曼昆_經(jīng)濟(jì)學(xué)原理答案_英文版

1、曼昆_經(jīng)濟(jì)學(xué)原理答案_英文版第一章SOLUTIONSTOTEXTPROBLEMS:QuickQuizzes1.Thefourprinciplesofeconomicdecisionmakingare:(1)peoplefacetradeoffs(2)thecostofsomethingiswhatyougiveuptogetit(3)rationalpeoplethinkatthemargin(4)peoplerespondtoince

2、ntives.Peoplefacetradeoffsbecausetogetonethingthattheyliketheyusuallyhavetogiveupanotherthingthattheylike.Thecostofsomethingiswhatyougiveuptogetitnotjustintermsofmoarycostsbutallopptunitycosts.Rationalpeoplethinkatthemar

3、ginbytakinganactionifonlyifthemarginalbenefitsexceedthemarginalcosts.Peoplerespondtoincentivesbecauseastheycomparebenefitstocostsachangeinincentivesmaycausetheirbehavitochange.2.Thethreeprinciplesconcerningeconomicintera

4、ctionsare:(1)tradecanmakeeveryonebetteroff(2)marketsareusuallyagoodwaytoganizeeconomicactivity(3)governmentscansometimesimprovemarketoutcomes.Tradecanmakeeveryonebetteroffbecauseitallowscountriestospecializeinwhattheydob

5、esttoenjoyawidervarietyofgoodsservices.Marketsareusuallyagoodwaytoganizeeconomicactivitybecausetheinvisiblehleadsmarketstodesirableoutcomes.Governmentscansometimesimprovemarketoutcomesbecausesometimesmarketsfailtoallocat

6、eresourcesefficientlybecauseofanexternalitymarketpower.3.Thethreeprinciplesthatdescribehowtheeconomyasawholewksare:(1)acountry’sstardoflivingdependsonitsabilitytoproducegoodsservices(2)pricesrisewhenthegovernmentprintsto

7、omuchmoney(3)societyfacesashtruntradeoffbetweeninflationunemployment.Acountry’sstardoflivingdependsonitsabilitytoproducegoodsserviceswhichinturndependsonitsproductivitywhichisafunctionoftheeducationofwkerstheaccesswkersh

8、avetothenecessarytoolstechnology.Pricesrisewhenthegovernmentprintstoomuchmoneybecausememoneyincirculationreducesthevalueofmoneycausinginflation.Societyfacesashtruntradeoffbetweeninflationunemploymentthatisonlytemparypoli

9、cymakershavesomeabilitytoexploitthisrelationshipusingvariouspolicyinstruments.QuestionsfReview1.Examplesoftradeoffsincludetimetradeoffs(suchasstudyingonesubjectoveranotherstudyingatallcomparedtoengaginginsocialactivities

10、)spendingtradeoffs(suchaswhethertouseyourlasttendollarsonpizzaonastudyguidefthattougheconomicscourse).2.Theopptunitycostofseeingamovieincludesthemoarycostofadmissionplusthetimecostofgoingtothetheaterattendingtheshow.Thet

11、imecostdependsonwhatelseyoumightdowiththattimeifitsstayinghomewatchingTVthetimecostmaybesmallbutifitswkinganextrathreehoursatyourjobthetimecostisthemoneyyoucouldhaveearned.3.Themarginalbenefitofaglassofwaterdependsonyour

12、circumstances.Ifyouvejustrunamarathonyouvebeenwalkinginthedesertsunfthreehoursthemarginalbenefitisveryhigh.Butifyouvebeendrinkingalotofliquidsrecentlythemarginalbenefitisquitelow.Thepointisthateventhenecessitiesoflifelik

13、ewaterdontalwayshavelargemarginalbenefits.4.Policymakersneedtothinkaboutincentivessotheycanundersthowpeoplewillrespondtothepoliciestheyputinplace.Thetextsexampleofseatbeltsshowsthatpolicyactionscanhavequiteunintendedcons

14、equences.Ifincentivesmatteralottheymayleadtoaverydifferenttypeofpolicyfexamplesomeeconomistshavesuggestedputtingknivesinsteeringcolumnssothatpeoplewilldrivemuchmecarefully!Whilethissuggestionissillyithighlightstheimptanc

15、eofincentives.5.Tradeamongcountriesisntagamewithsomeloserssomewinnersbecausetradecanmakeeveryonebetteroff.Byallowingspecializationtradebetweenpeopletradebetweencountriescanimproveeveryoneswelfare.6.The“invisibleh“ofthema

16、rketplacerepresentstheideathateventhoughindividualsfirmsareallactingintheirownselfinterestpricesthemarketplaceguidethemtodowhatisgoodfsocietyasawhole.7.Thetwomaincausesofmarketfailureareexternalitiesmarketpower.Anexterna

17、lityistheimpactofoneperson’sactionsonthewellbeingofabystersuchasfrompollutionthecreationofknowledge.Marketpowerreferstotheabilityofasingleperson(smallgroupofpeople)toundulyinfluencemarketpricessuchasinatownwithonlyonewel

18、lonlyonecabletelevisioncompany.Inadditionamarketeconomyalsoleadstoanunequaldistributionofincome.8.Productivityisimptantbecauseacountrysstardoflivingdependsonitsabilitytoproducegoodsservices.Thegreateracountrysproductivit

19、y(theamountofgoodsservicesproducedfromeachhourofawkerstime)thegreaterwillbeitsstardofliving.9.Inflationisanincreaseintheoveralllevelofpricesintheeconomy.Inflationiscausedbyincreasesinthequantityofanationsmoney.第1頁曼昆_經(jīng)濟(jì)學(xué)原

