经济学课件-英文(8)
宏观经济学英文PPT课件
Gross Domestic Product
In this chapter, look for the answers to these questions:
What is Gross Domestic Product (GDP)?
How is GDP related to a nation’s total income and spending?
Gross Domestic Product (GDP) measures total income of everyone in the economy. GDP also measures total expenditure on the economy’s output of g&s.
For the economy as a whole, income equals expenditure, because
Macroeconomics: The study of the economy as a whole.
We begin our study of macroeconomics with the country’s total income and expenditure.
Income and Expenditure
Intermediate goods: used as components or ingredients in the production of other goods
GDP only includes final goods – they already embody the value of the intermediate goods used in their production.
克鲁格曼国际经济学课件英文官方第10版1第八章
AC = nF/S + c
• If the number of firms is greater than or less than the equilibrium n, then firms have an incentive to exit or enter the industry.
8-9
Monopolistic Competition (cont.)
8-10
Monopolistic Competition (cont.)
8-11
Monopolistic Competition (cont.)
8-12
Monopolistic Competition (cont.)
8-13
– AC = 5/Q – MC = 1
• Marginal cost is the cost of producing an additional unit of output.
8-7
Fig. 8-1: Monopolistic Pricing and Production Decisions
• The profit-maximizing output occurs where marginal revenue equals marginal cost.
– And because AC decrease, consumers can also benefit from a lower price.
曼昆《经济学原理》(宏观经济学分册)英文原版PPT课件
THE COMPONENTS OF GDP • GDP includes all items produced in the economy and sold legally n markets. • What Is Not Counted in GDP?
– Every transaction has a buyer and a seller. – Every dollar of spending by some buyer is a dollar of income for some seller.
© 2007 Thomson South-Western
Y = C + I + G + NX
© 2007 Thomson South-Western
THE COMPONENTS OF GDP • Consumption (C):
• The spending by households on goods and services, with the exception of purchases of new housing. • Investment (I):
© 2007 Thomson South-Western
Table 2 Real and Nominal GDP
© 2007 Thomson South-Western
Table 2 Real and Nominal GDP
© 2007 Thomson South-Western
Table 2 Real and Nominal GDP
• “. . . Final . . .” – It records only the value of final goods, not intermediate goods (the value is counted only once).
中级宏观经济学(英文)8-The Money Market
Exercise
P254 4.
Consider the impact of an increase in thriftiness in the Keynesian Cross. Suppose C C c(Y T ) , where C is a parameter called autonomous consumption and c is the marginal propensity to consumption. a. What happens to equilibrium income when the society becomes more thrifty (decline in C )? b. What happens to equilibrium savings? c. Why do you suppose this result is called the paradox of thrift?
The Money Market & LM Curve
How does such a monetary tightening influence interest rate?
It depends…
LR: Fisher effect: inflation↓ interest rate ↓ SR: Liquidity theory: M ↓ interest rate ↑
r LM
A
IS Y
Monetary & Fiscal Policies
3. Fed. wants to prevent the recession
r LM
A
IS Y
Monetary & Fiscal Policies
曼昆中级宏观经济学(英文) (8)
2. Every month, collect data on prices of all
3. CPI in any month equals
Cost of basket in that month 100 Cost of basket in base period
Exercise: Compute the CPI
Figure 2 - 1
Nominal and Real U.S. GDP, Since 1960 From 1960 to 2006, nominal GDP increased by a factor of 25. Real GDP increased by a factor of about 4.5.
Macroeconomics
Chapter 2
9
Important identity
GDP＝C＋I＋G＋NX
Y = C + I + G + NX
Y = GDP = the value of total output C + I + G + NX = aggregate expenditure
投资Investment (I)
l National Income – Income earned by factors of production.
Macroeconomics
Chapter 2
15
Relationship between GDP and National Income
Macroeconomics
Chapter 2
GDP as a Welfare Measure
GDP does not: l Consider change in income distribution l Include non-market goods. l Assign value to leisure. l Consider environmental damage.
布兰查德宏观经济学第七版第7版英文版chapter (8)
Macroeconomics, 7e (Blanchard)Chapter 8: The Phillips Curve, the Natural Rate of Unemployment, and Inflation8.1 Inflation, Expected Inflation, and Unemployment1) In which of the following periods was the relationship between the U.S. unemployment rate and U.S. inflation rate unstable?A) 1901 to 1909B) 1911 to 1919C) 1921 to 1929D) 1931 to 1939E) none of the aboveAnswer: DDiff: 22) In the Phillips curve equation, which of the following will cause an increase in the current inflation rate?A) an increase in the expected inflation rateB) a reduction in the unemployment rateC) an increase in the markup, mD) all of the aboveE) none of the aboveAnswer: DDiff: 23) Data for which country were first used to illustrate the relationship between unemployment and inflation (i.e., the original Phillips curve)?A) FranceB) United StatesC) CanadaD) GermanyE) none of the aboveAnswer: EDiff: 14) Which of the following individuals first discovered the relationship between unemployment and inflation?A) SolowB) SamuelsonC) FriedmanD) PhillipsAnswer: DDiff: 15) Which of the following individuals first discovered the relationship between unemployment and inflation for the United States?A) Solow and FriedmanB) Samuelson and SolowC) Friedman and PhillipsD) Friedman and PhelpsAnswer: BDiff: 16) Explain what is meant by the "wage-price" spiral.Answer: The wage-price spiral refers to the effects of low unemployment on inflation. Specifically, when the unemployment rate falls, the nominal wage will rise. As W rises, firms' costs increase causing them to increase prices. As prices rise, workers will later ask for increases in the nominal wage. This increase in W again causes firms' costs and prices to rise and the process repeats itself.Diff: 17) Based on the 'early incarnation' of the Phillips curve, explain what effect an increase in the unemployment rate will have on the inflation rate.Answer: An increase in u will cause a reduction in W. As W falls, firms' costs fall. As firms' costs fall, they will reduce the price level. This reduction in the price level represents, in this case, deflation.Diff: 28.2 The Philips Curve and Its Mutations1) Since approximately 1970, the most stable Phillips-type relationship for the United States has been between which of the following?A) the rate of inflation and the change in the unemployment rateB) the unemployment rate and the change in the rate of inflationC) the change in the unemployment rate and the change in the rate of inflationD) the inverse of the unemployment rate and the rate of inflationE) the unemployment rate and the rate of inflationAnswer: BDiff: 22) Which of the following assumptions best characterized the assumption about how individuals formed expectations of inflation by the early 1970s?A) Expected inflation for the current year was smaller than the previous year's inflation rate.B) Expected inflation for the current year was approximately equal to the previous year's inflation