CHAPTER 1 Holiday lights in mid-December: Scarce on occasion Air regardless of quality: Not scarce Land: Inherently scarce Patented goods: Artificially scarce Original Picasso Paintings: Inherently scarce Is the Incentive positive or negative? Bosses who offer time-and-a-half for working on national holidays: Positive ManWe also discuss several other topics like toxicology study guide
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datory minimum sentencing for drug offenses: Negative Fines for Littering: Negative Parents who offer their children extra allowance money for good grades: Positive Your best friend has an idea for a drive-thru bar. Indicate the best explanation for why others have not taken advantage of her idea.: Government intervention Your best friend has an idea for a long-distance car service to drive people across the country. Indicate the best explanation for why others have not taken advantage of her idea.: Unprofitable Determine whether each of the following statements is best explained by correlation without causation, an omitted variable, or reverse causation. In cities that have more police, crime rates are higher: Reverse causation Many retired people live in states where everyone uses air conditioning during the summer: An omitted variable More people come down with the flu during the Winter Olympics than during the Summer Olympics: Correlation without causation For the last five years, Punxsutawney Phil has seen his shadow on Groundhog Day, and spring has come late: Correlation without causationFor each of the pairs below, determine whether they are positively correlated, negatively correlated, or uncorrelated Time spent studying and test scores: Positively correlated Vaccination and illness: Negatively correlated Soft drink preference and music preference: Uncorrelated Income and education: Positively correlated Each statement below is part of an economic model. Indicate whether the statement is a prediction of cause and effect or an assumption. People behave rationally: Assumption If the price of a good falls, people will consume more of that good: Prediction of cause and effect Mass starvation will occur as population outgrows the food supple: Prediction of cause and effect Firms want to maximize profits: Assumption A good economic model predicts that A causes B, makes approximately accurate assumptions, and predicts things that are usually true. Determine whether each of the following statements is positive or normative (Remember that a positive statement isn’t necessarily correct, it just makes a factual claim rather than a moral judgment.) People who pay their bills on time are less likely than others to get into debt: Positive Hard work is a virtue: Normative Everyone should pay his or her bills on time: Normative China has a bigger population than any other country in the world: Positive China’s One-Child Policy (which limits families to one child each) helped to spur the country’s rapid economic growth: Positive Lower taxes are good for the country: NormativeYou just received your midterm exam results and your professor wrote the following note: “You received a 70 on this exam, the average score. If you want to improve your grade, you should study more.” Evaluate your professor’s note. The first sentence is positive The second sentence is normative CHAPTER 2 Your friend Sam has been asked to prepare appetizers for the university reception. She has an unlimited amount of ingredients and 6 hours in which to prepare them. Sam can make 320 mini-sandwiches or 160 servings of melon slices topped with smoked salmon and a dab of sauce per hour. Sam’s opportunity costs of making one mini-sandwich is: 0.5 melon appetize Sam’s opportunity cost of making one melon appetizer is: 2 mini-sandwiches Suppose the reception has been postponed, and Sam has an extra 4 hours to prepare. The opportunity cost of making one mini-sandwich is now: 0.5 melon appetizer. Suppose the reception has been postponed, and Sam has an extra 4 hours to prepare. The opportunity cost of making one melon appetizer is now: 2 mini sandwiches. Suppose Sam’s friend Chris helps by preparing the melon slices, increasing Sam’s productivity to 320 mini-sandwiches or 320 melon appetizers per hour. The opportunity cost of making one mini-sandwich is now: 1 melon appetizer. Suppose Sam’s friend Chris helps by preparing the melon slices, increasing Sam’s productivity to 320 mini-sandwiches or 320 melon appetizers per hour. The opportunity cost of making one melon appetizer is now: 1 mini-sandwich Suppose that Canada produces two goods: lumber (x) and fish (y). It has 18 million workers, each of whom can cut 10 feet of lumber or catch 20 fish each day. The maximum amount of lumber Canada could produce in a day is 180 million feet of lumber. The maximum amount of fish it could produce in a day is 360 million fish. The equation describing the production possibilities frontier is: 0.10x + 0.05y = 18 Using your equation, if 60 million feet of lumber are cut, 240 million fish can be caught.Suppose that three volunteers are preparing cookies and cupcakes for a bake sale. Diana can make 21 cookies or 24 cupcakes per hour. Andy can make 19 cookies or 23 cupcakes and Sam can make 4 cookies or 18 cupcakes. Who has the absolute advantage at making cookies? Diana At making cupcakes: Diana. Two students are assigned to work together on a project that requires both writing and an oral presentation. Steve can write 2 pages or prepare 4 minutes of a presentation each day. Anna can write 3 pages or prepare 1 minute of a presentation each day. Who has a comparative advantage at writing? Anna Suppose that Steve goes to a writing tutor and learns some tricks that enable him to write 4 pages each day. Now who has a comparative advantage at writing? Anna Suppose that the manager of a restaurant has two new employees, Rahul and Henriette, and