曼昆宏观经济学第七版英文答案
2. Economists build models as a means of summarizing the relationships among economic variables. Models are useful because they abstract from the many details in the economy and allow one to focus on the most important economic connections.
Problems and Applications
1. Most of the macroeconomic issues that have been in the news lately (early 2009) are related to the worsening recession that officially began in December of 2007. The economy has not seen a recession like this since the back-to-back recessions of 1980–1982. Noteworthy topics would be an unemployment rate that hit 8.1% in February 2009, a rising saving rate, an inflation rate that is near zero, output growth that was –6.3% in the fourth quarter of 2008, the ongoing financial and housing market crises, and news about the stimulus package designed to help the economy recover more quickly.
Answers to Textbook Questions and Problems
1 C H A P T E R The Science of Macroeconomics
Questions for Review
1. Microeconomics is the study of how individual firms and households make decisions, and how they interact with one another. Microeconomic models of firms and households are based on principles of optimization—firms and households do the best they can given the constraints they face. For example, households choose which goods to purchase in order to maximize their utility, whereas firms decide how much to produce in order to maximize profits. In contrast, macroeconomics is the study of the economy as a whole; it focuses on issues such as how total output, total employment, and the overall price level are determined. These economy-wide variables are based on the interaction of many households and many firms; therefore, microeconomics forms the basis for macroeconomics.
3. A market-clearing model is one in which prices adjust to equilibrate supply and demand. Market-clearing models are useful in situations where prices are flexible. Yet in many situations, flexible prices may not be a realistic umption. For example, labor contracts often set wages for up to three years. Or, firms such as magazine publishers change their prices only every three to four years. Most macroeconomists believe that price flexibility is a reasonable assumption for studying long-run issues. Over the long run, prices respond to changes in demand or supply, even though in the short run they may be slow to adjust.
曼昆《经济学原理(微观经济学分册)》(第7版)(开放经济的宏观经济理论)课后习题详解【圣才出品】
第32章开放经济的宏观经济理论一、概念题1．贸易政策（trade policy）答：贸易政策指直接影响一国进口或出口物品与劳务量的政府政策。
一国的对外贸易政策，是一国政府为实现一定的政策目标在一定时期内对本国进出口贸易所实行的政策，它是为国家最高利益服务的，是统治阶级意志的集中反映。
它包括：对外贸易总政策、国别对外贸易政策、进出口商品政策。
一个国家的对外贸易政策是这个国家的经济政策和对外政策的重要组成部分，它随着世界政治、经济形势的变化，国际政治、经济关系的发展而改变，同时它也反映各国经济发展的不同水平，反映各国在世界市场上的力量和地位，另外它还受到一国内部不同利益集团的影响。
一国的对外贸易政策有两种基本类型：自由贸易政策和保护贸易政策。
2．资本外逃（capital flight）答：资本外逃指出于安全或保值方面的考虑，短期资本持有者迅速将其从一国转移到另一国的行为或过程。
引起资本外逃的具体原因有三种：①一国政局动荡不稳，资本外逃以求安全。
②一国国内经济情况日益恶化，国际收支持续逆差，其货币可能发生贬值，资本逃至币值稳定的国家以期保值。
③一国加强外汇管制或颁布新法，使资本使用受到限制或资本收益减少，资本外逃以免遭受损失。
在本世纪发生的两次世界大战和20世纪30年代经济大萧条时期，欧美等国家曾出现过大规模的资本外逃现象。
近年来，发生大量资本外逃的主要是发展中国家，主要是因为这些国家的国内经济形势严峻，债务负担沉重，国际收支状况不断恶化以及国内政局动荡。
资本外逃对于一国的经济发展和国际收支稳定有着十分不利的影响。
它将降低该国的国内储蓄水平，从而造成投资下降和生产萎缩；它将加剧国际收支逆差，从而引起外汇储备的减少和国际清偿能力的恶化；大量资本外逃时，如果一国试图维持一定的生产和消费水平，势必引起外债负担的迅速积累。
因此，防止资本外逃是一国宏观经济政策的一项重要任务。
二、复习题1．说明可贷资金市场与外汇市场的供给与需求。
曼昆经济学原理宏观答案英文
曼昆经济学原理宏观答案英文【篇一：经济学原理曼昆(宏观部分答案)】>第二十三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 135 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，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，peggy 为了收集唱片而花了500 美元。
今天她在旧货销售中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)。
中级宏观经济学曼昆英文版第七版第三章习题答案重点
中级宏观经济学曼昆英文版第七版第三章习题答案重点11Chapter 3 National Income: Where It Comes From and Where It Goes 21 If consumption depends on the interest rate, then these conclusions about fiscal policy are modified somewhat. If consumption depends on the interest rate, then so does saving. The higher the interest rate, the greater the return to saving. Hence, it seems reasonable to think that an increase in the interest rate might increase saving and reduce consumption.Figure 3–6 shows saving as an increasing function of the interest rate. r S(r Figure 3–6 Real interest rate S Saving Consider what happens when government purchases increase. At any given level of the interest rate, national saving falls by the change in government purchases, as shown in Figure 3–7. The figure shows that if the saving function slopes upward, investment falls by less than the amount that government purchases rises by; this happens because consumption falls and saving increases in response to the higher interest rate. Hence, the more responsive consumption is to the interest rate, the less government purchases crowd out investment. r S2(r S1(r Figure 3–7 Real interest rate r1 r ?G I(r I1 II, S Investment, Saving 13. a. Figure 3–8 shows the case where the demand for loanable funds is stable but the supply of funds (the saving schedule fluctuates perhaps reflecting temporary shocks to income, changes in government spending, or changes in consumer confidence. In this case, when interest rates fall, investment rises; when interest rates rise, investment falls. We would expect a negative correlation between investment and interest rates.22 Answers to Textbook Questions and Problems S1 (r r S2 (r Figure 3–8 Real interest rate I(r I, S Investment, Saving b. Figure 3-9 shows the case where the supply of loanable funds (saving does not respond to the interest rate. Also suppose that this curve is stable, whereas the demand for loanable funds varies, perhaps reflecting fluctuations in firms’ expectations about the marginal product of capital. We would now fin d a positive correlation between investment and the interest rate—when demand for funds rises, this pushes up the interest rate, so we see investment increase and the real interest rate increase at thesame time. r S(r Figure 3–9 Real interest rate I 2 (r I 1 (r I, S Investment, SavingChapter 3 National Income: Where It Comes From and Where It Goes 23 c. If both curves shift, we might generate a scatter plot as in Figure 3–10, where the economy fluctuates among points A, B, C, and D. Depending on how often the economy is at each of these points, we might find little clear relationship between investment and interest rates. r S1 (r S2 (r D Real interest rate C A Figure 3–10 B I 1 (r I 2 (r I, S Investment, Saving d. Situation (c seems fairly reasonable—both the supply of and demand for loanable funds fluctuate over time in response to changes in the economy.。
曼昆版经济学原理(宏观经济学分册)第七版课后题及答案
二十三章1下列每种交易会影响CDP的哪一部分(如果有影响的话)?并解释之。
A．家庭购买了一台新冰箱。
答：家庭购买了一台新冰箱会增加GDP 中的消费(C)部分，因为家庭用于家用电器的支出计算在消费的耐用品类中。
B．杰妮姑妈买了一所新房子。
答：杰妮姑妈买了一所新房子会增加GDP 中的投资(1)部分，因为家庭住宅能长期供人居住，提供服务。
它比一般耐用消费品的使用寿命更长，因此把住宅房屋的投资计算在投资中。
C.福特汽车公司由其存货中出售了一部雷鸟牌汽车。
答：福利汽车公司由其存货中出售了一部雷鸟牌汽车会减少现期GDP 中的投资，因为销售中间物品存货时，企业的存货投资是负的，因而减少了当期的GDP。
C．你买了一个比萨饼。
答：我买了一个比萨饼会增加GDP 中的消费(C)，因为我用于购买食品的支出计算在消费的非耐用品类中。
D．加利福尼亚重新铺设了101 号高速公路。
答：加利福尼亚重新铺设了101 号高速公路增加了GDP中的政府购买(G)，因为修建高速公路是政府的行为。
E．你的父母购买了一瓶法国红酒。
答：我的父母购买了一瓶法国红酒会减少GDP中的净出口(NX)，因为法国红酒是进口食品，它的购买增加了美国的进口。
F．本田公司扩大其在俄亥俄州马利斯维尔的工厂。
答：本田公司扩大其在俄亥俄州马利斯维尔的工厂增加了GDP中的净出口(NX)，因为本田公司是一家日本企业，它在美国的投资减少了美国对日本本田汽车的进口，使NX 增加2．GDP组成部分中的“政府购买”并不包括用于社会保障这类转移支付的支出。
想想GDP 的定义，解释为什么转移支付不包括在政府购买内?答：因为转移支付并不是要交换现在生产的物品或劳务，从宏观经济的角度看，转移支付就像税收和回扣一样。
转移支付和税收一样改变了家庭收入，但并没有反映经济的生产。
由于GDP 是要衡量在某一既定时期一个国家从物品与劳务的生产中得到的收入，所以，不把转移支付包括在政府购买内。
6．考虑以下美国GDP的数据：A．1996 年到1997 年间名义收入增长率是多少?(注意：增长率是一个时期到下一个时期百分比的变动。
曼昆经济学原理宏观经济学分册第7版课后答案完整
23章答案一、概念题1.微观经济学（microeconomics）答：微观经济学指研究家庭和企业如何做出决策，以及他们如何在市场上相互交易的经济学。
微观经济学以市场经济中的单个消费者（或称家户、家庭）和生产者（或称厂商、企业）为研究对象，通过分析他们的消费决策或生产决策，来说明消费品和生产要素的价格的决定及其变动，进而说明稀缺性的资源如何得到最有效的配置。
微观经济学的理论目的是为了论证亚当·斯密“看不见的手”原理，这只“看不见的手”就是价格机制。
因此，微观经济学又被称为价格理论。
微观经济学主要解决的问题可以概括为：生产什么、生产多少、如何生产、为谁生产。
其基本假设为：（1）经济行为个体是进行自由的、分散化决策的理性经济人，即消费者追求自身效用的最大化，生产者追求自身利润的最大化。
（2）完全竞争和完全信息。
微观经济学从这两个基本假定出发对上述问题的解决就构成了它的主要内容，具体地，它包括：① 供求规律；② 消费者行为理论，它构成消费品价格决定的需求方面；③ 生产者行为理论或厂商理论，它构成消费品价格决定的供给方面；④ 生产要素的价格决定理论或分配理论；⑤ 一般均衡理论；⑥ 福利经济学；⑦ 市场失灵和微观经济政策。
2.宏观经济学（macroeconomics）答：宏观经济学是与“微观经济学”相对而言的，指研究整体经济现象，包括通货膨胀、失业和经济增长的经济学。
宏观经济学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、国际收支与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供给—总需求模型。
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、经济周期与经济增长理论、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。
曼昆宏观经济学第七版英文答案 第二章
c.Real GDP falls because with fewer workers on the job, firms produce less. Thisaccurately reflects a fall in economic well-being.d.Real GDP falls because the firms that lay off workers produce less. This decreaseseconomic well-being because workers’ incomes fall (the income side), and there are fewer goods for people to buy (the expenditure side).e.Real GDP is likely to fall, as firms shift toward production methods that producefewer goods but emit less pollution. Economic well-being, however, may rise. The economy now produces less measured output but more clean air; clean air is not traded in markets and, thus, does not show up in measured GDP, but is neverthe-less a good that people value.f.Real GDP rises because the high-school students go from an activity in which theyare not producing market goods and services to one in which they are. Economic well-being, however, may decrease. I n ideal national accounts, attending school would show up as investment because it presumably increases the future produc-tivity of the worker. Actual national accounts do not measure this type of invest-ment. Note also that future GDP may be lower than it would be if the students stayed in school, since the future work force will be less educated.g.Measured real GDP falls because fathers spend less time producing market goodsand services. The actual production of goods and services need not have fallen, however. Measured production (what the fathers are paid to do) falls, but unmea-sured production of child-rearing services rises.9.As Senator Robert Kennedy pointed out, GDP is an imperfect measure of economic per-formance or well-being. In addition to the left-out items that Kennedy cited, GDP also ignores the imputed rent on durable goods such as cars, refrigerators, and lawnmowers;many services and products produced as part of household activity, such as cooking and cleaning; and the value of goods produced and sold in illegal activities, such as the drug trade. These imperfections in the measurement of GDP do not necessarily reduce its usefulness. As long as these measurement problems stay constant over time, then GDP is useful in comparing economic activity from year to year. Moreover, a large GDP allows us to afford better medical care for our children, newer books for their education, and more toys for their play. Finally, countries with higher levels of GDP tend to have higher levels of life expectancy, better access to clean water and sanitation, and higher levels of education. GDP is therefore a useful measure for comparing the level of growth and development across countries.。
