经济学原理 曼昆第五版英文答案Chapter22
曼昆 微观经济学 原理 第五版 课后习题答案
曼昆微观经济学原理第五版课后习题答案曼昆-微观经济学-原理-第五版-课后习题答案问题与应用1．描绘以下每种情况所遭遇的权衡权衡：a．一个家庭同意与否卖一辆新车。
答：如果买新车就要减少家庭其他方面的开支，如：外出旅行，购置新家具；如果不买新车就享受不到驾驶新车外出的方便和舒适。
b．国会议员决定对国家公园支出多少。
请问：对国家公园的开支数额小，国家公园的条件可以获得提升，环境可以获得更好的维护。
但同时，政府可以用作交通、邮电等其他公共事业的开支就可以增加。
c．一个公司总裁同意与否崭新上开一家工厂。
答：开一家新厂可以扩大企业规模，生产更多的产品。
但可能用于企业研发的资金就少了。
这样，企业开发新产品、利用新技术的进度可能会减慢。
d．一个教授决定用多少时间备课。
请问：教授若将大部分时间用作自己研究，可能会出来更多成果，但复习时间增加影响学生讲课质量。
e．一个刚大学毕业的学生决定是否去读研究生。
请问：毕业后出席工作，可以即刻以获取工资收入；但稳步念研究生，能够拒绝接受更多科学知识和未来更高收益。
2．你正想决定是否去度假。
度假的大部分成本((机票、旅馆、放弃的工资))都用美元来衡量，但度假的收益是心理的。
你将如何比较收益与成本呢??请问：这种心理上的收益可以用与否达至既定目标去来衡量。
对于这个行动前就可以做出的既定目标，我们一定存有一个为实现目标而愿分担的成本范围。
在这个可以忍受的成本范围内，渡假如果满足用户了既定目标，例如：收紧身心、恢复正常体力等等，那么，就可以说道这次渡假的收益至少不大于它的成本。
3．你正计划用星期六回去专门从事业余工作，但一个朋友恳请你回去滑雪。
回去滑雪的真实成本就是什么？现在假设你已计划这天在图书馆自学，这种情况下去滑雪的成本就是什么？恳请表述之。
请问：回去滑雪的真实成本就是周六打零工所要赚的工资，我本可以利用这段时间回去工作。
如果我本计划这天在图书馆自学，那么回去滑雪的成本就是在这段时间里我可以赢得的科学知识。
曼昆经济学原理英文版文案加习题答案22章
WHAT’S NEW IN THE S EVENTH EDITION:A new Case Study on Left-Digit Bias has been added and a new In the News feature on "Can Brain Science Improve Economics" has been added.LEARNING OBJECTIVES:By the end of this chapter, students should understand:how to examine problems caused by asymmetric information.the market solutions to asymmetric information.why democratic voting systems may not represent the preferences of society.why people may not always behave as rational maximizers.CONTEXT AND PURPOSE:Chapter 22 is the last chapter in the microeconomics portion of the text. It is the second of two unrelated chapters that introduce students to advanced topics in microeconomics. These two chapters are intended to whet their appetites for further study in economics.The purpose of Chapter 22 is to give students a taste of three topics on the frontier ofmicroeconomic research. The first topic addressed is asymmetric information , a situation when one person in an economic relationship has more relevant knowledge than the other person does. The second topic is political economy , the application of economic tools to the understanding of the functioning of government. The third topic addressed is behavioral economics , the introduction of psychology into the study of economic issues.22FRONTIERS OF MICROECONOMICSKEY POINTS:In many economic transactions, information is asymmetric. When there are hidden actions, principals may be concerned that agents suffer from the problem of moral hazard. When there are hidden characteristics, buyers may be concerned about the problem of adverse selection among the sellers. Private markets sometimes deal with asymmetric information with signaling and screening.Although government policy can sometimes improve market outcomes, governments arethemselves imperfect institutions. The Condorcet paradox shows that the majority rule fails to produce transitive preferences for society, and Arrow's impossibility theorem shows that no voting system will be perfect. In many situations, democratic institutions will produce the outcome desired by the median voter, regardless of the preferences of the rest of the electorate. Moreover, the individuals who set government policy may bemotivated by self-interest rather than national interest.The study of psychology and economics reveals that human decision making is more complex than is assumed in conventional economic theory. People are not always rational, they care about the fairness of economic outcomes (even to their own detriment), and they can be inconsistent over time.CHAPTER OUTLINE:This is a great chapter to get students interested in further study ofeconomics. It is important for the students to learn that economics is agrowing and developing science and that economists are always looking fornew areas to study and new phenomena to explain.I. Asymmetric InformationA. Many times in life, one person holds more knowledge about what is going on thananother. Such a difference in access to relevant information is known as aninformation asymmetry.B. Examples1. A worker knows more than his employer about the level of his work effort. This isan example of a hidden action.2. A seller of a used car knows more than the buyer does about the car's condition.This is an example of a hidden characteristic.C. When there is asymmetric information, the party without the relevant knowledge wouldlike to have such knowledge, but the other party may have an incentive to conceal it.D. Hidden Actions: Principals, Agents, and Moral Hazard1. Important Definitionsa. Definition of moral hazard: the tendency of a person who is imperfectlymonitored to engage in dishonest or otherwise undesirable behavior.b. Definition of agent: a person who is performing an act for another person,called the principal.c. Definition of principal: a person for whom another person, called the agent, isperforming some act.2. The employment relationship is the classic example.a. Workers (agents) may be tempted to shirk their work-related responsibilitiesbecause their employers (the principals) do not monitor their behavior closely.b. Employers can respond by providing better monitoring, paying higher wages, ordelaying part of the worker's pay until later in the worker's life.3. FYI: Corporate Managementa. From an economic standpoint, the most important feature of the corporate formof organization is the separation of ownership and control.b. This creates a principal–agent problem where the shareholders are theprincipals and the managers are the agents.c. Managers’ goals may not always coincide with shareholders' goal of profitmaximization.d. As a result, many managers are provided compensation packages that provideincentives to act in the best interest of corporate profits.E. Hidden Characteristics: Adverse Selection and the Lemons Problem1. Definition of adverse selection: the tendency for the mix of unobserved attributesto become undesirable from the standpoint of an uninformed party.2. Examples include the used car market, the labor market, and the market forinsurance.3. When markets suffer from adverse selection, the invisible hand does notnecessarily work well.a. In the used car market, owners of "cherry" or "plum" cars may choose to keepthem rather than sell them at a low price.b. In the labor market, wages may be stuck at a level above the equilibrium wage,resulting in unemployment.c. In insurance markets, buyers with low risk may decline to purchase insurancebecause the price is too high.F. Signaling to Convey Private Information1. Definition of signaling: an action taken by an informed party to reveal privateinformation to an uninformed party.2. Examples of Signalinga. Firms may spend money on advertising to signal the high quality of theirproducts.b. Students may spend time in school to signal that they are high-abilityindividuals.3. For a signal to be effective, it must be costly. However, it must be less costly(or more beneficial) to the person or firm with the higher-quality product.4. Case Study: Gifts as Signalsa. Because people know their own preferences better than anyone else, we wouldexpect that they would prefer cash gifts.b. However, the ability to choose the right gift for someone may serve as a signalof an individual's love.c. Note that choosing the right gift is costly and the cost depends on how wellthe giver knows the recipient (which may be determined as a measure of thegiver's level of interest in the recipient).G. Screening to Uncover Private Information1. Definition of screening: an action taken by an uninformed party to induce aninformed party to reveal information.2. Examples of Screeninga. A buyer of a used car may ask to have the car examined by a mechanic prior topurchase.b. An insurance company may offer different policies that would lead safe or riskydrivers to reveal themselves. Safe drivers are likely to prefer policies withlow premiums and high deductibles. Risky drivers are more likely to preferpolicies with higher premiums and low deductibles.H. Asymmetric Information and Public Policy1. Market failures such as externalities, public goods, imperfect competition, andpoverty show that governments can sometimes improve market outcomes.2. Asymmetric information is another reason why market outcomes may be inefficient.3. However, three factors make it difficult for the government to improve the outcomein some cases.a. The private market can sometimes deal with information asymmetries on its ownusing a combination of signaling and screening.b. The government rarely has more information than the private parties do.c. The government is itself an imperfect institution.II. Political EconomyA. Definition of political economy: the study of government using the analytic methods ofeconomics.B. The Condorcet Voting Paradox1. Most advanced societies rely on democratic principles, allowing the majority toset government policy.2. For most policy issues, the number of possible outcomes exceeds two.3. Example: Three possible outcomes (A, B, and C) and three voter types (Type 1, Type2, and Type 3). The mayor of a town wishes to aggregate the individual preferencesinto preferences for society as a whole.a. In pairwise majority voting, A would beat B, B would beat C, and C would beat A.b. This violates transitivity. We generally expect that if A is preferred to B andB is preferred to C, then A would be preferred to C.c. Definition of Condorcet paradox: the failure of majority rule to producetransitive preferences for society.d. This implies that the order on which things are voted can determine the result.C. Arrow's Impossibility Theorem1. In a 1951 book, economist Kenneth Arrow examined if a perfect voting system exists.2. He assumes that society wants a voting scheme that satisfies social properties.a. Unanimity.b. Transitivity.c. Independence of irrelevant alternatives.d. No dictators.3. Arrow proved that no voting system could have all of these properties.4. Definition of Arrow impossibility theorem: a mathematical result showing that,under certain assumed conditions, there is no scheme for aggregating individualpreferences into a valid set of social preferences.5. Arrow’s impossibility theorem implies that no matter what voting scheme societyadopts for aggregating the preferences of its members, in some way it will beflawed as a mechanism for social choice.D. The Median Voter Is King1. Example: A society is deciding how much money to spend on a public good. Eachvoter has a most-preferred budget and prefers outcomes closer to his preferredbudget.Figure 12. Definition of median voter theorem: a mathematical result