rate.C) Expected inflation for the current year was less than the previous year's inflation rate.D) Expected inflation for the current year equal to the average inflation rate over the past five years.E) Expected inflation for the current year equal to the average inflation rate over the past ten years.Answer: BDiff: 23) When inflation has not been very persistent, as was the case in the United States before the mid-1960s, we can expect thatA) the expected price level for a given year will equal the previous year's actual price level.B) the current inflation rate will not depend heavily on past years' inflation rates.C) lower unemployment rates will be associated with higher inflation rates.D) all of the aboveE) none of the aboveAnswer: DDiff: 24) When inflation has been persistent, as was the case in the United States during the 1970s, low unemployment rates will likely be associated withA) low natural rates of unemployment.B) high natural rates of unemployment.C) low but stable rates of inflation.D) high but stable rates of inflation.E) increases in the inflation rate.Answer: EDiff: 25) For this question, assume that individuals form expectations of inflation according to the following equation πe t= θπt-1. From 1970 on, the value of θ for this equationA) increased over time and approached 1.B) decreased over time and approached zero.C) remained constant at zero.D) remained constant at negative one.E) none of the aboveAnswer: ADiff: 26) For this question, assume that the Phillips curve equation is represented by the following equation:πt - πt-1 = (m + z) - αu t. A reduction in the unemployment rate will causeA) a reduction in the markup over labor costs (i.e., a reduction in m).B) an increase in the markup over labor costs.C) an increase in the inflation rate over time.D) a decrease in the inflation rate over time.E) none of the aboveAnswer: DDiff: 27) For this question, assume that the expected rate of inflation is a function of past year's inflation. Also assume that the unemployment rate has greater than the natural rate of unemployment for a number of years. Given this information, we know thatA) the rate of inflation will approximately be equal to zero.B) the rate of inflation should neither increase nor decrease.C) the rate of inflation should steadily increase over time.D) the rate of inflation should steadily decrease.E) the inflation rate will be approximately equal to the natural rate of unemployment. Answer: DDiff: 28) The original Phillips curve implied or assumed thatA) the markup over labor costs was zero.B) the expected rate of inflation would be zero.C) the actual and expected rates of inflation would always be equal.D) all of the aboveE) none of the aboveAnswer: BDiff: 29) For this question, assume that the Phillips curve equation is represented by the following equation:πt - πt-1 = (m + z) - αu t. Given this information, the natural rate of unemployment will be equal toA) m + z.B) (m + z - α).C) α(m + z).D) 0.E) none of the aboveAnswer: EDiff: 210) For this question, assume that the Phi llips curve equation is represented by the following: πt - πt-1 = (m + z) - αu t. Which of the following will cause a reduction in the natural rate of unemployment?A) an increase in mB) an increase in zC) an increase in αD) an increase in actual inflationE) an increase in expected inflationAnswer: CDiff: 211) For this question, assume that the Phillips curve equation is represented by the following: πt - πt-1 = (m + z) - αu t. Which of the following will not cause an increase in the natural rate of unemployment?A) a reduction in mB) a reduction in zC) an increase in αD) an increase in the expected rate of inflationE) all of the aboveAnswer: DDiff: 212) Use the following Phillips curve equation to answer this question: πt - πt-1 = (m + z) - αu t. Which of the following will cause an increase in the natural rate of unemployment?A) a reduction in mB) an increase in zC) an increase in αD) a reduction in expected inflationE) none of the aboveAnswer: BDiff: 213) In which of the following decades did the Phillips curve break down for the U.S.?A) 1940sB) 1950sC) 1960sD) none of the aboveAnswer: DDiff: 114) Assume that expected inflation is based on the following: πe t= θπt-1. An increase in θ will causeA) an increase in the natural rate of unemployment.B) a reduction in the natural rate of unemployment.C) no change in the natural rate of unemployment.D) inflation in period t to be more responsive to changes in unemployment in period t. Answer: CDiff: 215) Assume that expected inflation is based on the following: πe t= θπt-1. If θ = 0, we know thatA) a reduction in the unemployment rate will have no effect on inflation.B) low rates of unemployment will cause steadily increasing rates of inflation.C) high rates of unemployment will cause steadily declining rates of inflation.D) the Phillips curve illustrates the relationship between the level of inflation rate and the level of the unemployment rate.Answer: DDiff: 216) Assume that expected inflation is based on the following: πe t= θπt-1. If θ = 1, we know thatA) a reduction in the unemployment rate will have no effect on inflation.B) low rates of unemployment will cause steadily increasing rates of inflation.C) the actual unemployment rate will not deviate from the natural rate of unemployment.D) the Phillips curve illustrates the relationship between the level of inflation rate and the level of the unemployment rate.Answer: BDiff: 217) Suppose policy makers underestimate the natural rate of unemployment. In a situation like this, policy makers might implement a policy thatA) attempts to maintain output below the natural level of output.B) results in deflation.C) both A and BD) results in steadily rising inflation.Answer: DDiff: 218) During which decade did the original Phillips curve break down? Also, briefly explain why the original Phillips curve broke during this period.Answer: The original Phillips curve broke down in the United States in the 1970s. First, the United States was affected by oil shocks that would cause an increase in both inflation and the unemployment rate. Second, individuals changed the way they formed expectations of prices. Rather than assume that this year's price level would be equal to last year's price level (i.e., zero expected inflation), individuals started to assume that previous inflation would persist.Diff: 219) Explain how the original Phillips curve differs from the expectations-augmented Phillips curve (or the modified, or accelerationist Phillips curve).Answer: The original Phillips curve did not take into account the effects of changes in expected inflation on inflation. The expectations-augmented Phillips curve did allow for changes in expected inflation to affect actual inflation.Diff: 28.3 The Philips