最新曼昆经济学原理英文版文案加习题答案12章
曼昆经济学原理英文版文案加习题答案12章WHAT’S NEW IN THE S EVENTH EDITION:All tables have been updated to the most recently available numbers. A new In the News box on “Tax Expenditures" has been added.LEARNING OBJECTIVES:By the end of this chapter, students should understand:➢how the U.S. government raises and spends money.➢the efficiency costs of taxes.➢alternative ways to judge the equity of a tax system.➢why studying tax incidence is crucial for evaluating tax equity.➢the trade-off between efficiency and equity in the design of a tax system.CONTEXT AND PURPOSE:Chapter 12 is the third chapter in a three-chapter sequence on the economics of the public sector. Chapter 10 addressed externalities. Chapter 11 addressed public goods and common resources. Chapter 12 addresses the tax system. Taxes are inevitable because when the government remedies an externality, provides a public good, or regulates the use of a common resource, it needs tax revenue to perform these functions.The purpose of Chapter 12 is to build on the lessons learned about taxes in previous chapters. We have seen that a tax reduces the quantity sold in a market, that the distribution of the burden of a tax depends on the relative elasticities of supply and demand, and that taxes cause deadweight losses. We expand the study of taxes in Chapter 12 by addressing how the U.S. government raises and spends money. The difficulty of making a tax system both efficient and equitable is then discussed.KEY POINTS:• The U.S. government raises revenue using various taxes. The most important taxes for thefederal government are individual income taxes and payroll taxes for social insurance. The most important taxes for state and local governments are sales taxes and property taxes.• The efficiency of a tax system refers to the costs it imposes on taxpayers. There are two costsof taxes beyond the transfer of resources from the taxpayer to the government. The first is the deadweight loss that arises as taxes alter incentives and distort the allocation of resources. The second is the administrative burden of complying with the tax laws.• The equity of a tax system concerns whether the tax burden is distributed fairly among thepopulation. According to the benefits principle, it is fair for people to pay taxes based on the benefits they receive from the government. According to the ability-to-pay principle, it is fair for people to pay taxes based on their capability to handle the financial burden. Whenevaluating the equity of a tax system, it is important to remember a lesson from the study of tax incidence: The distribution of tax burdens is not the same as the distribution of tax bills.• When considering changes in the tax laws, policymakers often face a trade-off betweenefficiency and equity. Much of the debate over tax policy arises because people give different weights to these two goals.CHAPTER OUTLINE:I. A Financial Overview of the U.S. GovernmentA. Figure 1 shows the level of government revenue in the United States, including federal, state, and local governments, as a percentage of total income for the U.S. economy.1. The role of government has grown substantially over the past century.2. The government’s revenue from taxation has grown at a faster rate than the economy’s levelof income.B. Table 1 compares the tax burden for several major countries, as measured by the government’stax revenue as a percentage of the nation’s total income.1. The United States has a low tax burden compared to most other advanced economies.2. Many European nations have much higher taxes, which finance a more generous social safetynet.C. The Federal Government1. Receiptsa. Table 2 reports the receipts of the federal government in 2011.b. Total receipts were $2,520 billion or $8,077 per person.c. The largest source of revenue is the individual income tax.d. A family’s income tax liability is how much it owes in taxes based on income. This tax isnot proportional to income. It is based on income minus deductions, and the tax rate rises as income rises. Table 3 presents federal tax rates for 2013.e. Other important revenue sources include payroll taxes (social insurance taxes), the corporate income tax, and excise taxes.2. Spendinga. Table 4 reports where the federal government spent its budget in 2011.b. Total spending was $3,757 billion or $12,042 per person.c. The largest category of expenditure is for income security, which includes Social Security, unemployment insurance payments, and welfare payments. The second largest expenseis health programs, including Medicare, Medicaid, and spending on medical research.d. The next largest category of spending is national defense.e. Another important category of expenditure is net interest on the federal debt.3. Definition of budget deficit: an excess of government spending over governmentreceipts.spending.D. Case Study: The Fiscal Challenge Ahead1. From 2009 to 2012, the U.S. federal government had budget deficits that exceeded $1 trillion every year, the largest budget shortfalls since World War II.2. Long-term projections of the government’s budget show that this is expected to rise dramatically in the decades ahead.a. The population ages 65 and older is growing; thus, Medicare and Social Security expenditures will rise as well.b. In addition, the costs of Medicare, Medicaid and government-subsidized health insurance are affected by the rising cost of medical care.E. State and Local Government1. Receiptsa. Table 5 reports the receipts from state and local governments for 2011.b. Total receipts were $2,064 billion or $6,615 per person.c. The two most important taxes for state and local governments are sales taxes andproperty taxes.d. State and local governments also levy individual and corporate income taxes.e. State governments also receive funding from the federal government.2. Spendinga. Table 6 shows how state and local governments spent their budgets in 2011.b. The largest category of spending was education, while the second largest category washealth programs.II. Taxes and EfficiencyA. Well-designed tax policies minimize the deadweight losses that occur when taxes distortincentives. They also minimize the administrative burdens that taxpayers face when complying with tax laws.B. Deadweight Losses1. Taxes lead to deadweight losses because they lower total surplus.2. Case Study: Should Income or Consumption Be Taxed?a. Because interest income is taxed, the current income tax laws discourage saving.b. If consumption (instead of income) is taxed, this disincentive disappears.c. European nations tend to rely more on consumption taxes than does the United States.C. Administrative Burden1. The current tax system is quite burdensome because of the large amount of paperworkrequired both when filling out tax forms and keeping records throughout the year.2. Many taxpayers spend resources hiring accountants and tax lawyers.a. People often need help filling out complex tax forms.b. Individuals may also want to learn how to arrange their affairs to reduce their tax burden.D. Marginal Tax Rates versus Average Tax Rates1. Definition of average tax rate: total taxes paid divided by total income.2. Definition of marginal tax rate: the amount that taxes increase from an additionaldollar of income.3. The average tax rate measures the sacrifice made by a taxpayer; the marginal tax ratemeasures how much the tax system distorts incentives.E. Lump-Sum Taxes1. Definition of lump-sum tax: a tax that is the same amount for every person.2. For this type of tax, the marginal tax rate is equal to zero.3. This is the most efficient type of tax because it does not distort incentives and thus has noeffect on total surplus. There is also little administrative burden with this type of tax.4. However, a lump-sum tax would take the same amount from the poor and the rich, whichmost people would view as unfair.III. Taxes and EquityA. The Benefits Principle1. Definition of benefits principle: the idea that people should pay taxes based on thebenefits they receive from government services.2. This principle tries to make public goods similar to private goods.3. An example of this would be the tax on gasoline, especially if revenues from the tax are used to build or maintain roads.B. The Ability-to-Pay Principle1. Definition of ability-to-pay principle: the idea that taxes should be levied on aperson according to how well that person can shoulder the burden.2. Definition of vertical equity: the idea that taxpayers with a greater ability to paytaxes should pay larger amounts.a. Three tax systems: proportional, regressive, and progressive.b. Definition of proportional tax: a tax for which high-income and low-incometaxpayers pay the same fraction of income.c. Definition of regressive tax: a tax for which high-income taxpayers pay a smaller fraction of their income than do low-income taxpayers.d. Definition of progressive tax: a tax for which high-income taxpayers pay a larger fraction of their income than do low-income taxpayers.e. Case Study: How the Tax Burden Is Distributed – Table 8 shows that the tax burden in this country is highly progressive. In addition, studies have shown that, if transferpayments are also taken into account, the degree of progressivity is substantial.3. Definition of horizontal equity: the idea that taxpayers with similar abilities to pay taxes should pay the same amount.C. Tax Incidence and Tax Equity1. The burden of a tax is not always borne by who pays the tax bill.2. Example: tax on fur coats. This will ultimately affect those who sell and produce the fur coats because the quantity of fur coats demanded will fall due to the increase in