showing that if votersare choosing a point along a line and each voter wants the point closest to hispreferred point, then majority rule will pick the most preferred point of themedian voter.a. The median voter is the voter exactly in the middle of the distribution.b. On Figure 1, the median voter wants a budget of $10 billion.3. One implication of the median voter theorem is that if two political candidatesare each trying to maximize their chance of election, they will both move theirpositions toward the median voter.4. Another implication of the median voter theorem is that minority views are notgiven much weight.E. Politicians Are People Too1. Politicians may be self-interested.2. Some politicians may be motivated by desire for reelection and others may bemotivated by greed.III. Behavioral EconomicsA. Definition of behavioral economics: the subfield of economics that integrates theinsights of psychology..B. Behavioral economics is a relatively new field in economics where economists make useof basic psychological insights into human behavior.C. People Aren’t Always Rational1. Economists assume that human beings are always rational.a. Firm owners maximize profit.b. Consumers maximize utility.c. Given constraints that they face, these individuals make decisions byrationally weighing all costs and benefits.2. Real people are often more complex than economists assume.a. They can be forgetful, impulsive, confused, emotional, and shortsighted.b. These imperfections suggest that humans should not be viewed as rationalmaximizers but as “satisficers,” where they choose options that are simply“good enough.”3. Studies of human decision making have found several systematic mistakes thatpeople make.a. People are overconfident.b. People give too much weight to a small number of vivid observations.c. People are reluctant to change their minds.4. Case Study: Left-Digit Biasa. Studies suggest that buyers are excessively sensitive to a price's left-mostdigit.b. An irrational focus on the left-most digit is called left-digit bias.D. People Care about Fairness1. Example: the ultimatum game.a. Two volunteers are told they are going to play a game and could win a total of$100.b. The game begins with a coin toss, which is used to assign the volunteers to theroles of Player A and Player B.c. Player A’s job is to propose a division of the prize between himself and theother player.d. After Player A makes his proposal, Player B decides whether to accept or rejectit.e. If Player B accepts the proposal, both players are paid according to theproposal. If Player B rejects the proposal, both players receive nothing.2. Conventional economic theory suggests that Player A should know that if he offers$1 to Player B and keeps $99 for himself, Player B should accept it ($1 is greaterthan $0).3. In reality, when the offer made to Player B is small, Player B often rejects it.4. Knowing this, people in the role of Player A often offer a more substantialportion of the money to Player B.5. This implies that people may be driven by a sense of fairness.E. People Are Inconsistent over Time1. Many times in life, people make plans for themselves but then fail to followthrough.2. The desire for instant gratification can induce a decisionmaker to abandon hispast plan.3. An important implication is that people will try to find ways to commit theirfuture selves to following through on their plans.F. In the News: Can Brain Science Improve Economics1. A new branch of economics examines the biology of the brain to understand economicbehavior.2. This article from Project Syndicate discusses neuroeconomics, the study of how thephysical structures that underlie brain functioning affect economic decision-making.SOLUTIONS TO TEXT PROBLEMS:Quick Quizzes1. Buyers of life insurance will likely have higher than the average death rates.Two reasons for this are moral hazard and adverse selection.Moral hazard is the tendency of a person who is imperfectly monitored to engage indishonest or otherwise undesirable behavior. After purchasing insurance, aninsured person may engage in riskier behavior than do people who are not insured.Adverse selection is the tendency for the mix of unobserved attributes to becomeundesirable from the standpoint of an uninformed party. In this case, those withhigher risk of death are more likely to want to buy insurance. As a result, theprice of life insurance will reflect the costs of a riskier-than-average person.Buyers with low risk of death may find the price of life insurance too high andmay choose not to purchase it.A life insurance company can mitigate moral hazard by trying to monitor behaviorbetter and charging higher rates to those who engage in risky behavior (such assmoking). It can mitigate adverse selection by trying to collect betterinformation on applicants; for example, it may require that all applicants submitto a medical examination before issuing insurance.2. According to the median voter theorem, if each voter chooses a point closest tohis preferred point, the district vote will reflect the preferences of the medianvoter. Therefore, the district will end up with a student-teacher ratio of 11:1.3. Human decision making can differ from the rational human being of conventionaleconomic theory in three important ways: (1) people aren’t always rational, (2)people care about fairness, and (3) people are inconsistent over time.Questions for Review1. Moral hazard is the tendency of a person who is imperfectly monitored to engage indishonest or otherwise undesirable behavior. To reduce the severity of thisproblem, an employer may respond with (1) better monitoring, (2) paying efficiencywages, or (3) delaying part of a worker’s compensation to later in his work life.2. Adverse selection is the tendency for the mix of unobserved attributes to becomeundesirable from the standpoint of an uninformed party. Examples of markets inwhich adverse selection might be a problem include the market for used cars andthe market for insurance.3. Signaling is an action taken by an informed party to reveal private information toan uninformed party. Job applicants may use a college diploma as a signal ofability. Screening is an action taken by an uninformed party to induce an informedparty to reveal information. A life insurance company may require applicants tosubmit to a health examination so that the company will have more information onthe person’s risk of death.4. Condorcet noticed that the majority rule will fail to produce transitiveproperties for society.5. The median voter’s preferences will beat out any other proposal in a two-way racebecause the median voter will have more than half of the voters on his side.6. Two volunteers are chosen and a coin toss determines which volunteer is Player Aand which is Player B. Player A proposes a split of a sum of money and then PlayerB decides whether to accept or reject the proposal. If Player B accepts, the sumof money is divided as outlined in the proposal. If Player B rejects the proposal,each player gets nothing.Conventional economic theory predicts that Player A will offer only $1 to Player Band keep the remainder for himself. This is predicted to occur because Player Aknows that Player B will be better off with $1 than with $0. However, in reality,Player B generally rejects small proposals that he considers unfair. If Player Aconsiders this, he will likely offer Player B a more substantial amount.Quick Check Multiple Choice1. b2. a3. d4. b5. a6. cProblems and Applications1. a. The landlord is the principal and the tenant is the agent. There is asymmetricinformation because the landlord does not know how well the tenant will takecare of the property. Having a tenant pay a security deposit increases thelikelihood that the tenant will take care of the property in order to receivehis deposit back when he vacates the property.b. The stockholders of the firm (the owners) are the principals and the topexecutives are the agents. The firm’s owners do not know in advance how wellthe top executives will perform their duties. Tying some of the executives’compensation to the value of the firm provides incentive for the executives towork hard to increase the value of the firm.c. The insurance company is the principal and the customer is the agent. Insurancecompanies do not know whether the car owner is likely to leave the vehicleparked with the keys in it or park it in a high crime area. Individuals whowill go to the trouble of installing anti-theft equipment are more likely totake good care of their vehicles. Offering a discount on insurance premiumswill induce car owners to install such devices.2. Individuals who are relatively healthy may decide to forgo purchasing the policyif the premium rises. Thus, the insurance company is left with only thosepolicyholders who are relatively unhealthy. This means that the firm’s revenue smay in fact fall, but its costs could remain the same. Therefore, the firm’sprofits could fall.3. Saying "I love you" is likely not a good signal. To be an effective signal, thesignal must be costly. In fact, the signal must be less costly, or more beneficial,to the person with the higher-quality product. Simply professing one's love doesnot meet this requirement.4. If insurance companies were not allowed to determine if applicants are HIV-positive, more individuals who are HIV-positive would be able to purchaseinsurance, but that insurance would be very expensive. Covering these individualswould raise the cost of providing health insurance and the company would have toraise premiums for all. Thus, individuals who are not HIV-positive would be forced to pay more for health insurance and may drop coverage. Insurance companies would be left insuring only those who are ill (including those who are HIV-positive), increasing the adverse selection problem. The number of individuals without health insurance would likely rise as a result.5. Ken is violating the property of independence of irrelevant alternatives. Adding achoice of strawberry after he chooses vanilla over chocolate should not induce him to change his mind and prefer chocolate.6. a. If the three friends use a Borda count, the Chinese restaurant gets the mostvotes (10); the Italian restaurant gets 9 votes; the Mexican restaurant gets 7 votes; and the French restaurant gets 4 votes.b. In this scenario, the Italian restaurant gets 5 votes and the Chineserestaurant gets 4 votes. Thus, they will choose to eat at the Italianrestaurant.c. This voting violates the assumption