Practice Questions Chapter 1 1. People respond to incentives ...

More documents

Recommendations

Info

3. a. What type of market is represented in Exhibit 2: perfect competition,monopoly, or natural monopoly? Explain.Exhibit 2b. Show the profit or loss generated by this firm in Exhibit 2 assuming thatthe firm maximizes profit.c. Suppose government regulators force this firm to set the price equal toits marginal cost in order to improve efficiency in this market. In Exhibit3 show the profit or loss generated by this firm.Exhibit 3d. In the long run, will forcing this firm to charge a price equal to itsmarginal cost improve efficiency? Explain.Practice Questions to accompany Mankiw & Taylor: Economics 40
Chapter 161. In which market structure would you place each of the followingproducts: monopoly, oligopoly, monopolistic competition, or perfectcompetition? Why?a. Retail market for water and sewerage servicesb. Economics textbooksc. Economics, by N. Gregory Mankiw and Mark P. Taylord. Photographic filme. Restaurants in a large cityf. Car tyresg. Breakfast cerealh. Gold bullioni. Air travel from any one airportPractice Questions to accompany Mankiw & Taylor: Economics 41
Page 1 and 2: Practice QuestionsChapter 11. Peopl
Page 3 and 4: c. If Athletic Country currently pr
Page 5 and 6: Chapter 31. Angela is a college stu
Page 7 and 8: l. How would your analysis change i
Page 9 and 10: f. Suppose that the bicycle maker's
Page 11 and 12: Chapter 51. For each pair of goods
Page 13 and 14: Chapter 61. Use the following suppl
Page 15 and 16: a. Plot the supply and demand curve
Page 17 and 18: Chapter 71. The following informati
Page 19 and 20: 4. In Exhibit 3, plot the linear su
Page 21 and 22: 2. Use Exhibit 3, which shows the m
Page 23 and 24: 2. Use Exhibit 4 to answer the foll
Page 25 and 26: Chapter 101. The information below
Page 27 and 28: a. Draw the demand for the right to
Page 29 and 30: Chapter 121. a. Fill out the table
Page 31 and 32: c. Suppose the only objective of th
Page 33 and 34: a. Plot the production function in
Page 35 and 36: Chapter 141. Are the following mark
Page 37 and 38: c. In Exhibit 3, show the adjustmen
Page 39: . Plot the demand curve and the mar
Page 43 and 44: f. If both firms are cheating and p
Page 45 and 46: d. In Exhibit 1, show the deadweigh
Page 47 and 48: 2. Suppose there is an increase in
Page 49 and 50: Chapter 191. Within each of the fol
Page 51 and 52: a. Using the negative income tax sc
Page 53 and 54: 2. Use Exhibit 2 to answer the foll
Page 55 and 56: Chapter 221. For each of the follow
Page 57 and 58: c. If voters must choose between C
Page 59 and 60: f. What is the value of the GDP def
Page 61 and 62: d. In the case described above, act
Page 63 and 64: Chapter 261. Fly-by-night Corporati
Page 65 and 66: d. Starting at the original equilib
Page 67 and 68: . Bruce discovers that he has a liv
Page 69 and 70: . Does the minimum wage have any im
Page 71 and 72: 2. Suppose the entire economy conta
Page 73 and 74: d. Was wealth redistributed to the
Page 75 and 76: e. Suppose prices move as you have
Page 77 and 78: 2. a. Suppose private saving increa
Page 79 and 80: . What happens to the price level a
Page 81 and 82: c. The taste for the country’s pr
Page 83 and 84: f. Suppose the economy is operating
Page 85 and 86: Chapter 361. Use the aggregate supp
Page 87: e. Did the activist fiscal policy s

Practice Questions Chapter 1 1. People respond to incentives ...

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?