price.3. Case Study: Who Pays the Corporate Income Tax?a. The corporate income tax is popular among voters because a corporation is nonhumanand faceless.b. However, the burden of the corporate tax falls on stockholders, customers, and workers.c. An increase in corporate taxes means an increase in the cost of producing the product.Firms will cut back production (which lowers supply and raises the price to the consumer) and possibly lay off workers (which causes unemployment, lower wages, or both).D. In the News: Tax Expenditures1. Eliminating tax expenditures, special tax cuts for things like mortgage interest and charitablegiving, could result in lower taxes and fiscal sustainability.2. This article from The New York Times discussing the benefits of eliminating tax expendituresand the politics associated with such a proposal.IV. Conclusion: The Trade-off between Equity and EfficiencySOLUTIONS TO TEXT PROBLEMS:Quick Quizzes1. The two most important sources of tax revenue for the federal government are individualincome taxes and payroll taxes (social insurance taxes). The two most important sources oftax revenue for state and local governments are sales taxes and property taxes.2. The efficiency of a tax system depends on the costs of collecting a given amount of taxrevenue. One tax system is more efficient than another if the same amount of tax revenuecan be raised at a lower cost.A tax system can be inefficient because of the deadweight losses that result when taxesdistort the decisions that people make and because of the administrative burdens thattaxpayers bear as they comply with tax laws. An efficient tax system has low deadweightlosses and small administrative burdens.3. The benefits principle is the idea that people should pay taxes based on the benefits theyreceive from government services. It tries to make public goods similar to private goods bymaking those who benefit more from the public good pay more for it. The ability-to-payprinciple is the idea that taxes should be levied on a person according to how well thatperson can shoulder the burden. It tries to equalize the sacrifice each person makes towardpaying taxes.Vertical equity is the idea that taxpayers with greater ability to pay should pay largeramounts. Horizontal equity is the idea that taxpayers with similar abilities to pay should paythe same amount.Studying tax incidence is important for determining the equity of a tax system becauseunderstanding how equitable the tax system is requires understanding the indirect effects oftaxes. In many cases, the burden of the tax is borne by individuals other than those whoactually pay the tax.Questions for Review1. Over the past century, the government’s tax revenue has grown more rapidly than the rest ofthe economy. The ratio of government revenue to GDP has increased over time.2. Corporate profits are taxed first when the corporate income tax is taken out of acorporation's income. When the profits are used to pay dividends to the corporation'sshareholders, they are taxed again through individual income tax.3. The burden of a tax to taxpayers is greater than the revenue received by the governmentbecause: (1) taxes impose deadweight losses by reducing the quantity of goods producedand purchased to below their efficient level; and (2) taxes entail a costly administrativeburden on taxpayers.4. Some economists advocate taxing consumption rather than income because taxing incomediscourages saving. A consumption tax would not distort individuals’ saving decisions.5. The marginal tax rate on a lump-sum tax is zero. This type of tax has no deadweight loss,because it does not distort incentives.6. Wealthy taxpayers should pay more taxes than poor taxpayers should because: (1) theybenefit more from public services; and (2) they have a greater ability to pay.7. Horizontal equity refers to the idea that families in the same economic situation should betaxed equally. The concept of horizontal equity is hard to apply because families differ inmany ways, so it is not obvious how to tax them equitably. For example, two families withthe same income may have different numbers of children and different levels of medicalexpenses.Quick Check Multiple Choice1. b2. c3. a4. a5. d6. cProblems and Applications1. The federal government had a budget deficit in 2013. Policymakers expect budget deficitsover the next decade.2. a. The increase in revenue of the total government is attributable more to increases in stateand local government revenue than to federal government revenue. In 1964, state andlocal government revenue was 37% of total government revenue; by 2012, it had risento more than 48%.b. Personal income taxes accounted for more of the total revenue of federal and state andlocal governments in 2012 than in 1964; social insurance taxes accounted for asubstantially greater proportion in 2012 than in 1964; and corporate taxes accounted fora lower proportion in 2012 than in 1964.c. Transfer payments now account for a much greater proportion of the total expendituresof federal and state and local governments, while purchases account for a much smallerproportion. Expenditures on interest and subsidies are consistent.3. a. If the number of retirees is rising and total expenditures are frozen, then benefits perretiree will decline over time. Because the number of workers is rising, albeit slowly, taxpayments per worker would decline slowly over time.b. If benefits per retiree were frozen, total expenditures would rise quickly, along with thenumber of retirees. To pay for the increased expenditures, tax payments per workerwould rise, because the number of workers isn't growing as rapidly as the number ofretirees.c. If tax payments per worker were frozen, total expenditures would rise slowly, at thesame rate as the growth rate of the number of workers. Because the number of retireesis rising more rapidly, benefits per retiree would decline over time.d. The answers to parts (a), (b), and (c) suggest there is no easy solution. Either workerswill pay more per person or retirees will get fewer benefits per person. Policymakers mayeventually be forced to compromise, both reducing benefits per retiree and increasingtax payments per worker.4. If you earn $20,000 a year, then you pay federal income taxes in two parts: 10% on the first$8,925 of income and 15% on the amount above $8,925. Thus, your federal income taxesare ($8,925 ⨯ 0.10) + ($11,075 ⨯ 0.15) = $892.50 + $1661.25 = $2,553.75. You also pay $20,000 ⨯ 0.153 = $3,060 in federal payroll taxes and $20,000 ⨯ 0.04 = $800 in stateincome taxes, for a total tax bill of $6,413.75. Your average tax rate is $6,441.25/$20,000 =0.321 = 32.1%. Your marginal tax rate is 0.15 + 0.153 + 0.04 = 0.343 = 34.3%.If you earn $40,000 a year, then you pay federal income taxes in three parts: 10% on the first $8,925 of income, 15% for additional income up to $36,425, and 25% for the remaining $3,5750 of income. Thus, your federal income taxes are ($8,925 ⨯ 0.10) + ($27,500 ⨯ 0.15) + ($3,575 ⨯ 0.25) = $892.50 + $4,125 + $893.75 = $5911.25. You also pay $40,000 ⨯0.153 = $6,120 in federal payroll taxes, and $40,000 ⨯ 0.04 = $1,600 in state income taxes.Your total tax bill is $13,631.25. Your average tax rate is $13,631.25/$40,000 = 0.341 =34.1%. Your marginal tax rate is 0.25 + 0.153 + 0.04 = 0.443 = 44.3%.5. Excluding food and clothing from the sales tax is justified on equity grounds because poorpeople spend a greater proportion of their income on those items. By exempting them from taxation, the system makes the rich bear a greater burden of taxation than the poor. From the point of view of efficiency, however, excluding food and clothing from the sales tax is inefficient, because the incentives to purchase food and clothing rather than other items are likely affected by this tax exemption. This leads to an inefficient allocation of resources. In addition, because the demand for food and clothing is likely to be relatively inelastic, thedeadweight loss from a tax on these goods would be relatively small (when compared with a tax on a good whose demand is relatively elastic).6. a. An individual must pay taxes on the asset only when he or she sells it. Thus, this tax lawaffects the individual’s decision of whether to keep or sell the asset. Tax revenues onaccrued capital gains are only received by the government when an individual actuallysells the asset. Lowering the tax rate on capital gains may induce individuals to sellassets that they have been holding to avoid paying the taxes on the accrued capital gains.b. Because capital gains are not realized and thus taxed until the investment is sold,investors can avoid the tax by not selling the investment. When capital gains taxes arelowered, even temporarily, the investor has an incentive to sell the investment while thetax is lower. Thus, sales to realize capital gains will increase at the lower rate and so willtax revenue on the increased volume of transactions.c It is inefficient to tax only realized capital gains because it distorts the incentives anindividual faces with regard to keeping or selling a particular asset. However, it may bedifficult to estimate the rise in the value of an asset prior to its sale.7. If the state raises its sales tax from 5% to 6%, it is not plausible that sales tax revenue willincrease 20%. The increase in the tax rate is 20%, so the only way tax revenue couldincrease 20% would be if total spending didn't fall in response to the tax increase, which is unlikely. Instead, the higher tax would raise the price of goods, so people would spend less.Thus, tax revenue might go up, because the tax rate is higher, but by less than 20%. There is a possibility that tax revenues will fall.8. The effect of the Tax Reform Act of 1986 on interest payments was to reduce consumer debtand increase home equity debt. People started financing general expenditures through home equity loans and paid down their mortgages less quickly.9. a. The fact that visitors to many national parks pay an entrance fee is an example of thebenefits principle, because people are paying for the benefits they receive.b. The fact that local property taxes support elementary and secondary schools is anexample of the ability-to-pay principle, because if you own more expensive property, you must pay more tax.c. The setup of airport trust funds is an example of the benefits principle, because use ofthe airport generates tax revenue that pays for upkeep of the airport.。