of independence of irrelevant alternatives.The presence of the Mexican and French restaurants should not alter thegroup’s preferences between the Italian and Chinese restaurants.7. a. There would be a tie between the three television shows, with 6 votes each.b. In a vote between NCIS and Glee, NCIS would win. In a vote between NCIS andHomeland, Homeland would wi n. Thus, Monica’s first choice (Homeland) would win.c. No. He will want to vote between Glee and Homeland first, with the winner thencompeting in a second vote with NCIS. That way, his preferred choice (NCIS)would win.d. If Chandler says he prefers Glee over NCIS, Glee will then compete in a voteagainst Homeland (which it will win). This way, Chandler will not have to watch his least preferred show (Homeland).8. a. The efficient number of DVDs is three. Total surplus would be the sum of theroommat es’ willingness to pay (38 + 26 + 18 = 82) minus the cost of the DVDs(15 + 15 + 15 = 45) which is 37.b. Quentin would want 4 DVDs; Spike would prefer 3; Ridley wants 2; Martin wants 1;and Steven does not want to buy a DVD.c. The preference of the median roommate (Ridley) is 2 DVDs.d. Quentin and Spike would vote for 3 DVDs, but the other three roommates wouldvote for 2 DVDs.e. No. Any other option besides 2 DVDs would get fewer votes.f. No. The provision of the public good will likely be determined by thepreferences of the median voter. This may or may not be the efficient outcome.9. More than likely, the two stands will locate at the center of the beach. Thus,they will always be closest for at least half of the beach goers. This is related to the median voter theorem.10. a. Assuming the needy person is a rational consumer, he would use the cash tomaximize his utility and purchase what he needs most.b. The soup kitchen may be better than the cash handout if the government does nothave complete information about how the needy person will spend the cash. That is, rather than the possibility of the needy person spending the cash on drugs or alcohol, the government can be certain the needy person is getting food from the soup kitchen.c. The soup kitchen may be better than the cash handout based on behavioraleconomics because people aren't always rational and the needy person may spend the cash on something he doesn't need as much as food.。
曼昆经济学原理第5版微观PPT中文版 第22章
雇用保姆的父母在自己的家里安装隐蔽录像机， 以便在父母外出时录下保姆不合意的行为
▪ 高工资
雇主向工人支付效率工资(高于劳动市场供求均衡 水平的工资) 来增加对那些怠工工人的惩罚力度
▪ 延期支付
企业延期支付报酬 (比如年终奖金)来增加对那些 怠工工人的惩罚力度
公司管理
▪ 公司所有权和控股权的分离引起了委托—代理问
人们的选择有时会受公正观念的影响，而不是利己
例如：最后通牒游戏 规则
▪ 二个互不相识的玩家有机会分享$100的奖励 ▪ 玩家A决定分多少奖金给玩家B ▪ 玩家B必须接受这个分法或者他们两人什么也得
不到
人关注公正
两个玩家都是理性的预测结果
▪ 玩家A提议他得 $99，而玩家B得$1。玩家B 会
接受这个提议，因为 $1总比没有好
实验中现实人的实际结果
▪ 玩家B通常会拒绝只给他1美元建议，因为太不公
正
▪ 考虑到这点，玩家A通常会提议给玩家B $30或
$40
▪ 玩家B仍会认为这不公正，但没有不公正到使他
放弃正常的利己，因此B会接受这个提议
人关注公正
▪ 最后通牒游戏的结果在其他情况下的应用
▪ 例如：
企业某年获利特别丰厚时，支付给工人的工资会 高于均衡水平工资，以此来维护公正或者避免不 公正引起的工人报复
▪ 其他经济学家提出，人仅仅是“接近理性”，或
者他们表现出“有限理性”
人并不总是理性的
对人类决策的研究发现人们犯下的系统性错误：
▪ 人们过分自信 ▪ 人们过分重视从现实生活中的观察到的细枝末
节
▪ 人们不愿改变自己的观念
即使人们并不总是理性的，假设他们是理性的通常 是对经济模型的一个好的近似
曼昆《经济学原理》第5版全
45
家庭
图1 ：循环流量图
收益
物品与 劳务出 售
企业
物品与劳务 市场
支出 物品与 劳务购 买 家庭 劳动，土地 和资本
的是边际修理（变速器）的收益与成本
由A情形到B情形激励的改变导致你决策的改变
12
人们如何相互交 易
人们如何相互交易
原理 5 :贸易可以使每个人的状况都变得更好
人们可以专门生产一种物品或劳务并用来交换其他
物品或劳务，而不必自给自足
国家之间也能从贸易与专业化中受益 将他们生产的物品出口而得到一个更好的价格 从国外进口更便宜的物品而不用在国内自己生产
原理 9 :当政府发行了过多货币时，物价上升
通货膨胀：物价总水平的上升 长期而言，通货膨胀总是由于货币数量的过度增长
而导致货币价值的下降所引起
政府创造货币的速度越快，通胀率越高
经济学十大原理
25
整体经济如何运行
原理 10 :社会面临通货膨胀与失业之间的短期权衡 取舍
短期内（1-2年），许多经济政策朝相反的方向推
动通货膨胀与失业
其它因素使这种权衡取舍不那么明显，但这种权衡
取舍一直都存在
经济学十大原理
26
参考资料：如何阅读本书
1. 上课之前先读书
你将从课堂上领会更多东西 2. 要总结，而不是划重点线 划重点线是一种消极的做法，它不能帮助你理解或 记忆。相反，用你自己的话总结每一节的内容，然 后与该章结尾的内容提要相比较
经济学十大原理
30
内容提要
关于个同目标之间的权衡取舍 任何一种行为的成本可以用其所放弃的机会来衡
量
理性人通过比较边际成本与边际利益做出决策 人们根据他们所面临的激励改变自己的行为
曼昆微观经济学第五版答案
曼昆微观经济学第五版答案【篇一：曼昆_微观经济学_原理_第五版_课后习题答案(修改)】/p> 4．你在篮球比赛的赌注中赢了100美元。
你可以选择现在花掉它或在利率为55%的银行中存一年。
现在花掉100美元的机会成本是什么呢?答：现在花掉100 美元的机会成本是在一年后得到105 美元的银行支付(利息+本金)。
7．社会保障制度为65岁以上的人提供收入。
如果一个社会保障的领取者决定去工作并赚一些钱，他(或她)所领到的社会保障津贴通常会减少。
a．提供社会保障如何影响人们在工作时的储蓄激励?答：社会保障的提供使人们退休以后仍可以获得收入，以保证生活。
因此，人们不用为不能工作时的生活费而发愁，人们在工作时期的储蓄就会减少。
b．收入提高时津贴减少的政策如何影响65岁以上的人的工作激励??答：这会使65 岁以上的人在工作中不再积极进取。
因为努力工作获得高收入反而会使得到的津贴减少，所以对65 岁以上的人的努力工作的激励减少了。
11．解释下列每一项政府活动的动机是关注平等还是关注效率。
在关注效率的情况下，讨论所涉及的市场失灵的类型。
a．对有线电视频道的价格进行管制。
答：这是关注效率，市场失灵的原因是市场势力的存在。
可能某地只有一家有线电视台，由于没有竞争者，有线电视台会向有线频道的消费者收取高出市场均衡价格的价格，这是垄断。
垄断市场不能使稀缺资源得到最有效的配置。
在这种情况下，规定有线电视频道的价格会提高市场效率。
b．向一些穷人提供可用来购买食物的消费券。
答：这是出于关注平等的动机，政府这样做是想把经济蛋糕更公平地分给每一个人。
c．在公共场所禁止抽烟。
答：这是出于关注效率的动机。
因为公共场所中的吸烟行为会污染空气，影响周围不吸烟者的身体健康，对社会产生了有害的外部性，而外部性正是市场失灵的一种情况，而这也正是政府在公共场所禁止吸烟的原因。
d．把美孚石油公司(它曾拥90%的炼油厂)分拆为几个较小的公司。
答：出于关注效率的动机，市场失灵是由于市场势力。
经济学原理第五版习题答案
答：Quentin偏好的电影是4部；Spike是3部；Ridley是2部；Martin是1部；Steven不愿意租任何电影。
C．中值室友的偏好是什么？答：中值室友是Ridley，其偏好是2部电影。
D．如果室友在有效结果和中值投票人的偏好之间进行投票，每个人会如何投票？哪一个结果会得到大多数票？答：Quentin和Spike会选择3部电影，其他三个室友会选择2部电影。
2部电影会得到大多数票。
E．如果一个室友提出了一个不同数量的电影建议，他的建议能战胜D中投票的赢者吗？答：他的建议不能战胜D中投票的赢者。
除了两部电影之外的任何选择都只会得到少数票。
F．在提供公共物品中多数原则能达到有效的结果吗？答：不能。
在提供公共物品时，中间投票者的偏好决定了投票的结果，这可能达到也可能达不到有效的结果。
10．一组运动员正在进行多日三项全能的竞赛。
他们第一天比赛长跑，第二天比赛游泳，第三天比赛自行车。
你知道运动员要完成三个项目中每一项顺序。
根据这个信息，请你安排整个竞赛的顺序。
你要满足以下条件：·运动员的顺序应该是可传递的：如果运动员A排在B之前，运动员B排在C之前，那么运动员A就一定排在C之前。
·如果在三场比赛中A都击败了B，A就应该排在B之前。
·任何两个运动员的排列顺序不取决于第三个运动员在结束排序之前是否已被淘汰出竞赛。
根据阿罗定理，只有三种能满足这些特征的运动员排序。
这三种排序是什么？这三种排序是合意的吗？为什么？你认为较好的排序日程是哪一种？你的排序使以上哪一个特征得不到满足？答：你可以只考虑某一项比赛的结果。
问题是，阿罗不可能定理排除了这种情况的可能性。
另一种是使用博达计数。
但这会使第三个特征得不到满足，因为运动员中途如果被淘汰，排序结果就将改变。
11．为什么两个党制的一个政党会不选择接近于中值选民？（提示：考虑投票中的弃权和政治捐款）答：在一个两党制的民主社会中，少数选民愿意为和他们观点相似的候选人提供资金支持。
曼昆微观经济学课后练习英文答案
✍ how to define and measure consumer surplus.✍ the link between sellers’ costs of producing a good and the supply curve.✍ how to define and measure producer surplus.✍ that the equilibrium of supply and demand maximizes total surplus in a market. CONTEXT AND PURPOSE:Chapter 7 is the first chapter in a three-chapter sequence on welfare economics and market efficiency. Chapter 7 employs the supply and demand model to develop consumer surplus and producer surplus as a measure of welfare and market efficiency. These concepts are then utilized in Chapters 8 and 9 to determine the winners and losers from taxation and restrictions on international trade.The purpose of Chapter 7 is to develop welfare economics—the study of how the allocation of resources affects economic well-being. Chapters 4 through 6 employed supply and demand in a positive framework, which focused on the question, “What is the equilibrium price and quantity in a market?” This chapter now addresses the normative question, “Is the equilibrium price and quantity in a market the best possible solution to the resource allocation problem, or is it simply the price and quantity that balance supply and demand?” Students will discover that under most circumstances the equilibrium price and quantity is also the one that maximizes welfare.KEY POINTS:? Consumer surplus equals buyers’ willingness to pay for a good minus the amount they actually pay for it, and it measures the benefit buyers get from participating in a market.Consumer surplus can be computed by finding the area below the demand curve and above the price.? Producer surplus equals the amount sellers receive for their goods minus their costs of production, and it measures the benefit sellers get from participating in a market. Producer surplus can be computed by finding the area below the price and above the supply curve.? An allocation of resources that maximizes the sum of consumer and producer surplus is said to be efficient. Policymakers are often concerned with the efficiency, as well as the equality, of economic outcomes.? The equilibrium of supply and demand maximizes the sum of consumer and producer surplus.That is, the invisible hand of the marketplace leads buyers and sellers to allocate resources efficiently.? Markets do not allocate resources efficiently in the presence of market failures such as market power or externalities.CHAPTER OUTLINE:I. Definition of welfare economics: the study of how the allocation of resources affects economic well-being.A. Willingness to Pay1. Definition of willingness to pay: the maximum amount that a buyer will pay for a good.2. Example: You are auctioning a mint-condition recording of Elvis Presley’s first album. Four buyers show up. Their willingness to pay is as follows:for John. Because John is willing to pay more than he has to for the album,he derives some benefit from participating in the market.3. Definition of consumer surplus: the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.4. Note that if you had more than one copy of the album, the price in the auction would end up being lower (a little over $70 in the case of two albums) and both John and Paul would gain consumer surplus.B. Using the Demand Curve to Measure Consumer Surplus1. We can use the information on willingness to pay to derive a demand curve for the rare2. . Because the demand curve shows the buyers’ willingness to pay, we can use the demand curve to measure consumer surplus.C. How a Lower Price Raises Consumer Surplusare paying less for the product than before (area A on the graph).b. Because the price is now lower, some new buyers will enter the market and receive consumer surplus on these additional units of output purchased (area B on the graph).D. What Does Consumer Surplus Measure?1. Remember that consumer surplus is the difference between the amount that buyers are willing to pay for a good and the price that they actually pay.2. Thus, it measures the benefit that consumers receive from the good as the buyers themselves perceive it.III. Producer SurplusA. Cost and the Willingness to Sell1. Definition of cost: the value of everything a seller must give up to produce a good .2. Example: You want to hire someone to paint your house. You accept bids for the work from four sellers. Each painter is willing to work if the price you will pay exceeds her opportunity cost. (Note that this opportunity cost thus represents willingness to sell.) The costs are: ALTERNATIVE CLASSROOM EXAMPLE:Review the material on price ceilings from Chapter 6. Redraw the market for two-bedroom apartments in your town. Draw in a price ceiling below the equilibriumprice.Then go through:✍ consumer surplus before the price ceiling is put into place.