20、理答案_英文版efficiencybutreducesequity.9.Byspecializingineachtaskyouyourroommatecanfinishthechesmequickly.Ifyoudividedeachtaskequallyitwouldtakeyoumetimetocookthanitwouldtakeyourroommateitwouldtakehimmetimetocleanthanitwouldt

21、akeyou.Byspecializingyoureducethetotaltimespentonches.Similarlycountriescanspecializetrademakingbothbetteroff.FexamplesupposeittakesSpanishwkerslesstimetomakeclothesthanFrenchwkersFrenchwkerscanmakewinemeefficientlythanS

22、panishwkers.ThenSpainFrancecanbothbenefitifSpanishwkersproducealltheclothesFrenchwkersproduceallthewinetheyexchangesomewinefsomeclothes.10.a.Beingacentralplanneristough!ToproducetherightnumberofCDsbytherightartistsdelive

23、rthemtotherightpeoplerequiresanenmousamountofinfmation.YouneedtoknowaboutproductiontechniquescostsintheCDindustry.Youneedtoknoweachpersonsmusicaltasteswhichartiststheywanttohear.Ifyoumakethewrongdecisionsyoullbeproducing

24、toomanyCDsbyartiststhatpeopledontwanttohearnotenoughbyothers.b.YourdecisionsabouthowmanyCDstoproducecarryovertootherdecisions.YouhavetomaketherightnumberofCDplayersfpeopletouse.IfyoumaketoomanyCDsnotenoughcassettetapespe

25、oplewithcassetteplayerswillbestuckwithCDstheycantplay.Theprobabilityofmakingmistakesisveryhigh.Youwillalsobefacedwithtoughchoicesaboutthemusicindustrycomparedtootherpartsoftheeconomy.Ifyouproducemesptsequipmentyoullhavef

26、ewerresourcesfmakingCDs.SoalldecisionsabouttheeconomyinfluenceyourdecisionsaboutCDproduction.11.a.Efficiency:ThemarketfailurecomesfromthemonopolybythecableTVfirm.b.Equityc.Efficiency:Anexternalityarisesbecausesecondhsmok

27、eharmsnonsmokers.d.Efficiency:ThemarketfailureoccursbecauseofStardOilsmonopolypower.e.Equityf.Efficiency:Thereisanexternalitybecauseofaccidentscausedbydrunkdrivers.12.a.Ifeveryonewereguaranteedthebesthealthcarepossiblemu

28、chmeofournationsoutputwouldbedevotedtomedicalcarethanisnowthecase.WouldthatbeefficientIfyouthinkthatcurrentlydoctsfmamonopolyrestricthealthcaretokeeptheirincomeshighyoumightthinkefficiencywouldincreasebyprovidingmehealth

29、care.Butmelikelyifthegovernmentmatedincreasedspendingonhealthcaretheeconomywouldbelessefficientbecauseitwouldgivepeoplemehealthcarethantheywouldchoosetopayf.Fromthepointofviewofequityifpopeoplearelesslikelytohaveadequate

30、healthcareprovidingmehealthcarewouldrepresentanimprovement.Eachpersonwouldhaveameevensliceoftheeconomicpiethoughthepiewouldconsistofmehealthcarelessofothergoods.b.Whenwkersarelaidoffequityconsiderationsargueftheunemploym

31、entbenefitssystemtoprovidethemwithsomeincomeuntiltheycanfindnewjobs.Afterallnooneplanstobelaidoffsounemploymentbenefitsareafmofinsurance.Butthere’sanefficiencyproblemwhywkifyoucangetincomefdoingnothingTheeconomyisn’toper

32、atingefficientlyifpeopleremainunemployedfalongtimeunemploymentbenefitsencourageunemployment.Thusthere’satradeoffbetweenequityefficiency.Themegenerousareunemploymentbenefitsthelessincomeislostbyanunemployedpersonbutthemet

33、hatpersonisencouragedtoremainunemployed.Sogreaterequityreducesefficiency.13.SinceaverageincomeintheUnitedStateshasroughlydoubledevery35yearswearelikelytohaveabetterstardoflivingthanourparentsamuchbetterstardoflivingthano

34、urgrparents.Thisismainlytheresultofincreasedproductivitysothatanhourofwkproducesmegoodsservicesthanitusedto.Thusincomeshavecontinuouslyrisenovertimeashasthestardofliving.14.IfAmericanssavemeitleadstomespendingonfactiesth

35、erewillbeanincreaseinproductionproductivitysincethesamenumberofwkerswillhavemeequipmenttowkwith.Thebenefitsfromhigherproductivitywillgotoboththewkerswhowillgetpaidmesincetheyreproducingmethefactyownerswhowillgetareturnon

36、theirinvestments.Thereisnosuchthingasafreelunchhoweverbecausewhenpeoplesavemetheyaregivingupspending.Theygethigherincomesatthecostofbuyingfewergoods.15.a.Ifpeoplehavememoneytheyareprobablygoingtospendmeongoodsservices.b.

37、Ifpricesarestickypeoplespendmeongoodsservicesthenoutputmayincreaseasproducersincreaseoutputtomeetthehigherdemratherthanraisingprices.c.Ifpricescanadjustthenthehigherspendingofconsumerswillbematchedwithincreasedpricesoutp

38、utwontrise.16.Tomakeanintelligentdecisionaboutwhethertoreduceinflationapolicymakerwouldneedtoknowwhatcausesinflationunemploymentaswellaswhatdeterminesthetradeoffbetweenthem.Anyattempttoreduceinflationwilllikelyleadtohigh