曼昆微观经济学课后练习英文答案(第七章)
rketsWHAT’S NEW IN THE SIXTH EDITION:There are no major changes to this chapter.LEARNING OBJECTIVES:By the end of this chapter, students should understand:the link between buyers’ willingness to pay for a good and the demand curve.how to define and measure consumer surplus.the link between sellers’ costs of producing a good and the supply curve.how to define and measure producer surplus.that the equilibrium of supply and demand maximizes total surplus in a market.CONTEXT AND PURPOSE:Chapter 7 is the first chapter in a three-chapter sequence on welfare economics and market efficiency. Chapter 7 employs the supply and demand model to develop consumer surplus and producer surplus as a measure of welfare and market efficiency. These concepts are then utilized in Chapters 8 and 9 to determine the7CONSUMERS, PRODUCERS, AND THE EFFICIENCY OF MARKETSwinners and losers from taxation and restrictions on international trade.The purpose of Chapter 7 is to develop welfare economics—the study of how the allocation of resources affects economic well-being. Chapters 4 through 6 employed supply and demand in a positive framework, which focused on the question, “What is the equilibrium price and quantity in a market?” This chapter now addresses the normative question, “Is the equ ilibrium price and quantity in a market the best possible solution to the resource allocation problem, or is it simply the price and quantity that balance supply and demand?” Students will discover that under most circumstances the equilibrium price and quantity is also the one that maximizes welfare.KEY POINTS:Consumer surplus equals buyers’ willingness to pay for a good minus the amount they actually pay for it, and it measures the benefit buyers get from participating in a market. Consumer surplus can be computed by finding the area below the demand curve and above the price.Producer surplus equals the amount sellers receive for their goods minus their costs of production, and it measures the benefit sellers get from participating in a market. Producer surplus can be computed by finding the area below the price and above the supply curve.An allocation of resources that maximizes the sum of consumer and producer surplus is said to be efficient. Policymakers are often concerned with the efficiency, as well as the equality, of economic outcomes.The equilibrium of supply and demand maximizes the sum of consumer and producer surplus. That is, the invisible hand of the marketplace leads buyers and sellers to allocate resources efficiently.Markets do not allocate resources efficiently in the presence of market failures such as market power or externalities.CHAPTER OUTLINE:I. Definition of welfare economics: the study of how the allocation of resources affects economic well-being.II. Consumer SurplusStudents often are confused by the use of the word “welfare.” Remind them that we are talking about social well-being and not public assistance.A. Willingness to Pay1. Definition of willingness to pay: the maximum amount that abuyer will pay for a good.2. Example: You are auctioning a mint-condition recording ofElvis Presley’s first album. Four buyers show up. Theirwillingness to pay is as follows:If the bidding goes to slightly higher than $80,all buyers drop out except for John. Because Johnis willing to pay more than he has to for the album,he derives some benefit from participating in themarket.3. Definition of consumer surplus: the amount a buyer iswilling to pay for a good minus the amount the buyeractually pays for it.4. Note that if you had more than one copy of the album, theover $70 in the case of two albums) and both John and Paul would gain consumer surplus.B. Using the Demand Curve to Measure Consumer Surplus1. We can use the information on willingness to pay to derivea demand curve for the rare Elvis Presley album.2. At any given quantity, the price given by the demand curvereflects the willingness to pay of the marginal buyer.Because the demand curve shows the buyers’ willingness to pay, we can use the demand curve to measure consumersurplus.Figure 23. Consumer surplus can be measured as the area below thedemand curve and above the price.C. How a Lower Price Raises Consumer SurplusFigure 31. As price falls, consumer surplus increases for two reasons.a. Those already buying the product will receive additionalconsumer surplus because they are paying less for theproduct than before (area A on the graph).b. Because the price is now lower, some new buyers willenter the market and receive consumer surplus on theseadditional units of output purchased (area B on thegraph).D. What Does Consumer Surplus Measure?1. Remember that consumer surplus is the difference between the amount that buyers are willing to pay for a good and the price that they actually pay.2. Thus, it measures the benefit that consumers receive from the good as the buyers themselves perceive it.III. Producer SurplusA. Cost and the Willingness to Sell1. Definition of cost: the value of everything a seller mustgive up to produce a good .ALTERNATIVE CLASSROOM EXAMPLE:Review the material on price ceilings from Chapter 6. Redraw the market for two-bedroom apartments in your town. Draw in a price ceiling below the equilibrium price.Then go through:▪ consumer surplus before the price ceiling is put into place. ▪ consumer surplus after the price ceiling is put into place.You will need to take some time to explain the relationship between the producers’ willingness to sell and the cost of producing the good. The relationship between cost and the supply curve is not as apparent as the relationship between the demand curve and willingness to pay.It is important to stress that consumer surplus is measured in monetary terms. Consumer surplus gives us a way to place a monetary cost on inefficient market outcomes (due to government involvement or market failure).2. Example: You want to hire someone to paint your house. Youaccept bids for the work from four sellers. Each painter is willing to work if the price you will pay exceeds heropportunity cost. (Note that this opportunity cost thusrepresents willingness to sell.) The costs are:3. Bidding will stop when the price gets to be slightly below$600. All sellers will drop out except for Grandma. Because Grandma receives more than she would require to paint the house, she derives some benefit from producing in themarket.4. Definition of producer surplus: the amount a seller is paidfor a good minus the seller’s cost of providing it.5. Note that if you had more than one house to paint, theprice in the auction would end up being higher (a little under $800 in the case of two houses) and both Grandma and Georgia would gain producer surplus.B. Using the Supply Curve to Measure Producer Surplus1. We can use the information on cost (willingness to sell) toderive a supply curve for house painting services.Price Sellers QuantitySupplied$900 ormoreMary, Frida,Georgia, Grandma4$800 to$900Frida, Georgia,Grandma3$600 to$800Georgia, Grandma2$500 to$600Grandma1less than$500None02. At any given quantity, the price given by the supply curverepresents the cost of the marginal seller. Because thesupply curve shows the sellers’ cost (willingness to sell), we can use the supply curve to measure producer surplus. Figure 4Figure 53. Producer surplus can be measured as the area above thesupply curve and below the price.C. How a Higher Price Raises Producer Surplus1. As price rises, producer surplus increases for two reasons.a. Those already selling the product will receiveadditional producer surplus because they are receivingmore for the product than before (area C on the graph).b. Because the price is now higher, some new sellers willenter the market and receive producer surplus on theseadditional units of output sold (area D on the graph).D. Producer surplus is used to measure the economic well-beingof producers, much like consumer surplus is used to measure the economic well-being of consumers.Figure 6ALTERNATIVE CLASSROOM EXAMPLE:Review the material on price floors from Chapter 6. Redraw the market for anagricultural product such as corn. Draw in a price support above the equilibriumprice.Then go through:▪ producer surplus before the price support is put in place.▪ producer surplus after the price support is put in place.IV. Market EfficiencyA. The Benevolent Social Planner1. The economic well-being of everyone in society can bemeasured by total surplus, which is the sum of consumersurplus and producer surplus:Total Surplus = Consumer Surplus + ProducerSurplusTotal Surplus = (Value to Buyers – AmountPaid by Buyers) +(Amount Received by Sellers – Cost toSellers)Because the Amount Paid by Buyers = AmountReceived bySellers:2. Definition of efficiency: the property of a resource allocation of maximizing the total surplus received by all members of society .3. Definition of equality: the property of distributingeconomic prosperity uniformly the members of society .Total Surplus = Value to Buyers Cost to SellersNow might be a good time to point out that many government policies involve a trade-off between efficiency and equity. When you evaluate government policies, like price ceilings or floors, you can explain them in terms of equity and efficiency.Pretty Woman, Chapter 6. Vivien (Julia Roberts) and Edward (Richard Gere) negotiate a price. Afterward, Vivien reveals she would have accepted a lower price, while Edward admits he would have paid more. If you have done a good job of introducing consumer and producer surplus, you will see the light bulbs go off above your students’ heads as they watch this clip.B. Evaluating the Market EquilibriumFigure 71. At the market equilibrium price:a. Buyers who value the product more than the equilibriumprice will purchase the product; those who do not, willnot purchase the product. In other words, the freemarket allocates the supply of a good to the buyers whovalue it most highly, as measured by their willingnessto pay.b. Sellers whose costs are lower than the equilibrium pricewill produce the product; those whose costs are higher,will not produce the product. In