Curve and the Natural Rate of Unemployment1) Which of the following will not cause an increase in the natural rate of unemployment?A) an increase in mB) an increase in zC) an increase in the expected inflation rateD) a reduction in mE) none of the aboveAnswer: CDiff: 22) Since 1970, the evidence for the U.S. suggests that the average rate of unemployment required to keep inflation constant has beenA) between 1% and 2%.B) between 2% and 3%.C) between 3% and 4%.D) between 9% and 10%.E) none of the aboveAnswer: EDiff: 23) The evidence for the U.S. suggests that the natural rate of unemployment hasA) increased by more than 5% since the 1960s.B) increased by 1 to 2% since the 1960s.C) decreased from 2000-2007, lower than it had been in the 1980s.D) decreased by more than 5% since the 1960s.E) fluctuated over time since the 1960s.Answer: CDiff: 14) When a worker's nominal wage is indexed, the nominal wage is usually automatically adjusted based on movements in which of the following variables?A) productivityB) the price of the firm's productC) the average wage in the countryD) the average wage in the industryE) none of the aboveAnswer: EDiff: 15) If a country experiences persistently low inflation, which of the following tends NOT to occur?A) wage indexation will become less importantB) nominal wages will be set for shorter periods of timeC) the markup over labor costs will decreaseD) all of the aboveAnswer: ADiff: 26) Which of the following will tend to occur as a result of a reduction in the proportion of a country's workers who have indexed wages?A) the unemployment rate will be relatively low.B) the unemployment rate will be relatively high.C) the inflation rate will be relatively low.D) a given change in the unemployment rate will cause a relatively smaller change in the inflation rate.E) none of the aboveAnswer: DDiff: 27) Which of the following does not represent a "labor market rigidity" to which critics refer when discussing unemployment in Europe?A) generous unemployment insuranceB) restrictive monetary and fiscal policiesC) a high degree of employment protectionD) relatively high minimum wagesE) none of the aboveAnswer: BDiff: 18) Suppose policy makers overestimate the natural rate of unemployment. In situations like these, policy makers will likely implement policies that result inA) less unemployment than necessary.B) an unemployment rate that is "too low."C) a lower inflation rate than necessary.D) a steadily increasing inflation rate.E) overly expansionary monetary and fiscal policy.Answer: CDiff: 29) Which of the following is one possible explanation for the change in the natural rate of unemployment in the United States during the 1970s?A) contractionary fiscal policyB) an increase in the proportion of labor contracts that were indexedC) contractionary monetary policyD) all of the aboveE) none of the aboveAnswer: EDiff: 210) Which of the following will most likely cause a change in the natural rate of unemployment?A) changes in monetary policyB) changes in fiscal policyC) changes in expected inflationD) all of the aboveE) none of the aboveAnswer: CDiff: 211) An increase in the price of oil will likely cause which of the following?A) increase the markup in the Phillips curve equationB) increase the sum "m + z" in the Phillips curve equationC) increase the natural rate of unemploymentD) all of the aboveE) none of the aboveAnswer: DDiff: 212) As the proportion of labor contracts that index wages to prices declines, we would expect thatA) a reduction in the unemployment rate will now have a smaller effect on inflation.B) the natural rate of unemployment will increase.C) the natural rate of unemployment will decrease.D) nominal wages will become more sensitive to changes in unemployment.Answer: ADiff: 213) Suppose the Phillips curve is represented by the following equation: πt - πt-1 = 20 - 2u t. Given this information, we know that the natural rate of unemployment in this economy isA) 10%.B) 20%.C) 6.5%.D) 5%.E) none of the aboveAnswer: ADiff: 214) Suppose the Phillips curve is represented by the following equation: πt - πt-1 = 20 - 2u t. Given this information, which of the following is most likely to occur if the actual unemployment in any period is equal to 6%?A) the rate of inflation will tend to increaseB) the rate of inflation will be constantC) the rate of inflation will tend to decreaseD) none of the aboveAnswer: ADiff: 215) Based on your understanding of the Phillips curve, explain what happens to actual inflation (relative to expected inflation) when the actual unemployment rate is either above or below the natural rate of unemployment.Answer: When the actual unemployment rate is equal to the natural rate of unemployment, we know that actual inflation and expected inflation must be equal. In such a case, all else fixed, inflation will not change. If the actual unemployment rate were to fall below the natural rate, inflation would increase. So, the natural rate of unemployment rate may also be referred to the non-accelerating-inflation rate of unemployment. If the opposite occurs, inflation will fall below expected.Diff: 216) Briefly comment on the predictions of economists Milton Friedman and Edmund Phelps about the ability to exploit a trade-off between inflation and unemployment.Answer: Both Friedman and Phelps (separately) argued that there might be a temporarytrade-off between inflation and unemployment. However, both argued that this trade-off could not be exploited permanently. Eventually, expectations of inflation would adjust.Diff: 217) A number of factors are believed to have caused changes in the natural rate of unemployment in the United States during the 1990s. Briefly comment on each of these factors.Answer: There are a number of candidates here: decrease in monopoly power, decreasing role of unions, aging U.S. population, increased prison population, increased number of workers on disability, and unexpectedly high rate of productivity growth.Diff: 218) Based on your understanding of the Phillips curve, is it possible for the unemployment rate to increase while inflation increases? Explain.Answer: This can occur when negative supply shocks occur. That is, we would observe this when factors cause the natural rate of unemployment to rise (e.g. during the 1970s). This would cause an increase in u and an increase in inflation.Diff: 28.4 A Summary and Many Warnings1) The data suggest that in the European Union countries, the natural rate of unemploymentA) is now higher than in the U.S.B) is no longer a relevant concept.C) has steadily declined over the past two decades.D) will soon exceed the percentage of the labor force that is working.E) has become less "natural," since it is now almost entirely determined by the policies of a few large corporations.Answer: