曼昆经济学原理微观经济学英文版习题答案.docx

曼昆经济学原理微观经济学英文版习题答案.docx

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Chapter1/TenPrinciplesofEconomicsF17

UNIT1

SOLUTIONSTOTEXTPROBLEMS:

QuickQuizzes

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