✍ consumer surplus after the price ceiling is put into place.You will need to take some time to explain the relationship between the producers’ willingness to sell and the cost of producing the good. The relationship between cost and the supply curve is not as apparent as the relationship between the demand curve and willingness to pay. It is important to stress that consumer surplus is measured in monetary terms. Consumer surplus gives us a way to place a monetary cost on inefficient market outcomes (due to government involvement or market failure).except for Grandma. Because Grandma receives more than she would require to paint the house, she derives some benefit from producing in the market.4.Definition of producer surplus: the amount a seller is paid for a good minus the seller’s cost of providing it.5. Note that if you had more than one house to paint, the price in the auction would end up being higher (a little under $800 in the case of two houses) and both Grandma and Georgia would gain producer surplus.B. Using the Supply Curve to Measure Producer Surplus1. We can use the information on cost (willingness to sell) to derive a supply curve for2. marginal seller . Because the supply curve shows the sellers’ cost (willingness to sell), we can use the supply curve to measure producer surplus.are receiving more for the product than before (area C on the graph).b. Because the price is now higher, some new sellers will enter the market and receive producer surplus on these additional units of output sold (area D on the graph).D. Producer surplus is used to measure the economic well-being of producers, much like consumer surplus is used to measure the economic well-being of consumers.ALTERNATIVE CLASSROOM EXAMPLE:Review the material on price floors from Chapter 6. Redraw the market for anagricultural product such as corn. Draw in a price support above the equilibriumprice.Then go through:✍ producer surplus before the price support is put in place.✍ producer surplus after the price support is put in place.Make sure that you discuss the cost of the price support to taxpayers.IV.Market EfficiencyA. The Benevolent Social Planner1. The economic well-being of everyone in society can be measured by total surplus, which is the sum of consumer surplus and producer surplus:Total Surplus = Consumer Surplus + Producer SurplusTotal Surplus = (Value to Buyers – Amount Paid by Buyers) +(Amount Received by Sellers – Cost to Sellers)Because the Amount Paid by Buyers = Amount Received bySellers:2. Definition of efficiency: the property of a resource allocation of maximizing the total surplus received by all members of society .3. Definition of equality: the property of distributing economic prosperity uniformly the members of society .a. Buyers who value the product more than the equilibrium price will purchase the product; those who do not, will not purchase the product. In other words, the free market allocates the supply of a good to the buyers who value it most highly, as measured by their willingness to pay.b. Sellers whose costs are lower than the equilibrium price will produce the product; those whose costs are higher, will not produce the product. In other words, the free market allocates the demand for goods to the sellers who can produce it at the lowest cost.to the marginal buyer is greater than the cost to the marginal seller so total surplus would rise if output increases.b. At any quantity of output greater than the equilibrium quantity, the value of the product to the marginal buyer is less than the cost to the marginal seller so total surplus would rise if output decreases.3. Note that this is one of the reasons that economists believe Principle #6: Markets are usually a good way to organize economic activity.It would be a good idea to remind students that there are circumstances whenthe market process does not lead to the most efficient outcome. Examplesinclude situations such as when a firm (or buyer) has market power over priceor when there are externalities present. These situations will be discussed inlater chapters.Pretty Woman, Chapter 6. Vivien (Julia Roberts) and Edward (Richard Gere)negotiate a price. Afterward, Vivien reveals she would have accepted a lowerprice, while Edward admits he would have paid more. If you have done a goodjob of introducing consumer and producer surplus, you will see the light bulbsgo off above your students’ heads as they watch this clip.C. In the News: Ticket Scalping1. Ticket scalping is an example of how markets work to achieve an efficient outcome.2. This article from The Boston Globe de scribes economist Chip Case’s experience with ticket scalping.D. Case Study: Should There Be a Market in Organs?1. As a matter of public policy, people are not allowed to sell their organs.a. In essence, this means that there is a price ceiling on organs of $0.b. This has led to a shortage of organs.2. The creation of a market for organs would lead to a more efficient allocation of resources, but critics worry about the equity of a market system for organs.V. Market Efficiency and Market FailureA. To conclude that markets are efficient, we made several assumptions about how markets worked.1. Perfectly competitive markets.2. No externalities.B. When these assumptions do not hold, the market equilibrium may not be efficient.C. When markets fail, public policy can potentially remedy the situation. SOLUTIONS TO TEXT PROBLEMS:Quick Quizzes1. Figure 1 shows the demand curve for turkey. The price of turkey is P1 and the consumer surplus that results from that price is denoted CS. Consumer surplus is the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it. It measures the benefit to buyers of participating in a market.Figure 1 Figure 22. Figure 2 shows the supply curve for turkey. The price of turkey is P1 and the producer surplus that results from that price is denoted PS. Producer surplus is the amount sellers are paid for a good minus the sellers’ cost of providing it (measured by the supply curve). It measures the benefit to sellers of participating in a market.Figure 33. Figure 3 shows the supply and demand for turkey. The price of turkey is P1, consumer surplus is CS, and producer surplus is PS. Producing more turkeys than the equilibrium quantity would lower total surplus because the value to the marginal buyer would be lower than the cost to the marginal seller on those additional units.Questions for Review1. The price a buyer is willing to pay, consumer surplus, and the demand curve are all closely related. The height of the demand curve represents the willingness to pay of the buyers. Consumer surplus is the area below the demand curve and above the price, which equals the price that each buyer is willing to pay minus the price actually paid.2. Sellers' costs, producer surplus, and the supply curve are all closely related. The height of the supply curve represents the costs of the sellers. Producer surplus is the area below the price and above the supply curve, which equals the price received minus each seller's costs of producing the good.Figure 43. Figure 4 shows producer and consumer surplus in a supply-and-demand diagram.4. An allocation of resources is efficient if it maximizes total surplus, the sum of consumer surplus and producer surplus. But efficiency may not be the only goal of economic policymakers; they may also be concerned about equity the fairness of the distribution of well-being.5. The invisible hand of the marketplace guides the self-interest of buyers and sellers into promoting general economic well-being. Despite decentralized decision making and self-interested decision makers, free markets often lead to an efficient outcome.6. Two types of market failure are market power and externalities. Market power may cause market outcomes to be inefficient because firms may cause price and quantity to differ from the levels they would be under perfect competition, which keeps total surplus from being maximized. Externalities are side effects that are not taken into account by buyers and sellers. As a result, the free market does not maximize total surplus.Problems and Applications1. a. Consumer surplus is equal to willingness to pay minus the price paid. Therefore, Melissa’s willingness to pay must be $200 ($120 + $80).b. Her consumer surplus at a price of $90 would be $200 ? $90 = $110.c. If the price of an iPod was $250, Melissa would not have purchased one because the price is greater than her willingness to pay. Therefore, she would receive no consumer surplus.2. If an early freeze in California sours the lemon crop, the supply curve for lemons shifts to the left, as shown in Figure 5. The result is a rise in the price of lemons and a decline in consumer surplus from A + B + C to just A. So consumer surplus declines by the amount B + C.Figure 5 Figure 6In the market for lemonade, the higher cost of lemons reduces the supply of lemonade, as shown in Figure 6. The result is a rise in the price of lemonade and a decline in consumer surplus from D + E + F to just D, a loss of E + F. Note that an event that affects consumer surplus in one market often has effects on consumer surplus in other markets.3. A rise in the demand for French bread leads to an increase in producer surplus in the market for French bread, as shown in Figure 7. The shift of the demand curve leads to an increased price, which increases producer surplus from area A to area A + B + C.Figure 7The increased quantity of French bread being sold increases the demand for flour, as shown in Figure 8. As a result, the price of flour rises, increasing producer surplus from area Dto D + E + F. Note that an event that affects producer surplus in one market leads to effects on producer surplus in related markets.Figure 84. a.Figure 9b. When the price of a bottle of water is $4, Bert buys two bottles of water. His consumer surplus is shown as area A in the figure. He values his first bottle of water at $7, but pays only $4 for it, so has consumer surplus of $3. He values his second bottle of water at $5, but pays only $4for it, so has consumer surplus of $1. Thus Bert’s total consumer surplus is $3 + $1 = $4, which is the area of A in the figure.c. When the price of a bottle of water falls from $4 to $2, Bert buys three bottles of water, an increase of one. His consumer surplus consists of both areas A and B in the figure, an increase in the amount of area B. He gets consumer surplus of $5 from the first bottle ($7 value minus $2 price), $3 from the second bottle ($5 value minus $2 price), and $1 from the third bottle ($3 value minus $2 price), for a total consumer surplus of $9. Thus consumer surplus rises by $5 (which is the size of area B) when the price of a bottle of water falls from $4 to $2.5. a.Figure 10b. When the price of a bottle of water is $4, Ernie sells two bottles of