ADiff: 12) During the Great Depression, the actual unemployment rate in the U.S. ________, and the natural rate apparently ________.A) increased; decreasedB) increased; remain unchangedC) increased; increased as wellD) decreased; increasedE) decreased; remained unchangedAnswer: CDiff: 23) Which of the following explains why the original Phillips curve relation disappeared or, as some economists have remarked, "broke down" in the 1970s?A) Individuals assumed the expected price level for the current year would be equal to the actual price level from the previous year.B) Individuals assumed that expected inflation would be zeroC) Individuals changed the way they formed expectations of inflation.D) Monetary policy became contractionary.E) More labor contracts became indexed to changes in inflation.Answer: CDiff: 24) Which of the following situations generally exists when deflation occurs?A) Inflation and unemployment are both increasing.B) Inflation and unemployment are both decreasing.C) The price level is decreasing.D) The rate of inflation is falling from, for example, 10% to 3%.E) The natural rate of unemployment is zero.Answer: CDiff: 15) As of 2009, what was the last year that U.S. experienced deflation?A) 1933B) 1955C) 1973D) 1991E) 2001Answer: BDiff: 16) During the 1980s and early 1990s, it was believed that the natural rate of unemployment in the U.S. was equal toA) 4%.B) 4.5%.C) 5%.D) 6.5%.E) 7%.Answer: DDiff: 17) Which of the following does not explain the relatively low price inflation compared to the higher wage inflation in the U.S. during the 1990s?A) the appreciation of the dollarB) a reduction in benefits paid to workersC) an increase in the natural rate of unemploymentD) a reduction in the price of oilAnswer: CDiff: 28) In the Phillips curve equation, which of the following will cause a reduction in the current inflation rate?A) a reduction in the expected inflation rateB) an increase in the unemployment rateC) a reduction in the markup, mD) all of the aboveE) none of the aboveAnswer: DDiff: 29) Suppose policy makers underestimate the natural rate of unemployment. In situations like these, policy makers will likely implement policies that result inA) more unemployment than necessary.B) an unemployment rate that is "too high."C) a higher inflation rate than necessary.D) a steadily decreasing inflation rate.E) overly contractionary monetary and fiscal policy.Answer: CDiff: 210) Explain how a reduction in the proportion of contracts that are indexed affects the relationship between changes in the unemployment rate and inflation.Answer: As the proportion of labor contracts that are indexed falls, the effects of changes in unemployment on inflation would fall. A reduction in u will cause an increase in inflation. When inflation rises in a period, some contracts (those that are indexed) will call for an immediate increase in wages further increasing inflation within that period. As indexation becomes less prevalent, that secondary effect (caused by the indexed contracts) on inflation will be reduced. Diff: 211) Explain how the unexpectedly high rate of productivity growth at the end of the 1990s affected inflation and unemployment during this period.Answer: The unexpectedly high rate of growth of productivity would cause firms' costs to drop. This would cause (if unexpected) a reduction in unemployment. So, we would observe a simultaneous drop in u and drop in inflation.Diff: 212) Explain how changes in the proportion of contracts that are indexed affect how a given change in monetary policy will affect economic activity.Answer: An increase in nominal money growth will increase the real money supply causing an increase in economic activity. As the proportion of labor contracts that are indexed increases, the effects of changes in unemployment on inflation would increase. A reduction in u will cause an increase in inflation. When inflation rises in a period, some contracts (those that are indexed)will call for an immediate increase in wages further increasing inflation within that period. As indexation becomes more prevalent, that secondary effect on inflation will be magnified. This magnification of the inflation effect will cause the real money supply to increase by a smaller amount and, therefore, reduce the output effects of a given monetary expansion.Diff: 213) Based on the 'early incarnation' of the Phillips curve, explain what effect a decrease in the unemployment rate will have on the inflation rate.Answer: An decrease in u will cause a rise in W. As W rises, firms' costs increase. As firms' costs increase, they will raise the price level. This increase in the price level represents, in this case, inflation.Diff: 214) Why has the U.S. natural rate of unemployment fallen since the early 1990s?Answer: Researchers have offer a number of explanations: Increased globalization and stronger competition between US and foreign firms may have led to a decrease in monopoly power and a decrease in the markup; The nature of the labor market has changed; the aging of the US population; an increase in the prison population and the increase in the number of workers on disability.Diff: 215) Explain the natural unemployment rate and its relationship to inflation rate.Answer: The natural unemployment rate is the unemployment rate at which the inflation rate remains constant. When the actual unemployment rate exceeds the natural rate of unemployment, the inflation rate typically decreases; when the actual unemployment rate is less than the natural unemployment, the inflation rate typically increases.Diff: 216) What is the difference between deflation and disinflation?Answer: Deflation refers to a decrease in the price level, or equivalently, negative inflation. Disinflation is a decrease in the inflation rate.Diff: 117) How will the crisis affect the natural rate of unemployment?Answer: There is an increasing worry that the increase in the actual unemployment rate may eventually translate into an increase in the natural unemployment rate. Workers who have been unemployed for a long time may lose their skills, or their morale, and become unemployable, leading to a higher natural rate.Diff: 2。
巴德 宏观经济学原理(英文版第8版)学生课件Econ_Ch10
26.1 Financial Institutions and Markets
(4 of 13)
During 2016, the value of Tom’s machines fell by $20,000, depreciation. During 2016, Tom’s spent $30,000 on new machines—gross investment. Tom’s net investment was $10,000, so at the end of 2014,Tom had capital valued at $40,000.
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26.1 Financial Institutions and Markets
(5 of 13) Wealth is the value of all the things that a person owns. Saving is the amount of income that is not paid in taxes or spent on consumption goods and services; saving adds to wealth.
