曼昆微观经济学习题.docx

曼昆微观经济学习题.docx

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曼昆微观经济学习题

1.Describesomeofthetrade-offsfacedbyeachof

thefollowing:

a.afamilydecidingwhethertobuyanewcar

b.amemberofCongressdecidinghowmuch

tospendonnationalparks

c.acompanypresidentdecidingwhetherto

openanewfactory

d.aprofessordecidinghowmuchtoprepare

forclass

e.arecentcollegegraduatedecidingwhether

togotograduateschool

2.Youaretryingtodecidewhethertotakea

vacation.Mostofthecostsofthevacation（airfare,

hotel,andforgonewages）aremeasuredin

dollars,butthebenefitsofthevacationarepsychological.

Howcanyoucomparethebenefits

tothecosts?

3.YouwereplanningtospendSaturdayworking

atyourpart-timejob,butafriendasksyouto

goskiing.Whatisthetruecostofgoingskiing?

Nowsupposeyouhadbeenplanningtospend

thedaystudyingatthelibrary.Whatisthecost

ofgoingskiinginthiscase?

Explain.

4.Youwin$100inabasketballpool.Youhave

achoicebetweenspendingthemoneynowor

puttingitawayforayearinabankaccount

thatpays5percentinterest.Whatistheopportunity

costofspendingthe$100now?

5.Thecompanythatyoumanagehasinvested

$5millionindevelopinganewproduct,butthe

developmentisnotquitefinished.Atarecent

meeting,yoursalespeoplereportthattheintroduction

ofcompetingproductshasreduced

theexpectedsalesofyournewproductto

$3million.Ifitwouldcost$1milliontofinish

developmentandmaketheproduct,should

yougoaheadanddoso?

Whatisthemostthat

youshouldpaytocompletedevelopment?

6.TheSocialSecuritysystemprovidesincomefor

peopleoverage65.IfarecipientofSocial

Securitydecidestoworkandearnsome

income,theamountheorshereceivesinSocial

Securitybenefitsistypicallyreduced.

a.HowdoestheprovisionofSocialSecurity

affectpeople’sincentivetosavewhile

working?

b.Howdoesthereductioninbenefitsassociated

withhigherearningsaffectpeople’s

incentivetoworkpastage65?

7.A1996billreformingthefederalgovernment’s

antipovertyprogramslimitedmanywelfare

recipientstoonlytwoyearsofbenefits.

a.Howdoesthischangeaffecttheincentives

forworking?

b.Howmightthischangerepresentatrade-off

betweenequalityandefficiency?

8.Yourroommateisabettercookthanyouare,

butyoucancleanmorequicklythanyour

roommatecan.Ifyourroommatedidallthe

cookingandyoudidallthecleaning,would

yourchorestakeyoumoreorlesstimethanif

youdividedeachtaskevenly?

Giveasimilar

exampleofhowspecializationandtradecan

maketwocountriesbothbetteroff.

9.Explainwhethereachofthefollowinggovernment

activitiesismotivatedbyaconcernabout

equalityoraconcernaboutefficiency.Inthe

caseofefficiency,discussthetypeofmarket

failureinvolved.

a.regulatingcableTVprices

b.providingsomepoorpeoplewithvouchers

thatcanbeusedtobuyfood

c.prohibitingsmokinginpublicplaces

d.breakingupStandardOil（whichonce

owned90percentofalloilrefineries）into

severalsmallercompanies

e.imposinghigherpersonalincometaxrates

onpeoplewithhigherincomes

f.institutinglawsagainstdrivingwhile

intoxicated

10.Discusseachofthefollowingstatementsfrom

thestandpointsofequalityandefficiency.

a.“Everyoneinsocietyshouldbeguaranteed

thebesthealthcarepossible.”

b.“Whenworkersarelaidoff,theyshouldbe

abletocollectunemploymentbenefitsuntil

theyfindanewjob.”

11.Inwhatwaysisyourstandardoflivingdifferent

fromthatofyourparentsorgrandparents

whentheywereyourage?

Whyhavethese

changesoccurred?

12.SupposeAmericansdecidetosavemoreof

theirincomes.Ifbankslendthisextrasavingto

businesses,whichusethefundstobuildnew

factories,howmightthisleadtofastergrowth

inproductivity?

Whodoyousupposebenefits

fromthehigherproductivity?

Issocietygetting

afreelunch?

13.In2010,PresidentBarackObamaandCongress

enactedahealthcarereformbillintheUnited

States.Twogoalsofthebillweretoprovide

moreAmericanswithhealthinsurance（viasubsidies

forlower-incomehouseholdsfinanced

bytaxesonhigher-incomehouseholds）and

toreducethecostofhealthcare（viavarious

reformsinhowhealthcareisprovided）.

a.Howdothesegoalsrelatetoequalityand

efficiency?

b.Howmighthealthcarereformincreaseproductivity

intheUnitedStates?

c.Howmighthealthcarereformdecreaseproductivity

intheUnitedStates?

14.DuringtheRevolutionaryWar,theAmerican

coloniescouldnotraiseenoughtaxrevenue

tofullyfundthewareffort;tomakeupthis

difference,thecoloniesdecidedtoprintmore

money.Printingmoneytocoverexpenditures

issometimesreferredtoasan“inflationtax.”

Whodoyouthinkisbeing“taxed”whenmore

moneyisprinted?

Why?