water. His producer surplus is shown as area A in the figure. He receives $4 for his first bottle of water, but it costs only $1 to produce, so Ernie has producer surplus of $3. He also receives $4 for his second bottle of water, which costs $3 to produce, so he has producer surplus of $1. Thus Ernie’s total producer surplus is $3 + $1 = $4, which is the area of A in the figure.c. When the price of a bottle of water rises from $4 to $6, Ernie sells three bottles of water, an increase of one. His producer surplus consists of both areas A and B in the figure, an increase by the amount of area B. He gets producer surplus of $5 from the first bottle ($6 price minus $1 cost), $3 from the second bottle ($6 price minus $3 cost), and $1 from the third bottle ($6 price minus $5 price), for a total producer surplus of $9. Thus producer surplus rises by $5 (which is the size of area B) when the price of a bottle of water rises from $4 to $6.6. a. From Ernie’s supply schedule and Bert’s demand schedule, the quantityequilibrium quantity of two.b. At a price of $4, consumer surplus is $4 and producer surplus is $4, as shown in Problems 3 and 4 above. Total surplus is $4 + $4 = $8.c. If Ernie produced one less bottle, his producer surplus would decline to $3, as shown in Problem 4 above. If Bert consumed one less bottle, his consumer surplus would decline to $3, as shown in Problem 3 above. So total surplus would decline to $3 + $3 = $6.d. If Ernie produced one additional bottle of water, his cost would be $5, but the price is only $4, so his producer surplus would decline by $1. If Bert consumed one additional bottle of water, his value would be $3, but the price is $4, so his consumer surplus would decline by $1. So total surplus declines by $1 + $1 = $2.7. a. The effect of falling production costs in the market for stereos results in a shift to the right in the supply curve, as shown in Figure 11. As a result, the equilibrium price of stereos declines and the equilibrium quantity increases.Figure 11b. The decline in the price of stereos increases consumer surplus from area A to A + B + C + D, an increase in the amount B + C + D. Prior to the shift in supply, producer surplus was areas B + E (the area above the supply curve and below the price). After the shift in supply, producer surplus is areas E + F + G. So producer surplus changes by the amount F + G – B, which may be positive or negative. The increase in quantity increases producer surplus, while the decline in the price reduces producer surplus. Because consumer surplus rises by B + C + D and producer surplus rises by F + G – B, total surplus rises by C + D + F + G.c. If the supply of stereos is very elastic, then the shift of the supply curve benefits consumers most. To take the most dramatic case, suppose the supply curve were horizontal, as shown in Figure 12. Then there is no producer surplus at all. Consumers capture all the benefits of falling production costs, with consumer surplus rising from area A to area A + B.Figure 128. Figure 13 shows supply and demand curves for haircuts. Supply equals demand at a quantity of three haircuts and a price between $4 and $5. Firms A, C, and D should cut the hair of Ellen, Jerry, and Phil. Oprah’s willingness to pay is too low and firm B’s costs are too high, so they do not participate. The maximum total surplus is the area between the demand and supply curves, which totals $11 ($8 value minus $2 cost for the first haircut, plus $7 value minus $3 cost for the second, plus $5 value minus $4 cost for the third).Figure 139. a. The effect of falling production costs in the market for computers results in a shift to the right in the supply curve, as shown in Figure 14. As a result, the equilibrium price of computers declines and the equilibrium quantity increases. The decline in the price of computers increases consumer surplus from area A to A + B + C + D, an increase in the amount B + C + D.Figure 14 Figure 15Prior to the shift in supply, producer surplus was areas B + E (the area above thesupply curve and below the price). After the shift in supply, producer surplus isareas E + F + G. So producer surplus changes by the amount F + G – B, whichmay be positive or negative. The increase in quantity increases producer surplus,while the decline in the price reduces producer surplus. Because consumer surplusrises by B + C + D and producer surplus rises by F + G – B, total surplus rises byC +D + F + G.b. Because typewriters are substitutes for computers, the decline in the price of computers means that people substitute computers for typewriters, shifting the demand for typewriters to the left, as shown in Figure 15. The result is a decline in both the equilibrium price and equilibrium quantity of typewriters. Consumer surplus in the typewriter market changes from area A + B to A + C, a net change of C – B. Producer surplus changes from area C + D + E to area E, a net loss of C + D. Typewriter producers are sad about technological advances in computers because their producer surplus declines.c. Because software and computers are complements, the decline in the price and increase in the quantity of computers means that the demand for software increases, shifting the demand for software to the right, as shown in Figure 16. The result is an increase in both the price and quantity of software. Consumer surplus in the software market changes from B + C to A + B, anet change of A – C. Producer surplus changes from E to C + D + E, an increase of C + D, so software producers should be happy about the technological progress in computers.Figure 16d. Yes, this analysis helps explain why Bill Gates is one the world’s richest people, because his company produces a lot of software that is a complement with computers and there has been tremendous technological advance in computers.10. a. With Provider A, the cost of an extra minute is $0. With Provider B, the cost of anextra minute is $1.b. With Provider A, my friend will purchase 150 minutes [= 150 – (50)(0)]. WithProvider B, my friend would purchase 100 minutes [= 150 – (50)(1)].c. With Provider A, he would pay $120. The cost would be $100 with Provider B.Figure 17d. Figure 17 shows the friend’s demand. With Provider A, he buys 150 minutes andhis consumer surplus is equal to (1/2)(3)(150) – 120 = 105. With Provider B, hisconsumer surplus is equal to (1/2)(2)(100) = 100.e. I would recommend Provider A because he receives greater consumer surplus.11. a. Figure 18 illustrates the demand for medical care. If each procedure has a price of $100, quantity demanded will be Q1 procedures.Figure 18b. If consumers pay only $20 per procedure, the quantity demanded will be Q2 procedures. Because the cost to society is $100, the number of procedures performed is too large to maximize total surplus. The quantity that maximizes total surplus is Q1 procedures, which is less than Q2.c. The use of medical care is excessive in the sense that consumers get procedures whose value is less than the cost of producing them. As a result, the economy’s total surplus is reduced.d. To prevent this excessive use, the consumer must bear the marginal cost of the procedure. But this would require eliminating insurance. Another possibility would be that the insurance company, which pays most of the marginal cost of the procedure ($80, in this case) could decide whether the procedure should be performed. But the insurance company does not get the benefits of the procedure, so its decisions may not reflect the value to the consumer.。
曼昆《经济学原理》（宏观）第五版测试题库（25）
曼昆《经济学原理》（宏观）第五版测试题库（25）Chapter 25Production and GrowthTRUE/FALSE1. If per capita real income grows by 2 percent per year, then it will double in approximately 20 years.ANS: F DIF: 1 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional2. Over the period 1870-2006, the United States experienced an average annual growth rate of real GDP perperson of about 4 percent per year.ANS: F DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional3. In 2006, income per person in the United States was about 12 times that in India.ANS: T DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional4. Over the period 1900-2006, Brazil’s rate of economic growth exceeded t hat of China.ANS: T DIF: 2 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional5. If a country has a higher level of productivity than another, then it also has a higher level of real GDP.ANS: F DIF: 2 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: ProductivityMSC: Analytical6. International data on real GDP per person give us a sense of how standards of living vary across countries. ANS: T DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Real GDPMSC: Definitional7. Real GDP per person in rich countries, such as Germany, is sometimes more than 10 times that of poorcountries like Pakistan.ANS: T DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Standard of livingMSC: Definitional8. Both the standard of living and the growth of real GDP per person vary widely across countries.NAT: Analytic LOC: Productivity and growthTOP: Standard of living | Real GDP MSC: Definitional9. If they could increase their growth rates slightly, countries with low income would catch up with richcountries in about ten years.ANS: F DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growthTOP: Economic growth | Catch-up effect MSC: Interpretive10. In the United States real GDP per person is about $44,000, while in some poor countries real GDP per personis less than $3,000.ANS: T DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional168311. Although growth rates across countries vary some, rankings of countries by income remain pretty much thesame over time.ANS: F DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional12. International data on the history of real GDP growth rates shows that over the last 100 years or so, richcountries got richer and poor countries got poorer.ANS: F DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional13. Productivity can be computed as number of hours worked divided by output.ANS: F DIF: 1 REF: 25-2NAT: Analytic LOC: Productivity and growth T OP: ProductivityMSC: Definitional14. Indonesians, for example, have a lower standard of living than Americans because they have a lower level of productivity.ANS: T DIF: 1 REF: 25-2NAT: Analytic LOC: Productivity and growthTOP: Productivity | Standard of living MSC: Interpretive15. If Country A produces 6,000 units of goods and services using 600 hours of labor, and if