Copyright © 2018, 2015, 2013 Pearson Education, Inc. All Rights Reserved
26.1 Financial Institutions and Markets
经济学原理讲义-英文
• Market power
– Ability of a single economic actor (or small group of actors) to have a substantial influence on market prices
– Size of the economic pie
• Equality
– Distributing economic prosperity uniformly among the members of society
– How the pie is divided into individual slices
15
How People Interact
Principle 7: Governments can sometimes improve market outcomes
• We need government
– Enforce rules and maintain institutions
• Enforce property rights
– Limited supplies – Surging demand from robust world
growth – Price of gasoline in the United States
rose from about $2 to about $4 a gallon
10
The Incentive Effects of Gasoline Prices
– Government intervention: Public policies
经济学原理英文版课件-总需求及供给
6
Classical Economics—A Recap
▪ Most economists believe classical theory describes the world in the long run, but not the short run.
16,000
14,000 12,000
U.S. real GDP, billions of 2005 dollars
10,000
8,000
6,000 4,000 2,000
The shaded bars are
recessions
0 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010
5
Classical Economics—A Recap
▪ The previous chapters are based on the ideas of classical economics, especially:
▪ The Classical Dichotomy, the separation of variables into two groups: ▪ Real – quantities, relative prices ▪ Nominal – measured in terms of money
17
1 A C T I V E L E A R N I N G
The Aggregate-Demand curve
What happens to the AD curve in each of the following scenarios?
第八章 市场失灵与政府干预《经济学》PPT课件
8.1 市场失灵
8.1.1 公共物品
在讨论公共物品之前，我们先讨论私人
物品的含义。在经济学中，我们讨论的物品是指私人物品，如
我们用的课本、吃的午餐、购买的电影票等。私人物品是指数
量随任何人对其消费的增加而减少的物品。私人物品在消费上
具有两个特点：第一是竞争性；第二是排他性。竞争性是指一
个人使用一种物品，需要支付一定的成本，而且将减少其他人
（pure public goods）
B（2）准公共物品（quasi
public goods）
➢ 纯公共物品是指同时具有 非排他性和非竞争性的物 品，如国防、外交、天气 预报等。纯公共物品必须 以不拥挤为前提，否则随 着消费者数量的增加，就 会影响他人的消费，从而 影响公共物品的性质。例 如，在节日期间，免费的 露天广场就会由于拥挤而 具有了竞争性。
配不公问题的
现象的存在
给问题的存在
存在
2.恶性竞争和
4.负外部性导
垄断的存在
致的环境污染
等问题的存在
8.2 政府干预
8.2.2 政府干预的方式
1
2
3
4
针对公共物品
原因导致的
市场失灵
（1）政府在确定某一 公共物品是否值得提供 以及提供多少时，往往 采用成本效益分析法。 （2）具体来说，政府 往往通过以下方式提供 公共物品：一是由政府 直接经营企业并生产公 共物品；二是政府与私 人部门签订合同，共同 提供公共物品；三是政 府以授权、许可的形式 委托私人部门提供公共 物品；四是政府对私人 部门提供补贴，鼓励其 提供公共物品。
第8章 市场失灵与
政府干预
知识结构图
8.1 市场失灵
市场失灵（market failure）是指由于市场价格机制在某些领 域、场合不能或不能完全有效地发挥作用而导致社会资源无法 得到最有效配置的情况。导致市场失灵的因素主要有四个，即 公共物品、外部性、垄断和信息不对称。
巴德 微观经济学原理(英文版第8版)学生课件BP_8e_Econ_Ch10
10.1 Negative Externalities: Pollution (6 of 24)
4. The efficient quantity is 2 million gallons of paint, where marginal social cost equals marginal benefit.
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Externalities in Our Daily Lives (3 of 4)
Negative Production Externalities Pollution is the major example of this type of externality. Others are noise and congestion. Positive Production Externalities Example: Orchards provide positive production externalities to honey producers, who in turn provide positive production externalities to orchards.
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Externalities
Chapter Checklist
When you have completed your study of this chapter, you will be able to 1. Explain why negative externalities lead to inefficient overproduction and
巴德 微观经济学原理(英文版第8版)_SM_MICRO_Word_CH11
Public Goods and Common ResourcesChapter 11ANSWERS TO CHAPTER CHECKPOINTSStudy Plan Problems and ApplicationsUse the following list of items to work Problems 1 and 2.•New Year’s Eve celebrations in Times Square, New York• A city’s sewer system•New York subway system• A skateboard•Cable TV•Niagara Falls1. Classify each of the items in the list as a private good, a public good, acommon resource, or a natural monopoly good. Explain each classification.•New Year’s Eve celebrations in Times Square, New YorkNew Year’s Eve celebrations in Times Square are a public good b e-cause they are nonexcludable and, as long as Times Square is not toocrowded, nonrival.• A city’s sewer systemA sewer system is a natural monopoly because it is nonrival and isexcludable.•New York subway systemA subway system is a natural monopoly because it is nonrival (at leastas long as it is not crowded) and is excludable.• A skateboardA skateboard is a private good.•Cable TVCable TV is a natural monopoly because it is nonrival and excludable.•Niagara FallsNiagara Falls is a common resource. It is nonexcludable because nei-ther the United States nor Canada charge admission and it is rival be-cause it is generally very crowded.© 2018 Pearson Education, Inc.118 Part 4 . MARKET FAILURE AND PUBLIC POLICY© 2018 Pearson Education, Inc.2. For each public good in the list, is there a free-rider problem? If not, howis the free-rider problem avoided?• New Year ’s Eve celebrations in Times Square, New YorkThere is a free-rider problem because New York City does not put upgates and charge an entrance fee to enter Times Square.• A city’s sewer systemThere is no free-rider problem because if you do not pay your bill,you are excluded by not receiving the service.• New York subway systemThe subway system is not a public good, so there is no free-riderproblem, because a rider must pay to ride the subway.• A skateboardA skateboard has no free rider problem because it is a private good,so it is necessary to first purchase the skateboard to use it.• Cable TVThere is no free-rider problem because if you do not pay your bill,you are excluded by not receiving the service.• Niagara FallsNiagara Falls has a free rider problem because it is generally verycrowded.3. The table sets out total benefit from a public good for Wendy, Sara, and Tom, the only people in the society. If the gov-ernment provided 3 units of the public good, calculate the marginal social benefit. The marginal social benefit equals the sum of the marginal benefits of each person at the specified quantity. Foreach person, the marginal benefit is the change in the total benefit. For 2to 3 units, Wendy’s marginal benefit is 20 and from 3 to 4 units her mar-ginal benefit is (also) 20. S o Wendy’s marginal benefit at 3 units is 20. For2 to3 units, Sara’s marginal benefit is 5 and from 3 to4 units her marginalbenefit is (also) 5. So Sara’s marginal benefit at 3 units is 5. For 2 to 3 units,Tom’s marginal benefit is 10 and from 3 to 4 u nits his marginal benefit is 5.So Tom’s marginal benefit at 3 units is 7.5. The marginal social benefit at 3units equals the sum to Wendy’s marginal benefit plus Sara’s margi nalbenefit plus Tom’s marginal benefit, which is 20 + 5 + 7.5 = 140.Units of public good Total benefit Wendy Sara Tom 0 0 0 0 