PRINC OF ECONOMICS PKG >CUSTOM< - 7th Edition - by Mankiw - ISBN 9781305018549
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PRINC OF ECONOMICS PKG >CUSTOM<
7th Edition
Mankiw
Publisher: CENGAGE C
ISBN: 9781305018549

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What is a competitive market? Briefly describe a type of market that is not perfectly competitive.A life-saving medicine without any close substitutes will tend to have a. a small elasticity of...Define the price elasticity of demand and the income elasticity of demand.When the government imposes a binding price floor, it causes a. the supply curve to shift to the...Give an example of a price ceiling and an example of a price floor.Jen values her time at 60 an hour. She spends 2 hours giving Colleen a massage. Colleen was willing...Explain how buyers' willingness to pay, consumer surplus, and the demand curve are related.A tax on a good has a deadweight loss if a. the reduction in consumer and producer surplus is...What happens to consumer and producer surplus when the sale of a good is taxed? How does the change...If a nation that does not allow international trade in steel has a domestic price of steel lower...What does the domestic price that prevails without international trade tell us about a nation's...Which of the following is an example of a positive externality? a. Dev mows Hillarys lawn and is...Give an example of a negative externality and an example of a positive externality.Which categories of goods are excludable? a. private goods and club goods b. private goods and...Public goods are a. efficiently provided by market forces. b. underprovided in the absence of...Explain what is meant by a good being excludable Explain what is meant by a good being rival in...What are the two most important soirees of tax revenue for the federal government? What are the two...Over the past century, has the government's tax revenue grown more or less slowly than the rest of...Xavier opens up a lemonade stand for two hours. He spends 10 for ingredients and sells 60 worth of...What is the relationship between a firm's total revenue, profit, and total cost?A perfectly competitive firm a. chooses its price to maximize profits. b. sets its price to undercut...What are the main characteristics of a competitive market?A firm is a natural monopoly if it exhibits the following as its output increases: a. decreasing...Give an example of a government-created monopoly. Is creating this monopoly necessarily bad public...Which of the following conditions does NOT describe a firm in a monopolistically competitive market?...Describe the three attributes of monopolistic competition. How is monopolistic competition like...The key feature of an oligopolistic market is that a. each firm produces a different product from...If a group of sellers could form a cartel, what quantity and price would they try to set?Approximately what percentage of U.S. national income is paid to workers, as opposed to owners of...Explain how a firms production function is related to its marginal product of labor, how a firms...Ted leaves his job as a high school math teacher and returns to school to study the latest...Why are coal miners paid more than other workers with similar amounts of education?In the United States today, the poorest fifth of the population earns about ______ percent of all...Does the richest fifth of the U.S. population earn closer to three, six, or twelve times the income...Emilio buys pizza for 10 and soda for 2. He has income of 100. His budget constraint will experience...A consumer has income of 3,000. Wine costs 3 per glass, and cheese costs 6 per pound. Draw the...Because Elaine has a family history of significant medical problems, she buys health insurance,...What is moral hazard? List three things an employer might do to reduce the severity of this problem.If the price of a hot dog is 2 and the price of a hamburger is 4, then 30 hot dogs contribute as...Explain why an economys income must equal its expenditure.The CPI measures approximately the same economic phenomenon as a. nominal GDP b. real GDP c. the GDP...Which do you think has a greater effect on the CPI: a 10 percent increase in the price of chicken or...Over the past century, real GDP per person in the United States has grown about _____ percent per...What does the level of a nations GDP measure? What does the growth rate of GDP measure? Would you...Elaine wants to buy and operate an ice-cream truck but doesnt have the financial resources to start...What is the role of the financial system? Name and describe two markets that are part of the...If the interest rate is zero, then 100 to be paid in 10 years has a present value that is a. less...The interest rate is 7 percent. Use the concept of present value to compare 200 to be received in 10...The population of Ectenia is 100 people: 40 work full-time, 20 work half-time but would prefer to...What are the three categories into which the Bureau of Labor Statistics divides everyone? How does...The money supply includes all of the following EXCEPT a. metal coins. b. paper currency. c. lines of...What distinguishes money from other assets in the economy?The classical principle of monetary neutrality states that changes in the money supply do not...Explain how an increase in the price level affects the real value of money.Comparing the U.S. economy today to that of 1950, one finds that today, as a percentage of GDP, a....Define net exports and net capital outflow. Explain how and why they are related.Holding other things constant, an increase in a nations interest rate reduces a. national saving and...Describe supply and demand in the market for loanable funds and the market for foreign-currency...When the economy goes into a recession, real GDP _________ and unemployment __________. a. rises,...Name two macroeconomic variables that decline when the economy goes into a recession. Name one...If the central bank wants to expand aggregate demand, it can _____ the money supply, which would...What is the theory of liquidity preference? How does it help explain the downward slope of the...When the Federal Reserve increases the money supply and expands aggregate demand, it moves the...Draw the short-run trade-off between inflation and unemployment. How might the Fed move the economy...Approximately how long does it take a change in monetary policy to influence aggregate demand? a. 1...What causes the lags in the effect of monetary and fiscal policies on aggregate demand? What are the...

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