Country Bproduces 5,000 units of goods and services using 450 units of labor, then productivity is higher in Country B than in Country A.NAT: Analytic LOC: Productivity and growth T OP: ProductivityMSC: Applicative16. Like physical capital, human capital is a produced factor of production.ANS: T DIF: 2 REF: 25-2NAT: Analytic LOC: Productivity and growthTOP: Physical capital | Human capital MSC: Interpretive17. Human capital is the term economists use to refer to the knowledge and skills that workers acquire through education, training, and experience.ANS: T DIF: 2 REF: 25-2NAT: Analytic LOC: Productivity and growth T OP: Human capitalMSC: Definitional18. A forest is an example of a nonrenewable resource.ANS: F DIF: 1 REF: 25-2NAT: Analytic LOC: Productivity and growth T OP: Natural resourcesMSC: Definitional19. Historical trends in the prices of most natural resources compared to prices of other goods indicate that natural resources have become scarcer over time.ANS: F DIF: 2 REF: 25-2NAT: Analytic LOC: Productivity and growth T OP: Natural resourcesMSC: Interpretive20. It is possible for a country without a lot of domestic natural resources to have a high standard of living. ANS: T DIF: 1 REF: 25-2NAT: Analytic LOC: Productivity and growthTOP: Natural resources | Standard of living MSC: Interpretiveword⽂档可⾃由复制编辑Chapter 25 /Production and Growth 1685 21. Constant returns to scale is the point on a production function where increasing inputs will no longer increaseoutput.ANS: F DIF: 2 REF: 25-2NAT: Analytic LOC: Productivity and growth T OP: Constant returns to scaleMSC: Interpretive22. As capital per worker rises, output per worker rises. However, the increase in output per worker from anaddition to capital is smaller, the larger is the existing amount of capital per worker.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Production functionMSC: Analytical23. An increase in the saving rate does not permanently increase the growth rate of real GDP per person. ANS: T DIF: 2 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Saving rateMSC: Definitional24. Other things the same, another unit of capital will increase output by more in a poor country than in a rich country.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growthTOP: Productivity | Diminishing returns MSC: Interpretive25. The catch-up effect refers to the idea that poor countries, despite their best efforts, are not likely ever to experience the economic growth rates of wealthier countries.ANS: F DIF: 2 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Catch-up effectMSC: Interpretive26. Two countries with the same saving rates must have the same growth rate of real GDP per person. ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Saving rate | Catch-up effectMSC: Definitional27. When Americans invest in Russia, the income of Russians (that is, Russian GNP) rises by more than does production in Russia (that is, Russian GDP).ANS: F DIF: 3 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Foreign investmentMSC: Applicative28. If your company opens and operates a branch in a foreign country, you will be engaging in foreign direct investment.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: International trade and finance TOP: Foreign investmentMSC: Definitional29. Investment in human capital has opportunity costs, but investment in physical capital does not.ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growthTOP: Opportunity costs | Human capital | Physical capital MSC: Interpretive30. Incentives for parents to send their children to school, such as small monthly payments to parents if their children have regular attendance, appear to increase school attendance.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional31. A country that made its courts less corrupt and its government more stable would likely see its standard of living rise.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Property rightsMSC: Definitional32. If a country made it easier for people to establish and prove the ownership of their property, real GDP per person would likely rise.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Property rightsMSC: Interpretive33. Economists generally believe that inward-oriented policies are more likely to foster growth than outward oriented policies.ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Trade policyMSC: Definitional34. If a rich country reduced subsidies to domestic producers who produce goods for which poor countries have a comparative advantage, the standard of living in these poor countries would likely rise.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Trade policyMSC: Definitional35. One reason that governments may find it useful to sponsor universities and basic research is that to a large extent knowledge is generally a private good.ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Public goodsMSC: Interpretive36. The population growth rate tends to be higher in developed countries than in developing countries.ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Population growthMSC: Definitional37. In countries where women are discriminated against, policies that increase the likelihood of career success and educational opportunities for women are likely to decrease the birth rate.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Population growthMSC: Definitional38. Countries with high population growth rates tend to have lower levels of educational attainment.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Population growthMSC: Definitional39. Studies confirm that controlling for other variables such as the percentage of GDP devoted to investment, poor countries tend to grow at a faster rate than rich countries.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Catch-up effectMSC: Definitional40. An increase in capital increases productivity only if it is purchased and operated by domestic residents. ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Foreign investmentMSC: Definitionalword⽂档可⾃由复制编辑Chapter 25 /Production and Growth 1687 41. Other things the same, an economy’s f actors of production are likely to be used more effectively if there is aneconomywide respect for property rights.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Property rightsMSC: Definitional42. Economist Michael Kremer found that world growth rates fell as population increased.ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Population growthMSC: DefinitionalSHORT ANSWER1. Use the data on U.S. real GDP below to compute real GDP per person for each year. Then use these numbersto compute the percentage increase in real GDP per person from 1987 to 2005.ANS:Real GDP per person in 1987 was $6,435,000/243= about $26,481. Income per person in 2005 was$11,092,000/296.6 = about $37,397. Income per person grew by (37,397 - 26,481)/26,481 = about 41.2 percent. DIF: 1 REF: 25-1 NAT: AnalyticLOC: Productivity and growth T OP: Real GDP | Economic growthMSC: Applicative2. Why is productivity related to the standard of living? In your answer be sure to explain what productivity andstandard of living mean. Make a list of things that determine labor productivity.ANS:The standard of living is a measure of how well people live. Income per person is an important dimension of the standard of living and is positively correlated with other things such as nutrition and life expectancy that make people better off. Productivity measures how much people can produce in an hour. As productivity increases, people can produce more (and use less to produce the same amount) and so their standard of living increases.The factors that determine labor productivity include the amounts of physical capital (equipment and structures), human capital (knowledge and skills), and natural resources available to workers, as well as the state of technological knowledge in society.DIF: 2 REF: 25-1 NAT: AnalyticLOC: Productivity and growth T OP: Productivity | Standard of livingMSC: Interpretive3. What is a production function? Write an equation for a typical production function, and explain what each ofthe terms represents.ANS:A production function is a mathematical representation of the relationship between the quantity of inputs used in production and the quantity of output produced using these inputs. A typical production function could be written as Y = A F(L, K, H, N), where Y denotes the quantity of output, L the quantity of labor, K the quantity of physical capital, H the quantity of human capital, N the quantity of natural resources, and A is a variable that reflects the available production technology.DIF: 2 REF: 25-2 NAT: AnalyticLOC: The Study of economics, and definitions of economics TOP: Production functionMSC: Interpretive4. What is the difference between human capital and technology?ANS:Technology is society's understanding of production techniques. Human capital is the labor force's understanding of these ideas. A society may have lots of information available about how to produce goods, but still have lots of people who know little of this information. For example, in the United States there exists information about how best to use a butter churn and how to make lye soap, but most people know nothing about it.DIF: 2 REF: 25-2 NAT: AnalyticLOC: Productivity and growth T OP: Human capital | TechnologyMSC: Interpretive5. The catch-up effect says that countries with low income can grow faster than countries with higher income.However, in statistical studies that include many diverse countries we do not observe the catch-up-effectunless we control for other variables that affect productivity. Considering the determinants of productivity, list and explain some things that would tend to prohibit or limit a poor country's ability to catch up with the rich ones.ANS:The argument that poor countries will tend to catch up with rich ones is based on the idea that another unit of capital will increase output more in a country that has little capital than one that has much capital. So, for a given share of GDP devoted to investment, a poor country will grow faster than a rich one.This argument assumes that other things are the same, but share of GDP invested may be lower in a poor country and the productivity of investment may be less. A politically unstable environment where property rights are unprotected or not securetends to discourage investment. A country that has limited trade because of legal restrictions or geography cannot focus on producing