曼昆经济学原理微观经济学英文版习题答案Word格式.docx
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1.Thefourprinciplesofeconomicdecisionmakingare:
(1)peoplefacetradeoffs;
(2)thecostofsomethingiswhatyougiveuptogetit;
(3)rationalpeoplethinkatthemargin;
and(4)peoplerespondtoincentives.Peoplefacetradeoffsbecausetogetonethingthattheylike,theyusuallyhavetogiveupanotherthingthattheylike. Thecostofsomethingiswhatyougiveuptogetit,notjustintermsofmonetarycostsbutallopportunitycosts.Rationalpeoplethinkatthemarginbytakinganactionifandonlyifthemarginalbenefitsexceedthemarginalcosts. Peoplerespondtoincentivesbecauseastheycomparebenefitstocosts,achangeinincentivesmaycausetheirbehaviortochange.
2.Thethreeprinciplesconcerningeconomicinteractionsare:
(1)tradecanmakeeveryonebetteroff;
(2)marketsareusuallyagoodwaytoorganizeeconomicactivity;
and(3)governmentscansometimesimprovemarketoutcomes. Tradecanmakeeveryonebetteroffbecauseitallowscountriestospecializeinwhattheydobestandtoenjoyawidervarietyofgoodsandservices. Marketsareusuallyagoodwaytoorganizeeconomicactivitybecausetheinvisiblehandleadsmarketstodesirableoutcomes. Governmentscansometimesimprovemarketoutcomesbecausesometimesmarketsfailtoallocateresourcesefficientlybecauseofanexternalityormarketpower.
3.Thethreeprinciplesthatdescribehowtheeconomyasawholeworksare:
(1)acountry’sstandardoflivingdependsonitsabilitytoproducegoodsandservices;
(2)pricesrisewhenthegovernmentprintstoomuchmoney;
and(3)societyfacesashort-runtradeoffbetweeninflationandunemployment. Acountry’sstandardoflivingdependsonitsabilitytoproducegoodsandservices,whichinturndependsonitsproductivity,whichisafunctionoftheeducationofworkersandtheaccessworkershavetothenecessarytoolsandtechnology. Pricesrisewhenthegovernmentprintstoomuchmoneybecausemoremoneyincirculationreducesthevalueofmoney,causinginflation. Societyfacesashort-runtradeoffbetweeninflationandunemploymentthatisonlytemporaryandpolicymakershavesomeabilitytoexploitthisrelationshipusingvariouspolicyinstruments.
QuestionsforReview
1.Examplesoftradeoffsincludetimetradeoffs(suchasstudyingonesubjectoveranother,orstudyingatallcomparedtoengaginginsocialactivities)andspendingtradeoffs(suchaswhethertouseyourlasttendollarsonpizzaoronastudyguideforthattougheconomicscourse).
2.Theopportunitycostofseeingamovieincludesthemonetarycostofadmissionplusthetimecostofgoingtothetheaterandattendingtheshow. Thetimecostdependsonwhatelseyoumightdowiththattime;
ifit'
sstayinghomeandwatchingTV,thetimecostmaybesmall,butifit'
sworkinganextrathreehoursatyourjob,thetimecostisthemoneyyoucouldhaveearned.
3.Themarginalbenefitofaglassofwaterdependsonyourcircumstances.Ifyou'
vejustrunamarathon,oryou'
vebeenwalkinginthedesertsunforthreehours,themarginalbenefitisveryhigh.Butifyou'
vebeendrinkingalotofliquidsrecently,themarginalbenefitisquitelow.Thepointisthateventhenecessitiesoflife,likewater,don'
talwayshavelargemarginalbenefits.
4.Policymakersneedtothinkaboutincentivessotheycanunderstandhowpeoplewillrespondtothepoliciestheyputinplace. Thetext'
sexampleofseatbeltsshowsthatpolicyactionscanhavequiteunintendedconsequences. Ifincentivesmatteralot,theymayleadtoaverydifferenttypeofpolicy;
forexample,someeconomistshavesuggestedputtingknivesinsteeringcolumnssothatpeoplewilldrivemuchmore
1
carefully!
Whilethissuggestionissilly,ithighlightstheimportanceofincentives.
5.Tradeamongcountriesisn'
tagamewithsomelosersandsomewinnersbecausetradecanmakeeveryonebetteroff. Byallowingspecialization,tradebetweenpeopleandtradebetweencountriescanimproveeveryone'
swelfare.
6.The"
invisiblehand"
ofthemarketplacerepresentstheideathateventhoughindividualsandfirmsareallactingintheirownself-interest,pricesandthemarketplaceguidethemtodowhatisgoodforsocietyasawhole.
7.Thetwomaincausesofmarketfailureareexternalitiesandmarketpower. Anexternalityistheimpactofoneperson’sactionsonthewell-beingofabystander,suchasfrompollutionorthecreationofknowledge.Marketpowerreferstotheabilityofasingleperson(orsmallgroupofpeople)toundulyinfluencemarketprices,suchasinatownwithonlyonewelloronlyonecabletelevisioncompany. Inaddition,amarketeconomyalsoleadstoanunequaldistributionofincome.
8.Productivityisimportantbecauseacountry'
sstandardoflivingdependsonits