Economics

8. Labor typical accounts for _____percent of production costs. a. 80 b. 90 c. 1

8. Labor typical accounts for _____percent of production costs. a. 80 b. 90 c. 100 d. 70 e. 50 13. Beneficial shocks to the economy provide _______. a. abundant harvests b. discov…

8. Links between factor markets Consider the markets for factors of production,

8. Links between factor markets Consider the markets for factors of production, such as labor and land, to produce oranges in California in 1935. During this time period—known as …

8. Lobbying for or against trade restrictions Trade restrictions affect the over

8. Lobbying for or against trade restrictions Trade restrictions affect the overall welfare of an economy, since they change the price consumers pay for a good and the quantity pr…

8. Looking at credits and debits The following table shows the value of credits

8. Looking at credits and debits The following table shows the value of credits and debits in four balance-of-payments accounts in the fictional economy of Gamros. Complete the ta…

8. Market demand for good Y is described by function YD = 250 – 6PD, where PD is

8. Market demand for good Y is described by function YD = 250 – 6PD, where PD is the demand price and YD is the quantity of good Y demanded. Market supply of good Y is given by fu…

8. Median voter outcome Consider the race for governor of a small state. The pop

8. Median voter outcome Consider the race for governor of a small state. The population of the state is evenly divided between three cities-Riverville, Elmswood, and Springfield. …

8. Natural monopoly analysis The following graph shows the demand (D) for electr

8. Natural monopoly analysis The following graph shows the demand (D) for electricity services in the imaginary town of Utilityburg. The graph also shows the marginal revenue (MR)…

8. Now assume that Menacing Faces is a perfect competitor. At what price and out

8. Now assume that Menacing Faces is a perfect competitor. At what price and output will Betty Joe be indifferent between the small and the mid-sized factory? At what price and ou…

8. One investigator takes a sample of 100 men age 18-24 in a certain town. Anoth

8. One investigator takes a sample of 100 men age 18-24 in a certain town. Another takes a sample of 1,000 such men. (a) Which investigator will get a bigger average for the heigh…

8. Organizations like Equinox, Amway, and Tupperware target individual customers

8. Organizations like Equinox, Amway, and Tupperware target individual customers as selling agents and rely on their interpersonal networks for direct-selling efforts. This is bes…

8. Pat is a student taking an economics course. Pat\'s exam strategy is to rely

8. Pat is a student taking an economics course. Pat's exam strategy is to rely on luck for the next quiz. The quiz consists of n multiple-choice questions. Each question has four …

8. Population growth and economic growth Consider the economies of Sporon and Gr

8. Population growth and economic growth Consider the economies of Sporon and Gribinez, both of which produce agricultural products using only land and labour. The following table…

8. Portland Fluid Control, Inc., (PFC) is a major supplier of reverse osmosis an

8. Portland Fluid Control, Inc., (PFC) is a major supplier of reverse osmosis and ultrafiltration equipment, which helps industrial and commercial customers achieve improved produ…

8. Price regulation of a natural monopolist Consider the local cable companny, a

8. Price regulation of a natural monopolist Consider the local cable companny, a natural monopoly. The following graph shows the demand curve for cable services, the company's mar…

8. Problems and Applications Q7 What is the opportunity cost of investing in cap

8. Problems and Applications Q7 What is the opportunity cost of investing in capital? Improved technology that leads to faster growth The loss of consumption that results from red…

8. Problems and Applications Q8 A case study in the chapter analyzed purchasing-

8. Problems and Applications Q8 A case study in the chapter analyzed purchasing-power parity for several countries using the price of Big Macs. Here are data for a few more countr…

8. Problems and Applications Q8 Consider the following data on U.S. GDP: GDP Yea

8. Problems and Applications Q8 Consider the following data on U.S. GDP: GDP Year 2011 2012 2013 2014 2015 (Billions of current dollars) 15,517.9 16,155.3 16,663.2 17,348.1 17,942…