what it produces best and so has lower productivity. To get the most out of investment, or even simply to use some types of new investment, requires having workers who have acquired some basic human capital.DIF: 3 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Catch-up effectMSC: Analytical6. Some data that at first might seem puzzling: The share of GDP devoted to investment was similar for theUnited States and South Korea from 1960-1991. However, during these same years South Korea had a 6percent growth rate of average annual income per person, while the United States had only a 2 percent growth rate. If the saving rates were the same, why were the growth rates so different?ANS:The explanation is based on the concept of diminishing returns to capital. A country that has a lot of income, and so a lot of capital, gains less by adding more capital than does a country that currently has little capital. It is easy to envision how a poor country without much capital could increase its output considerably with even a little more capital.DIF: 2 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Investment | Catch-up effect | Diminishing returnsMSC: Analytical7. In addition to investment in physical and human capital, what other public policies might a country adopt toincrease productivity?ANS:In addition to investment in physical and human capital, a country might increase productivity by (a) specifying and enforcing property rights, (b) encouraging free trade, (c) controlling population growth, and (d) promoting research and development. DIF: 2 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Productivity MSC: Definitionalword⽂档可⾃由复制编辑Chapter 25 /Production and Growth 1689 8. Why does a nation’s standard of living depend on property rights?ANS:Property rights are an important prerequisite for the price system to work in a market economy. If an individual or company is not confident that claims over property or over the income from property can be protected, or that contracts can be enforced, there will be little incentive for individuals to save, invest, or start new businesses. Likewise, there will be little incentive for foreigners to invest in the real or financial assets of the country. The distortion of incentives will reduce efficiency in resource allocation and will reduce saving and investment which in turn will reduce the standard of living.DIF: 2 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Property rightsMSC: Interpretive9. How do outward-oriented policies affect a nation's productivity?ANS:Most economists believe that poor nations are better off pursuing outward-oriented policies that promote free trade. Countries that use their comparative advantage in trade are, in effect, helping themselves through the gains from trade in the same way that nations that develop new technology raise their standard of living. Hence, a country that eliminates trade restrictions will experience the same kind of economic growth that would occur after a major technological advance. Inward-oriented tradepolicies are akin to a country choosing to restrict the use of superior technologies.DIF: 1 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Economic growthMSC: Interpretive10. At first patents might seem like a deterrent to growth because in effect they restrict the use of new technology.Yet many economists believe that patents generate growth. Explain why.ANS:Once someone comes up with an idea it is often easy for others to take advantage of it so that the idea becomes part of a society’s knowledge. So, knowledge is frequently a public good. Without patents an inventor’s reward for research and development of a good idea would be smaller. So, patents increase the incentives for firms and individuals to engage in research. The negative consequences of temporarily restricting the use of new ideas with patents is outweighed by the increase in new ideas that patents induce.DIF: 2 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Economic growthMSC: Interpretive11. Some economists argue that it is possible to raise the standard of living by reducing population growth. As an economist interested in incentives rather than coercion, what kind of policy would you recommend to slow population growth?ANS:Since bearing a child has an opportunity cost, policies designed to increase the opportunity cost of bearing children would likely reduce population growth rates. In particular, women with the opportunity to receive a good education and desirable employment tend to want to have fewer children than do those with fewer opportunities outside the home. Hence, policies designed to increase educational and employment opportunities for women will likely reduce population growth rates without coercion.DIF: 2 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Population growth | Standard of livingMSC: Interpretive12. Compare and contrast the population theories of Malthus and Kremer.ANS:The difference is that Malthus predicted that population growth would be greater than growth in the ability to increase output. He believed that people would continue to populate the earth until output reached a subsistence level. On the other hand Kremer argues that population growth increased productivity allowing people to improve their standard of living despite growing population. Kremer argues that with more population comes more innovations. The improvements in technology outweighed any adverse impact of the increase in population on the standard of living.DIF: 2 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Population growth | EconomistsMSC: InterpretiveSec00 - Production and GrowthMULTIPLE CHOICE1. The average income in a rich country, such as the United States or Japan, is more thana. 3 times, but less than 5 times, the average income in a poor country, such as Indonesia or Nigeria.b. 5 times, but less than 10 times, the average income in a poor country, such as Indonesia or Nigeria.c.10 times, but less than 20 times, the average income in a poor country, such as Indonesia orNigeria.d.more than 20 times the average income in a poor country, such as Indonesia or Nigeria.ANS: C DIF: 1 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional2. Over the past century in the United States, real GDP per person has grown, on average, by abouta. 1 percent per year.b. 2 percent per year.c. 3 percent per year.d. 5 percent per year.ANS: B DIF: 1 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional3. During the past century the average growth rate of U.S. real GDP per person implies that it doubled, on average, about everya.100 years.b.70 years.c.35 years.d.25 years.ANS: C DIF: 1 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Interpretive4. In the United States, as measured by real GDP per person, average income is about how many times as high as average income a century ago?a.2b.4c.6d.8ANS: D DIF: 1 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitionalword⽂档可⾃由复制编辑Chapter 25 /Production and Growth 16915. Over the last century, U.S. real GDP per person grew at a rate of abouta. 2 percent per year, so that it is now 2 times as high as it was a century ago.b. 2 percent per year, so that it is now 8 times as high as it was a century ago.c. 4 percent per year, so that it is now 2 times as high as it was a century ago.d. 4 percent per year, so that it is now 8 times as high as it was a century ago.ANS: B DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional6. Over the past 100 years, U.S. real GDP per person has doubled about every 35 years. If, in the next 100 years, it doubles every 25 years, then a century from now U.S. real GDP per person will bea. 4 times higher than it is now.b.8 times higher than it is now.c.12 times higher than it is now.d.16 times higher than it is now.ANS: D DIF: 2 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Interpretive7. Over the past century in the United States, average income as measured by real GDP per person has grown abouta. 4 percent per year, which implies a doubling about every 18 years.b. 4 percent per year, which implies a doubling about every 8 years.c. 2 percent per year, which implies a doubling about every 35 years.d. 2 percent per year, which implies a doubling about every 18 years.ANS: C DIF: 2 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Interpretive8. In which of the following countries has economic growth been sufficiently strong in recent history to propel that country from being among the poorest in the world to being among the richest in the world?a.Indiab.Mexicoc.Nigeriad.SingaporeANS: D DIF: 1 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional9. Average income has been stagnant for many years ina.Argentina.b.Singapore.c.Nigeria.d.All of the above are correct.ANS: C DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional10. Which of the following statements is correct?a.The level of real GDP is a good gauge of economic prosperity, and the growth of real GDP is agood gauge of economic progress.b.The level of real GDP is a good gauge of economic progress, and the growth of real GDP is a goodgauge of economic prosperity.c.The level of real GDP is a good gauge of economic prosperity, and the level of real GDP per personis a good gauge of economic progress.d.The level of real GDP is a good gauge of economic progress, and the level of real GDP per personis a good gauge of economic prosperity.ANS: A DIF: 2 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: InterpretiveSec01 - Production and Growth - Economic Growth around the WorldMULTIPLE CHOICE1. You are told that Country A experienced growth of real GDP per person of 4 percent per year throughout the 1900s. In view of other countries’ experience, you would have to characterize Country A’s growth asa.exceptionally high.b.moderately high.c.moderately low.d.exceptionally low.ANS: A DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Interpretive2. You are told that Country A experienced growth of real GDP per person of 0.5 percent per year throughout the 1900s. In view of other countries’ experience, you would have to characterize Country A’s growth asa.exceptionally high.b.moderately high.c.moderately low.d.exceptionally low.ANS: D DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Interpretive3. As of 2006, using real GDP per person as a measure, we would classifya.the United States and Mexico as advanced economies and Bangladesh as a middle-income country.b.Canada as an advanced economy, Mexico as a middle-income country, and Mali as a poor country.c.Japan and India as advanced economies and Mexico as a poor country.d.Japan as an advanced economy, the United Kingdom as a middle-income country, and Argentina asa poor country.ANS: B DIF: 2 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Standard of livingMSC: Interpretive4. Over the period 1900-2006, which of the following countries experienced the highest average annual growth rate of real GDP per person?a.Indonesiab.Indiac.Pakistand.BrazilANS: D DIF: 2 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitionalword⽂档可⾃由复制编辑。