other words, the freemarket allocates the demand for goods to the sellers whocan produce it at the lowest cost.2. Total surplus is maximized at the market equilibrium.Figure 8a. At any quantity of output smaller than the equilibriumquantity, the value of the product to the marginal buyer is greater than the cost to the marginal seller so total surplus would rise if output increases.b. At any quantity of output greater than the equilibriumquantity, the value of the product to the marginal buyer is less than the cost to the marginal seller so totalsurplus would rise if output decreases.3. Note that this is one of the reasons that economistsbelieve Principle #6: Markets are usually a good way toorganize economic activity.C. In the News: Ticket Scalping1. Ticket scalping is an example of how markets work toachieve an efficient outcome.2. This article from The Boston Globe describes economist ChipCase’s experience with ticket scalping.It would be a good idea to remind students that there are circumstances when the market process does not lead to the most efficient outcome. Examples include situations such as when a firm (or buyer) has market power over price or when there are externalities present. These situations will be discussed in later chapters.D. Case Study: Should There Be a Market in Organs?1. As a matter of public policy, people are not allowed tosell their organs.a. In essence, this means that there is a price ceiling onorgans of $0.b. This has led to a shortage of organs.2. The creation of a market for organs would lead to a moreefficient allocation of resources, but critics worry aboutthe equity of a market system for organs.V. Market Efficiency and Market FailureA. To conclude that markets are efficient, we made severalassumptions about how markets worked.1. Perfectly competitive markets.2. No externalities.B. When these assumptions do not hold, the market equilibriummay not be efficient.C. When markets fail, public policy can potentially remedy thesituation.SOLUTIONS TO TEXT PROBLEMS:Quick Quizzes1. Figure 1 shows the demand curve for turkey. The price ofturkey is P1 and the consumer surplus that results fromthat price is denoted CS. Consumer surplus is the amount abuyer is willing to pay for a good minus the amount thebuyer actually pays for it. It measures the benefit to buyers of participating in a market.Figure 1 Figure 22. Figure 2 shows the supply curve for turkey. The price ofturkey is P1 and the producer surplus that results from that price is denoted PS. Producer surplus is the amount sellers are paid for a good minus the sellers’ cost of providing it (measured by the supply curve). It measures the benefit to sellers of participating in a market.Figure 33. Figure 3 shows the supply and demand for turkey. The priceof turkey is P1, consumer surplus is CS, and producersurplus is PS. Producing more turkeys than the equilibriumquantity would lower total surplus because the value to themarginal buyer would be lower than the cost to the marginalseller on those additional units.Questions for Review1. The price a buyer is willing to pay, consumer surplus, andthe demand curve are all closely related. The height of thedemand curve represents the willingness to pay of thebuyers. Consumer surplus is the area below the demand curveand above the price, which equals the price that each buyeris willing to pay minus the price actually paid.2. Sellers' costs, producer surplus, and the supply curve areall closely related. The height of the supply curverepresents the costs of the sellers. Producer surplus isthe area below the price and above the supply curve, whichequals the price received minus each seller's costs ofproducing the good.Figure 43. Figure 4 shows producer and consumer surplus in a supply-and-demand diagram.4. An allocation of resources is efficient if it maximizestotal surplus, the sum of consumer surplus and producersurplus. But efficiency may not be the only goal ofeconomic policymakers; they may also be concerned aboutequity the fairness of the distribution of well-being.5. The invisible hand of the marketplace guides the self-interest of buyers and sellers into promoting generaleconomic well-being. Despite decentralized decision makingand self-interested decision makers, free markets oftenlead to an efficient outcome.6. Two types of market failure are market power andexternalities. Market power may cause market outcomes to beinefficient because firms may cause price and quantity todiffer from the levels they would be under perfectcompetition, which keeps total surplus from being maximized.Externalities are side effects that are not taken intoaccount by buyers and sellers. As a result, the free marketdoes not maximize total surplus.Problems and Applications1. a. Consumer surplus is equal to willingness to pay minusthe price paid. Therefore, Melissa’s willingness to paymust be $200 ($120 + $80).b. Her consumer surplus at a price of $90 would be $200 −$90 = $110.c. If the price of an iPod was $250, Melissa would not havepurchased one because the price is greater than herwillingness to pay. Therefore, she would receive noconsumer surplus.2. If an early freeze in California sours the lemon crop, thesupply curve for lemons shifts to the left, as shown inFigure 5. The result is a rise in the price of lemons and adecline in consumer surplus from A + B + C to just A. Soconsumer surplus declines by the amount B + C.Figure 5 Figure 6In the market for lemonade, the higher cost of lemonsreduces the supply of lemonade, as shown in Figure 6. Theresult is a rise in the price of lemonade and a decline inconsumer surplus from D + E + F to just D, a loss of E + F.Note that an event that affects consumer surplus in onemarket often has effects on consumer surplus in othermarkets.3. A rise in the demand for French bread leads to an increasein producer surplus in the market for French bread, asshown in Figure 7. The shift of the demand curve leads to an increased price, which increases producer surplus from area A to area A + B + C.Figure 7The increased quantity of French bread being sold increases the demand for flour, as shown in Figure 8. As a result, the price of flour rises, increasing producer surplus from area D to D + E + F. Note that an event that affectsproducer surplus in one market leads to effects on producer surplus in related markets.Figure 84. a. Bert’s demand schedule is:Price QuantityDemandedMore than$7$5 to $71$3 to $52$1 to $33$1 or less4Bert’s demand curve is shown in Figure 9.Figure 9b. When the price of a bottle of water is $4, Bert buys twobottles of water. His consumer surplus is shown as areaA in the figure. He values his first bottle of water at$7, but pays only $4 for it, so has consumer surplus of $3. He values his second bottle of water at $5, but pays only $4 for it, so has consumer surplus of $1. ThusBert’s total consumer surplus is $3 + $1 = $4, which is the area of A in the figure.c. When the price of a bottle of water falls from $4 to $2,Bert buys three bottles of water, an increase of one.His consumer surplus consists of both areas A and B in the figure, an increase in the amount of area B. He gets consumer surplus of $5 from the first bottle ($7 value minus $2 price), $3 from the second bottle ($5 valueminus $2 price), and $1 from the third bottle ($3 value minus $2 price), for a total consumer surplus of $9.Thus consumer surplus rises by $5 (which is the size of area B) when the price of a bottle of water falls from $4 to $2.5. a. Ernie’s supply schedule for water is:Price Quantity SuppliedMore than$74$5 to $73$3 to $52$1 to $31Less than$1Ernie’s sup ply curve is shown in Figure 10.Figure 10b. When the price of a bottle of water is $4, Ernie sellstwo bottles of water. His producer surplus is shown as area A in the figure. He receives $4 for his firstbottle of water, but it costs only $1 to produce, soErnie has producer surplus of $3. He also receives $4 for his second bottle of water, which costs $3 toproduce, so he has producer surplus of $1. Thus Ernie’s total producer surplus is $3 + $1 = $4, which is thearea of A in the figure.c. When the price of a bottle of water rises from $4 to $6,Ernie sells three bottles of water, an increase of one.His producer surplus consists of both areas A and B inthe figure, an increase by the amount of area B. He gets producer surplus of $5 from the first bottle ($6 priceminus $1 cost), $3 from the second bottle ($6 priceminus $3 cost), and $1 from the third bottle ($6 priceminus $5 price), for a total producer surplus of $9.Thus producer surplus rises by $5 (which is the size of area B) when the price of a bottle of water rises from$4 to $6.6. a. From Ernie’s supply schedule and Bert’s demandschedule, the quantity demanded and supplied are:Only a price of $4 brings supply and demand intoequilibrium, with an equilibrium quantity of two.b. At a price of $4, consumer surplus is $4 and producersurplus is $4, as shown in Problems 3 and 4 above. Total surplus is $4 + $4 = $8.c. If Ernie produced one less bottle, his producer surpluswould decline to $3, as shown in Problem 4 above. IfBert consumed one less bottle, his consumer surpluswould decline to $3, as shown in Problem 3 above. Sototal surplus would decline to $3 + $3 = $6.d. If Ernie produced one additional bottle of water, hiscost would be $5, but the price is only $4, so hisproducer surplus would decline by $1. If Bert consumedone additional bottle of water, his value would be $3,but the price is $4, so his consumer surplus woulddecline by $1. So total surplus declines by $1 + $1 = $2.7. a. The effect of falling production costs in the market forstereos results in a shift to the right in the supplycurve, as shown in Figure 11. As a result, theequilibrium price of stereos declines and theequilibrium quantity increases.Figure 11b. The decline in the price of stereos increases consumersurplus from area A to A + B + C + D, an increase in the amount B + C + D. Prior to the shift in supply, producer surplus was areas B + E (the area above the supply curve and below the price). After the shift in supply,producer surplus is areas E + F + G. So producer surplus changes by the amount F + G – B, which may be positiveor negative. The increase in quantity increases producer surplus, while the decline in the price reduces