8. Problems and Applications Q8 The market for fertilizer is perfectly competiti

8. Problems and Applications Q8 The market for fertilizer is perfectly competitive. Firms in the market are producing output but are currently making economic losses. 8. Problems …

8. Problems and Applications Q8 is no crowding out, and the marginal propensity

8. Problems and Applications Q8 is no crowding out, and the marginal propensity to consume is 3/4. The initial effect of the tax reduction is a $ is a s billion decrease in aggreg…

8. Property rights and market failures Bakers are much likely to supply pastries

8. Property rights and market failures Bakers are much likely to supply pastries to the market if property rights are enforced. In the presence of market failures, public policy c…

8. Property rights and market failures Loggers are much In the presence of marke

8. Property rights and market failures Loggers are much In the presence of market failures, public policy can improve economic efficiency ikely to supply wood to the market if pro…

8. Property rights and market failures Loggers are much likely to supply wood to

8. Property rights and market failures Loggers are much likely to supply wood to the market if property rights are not enforced In the presence of market failures, public policy c…

8. Purchasing-power parity Using data from The Economist\'s Big Mac Index for 20

8. Purchasing-power parity Using data from The Economist's Big Mac Index for 2016, the following table shows the local currency price of a Big Mac In several countries as well as …

8. Questionable business practices Complete the following table by indicating wh

8. Questionable business practices Complete the following table by indicating whether each of the scenarios describes the concept of tying, resale price maintenance, or predatory …

8. Refer to Exhibit 24-2. The profit-maximizing monopolist produces Q 0 units an

     8.   Refer to Exhibit 24-2. The profit-maximizing monopolist produces Q0 units and charges a price of a. P0. b. P1. c. P3. d. P2. e. none of the above      9.   Refer to Exhi…

8. Refer to Exhibit 24-2. The profit-maximizing monopolist produces Q 0 units an

     8.   Refer to Exhibit 24-2. The profit-maximizing monopolist produces Q0 units and charges a price of a. P0. b. P1. c. P3. d. P2. e. none of the above      9.   Refer to Exhi…

8. Refer to the figure below for the following set of questions. The dotted line

8. Refer to the figure below for the following set of questions. The dotted line it the potential GDP, Y*. Long-term Growth Trend and Business Fluctuations Real GDP (1996 dollars,…

8. Ringo loves playing rock \'n\' roll music at high volume. Luciano loves opera

8. Ringo loves playing rock 'n' roll music at high volume. Luciano loves opera and hates rock 'n' roll. Unfortunately, they are next-door neighbors in an apartment building with p…

8. Risk aversion in the two-state model Aa Aa Suppose Ginny and Stan each own ca

8. Risk aversion in the two-state model Aa Aa Suppose Ginny and Stan each own catering businesses in the town of Yorkville. Each year, the mayor of Yorkville throws a huge party c…

8. Short-run and long-run effects of a shift in demand Suppose that the chicken

8. Short-run and long-run effects of a shift in demand Suppose that the chicken industry is in long-run equilibrium at a price of $5 per kilogram of chicken and a quantity of 150 …

8. Short-run and long-run effects of a shift in demand Suppose that the chicken

8. Short-run and long-run effects of a shift in demand Suppose that the chicken industry is in long-run equilibrium at a price of $5 per pound of chicken and a quantity of 300 mil…

8. Short-run and long-run effects of a shift in demand Suppose that the shrimp i

8. Short-run and long-run effects of a shift in demand Suppose that the shrimp industry is in long-run equilibrium at a price of $5 per pound of shrimp and a quantity of 500 milli…

8. Short-run and long-run effects of a shift in demand Suppose that the shrimp i

8. Short-run and long-run effects of a shift in demand Suppose that the shrimp industry is in long-run equilibrium at a price of $5 per pound of shrimp and a quantity of 500 milio…