1 20 10 302 40 15 503 60 20 604 80 25 65 5 100 30 67Chapter 11 . Public Goods and Common Resources119 Use the figure to work Problems 4 and 5. Itshows the marginal social benefit and marginalsocial cost of a waste disposal system in a city of 1million people.4. What is the efficient capacity of the systemand how much would each person have topay in taxes if the city installed the efficientcapacity?The efficient capacity is 2.5 million gallons aday. If the city installs the system, the totalcost (which is the area under the MC curve—see Figure 6.7 on page 152) is 1/2 ⨯2.5 mil-lion gallons ⨯$50 per gallon, which is $62.5million. There are 1 million residents, so eve-ryone pays $62.50.5. If voters are well informed about the costsand benefits of the waste disposal system,what capacity will voters choose? If voters are rationally ignorant, willbureaucrats install the efficient capacity? Explain your answer.If voters are well-informed, a system with a capacity of 2.5 million gallonswill be installed. If voters are rationally ignorant, bureaucrats will install asystem with a capacity of greater than 2.5 million gallons to maximizetheir budgets.Use the figure, which shows the market for NorthAtlantic tuna, to work Problems 6 to 8.6. a. What is the quantity of tuna that fisherscatch and the price of tuna? Is there over-fishing? Explain why or why not.In an unregulated market, the price andquantity are determined by the marginalcost and marginal social benefit. So theprice is $100 per ton and the quantity is80 tons per month. There is overfishingbecause the efficient quantity of tuna, de-termined by the quantity at which themarginal social cost equals the marginalsocial benefit, is 40 tons per month.b. If the stock of tuna is used efficiently,what would be the price of fish?If the stock is used efficiently, the price is$150 per ton.© 2018 Pearson Education, Inc.120Part 4 . MARKET FAILURE AND PUBLIC POLICY7. a. With a quota of 40 tons a month for the tuna fishing industry, what isthe equilibrium price of tuna and the quantity of tuna that fisherscatch?With a quota of 40 tons a month, the price of tuna is $150 per ton andthe quantity is 40 tons a month.b. Is the equilibrium an overfishing equilibrium?This equilibrium is not an overfishing equilibrium because the quanti-ty equals the efficient quantity.8. If the government issues ITQs to individual fishers that limit the totalcatch to the efficient quantity, what is the market price of an ITQ?The market price of an ITQ is equal to the difference between the price (MSB) of a ton of tuna and the marginal (private) cost of a ton of tuna, so the market price is $100.9. U.S. issues Arctic drilling permit to Royal Dutch ShellThe U.S. government has given Royal Dutch Shell permission to drill for oil and natural gas in the Arctic Ocean. Environmentalists say it is the wrong decision.Source: The Wall Street Journal, August 17, 2015 Are the oil and gas reserves public goods, private goods, or common re-sources? When an oil company receives a permit to develop a particular oil reserve, is that oil reserve a public good or a private good? Will the oil company produce an inefficient quantity or the efficient quantity? Ex-plain.Oil and gas reserves can be private goods or common resources, depend-ing on whether the government assigns permits (property rights) to the oil companies. If there are no permits (no property rights), then the oil re-serves are rival and nonexcludable and therefore are a common resource.If government has given the oil companies permits (property rights) to the reserves, then the reserves are rival and excludable, so they become a private good.With permits, the oil fields are private goods. Because the oil company owns the reserve it has the incentive to use the reserve efficiently since any over-use decreases the company’s profit. So, with permits the oil companies produce the efficient quantity.10. Read Eye on the U.S. Infrastructure on p. 278 and then explain why itwould be efficient to repair more bridges every year and why we don’t do so.The gasoline tax is the main source of funds for constructing and main-taining infrastructure such as bridges. As cars become more fuel efficient, they use less gasoline, thereby generating less gasoline tax revenue. There© 2018 Pearson Education, Inc.Chapter 11 . Public Goods and Common Resources121 is little political appetite for raising the gas tax because politicians worrythat a higher gas tax leads to higher gasoline prices which, in turn, couldlead to voter discontent and a defeat in their reelection campaign. Conse-quently, limited funds mean that there is inefficient underprovision andrepair of infrastructure such as bridges.© 2018 Pearson Education, Inc.122 Part 4 . MARKET FAILURE AND PUBLIC POLICY© 2018 Pearson Education, Inc.Instructor Assignable Problems and Applications1. a. What type of good is a highway bridge?A bridge is a public good because it is nonrival and nonexcludable.b. Why might a bridge be provided by government rather than privately?The government might provide a bridge because if it was privatelyprovided, the owner would be unable to overcome the free-rider prob-er. If that was the case, then the private market would not provide thebridge.c. Why might it be efficient to charge drivers a toll every time they use abridge?The toll is effectively a price to use the bridge. By charging a price, on-ly the drivers whose marginal benefit of using the bridge equals or ex-ceeds the toll will use the bridge. By reducing the number of vehicles,the number using the bridge is closer to the efficient quantity.d. What information would be needed to determine the efficient amountof bridges to repair each year?Information about the marginal social benefit and the marginal socialcost of repairing bridges would be ideal. Absent direct informationabout marginal social benefit, information about population density oruse of the bridge, which are related to the bridge’s marginal socialbenefit, would be important.Use the table, which provides data about a dandelion control program, to work Problems 2 and 3. 