producer surplus. Because consumer surplus rises by B + C + D andproducer surplus rises by F + G – B, total surplusrises by C + D + F + G.c. If the supply of stereos is very elastic, then the shiftof the supply curve benefits consumers most. To take the most dramatic case, suppose the supply curve werehorizontal, as shown in Figure 12. Then there is noproducer surplus at all. Consumers capture all thebenefits of falling production costs, with consumersurplus rising from area A to area A + B.Figure 128. Figure 13 shows supply and demand curves for haircuts.Supply equals demand at a quantity of three haircuts and a price between $4 and $5. Firms A, C, and D should cut the hair of Ellen, Jerry, and Phil. Oprah’s willingness to pay is t oo low and firm B’s costs are too high, so they do not participate. The maximum total surplus is the area between the demand and supply curves, which totals $11 ($8 value minus $2 cost for the first haircut, plus $7 value minus $3cost for the second, plus $5 value minus $4 cost for the third).Figure 139. a. The effect of falling production costs in the market forcomputers results in a shift to the right in the supply curve, as shown in Figure 14. As a result, theequilibrium price of computers declines and theequilibrium quantity increases. The decline in the price of computers increases consumer surplus from area A to A + B + C + D, an increase in the amount B + C + D.Figure 14 Figure 15Prior to the shift in supply, producer surplus was areasB + E (the area above the supply curve and below theprice). After the shift in supply, producer surplus isareas E + F + G. So producer surplus changes by theamount F + G – B, which may be positive or negative.The increase in quantity increases producer surplus,while the decline in the price reduces producer surplus.Because consumer surplus rises by B + C + D and producersurplus rises by F + G – B, total surplus rises by C +D + F + G.b. Because typewriters are substitutes for computers, thedecline in the price of computers means that peoplesubstitute computers for typewriters, shifting thedemand for typewriters to the left, as shown in Figure15. The result is a decline in both the equilibriumprice and equilibrium quantity of typewriters. Consumersurplus in the typewriter market changes from area A + Bto A + C, a net change of C – B. Producer surpluschanges from area C + D + E to area E, a net loss of C +D. Typewriter producers are sad about technologicaladvances in computers because their producer surplusdeclines.c. Because software and computers are complements, thedecline in the price and increase in the quantity ofcomputers means that the demand for software increases,shifting the demand for software to the right, as shownin Figure 16. The result is an increase in both theprice and quantity of software. Consumer surplus in thesoftware market changes from B + C to A + B, a netchange of A – C. Producer surplus changes from E to C +D + E, an increase of C + D, so software producersshould be happy about the technological progress incomputers.Figure 16d. Yes, this analysis helps explain why Bill Gates is onethe world’s richest people, because his companyproduces a lot of software that is a complement withcomputers and there has been tremendous technologicaladvance in computers.10. a. With Provider A, the cost of an extra minute is $0.With Provider B, the cost of an extra minute is $1.b. With Provider A, my friend will purchase 150 minutes [=150 – (50)(0)]. With Provider B, my friend wouldpurchase 100 minutes [= 150 – (50)(1)].c. With Provider A, he would pay $120. The cost would be $100 with Provider B.Figure 17d. Figure 17 shows the friend’s demand. With Provider A,he buys 150 minutes and his consumer surplus is equal to(1/2)(3)(150) – 120 = 105. With Provider B, hisconsumer surplus is equal to (1/2)(2)(100) = 100.e. I would recommend Provider A because he receives greater consumer surplus.11. a. Figure 18 illustrates the demand for medical care.If each procedure has a price of $100, quantity demandedwill be Q1 procedures.曼昆微观经济学课后练习英文答案(第七章)Figure 18b. If consumers pay only $20 per procedure, the quantitydemanded will be Q2 procedures. Because the cost tosociety is $100, the number of procedures performed istoo large to maximize total surplus. The quantity thatmaximizes total surplus is Q1 procedures, which is lessthan Q2.c. The use of medical care is excessive in the sense thatconsumers get procedures whose value is less than thecost of producing them. As a result, the economy’stotal surplus is reduced.d. To prevent this excessive use, the consumer must bearthe marginal cost of the procedure. But this wouldrequire eliminating insurance. Another possibility wouldbe that the insurance company, which pays most of themarginal cost of the procedure ($80, in this case) coulddecide whether the procedure should be performed. Butthe insurance company does not get the benefits of theprocedure, so its decisions may not reflect the value tothe consumer.151 / 31© 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.。
曼昆经济学原理英文版文案加习题答案章
✍ the factors that determine a country’s productivity.✍ how a country’s policies influence its productivity growth. CONTEXT AND PURPOSE:Chapter 12 is the first chapter in a four-chapter sequence on the production of output in the long run. Chapter 12 addresses the determinants of the level and growth rate of output. We find that capital and labor are among the primary determinants of output. In Chapter 13, we address how saving andinvestment in capital goods affect the production of output, and in Chapter 14, we learn about some of the tools people and firms use when choosing capital projects in which to invest. In Chapter 15, we address the market for labor.The purpose of Chapter 12 is to examine the long-run determinants of both the level and the growth rate of real GDP per person. Along the way, we will discover the factors that determine the productivity of workers and address what governments might do to improve the productivity of their citizens. KEY POINTS:?Economic prosperity, as measured by GDP per person, varies substantially around the world. The average income in the world’s richest countries is more than ten times that in the world’s poorest countries. Because growth rates of real GDP also vary substantially, the relative positions of countries can change dramatically over time. ?The standard of living in an economy depends on the economy’s ability to produce goods and services. Productivity, in turn, depends on the amounts of physical capital, human capital, natural resources, and technological knowledge available to workers. ?Government policies can try to influence the economy’s growth rate in many ways: by encouraging saving and investment, encouraging investment from abroad, fostering education, promoting good health, maintaining property rights and political stability, allowing free trade, and promoting the research and development of new technologies. ?The accumulation of capital is subject to diminishing returns: The more capital an economy has, the less additional output the economy gets from an extra unit of capital. As a result, while higher saving leads to higher growth for a period of time, growth eventually slows down as capital, productivity, and income rise. Also because of diminishing returns, the return to capital is especially high in poor countries. Other things equal, these countries can grow faster because of the catch-up effect. ?Population growth has a variety of effects on economic growth. On the one hand, more rapid population growth may lower productivity by stretching the supply of natural resources and by reducing the amount of capital available for each worker. On the other hand, a larger population may enhance the rate of technological progress because there are more scientists and engineers. CHAPTER OUTLINE: I. Economic Growth around the World 2. Growth rates are also reported in the table. Japan has had the largest growth rate over time,2.65% per year (on average).Use Table 1 to make the point that a one-percentage point change in a country’s growth rate can make a significant difference over several generations. The powerfuleffects of compounding should be used to underscore the process of economicgrowth.3. Because of different growth rates, the ranking of countries by income per person changesover time.a. In the late 19th century, the United Kingdom was the richest country in the world.b. Today, income per person is lower in the United Kingdom than in the United States (aformer colony of the United Kingdom).B. FYI: Are You Richer Than the Richest American1. According to the magazine American Heritage, the richest American of all time is John B.Rockefeller, whose wealth today would be the equivalent of approximately $200 billion.2. Yet, because Rockefeller lived from 1839 to 1937, he did not get the chance to enjoy manyof the conveniences we take for granted today such as television, air conditioning, andmodern medicine.3. Thus, because of technological advances, the average American today may enjoy a “richer”life than the richest American who lived a century ago.C. FYI: A Picture Is Worth a Thousand Statistics1. This box presents three photos showing a typical family in three countries – the UnitedKingdom, Mexico, and Mali. Each family was photographed outside their home, together withall of their material possessions.2. These photos demonstrate the vast difference in the standards of living in these countries. II. Productivity: Its Role and DeterminantsA. Why Productivity Is So Important1. Example: Robinson Crusoea. Because he is stranded alone, he must catch his own fish, grow his own vegetables, andmake his own clothes.b. His standard of living depends on his ability to produce goods and services.2. Definition of productivity: the quantity of goods and services produced from eachunit of labor input.3. Review of Principle #8: A Country’s Standard of Living Depends on Its Ability to ProduceGoods and Services.B. How Productivity Is Determined1. Physical Capital per Workera. Definition of physical capital: the stock of equipment and structures used toproduce goods and services.b. Example: Crusoe will catch more fish if he has more fishing poles.2. Human Capital per Workera. Definition of human capital: the knowledge and skills that workers acquirethrough education, training, and experience.b. Example: Crusoe will catch more fish if he has been trained in the best fishing techniquesor as he gains experience fishing.3. Natural Resources per Workera. Definition of natural resources: the inputs into production that are provided bynature, such as land, rivers, and mineral deposits.b. Example: Crusoe will have better luck catching fish if there is a plentiful supply aroundhis island.4. Technological Knowledgea. Definition of technological knowledge: society’s understanding of the best waysto produce goods and services.b. Example: Crusoe will catch more fish if he has invented a better fishing lure.C. FYI: The Production Function1. A production function describes the relationship between the quantity of inputs used inproduction and the quantity of output from production.2. The production function generally is written like this:where Y = output, L = quantity of labor, K = quantity of physical capital, H = quantity of human capital, N = quantity of natural resources, A reflects the available productiontechnology, and F () is a function that shows how inputs are combined to produce output. 