8. Short-run and long-run effects of a shift in demand Suppose that the turkey i

8. Short-run and long-run effects of a shift in demand Suppose that the turkey industry is in long-run equilibrium at a price of $5 per pound of turkey and a quantity of 350 milli…

8. Study Questions and Problems #8 The monetarist monetary policy transmission m

8. Study Questions and Problems #8 The monetarist monetary policy transmission mechanism follows the following chain. A change in monetary policy changes the money supply. The cha…

8. Substitutes, complements, or unrelated? Aa Aa Data collected in the imaginary

8. Substitutes, complements, or unrelated? Aa Aa Data collected in the imaginary economy of Chipolaysia reveals that when the price of dro, decreased by 20%, the quantity of drof …

8. Substitutes, complements, or unrelated? You work for a marketing firm that ha

8. Substitutes, complements, or unrelated? You work for a marketing firm that has just landed a contract with Run-of-the-Mills to help them promote three of their products: pengui…

8. Substitutes, complements, or unrelated? You work for a marketing firm that ha

8. Substitutes, complements, or unrelated? You work for a marketing firm that has just landed a contract with Run-of-the-Mills to help them promote three of their products: pengui…

8. Substitutes, complements, or unrelated? You work for a marketing firm that ha

8. Substitutes, complements, or unrelated? You work for a marketing firm that has just landed a contract with Run-of-the-Mills to help them promote three of their products: splish…

8. Suppose AD is the original budget constraint, and F is the optimal consumptio

8. Suppose AD is the original budget constraint, and F is the optimal consumption bundle for the representative consumer. Suppose the nominal wage rate W decreases, and t new budg…

8. Suppose a researcher is interested in estimating the habit formation for ciga

8. Suppose a researcher is interested in estimating the habit formation for cigarette smoking and estimating following model using a random sample: cigarette, = + /cigarette, + u …

8. Suppose that Yakov, an economist from an AM talk radio program, and Ana, an e

8. Suppose that Yakov, an economist from an AM talk radio program, and Ana, an economist from a public television program, are arguing over saving incentives. The following dialog…

8. Suppose that at 500 units of output a firm is producing such that marginal re

8. Suppose that at 500 units of output a firm is producing such that marginal revenue is equal to marginal cost. The firm is selling its output at S6 per unit and average total co…

8. Suppose that at 500 units of output a firm is producing such that marginal re

8. Suppose that at 500 units of output a firm is producing such that marginal revenue is equal to marginal cost. The firm is selling its output at $6 per unit and average total co…

8. Suppose that the resource base in Country X can produce either 150 units of a

8. Suppose that the resource base in Country X can produce either 150 units of alpha or 400 units of beta. Similarly, suppose that Country Y's resource base is capable of producin…

8. Suppose the consumer price index (CPI) at the end of 2016 was 125 and the CPI

8. Suppose the consumer price index (CPI) at the end of 2016 was 125 and the CPI at the end of 2017 was 131. Then what was the rate of inflation during 2017? A. zero percent, pric…

8. Suppose the following table illustrates the values of actual and potential Re

8. Suppose the following table illustrates the values of actual and potential Real GDP, and the price level if the Fed does not vote to change their current policy to be more cont…

8. Suppose the market for widgets can be described by the following equations: D

8. Suppose the market for widgets can be described by the following equations: Demand: P 10-Q Supply: P Q-4 a. What is the equilibrium price and quantity? b. Suppose the governmen…

8. Suppose there are only two people in an economy. Under the income tax system,

8. Suppose there are only two people in an economy. Under the income tax system, the marginal revenue ofa 1% tax increase on Harry is S50 and the marginal revenue of a 1% tax incr…

8. Suppose there is perfect competition in both the markets for inputs and outpu

8. Suppose there is perfect competition in both the markets for inputs and outputs. Say that a firm is hiring hours of labor to produce a good and that the output price is $10, th…