2. What quantity of spraying would a private control program provide? What is the efficient quantity of spraying? Dandelion spraying is a public good. A private con-trol program, beset by free riders, would provide no spraying. The efficient quantity of spraying is the quantity that sets the marginal social cost equal to the marginal social benefit, or 2.0 square milessprayed per day.3. Two political parties, the Conservers and the Eradicators, fight an elec-tion in which the only issue is the quantity of spraying to undertake. TheConservers want no spraying and the Eradicators want to spray 2.5 squaremiles a day. The voters are well-informed about the benefits and costs ofthe program. What is the outcome of the election?If voters are well informed, then the Eradicators would win the election.Both parties are proposing an inefficient quantity of spraying; the Con-servers propose too little and the Eradicators propose too much. But thedeadweight loss from the Eradicators’ proposal is less than theQuantity (square miles sprayed per day) Marginal social cost Marginal social benefit (dollars per day) 0.5 0 6001.0 100 500 1.5 200 4002.0 300 300 2.5 400 2003.0 500 100Chapter 11 . Public Goods and Common Resources 123 © 2018 Pearson Education, Inc.deadweight loss from the Conservers’ proposal.4. If hikers and others were required to pay a fee to use the AppalachianTrail, would the use of this common resource be more efficient? Would itbe even more efficient if the most popular spots such as Annapolis Rockhad more highly priced acc ess? Why do you think we don’t see moremarket solutions to the tragedy of the commons?The Appalachian Trail, or AT, is a common resource because it is nonex-cludable and rival. As those who have hiked the AT know, this resource isover utilized; the natural beauty is adversely affected by the number ofhikers. If there was a fee to hike the trail, its use would be more efficient.It would be even more efficient if the fee to use the trail was higher inmore popular areas, such as Annapolis Rock, because these areas are evenmore over-utilized than the less popular areas. However, probably feesare not imposed because politicians resist imposing fees that their constit-uents must pay on goods and services that had pre viously been “free.”Use the following information to answer Problems 5 to 7.A natural spring runs under land owned by ten people. Each person has the right to sink a well and can take water from the spring at a constant marginal cost of $5 a gallon. The table sets out the marginal external cost and the marginal social benefit from the water. 5. Draw a graph to illustrate the market equilib-rium. On your graph, show the efficient quan-tity of water taken. The natural spring is a common resource. The market equilibrium is where the marginalcost equals the marginal social benefit, which is60 gallons per day. The marginal social costequals the marginal cost of $5 per gallon plusthe marginal external cost. With this calcula-tion, Figure 11.3 shows that the efficient quan-tity is 30 gallons per day.6. If the government sets a production quota onthe total amount of water such that the springis used efficiently, what would that quota be?The production quota would be set at 30 gal-lons per day.7. If the government issues ITQs to land ownersthat limit the total amount of water taken to theefficient quantity, what is the market price ofQuantity of water (gallons per day) Marginal external cost Marginal social benefit (dollars per gallon) 10 1 10 20 2 9 30 3 840 4 750 5 6 60 6 5 70 7 4124Part 4 . MARKET FAILURE AND PUBLIC POLICYan ITQ?The market price of an ITQ equals the MSB (price) of water at the efficient quantity, $8 per gallon, minus the marginal cost of producing water, $5 per gallon, or $3.8. Waukesha deserves a shot at Great Lakes water supplyThe city of Waukesha, Wis., has applied to borrow water from Lake Michigan under the Great Lakes Compact, an agreement between the states and Canadian provinces that border the Great Lakes designed to meet longterm drinking water needs for communities like Waukesha.Source: , December 11, 2015 Is water in the Great Lakes a public good, a private good, or a common resource? What are the goals of the Compact? How might they be achieved?Water in the Great Lakes is a common resource. The goal of the Great Lakes Compact is to decrease the quantity of water removed from the Great Lakes to the efficient amount. This goal can be achieved by produc-tion quotas, limiting the quantity of water any particular user can extract.9. The Great Pacific Tuna CartelEight small Pacific islands with control of 5.5 million square miles of prime tuna fishing waters, have tripled the access fee for U.S. tuna fishers from $21 million to $63 million and increased monitoring of these waters.Source: The Wall Street Journal, March 20, 2013 Explain how the Pacific islands’ action influences the efficiency of the use of tuna resources and illustrate your answer with a graph of the tuna market.Tuna is a common resource. With no gov-ernment intervention, tuna is overfished. InFigure 11.4 the equilibrium with no govern-ment intervention is 25 tons per month andthe efficient quantity is 15 tons per month.T he rise in the access fee increases the fishers’costs so that some of them exit. The marketsupply curve of the remaining firms becomesthe MC + fee curve—it shifts leftward and be-comes steeper. (See Chapter 4, page 94 for therelationship between individual and marketsupply curves.) In the figure the access feedecreases the supply so it is the same as theMSC. Consequently, the equilibrium quantityequals the efficient quantity, 15 tons permonth.© 2018 Pearson Education, Inc.Chapter 11 . Public Goods and Common Resources125Multiple Choice Quiz1. A good is ________ if it is possible to prevent someone from enjoying itsbenefits and such a good might be a ________ good.A. rival; privateB. excludable; publicC. excludable; privateD. nonexcludable; common resourceAnswer: C A good is defined as excludable is it is possible to preventsomeone from enjoying its benefits. Private goods are definedto be excludable (and rival).2. A free-rider problem arises if a good is ________.A. nonrival and nonexcludableB. nonrival and excludableC. rival and nonexcludableD. rival and excludableAnswer: A The free-rider problem exists for public goods, which arenonrival and nonexcludable.3. The marginal social benefit from a public good is ________.A. the quantity demanded by all the people at a given priceB. the amount that all the people are willing to pay for a given quantityC. the amount that all the people are willing to pay at a given quantityfor one more unitD. the quantity demanded by all the people at a given marginal socialcostAnswer: C The marginal social benefit of a public good is the maximumeach person is willing to pay for another unit of the goodsummed over all the people.4. The efficient quantity of a public good is most likely to be delivered by____.A. an election contest between two parties that want different quantitiesB. highly trained bureaucratsC. efficient private companiesD. an individual transferable quotaAnswer: A If voters are fully informed about the costs and benefits, thewinner of the election will be the party that proposes the effi-cient quantity.