is trying to decide which one to assign to which task. Rahul can chop 20 pounds of vegetables or wash 100 dishes per hour. Henriette can chop 30 pound of vegetables or wash 120 dishes. The Dominican Republic and Nicaragua both produce coffee and rum. The Dominican Republic can produce 25 thousand tons of coffee per year or 5 thousand barrels of rum. Nicaragua can produce 18 thousand tons of coffee per year or 3 thousand barrels of rum. Suppose the Dominican Republic and Nicaragua sign a trade agreement in which each country would specialize in the production of either coffee or rum Which country should specialize in coffee? Nicaragua Which country should specialize in rum? The Dominican Republic The minimum price at which these countries will trade rum is : 0.167 barrel per ton of coffee and the maximum price is 0.200 barrel per ton of coffee.Eleanor and her little sister Joanna are responsible for two chores on their family’s farm, gathering eggs and collecting milk. Eleanor can gather 9 dozen eggs or collect 3 gallons of milk per week. Joanna can gather 2 dozen eggs or collect 2 gallons of milk per week. The family wants 2 gallons of milk per week and as many eggs as the sisters can gather. Currently, they collect one gallon of milk each and as many eggs as they can. How many dozens of eggs does the family have per week? 7 If the sisters specialized, which sister should collect the milk? Joanna If the sisters specialized, how many dozens of eggs would the family have per week? 9 dozen eggs Maya and Max are neighbors. Each grows lettuce and tomatoes in their gardens. Maya can grow 42 heads of lettuce or 6 pounds of tomatoes this summer. Max can grow 48 heads of lettuce or 6 pounds of tomatoes this summer. If Maya and Max specialize and trade, the price of tomatoes (in terms of lettuce) would be: 1 pound of tomatoes would cost between: 7 and 8 heads of lettuce. CHAPTER 3 Consider shopping for cucumbers in a farmers’ market. For each statement below, note which characteristic of competitive markets the statement describes. A. All of the farmers have their prices posted prominently in front of their stalls. : Full information B. Cucumbers are the same price at each stall. : Participants are price takers C. There is no difficulty moving around between stalls as you shop and choosing between farmers: No transaction costs. D. You and the other customers all seem indifferent about which cucumbers to buy: Standardized good. Suppose two artists are selling paintings for the same price in adjacent booths at an art fair. By the end of the day, one artist has nearly sold out of her paintings while the other artist has sold nothing. Which characteristic of competitive markets has not been met and best explains this outcome? Standardized good.Consider the market for cars. Which determinant of demand is affected by each of the following events? A. Environmentalists launch a successful One Family, One Car campaign: Consumer preferences B. A baby boom occurred 16 years ago: Number of buyers C. Layoffs increase as the economy sheds millions of jobs: Incomes D. An oil shortage causes the price of gasoline to soar: Prices of related goods E. The government offers tax rebates in return for the purchase of commuter rail tickets: Price of related goods F. The government announces a massive plan to bail out the auto industry and subsidize production costs: Expectations. If a decrease in the price of laptops causes the demand for cell phones to increase, laptops and cell phones are: complements If rising incomes cause the demand for beer to decrease, beer is: An inferior good Consider the market for corn. Indicate whether each of the following events will cause a shift in the demand curve or a movement along the curve. If it will cause a shift, specify the direction. A. A drought hits corn-growing regions, cutting the supply of corn: Movement along the demand curve B. The government announces a new subside for biofuels made from corn: Rightward shift of demand C. A global recession reduces the incomes of consumers in poor countries, who rely on corn as a staple food (assuming corn is a normal good): Leftward shift of demand D. A new hybrid variety of corn seed causes a 15 percent increase in the yield of corn f\per acre: Movement along the demand curve E. An advertising campaign by the beef producers’ association highlights the health benefits of corn-fed beef: Rightward shift of demand Consider the market for cars. Which determinant of supply is affected by each of the following events? A. A steel tariff increases the price of steel. Prices of inputs. B. Improvements in robotics increase efficiency and reduce costs. Technology C. Factories close because of an economic downturn. Number of sellers.D. The government announces a plan to offer tax rebates for the purchase of commuter rail tickets. Expectations. E. The price of trucks falls, so factories produce more cars. Prices of related goods. F. The government announces that it will dramatically rewrite efficiency standards, making it much harder for automakers to produce their cars. Technology. Consider the market for corn. Indicate whether each of the following events will cause a shift in the supply curve or a movement along the curve. If it will cause a shift, specify the direction. A. A drought hits corn-growing regions: Leftward shift of supply B. The government announces a new subsidy for biofuels made from corn: Movement along the supply curve C. A global recession reduces the incomes of consumers in poor countries, who rely on corn as a staple food (assuming corn is a normal good): Movement along the supply curve D. A new hybrid variety of corn seed causes a 15 percent increase in the yield of corn per acre: Rightward shift of supply E. An advertising campaign by the beef producers’ association highlights the health benefits of corn-fed beef: Movement along the supply curve