15.Imaginethatyouareapolicymakertryingto

decidewhethertoreducetherateofinflation.

Tomakeanintelligentdecision,whatwould

youneedtoknowaboutinflation,unemployment,

andthetrade-offbetweenthem?

16.Apolicymakerisdecidinghowtofinancethe

constructionofanewairport.Hecaneither

payforitbyincreasingcitizens’taxesorby

printingmoremoney.Whataresomeofthe

short-runandlong-runconsequencesofeach

option?

1.Drawacircular-flowdiagram.Identifythe

partsofthemodelthatcorrespondtotheflow

ofgoodsandservicesandtheflowofdollars

foreachofthefollowingactivities.

a.Selenapaysastorekeeper$1foraquartof

milk.

b.Stuartearns$4.50perhourworkingatafastfood

restaurant.

c.Shannaspends$30togetahaircut.

d.Sallyearns$10,000fromher10percent

ownership

ofAcmeIndustrial.

2.Imagineasocietythatproducesmilitarygoods

andconsumergoods,whichwe’llcall“guns”

and“butter.”

a.Drawaproductionpossibilitiesfrontierfor

gunsandbutter.Usingtheconceptofopportunity

cost,explainwhyitmostlikelyhasa

bowed-outshape.

b.Showapointthatisimpossiblefortheeconomy

toachieve.Showapointthatisfeasible

butinefficient.

c.Imaginethatthesocietyhastwopolitical

parties,calledtheHawks（whowanta

strongmilitary）andtheDoves（whowanta

smallermilitary）.Showapointonyourproduction

possibilitiesfrontierthattheHawks

mightchooseandapointtheDovesmight

choose.

d.Imaginethatanaggressiveneighboring

countryreducesthesizeofitsmilitary.Asa

result,boththeHawksandtheDovesreduce

theirdesiredproductionofgunsbythesame

amount.Whichpartywouldgetthebigger

“peacedividend,”measuredbytheincrease

inbutterproduction?

Explain.

3.Thefirstprincipleofeconomicsdiscussedin

Chapter1isthatpeoplefacetrade-offs.Use

aproductionpossibilitiesfrontiertoillustrate

society’strade-offbetweentwo“goods”—a

cleanenvironmentandthequantityofindustrial

output.Whatdoyousupposedetermines

theshapeandpositionofthefrontier?

Show

whathappenstothefrontierifengineers

developanewwayofproducingelectricity

thatemitsfewerpollutants.

4.Aneconomyconsistsofthreeworkers:

Larry,

Moe,andCurly.Eachworkstenhoursaday

andcanproducetwoservices:

mowinglawns

andwashingcars.Inanhour,Larrycaneither

mowonelawnorwashonecar;Moecaneither

mowonelawnorwashtwocars;andCurly

caneithermowtwolawnsorwashonecar.

a.Calculatehowmuchofeachserviceisproduced

underthefollowingcircumstances,

whichwelabelA,B,C,andD:

•Allthreespendalltheirtimemowing

lawns.（A）

•Allthreespendalltheirtimewashing

cars.（B）

•Allthreespendhalftheirtimeoneach

activity.（C）

•Larryspendshalfhistimeoneachactivity,

whileMoeonlywashescarsandCurly

onlymowslawns.（D）

b.Graphtheproductionpossibilitiesfrontier

forthiseconomy.Usingyouranswersto

part（a）,identifypointsA,B,C,andDon

yourgraph.

c.Explainwhytheproductionpossibilities

frontierhastheshapeitdoes.

d.Areanyoftheallocationscalculatedinpart

（a）inefficient?

Explain.

5.Classifythefollowingtopicsasrelatingto

microeconomicsormacroeconomics.

a.afamily’sdecisionabouthowmuchincome

tosave

b.theeffectofgovernmentregulationsonauto

emissions

c.theimpactofhighernationalsavingoneconomic

growth

d.afirm’sdecisionabouthowmanyworkers

tohire

e.therelationshipbetweentheinflationrate

andchangesinthequantityofmoney

6.Classifyeachofthefollowingstatementsas

positiveornormative.Explain.

a.Societyfacesashort-runtrade-offbetween

inflationandunemployment.

b.Areductionintherateofmoneygrowthwill

reducetherateofinflation.

c.TheFederalReserveshouldreducetherate

ofmoneygrowth.

d.Societyoughttorequirewelfarerecipientsto

lookforjobs.

e.Lowertaxratesencouragemoreworkand

moresaving.

7.Ifyouwerepresident,wouldyoubemore

interestedinyoureconomicadvisers’positive

viewsortheirnormativeviews?

Why?

1.Mariacanread20pagesofeconomicsinan

hour.Shecanalsoread50pagesofsociologyin

anhour.Shespends5hoursperdaystudying.

a.DrawMaria’sproductionpossibilitiesfrontier

forreadingeconomicsandsociology.

b.WhatisMaria’sopportunitycostofreading

100pagesofsociology?

2.AmericanandJapaneseworkerscaneachproduce

4carsayear.AnAmericanworkercan

produce10tonsofgrainayear,whereasa

Japaneseworkercanproduce5tonsofgraina

year.Tokeepthingssimple,assumethateach

countryhas100millionworkers.

a.Forthissituation,constructatableanalogous

tothetableinFigure1.

b.Graphtheproductionpossibilitiesfrontierof

theAmericanandJapaneseeconomies.

c.FortheUnitedStates,whati