facts, etc.) Analytical (abstract reasoning)
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Economic Models
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The Circular-Flow Model
The circular-flow model （循环流动图）is a simple way to visually show the economic transactions that occur between households and firms in the economy.
Microeconomics focuses
on the individual
parts of the economy.
How households and firms make decisions and how they interact in specific markets
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The Economic Way of Thinking
Includes
developing abstract models （抽象模型）from theories and the analysis of the models. Uses two approaches:
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The Circular-Flow Diagram
Firms
Produce and sell goods and services Hire and use factors of production Households
The Circular-Flow Diagram
Factors of Production
Inputs used to produce goods and services Land, labor, and capital
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2,200 2,000
C A
E
possibilities
1,000
B
0
300
600 700
1,000
Cars
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Microeconomics and Macroeconomics
Quantity of Computers Produced
3,000
D
2,200 2,000
C
A
Production possibilities frontier
1,000
B
0
300
600 700
1,000
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Quantity of Computers Produced 4,000
The Production Possibilities Frontier
An outward shift in the production possibilities frontier
3,000
2,100 2,000
E
A
0
Buy and consume goods and services
Own and sell factors of production
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The Circular-Flow Diagram
The Production Possibilities Frontier
The production possibilities frontier （生产可能性边界）is a graph showing the various combinations of output that the economy can possibly produce given the available factors of production and technology.
C
A
1,000
B
0
300
600 700
1,000
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Quantity of Cars Produced
The Production Possibilities Frontier
Markets for Goods & Services
Firms sell Households buy Markets for Factors of Production
Households sell
Firms buy
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The Economist as a Scientist
The economic way of thinking . . .
Involves
thinking analytically and objectively（客观地）. Makes use of the scientific method.
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The Production Possibilities Frontier
Quantity of Computers Produced
3,000
D
2,200 2,000
Economists use models to simplify reality in order to improve our understanding of the world Two of the most basic economic models include:
The Circular Flow Model The Production Possibilities Frontier
Deadweight loss （无谓损失）
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Economics trains you to. . . .
Think
in terms of alternatives. Evaluate（评估） the cost of individual and social choices. Examine and understand how certain events and issues are related.
Ego（自我）
Torts Promissory (侵权行为) estoppel（翻供） Venues（犯罪地点）
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Law
ID （私我，本我） cognitive dissonance （认知失调）
Develops
theories, collects, and analyzes data to prove the theories.
Observation, Theory and More Observation!
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Every field of study has its own terminology
Economics
Supply Opportunity cost Elasticity （弹性） Consumer Surplus （消费者剩余）
Comparative advantage （比较优势）
Demand
Quantity of Cars Produced
Concepts illustrated（表示） by the Production Possibilities Frontier
Efficiency Tradeoffs
Opportunity
Cost Economic Growth