PRINCIPLES OF MICROECONOMICS (OER)
2nd Edition
ISBN: 9781947172340
Author: Timothy Taylor, Steven A. Greenlaw
Publisher: OpenStax
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Textbook Question
Chapter 1, Problem 23CTQ
A balanced federal budget and a
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A balanced federal budget and a balance of trade are secondary goals of macroeconomics, while growth in the standard of living (for example)
A balanced federal budget and a balance of tradeare secondary goals of macroeconomics, while growthin the standard of living (for example) is a primary goal.Why do you think that is so?
What are the three important macroeconomic goals about which most economists, and society at large, agree?
a.
economic growth, zero unemployment, and falling prices
b.
economic growth, low unemployment, and a balanced budget
c.
economic growth, high employment, and stable prices
d.
economic growth, a balanced budget, and balanced international trade
Chapter 1 Solutions
PRINCIPLES OF MICROECONOMICS (OER)
Ch. 1 - What is scarcity? Can you think of two causes of...Ch. 1 - Residents of the town of Smithfield like to...Ch. 1 - A consultant works for 200 per hour. She likes to...Ch. 1 - A computer systems engineer could paint his house,...Ch. 1 - What would be another example of a system in the...Ch. 1 - Suppose we extend the circular flow model to add...Ch. 1 - What is an example of a problem in the world...Ch. 1 - The chapter defines private enterprise as a...Ch. 1 - Why might Belgium, France, Italy, and Sweden have...Ch. 1 - Give the three reasons that explain why the...
Ch. 1 - What are three reasons to study economics?Ch. 1 - What is the difference between microeconomics and...Ch. 1 - What are examples of individual economic agents?Ch. 1 - What are the three main goals of macroeconomics?Ch. 1 - How did John Mayhem Keynes define economics?Ch. 1 - Are households primarily buyers or sellers in the...Ch. 1 - Are firms primarily buyers or sellers in the goods...Ch. 1 - What are the three ways that societies can...Ch. 1 - What is globalization? How do you think it might...Ch. 1 - Suppose you have a team of two workers: one is a...Ch. 1 - Why would division of labor without trade not...Ch. 1 - Can you think of any examples of free goods, that...Ch. 1 - A balanced federal budget and a balance of trade...Ch. 1 - Macroeconomics is an aggregate of what happens at...Ch. 1 - Why is it unfair or meaningless to criticize a...Ch. 1 - Suppose, as an economist, you are asked to analyze...Ch. 1 - Why do you think that most modern countries...Ch. 1 - Can you think of ways that globalization has...
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- International data show a positive correlation between political stability and economic growth. Through what mechanism could strong economic growth lead to political stability?arrow_forwardWhat are our nation’s major macroeconomic goals? Are they in conflict with each other?arrow_forwardClimate differences affect the economic development of countries. For example, undeveloped countries live in tropical and sub-tropical zones whereas highly developed nations live in temperate zones. Give two reasons why differences in climate tend to affect growth in economic development.arrow_forward
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