3. Many production functions have a property called constant returns to scale.a. This property implies that as all inputs are doubled, output will exactly double.b. This implies that the following must be true: where x = 2 if inputs are doubled.c. This also means that if we want to examine output per worker we could set x = 1/L and we would get the following:This shows that output per worker depends on the amount of physical capital per worker (K /L ), the amount of human capital per worker (H /L ), and the amount of naturalresources per worker (N /L ).4. Case Study: Are Natural Resources a Limit to Growth a. This section points out that as the population has grown over time, we have discoveredways to lower our use of natural resources. Thus, most economists are not worried about shortages of natural resources.1. Because capital is a produced factor of production, a society can change the amount ofcapital that it has. 2. However, there is an opportunity cost of doing so; if resources are used to produce capital goods, fewer goods and services are produced for current consumption.B. Diminishing Returns and the Catch-Up Effect 1. Definition of diminishing returns: the property whereby the benefit from an extraunit of an input declines as the quantity of the input increases .b. This can be seen in Figure 1, which shows how the amount of capital per workerdetermines the amount of output per worker, holding constant all other determinants of output.c. Thus, if workers already have a large amount of capital to work with, giving them an additional unit of capital will not increase their productivity by much.d. In the long run, a higher saving rate leads to a higher level of productivity and income,but not to higher growth rates in these variables. 2. An important implication of diminishing returns is the catch-up effect.a. Definition of catch-up effect: the property whereby countries that start off poor tend to grow more rapidly than countries that start off rich .b. When workers have very little capital to begin with, an additional unit of capital will increase their productivity by a great deal.C. Investment from Abroad1. Saving by domestic residents is not the only way for a country to invest in new capital.2. Investment in the country by foreigners can also occur.a. Foreign direct investment occurs when a capital investment is owned and operated by a foreign entity.b. Foreign portfolio investment occurs when a capital investment is financed with foreignmoney but operated by domestic residents.3. Some of the benefits of foreign investment flow back to foreign owners. But the economy stillexperiences an increase in the capital stock, which leads to higher productivity and higherwages.4. The World Bank is an organization that tries to encourage the flow of investment to poorcountries.a. The World Bank obtains funds from developed countries such as the United States andmakes loans to less-developed countries so that they can invest in roads, sewer systems,schools, and other types of capital.b. The World Bank also offers these countries advice on how best to use these funds.D. Education1. Investment in human capital also has an opportunity cost.a. When students are in class, they cannot be producing goods and services forconsumption.b. In less-developed countries, this opportunity cost is considered to be high; as a result,children often drop out of school at a young age.2. Because there are positive externalities in education, the effect of lower education on theeconomic growth rate of a country can be large.3. Many poor countries also face a “brain drain”—the best educated often leave to go to othercountries where they can enjoy a higher standard of living.E. Health and Nutrition1. Human capital can also be used to describe another type of investment in people:expenditures that lead to a healthier population.2. Other things being equal, healthier workers are more productive.3. Making the right investments in the health of the population is one way for a nation toincrease productivity.F. Property Rights and Political Stability1. Protection of property rights and promotion of political stability are two other important waysthat policymakers can improve economic growth.2. There is little incentive to produce products if there is no guarantee that they cannot betaken. Contracts must also be enforced.3. Countries with questionable enforcement of property rights or an unstable political climatewill also have difficulty in attracting foreign (or even domestic) investment.4. In the News: Does Food Aid Help or Hurta. Economic policies designed to improve productivity sometimes have adverse unintendedeffects.b. This article from The Wall Street Journal, Real Time Economics blog discusses economicresearch on the effects of food aid to poor countries on armed conflict in a recipientcountry.G. Free Trade1. Some countries have tried to achieve faster economic growth by avoiding transacting withthe rest of the world.2. However, trade allows a country to specialize in what it does best and thus consume beyondits production possibilities.3. When a country trades wheat for steel, it is as well off as it would be if it had developed anew technology for turning wheat into steel.4. The amount a nation trades is determined not only by government policy but also bygeography.a. Countries with good, natural seaports find trade easier than countries without thisresource.b. Countries with more than 80 percent of their population living within 100 kilometers of acoast have an average GDP per person that is four times as large as countries with lessthan 20 percent of their population living near a coast.H. Research and Development1. The primary reason why living standards have improved over time has been due to largeincreases in technological knowledge.2. Knowledge can be considered a public good.3. The U.S. government promotes the creation of new technological information by providingresearch grants and providing tax incentives for firms engaged in research.4. The patent system also encourages research by granting an inventor the exclusive right toproduce the product for a specified number of years.I. Population Growth1. Stretching Natural Resourcesa. Thomas Malthus (an English minister and early economic thinker) argued that an ever-increasing population meant that the world was doomed to live in poverty forever.b. However, he failed to understand that new ideas would be developed to increase theproduction of food and other goods, including pesticides, fertilizers, mechanizedequipment, and new crop varieties.2. Diluting the Capital Stocka. High population growth reduces GDP per worker because rapid growth in the number ofworkers forces the capital stock to be spread more thinly.b. Countries with a high population growth have large numbers of school-age children,placing a burden on the education system.3. Some countries have already instituted measures to reduce population growth rates.4. Policies that foster equal treatment for women should raise economic opportunities forwomen leading to lower rates of population.5. Promoting Technological Progressa. Some economists have suggested that population growth has driven technologicalprogress and economic prosperity.b. In a 1993 journal article, economist Michael Kremer provided evidence that increases inSOLUTIONS TO TEXT PROBLEMS:Quick Quizzes1. The approximate growth rate of real GDP per person in the United States is 1.77 percent(based on Table 1) from 1870 to 2010. Countries that have had faster growth include Japan,Brazil, Mexico, China, Germany, and Canada; countries that have had slower growth includeArgentina, India, United Kingdom, Indonesia, Pakistan, and Bangladesh.2. The four determinants of a country’s productivity are: (1) physical capital, which is the stockof equipment and structures that are used to produce goods and services; (2) human capital,which is the knowledge and skills that workers acquire through education, training, andexperience; (3) natural resources, which are inputs into production that are provided bynature, such as land, rivers, and mineral deposits; and (4) technological knowledge, which issociety’s understanding of the best ways to produce goods and services.3. Ways in which a government policymaker can try to raise the growth in living standards in asociety include: (1) investing more current resources in the production of capital, which hasthe drawback of reducing the resources used for producing current consumption; (2)encouraging investment from abroad, which has the drawback that some of the benefits ofinvestment flow to foreigners; (3) increasing education, which has an opportunity cost in thatstudents are not engaged in current production; (4) protecting property rights and promotingpolitical stability, which has the drawback of enforcement costs; (5) pursuing outward-oriented policies to encourage free trade, which may have the drawback of making a countrymore dependent on its trading partners; (6) reducing the rate of population growth, whichmay have the drawbacks of reducing individual