© 2018 Pearson Education, Inc.126Part 4 . MARKET FAILURE AND PUBLIC POLICY5. A renewable common resource is used sustainably if ________.A. private benefits and public benefits are equalB. private benefits equal private costsC. the rate of renewal of the resource equals its rate of useD. the rate of use of the resource equals the social benefit from its use Answer: C If the rate of renewal equals the rate of use, the stock of the resource does not change.6. Overfishing occurs if, at the quantity caught, ________.A. marginal social cost equals marginal private cost plus marginal exter-nal costB. marginal social benefit equals the fishers’ marginal private costC. marginal social benefit equals marginal social costD. marginal social benefit equals marginal private cost plus marginal ex-ternal costAnswer: B The fisher’s marginal cost is less than the marginal social cost, so overfishing occurs.7. All the following can achieve an efficient use of a common resourceexcept ________.A. a production quota equal to the marginal external costB. individual transferable quotas that total the efficient quantityC. assigning property rights to convert the common resource to privateuseD. individual transferable quotas that trade at marginal external cost Answer: A The production quota must be set to equal the efficient quantity not the marginal external cost.8. When ITQs are assigned, the market price of an ITQ equals the ______.A. marginal benefit consumers receive from the fish caughtB. marginal private cost of fishingC. marginal external cost of fishingD. marginal social cost of fishingAnswer: C As Figure 11.10 on page 287 shows, because the price of an ITQ equals the marginal external cost, once the governmentintroduces ITQs, the market equilibrium is the same as the ef-ficient quantity.© 2018 Pearson Education, Inc.。
平狄克微观经济学课件(英文)08
CHAPTER 8 OUTLINE 8.1 Perfectly Competitive Markets
Chapter 8: Profit Maximization and Competitive Supply
8.2 Profit Maximization 8.3 Marginal Revenue, Marginal Cost, and Profit Maximization 8.4 Choosing Output in the Short Run 8.5 The Competitive Firm’s Short-Run Supply Curve 8.6 The Short-Run Market Supply Curve 8.7 Choosing Output in the Long Run 8.8 The Industry’s Long-Run Supply Curve
Chapter 8: Profit Maximization and Competitive Supply
The assumption of profit maximization is frequently used in microeconomics because it predicts business behavior reasonably accurately and avoids unnecessary analytical complications. For smaller firms managed by their owners, profit is likely to dominate almost all decisions. In larger firms, however, managers who make day-to-day decisions usually have little contact with the owners (i.e. the stockholders). In any case, firms that do not come close to maximizing profit are not likely to survive. Firms that do survive in competitive industries make long-run profit maximization one of their highest priorities.
经济学原理英文版课件-金融体系
Y=C+I+G Solve for I:
national saving
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Saving = investment in a closed economy
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m use.
Budget Deficits and Surpluses
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▪ Decline in confidence in financial institutions ▪ 2008–2009: Customers with uninsured deposits began pulling their funds out of financial institutions.
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Different Kinds of Saving
Private saving = The portion of households’ income that is not used for consumption or paying taxes =Y–T–C
巴德 宏观经济学原理(英文版第8版) 学生课件Chapter 16 PowerPoint
Medicare and Medicaid benefits, unemployment benefits, and other cash benefits paid to individuals and firms. Expenditure on goods and services includes the government’s defense and homeland security budgets. Debt interest is the interest on the national debt.
Copyright © 2018, 2015, 2013 Pearson Education, Inc. All Rights Reserved
16.1 THE FEDERAL BUDGET
There are 77 million “baby boomers” in the United States and the first of them started to collect Social Security pensions in 2008 and became eligible for Medicare in 2011. By 2030, all baby boomers will be supported by Social Security and Medicare and benefit payments will have doubled. The government’s Social Security obligations are a debt. How big is this debt? Who will bear its burden?
国际经济学英文版(internationaleconomics)PPT课件
▪ Growth of emerging markets ▪ international capital movements regain importance
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Economic interdependence
Exports of goods and services as percent of Gross Domestic Product, 2001
Ch 16 Exchange-Rate Systems
Ch 17 Macroeconomic Policy in an Open Economy
Ch18 International Banking: Reserves, Debt and Risk
International Economics
By Robert J. Carbaugh 9th Edition
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Economic interdependence
Interdependence: Impact
Overall standard of living is higher
▪ Access to raw materials & energy not availo goods & components made less expensively elsewhere
International Economics
By Robert J. Carbaugh 9th Edition
Ch 1 The International Economy Ch 2 Foundations of Modern
Trade Theory
Ch 3 International Equilibrium
经济学PPT课件
然而，可实验性并不是科学必要条件。例如，一 般认为天文学不具有实验性。检验天文学理论假 设的经验证据不是来自实验环境，而是自然过程 提供的观察现象。地质学大陆板块漂移假说，也 难以用实验进行验证。
什么是科学?与信仰认识方式不同，科 学用实证方法观察和分析客观对象状态， 属性及其相互之间的关系。
科学本质特点是它的实证性，即解释对 象“是什么”的一种思维方式。
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实证科学特征之一：可证伪性
理论陈述必须在逻辑上有可能被经验证明是 不真实的。因而，在提出科学理论时，必须 同时说明或潜在包含你将放弃这一理论的条 件。
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产品A
包括以下三个方面的内容： 无限的欲望 稀缺的资源（经济问题的根源） 由上两者的矛盾所产生的选择问题 机会成本概念：指在作出某一项决策时所放弃的其他可供
选择的决策的最好得益
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生产大米和小麦的可能性表
表 1.1
生产组合 A B C D E
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循环流模型
经济行为的主体---企业和居民户
成本 生产要素
要素市场 收入
生产要时
范里安中级微观经济学英文课件Lecture8.ProductionP
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Production Set
◊ A production plan is an input bundle and an output level; (x1, … , xn, y).
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