freedom and lowering the rate oftechnological progress; and (7) encouraging research and development, which (likeinvestment) may have the drawback of reducing current consumption.Questions for Review1. The level of a nation’s GDP measures both the total income earned in the economy and thetotal expenditure on the economy’s output of goods and services. The level of real GDP is agood gauge of economic prosperity, and the growth rate of real GDP is a good gauge ofeconomic progress. You would rather live in a nation with a high level of GDP, even though ithad a low growth rate, than in a nation with a low level of GDP and a high growth rate,because the level of GDP is a measure of prosperity.2. The four determinants of productivity are: (1) physical capital, which is the stock ofequipment and structures that are used to produce goods and services; (2) human capital,which consists of the knowledge and skills that workers acquire through education, training,and experience; (3) natural resources, which are inputs into production that are provided bynature; and (4) technological knowledge, which is society’s understanding of the best waysto produce goods and services.3. A college degree is a form of human capital. The skills learned in earning a college degreeincrease a worker's productivity.4. Higher saving means fewer resources are devoted to consumption and more to producingcapital goods. The rise in the capital stock leads to rising productivity and more rapid growthin GDP for a while. In the long run, the higher saving rate leads to a higher standard of living.A policymaker might be deterred from trying to raise the rate of saving because doing sorequires that people reduce their consumption today and it can take a long time to get to ahigher standard of living.5. A higher rate of saving leads to a higher growth rate temporarily, not permanently. In theshort run, increased saving leads to a larger capital stock and faster growth. But as growthcontinues, diminishing returns to capital mean growth slows down and eventually settlesdown to its initial rate, though this may take several decades.6. Removing a trade restriction, such as a tariff, would lead to more rapid economic growthbecause the removal of the trade restriction acts like an improvement in technology. Freetrade allows all countries to consume more goods and services.7. The higher the rate of population growth, the lower is the level of GDP per person becausethere's less capital per person, hence lower productivity.8. The U.S. government tries to encourage advances in technological knowledge by providingresearch grants through the National Science Foundation and the National Institute of Health,with tax breaks for firms engaging in research and development, and through the patentsystem.Quick Check Multiple Choice1. b2. c3. d4. c5. c6. aProblems and Applications1. The facts that countries import many goods and services yet must produce a large quantityof goods and services themselves to enjoy a high standard of living are reconciled by notingthat there are substantial gains from trade. To be able to afford to purchase goods fromother countries, an economy must generate income. By producing many goods and services,then trading them for goods and services produced in other countries, a nation maximizes itsstandard of living.2. a. More investment would lead to faster economic growth in the short run.b. The change would benefit many people in society who would have higher incomes as theresult of faster economic growth. However, there might be a transition period in whichworkers and owners in consumption-good industries would get lower incomes, andworkers and owners in investment-good industries would get higher incomes. In addition, some group would have to reduce their spending for some time so that investment could rise.3. a. Private consumption spending includes buying food and buying clothes; privateinvestment spending includes people buying houses and firms buying computers. Manyother examples are possible. Education can be considered as both consumption andinvestment.b. Government consumption spending includes paying workers to administer governmentprograms; government investment spending includes buying military equipment andbuilding roads. Many other examples are possible.4. The opportunity cost of investing in capital is the loss of consumption that results fromredirecting resources toward investment. Over-investment in capital is possible because of diminishing marginal returns. A country can "over-invest" in capital if people would prefer to have higher consumption spending and less future growth. The opportunity cost of investing in human capital is also the loss of consumption that is needed to provide the resources for investment. A country could "over-invest" in human capital if people were too highlyeducated for the jobs they could get for example, if the best job a Ph.D. in philosophy could find is managing a restaurant.5. a. The United States benefited from the Chinese and Japanese investment because it madeour capital stock larger, increasing our economic growth.b. It would have been better for Americans to make the investments because then theywould have received all of the returns on the investments, instead of the returns going to China and Japan.6. Greater educational opportunities for women could lead to faster economic growth in thesedeveloping countries because increased human capital would increase productivity and there would be external effects from greater knowledge in the country. Second, increasededucational opportunities for young women may lower the population growth rate because such opportunities raise the opportunity cost of having a child.7. a. Individuals with higher incomes have better access to clean water, medical care, andgood nutrition.b. Healthier individuals are likely to be more productive.c. Understanding the direction of causation will help policymakers place proper emphasis onthe programs that will achieve both greater health and higher incomes.8. Peace would promote economic growth because it is an indication that property rights will berespected in the future. Armed conflict and the threat of a revolutionary government reduce domestic residents' incentive to save, invest, and start new businesses. Moreover, foreigners have less incentive to invest in the country.Easy taxes would promote economic growth because they result in citizens and businesses retaining a greater share of the income they earn and, thus, being able to save and invest a greater portion of that income.A tolerable administration of justice would promote economic growth because it wouldensure the maintenance of property rights, which encourages domestic saving andinvestment from abroad.。
中级宏观经济学曼昆英文版第七版第三章习题答案
3
National Income: Where It Comes From and Where It Goes
Questions for Review
1. The factors of production and the production technology determine the amount of output an economy can produce. The factors of production are the inputs used to produce goods and services: the most important factors are capital and labor. The production technology determines how much output can be produced from any given amounts of these inputs. An increase in one of the factors of production or an improvement in technology leads to an increase in the economy’s output. 2. When a firm decides how much of a factor of production to hire or demand, it considers how this decision affects profits. For example, hiring an extra unit of labor increases output and therefore increases revenue; the firm compares this additional revenue to the additional cost from the higher wage bill. The additional revenue the firm receives depends on the marginal product of labor (MPL) and the price of the good produced (P). An additional unit of labor produces MPL units of additional output, which sells for P dollars per unit. Therefore, the additional revenue to the firm is P × MPL. The cost of hiring the additional unit of labor is the wage W. Thus, this hiring decision has the following effect on profits: ∆Profit = ∆Revenue – ∆Cost = (P × MPL) – W. If the additional revenue, P × MPL, exceeds the cost (W) of hiring the additional unit of labor, then profit increases. The firm will hire labor until it is no longer profitable to do so—that is, until the MPL falls to the point where the change in profit is zero. In the equation above, the firm hires labor until ∆profit = 0, which is when (P × MPL) = W. This condition can be rewritten as: MPL = W/P. Therefore, a competitive profit-maximizing firm hires labor until the marginal product of labor equals the real wage. The same logic applies to the firm’s decision regarding how much capital to hire: the firm will hire capital until the marginal product of capital equals the real rental price. 3. A production function has constant returns to scale if an equal percentage increase in all factors of production causes an increase in output of the same percentage. For example, if a firm increases its use of capital and labor by 50 percent, and output increases by 50 percent, then the production function has constant returns to scale. If the production function has constant returns to scale, then total income (or equivalently, total output) in an economy of competitive profit-maximizing firms is divided between the return to labor, MPL × L, and the return to capital, MPK × K. That is, under constant returns to scale, economic profit is zero. 4. A Cobb-Douglas production function function has the form F(K,L) = AKαL1–α. The text showed that the parameter α gives capital’s share of income. (Since income equals output for the overall economy, it is also capital’s share of output.) So if capital earns onefourth of total income, then a = 0.25. Hence, F(K,L) = AK0.25L0.75. 5. Consumption depends positively on disposable income—the amount of income after all taxes have been paid. The higher disposable income is, the greater consumption is. The quantity of investment goods demanded depends negatively on the real interest rate. For an investment to be profitable, its return must be greater than its cost. Because the real interest rate measures the cost of funds, a higher real interest rate makes it more costly to invest, so the demand for investment goods falls. 11