(微观 宏观全)曼昆《经济学原理》(第五版)课后习题答案-中文版
曼昆《经济学原理》（第五版）习题解答目录第一章经济学十大原理 (1)第二章像经济学家一样思考 (7)第三章相互依存性与贸易的好处 (14)第四章供给与需求的市场力量 (22)第五章弹性及其应用 (31)第六章供给、需求与政府政策 (41)第七章消费者、生产者与市场效率 (50)第八章应用：赋税的代价 (58)第九章应用：国际贸易 (65)第十章外部性 (75)第十一章公共物品和公共资源 (84)第十二章税制的设计 (91)第十三章生产成本 (99)第十四章竞争市场上的企业 (109)第十五章垄断 (121)第十六章垄断竞争 (135)第十七章寡头 (143)第十八章生产要素市场 (153)第十九章收入与歧视 (162)第二十章收入不平等与贫困 (169)第二十一章消费者选择理论 (177)第二十二章微观经济学前沿 (187)第二十三章一国收入的衡量 (195)第二十四章生活费用的衡量 (204)第二十五章生产与增长 (210)第二十六章储蓄、投资和金融体系 (214)第二十七章基本金融工具 (221)第二十八章失业 (226)第一篇导言第一章经济学十大原理复习题1．列举三个你在生活中面临的重要权衡取舍的例子。
答：①大学毕业后，面临着是否继续深造的选择，选择继续上学攻读研究生学位，就意味着在今后三年中放弃参加工作、赚工资和积累社会经验的机会；②在学习内容上也面临着很重要的权衡取舍，如果学习《经济学》，就要减少学习英语或其他专业课的时间；③对于不多的生活费的分配同样面临权衡取舍，要多买书，就要减少在吃饭、买衣服等其他方面的开支。
2．看一场电影的机会成本是什么?答：看一场电影的机会成本是在看电影的时间里做其他事情所能获得的最大收益，例如：看书、打零工。
3．水是生活必需的。
一杯水的边际利益是大还是小呢?答：这要看这杯水是在什么样的情况下喝，如果这是一个人五分钟内喝下的第五杯水，那么他的边际利益很小，有可能为负；如果这是一个极度干渴的人喝下的第一杯水，那么他的边际利益将会极大。
曼昆经济学原理第五版答案英文ch23
WHAT’S NEW:The In the News box on “Mr. Index Goes to Hollywood” has been updated and is now a Case Study with a Web site reference where students can obtain continually updated information. There is also a new In the News box on “A CPI for Senior Citizens.”LEARNING OBJECTIVES:By the end of this chapter, students should understand:how the consumer price index (CPI) is constructed.why the CPI is an imperfect measure of the cost of living.how to compare the CPI and the GDP deflator as measures of the overall price level.how to use a price index to compare dollar figures from different times.the distinction between real and nominal interest rates.KEY POINTS:1. The consumer price index shows the cost of a basket of goods and services relative to thecost of the same basket in the base year. The index is used to measure the overall level of prices in the economy. The percentage change in the price level measures the inflation rate.2. The consumer price index is an imperfect measure of the cost of living for three reasons.First, it does not take into account consumers’ ability to substitute toward goods that become relatively cheaper over time. Second, it does not take into account increases in thepurchasing power of a dollar due to the introduction of new goods. Third, it is distorted by unmeasured changes in the quality of goods and services. Because of these measurement problems, the CPI overstates annual inflation by about 1 percentage point.3. Although the GDP deflator also measures the overall level of prices in the economy, it differsfrom the consumer price index because it includes goods and services produced rather than goods and services consumed. As a result, imported goods affect the consumer price index but not the GDP deflator. In addition, while the consumer price index uses a fixed basket ofMEASURING THE COST OFLIVINGgoods, the GDP deflator automatically changes the group of goods and services over time as the composition of GDP changes.4. Dollar figures from different points in time do not represent a valid comparison of purchasingpower. To compare a dollar figure from the past to a dollar figure today, the older figure should be inflated using a price index.5. Various laws and private contracts use price indexes to correct for the effects of inflation.The tax laws, however, are only partially indexed for inflation.6. A correction for inflation is especially important when looking at data on interest rates. Thenominal interest rate is the interest rate usually reported; it is the rate at which the number of dollars in a savings account increases over time. By contrast, the real interest rate takes into account changes in the value of the dollar over time. The real interest rate equals the nominal interest rate minus the rate of inflation.CHAPTER OUTLINE:I. The Consumer Price IndexA.Definition of Consumer Price Index (CPI): a measure of the overall cost of the goods and services bought by a typical consumer .B.How the Consumer Price Index is Calculated1.Fix the basket.a.The Bureau of Labor Statistics uses surveys to determine a representative bundle of goods and services purchased by a typical consumer.b.Example: 4 hot dogs and 2 hamburgers.2.Find the prices. a.Prices for each of the goods and services in the basket must be determined for each time period.b. Example:3.Compute the basket’s cost.Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.a.By keeping the basket the same, only prices are being allowed change. This allows us to isolate the effects of price changes over time. b.Example:Cost in 2001 = ($1 × 4) + ($2 × 2) = $8. Cost in 2002 = ($2 × 4) + ($3 × 2) = $14. Cost in 2003 = ($3 × 4) + ($4 × 2) = $20.4. Choose a base year and compute the index.a. The base year is the benchmark against which other years arecompared.b.The formula for calculating the price index is:c.Example (using 2001 as the base year):CPI for 2001 = ($8)/($8) × 100 = 100. CPI for 2002 = ($14)/($8) × 100 = 175. CPI for 2003 = ($20)/($8) × 100 = 250.a.Definition of Inflation Rate: the percentage change in the price index from the preceding period .b.The formula used to calculate the inflation rate is:c.Example:Inflation Rate for 2002 = (175 – 100)/100 × 100% = 75%. Inflation Rate for 2003 = (250 – 175)/175 × 100% = 43%.C.Another Important Price Index: The Producer Price Index 1.Definition of Producer Price Index: a measure of the cost of a basket of goods and services bought by firms .2.Because firms pass on higher costs to consumers in the form of higher prices on products, the producer price index is believed to be helpful in predicting changes in the CPI.D.FYI: What Is in the CPI’s Basket?1. Figure 23-1 shows the make-up of the market basket used to compute the CPI.2. The largest category is housing, which makes up 40% of a typicalE. In the News: Shopping for the CPI1. There are approximately 300 employees of the Bureau of Labor Statisticswho gather information on prices.2. This is an article that appeared in The Wall Street Journal about theseindividuals.F. Problems in Measuring the Cost of Living1. Substitution Biasa. When the price of one good changes, consumers often respondby substituting another good in its place.b. The CPI does not allow for this substitution; it is calculated usinga fixed basket of goods and services.c. This implies that the CPI overstates the increase in the cost ofliving over time.2. Introduction of New Goodsa. When a new good is introduced, consumers have a wider varietyof goods and services to choose from.b. This makes every dollar more valuable, which means that thereis an increase in the purchasing power of the dollar.c. Because the market basket is not revised often enough, thesenew goods are left out of the bundle of goods and servicesincluded in the basket.3. Unmeasured Quality Changea. If the quality of a good falls from one year to the next, the valueof a dollar falls; if quality rises, the value of the dollar rises.b. Attempts are made to correct prices for changes in quality, but itis often difficult to do so because quality is hard to measure.4. The size of these problems is also difficult to measure.5. The issue is important because many government transfer programs(such as Social Security) are tied to increases in the CPI.Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.6.Most studies indicate that the CPI overstates the rate of inflation by approximately 1 percentage point per year.G. In the News: A CPI for Senior Citizens1. Senior citizens generally do not spend their budgets in the same proportions as younger individuals.2.In fact, senior citizens spend a great deal on medical care, which has risen in price by a much larger than amount than the prices of most other consumer products.3.This is an article from The New York Times discussing the debate over creating a separate price index for this group.H.The GDP Deflator Versus the Consumer Price Index 1. The GDP deflator reflects the prices of all goods produced domestically, while the CPI reflects the prices of all goods bought by consumers.2.The CPI compares the prices of a fixed basket of goods over time, while the GDP deflator compares the prices of the goods currently produced to the prices of the goods produced in the base year. This means that the group of goods and services used to compute the GDP deflator changes automatically over time as output changes.3. Figure 23-2 shows the inflation rates calculated using the CPI and the GDP deflator.II. Correcting Economic Variables for the Effects of Inflation A.Dollar Figures from Different Times1.To change dollar values from one year to the next, we can use this formula:2. Example: Babe Ruth’s 1931 salary in 1999 dollars:Salary in 1999 dollars = Salary in 1931 dollars × price level in 1999price level in 1931Salary in 1999 dollars = $80,000 × (166/15.2). Salary in 1999 dollars = $873,684.3. Case Study: Mr. Index Goes to HollywoodHarcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.a.Reports of box office success are often made in terms of the dollar values of ticket sales.b.These ticket sales are then compared with ticket sales of movies in the past.c.However, no correction for changes in the value of a dollar are made.d.Table 23-2 shows a table of the top 20 films with the estimated box office gross in 1998 dollars. The winner: Gone with the Wind .B. Indexation1. Definition of Indexation: the automatic correction of a dollaramount for the effects of inflation by law or contract .2.As mentioned above, many government transfer programs use indexation for the benefits. The government also indexes the tax brackets used for federal income tax.3.There are uses of indexation in the private sector as well. Many labor contracts include Cost-of-Living-Allowances (COLAs).C.Real and Nominal Interest Rates 1. Definition of Nominal Interest Rate: the interest rate as usuallyreported without a correction for the effects of inflation .2. Definition of Real Interest Rate: the interest rate corrected for the effects of inflation .ALTERNATIVE CLASSROOM EXAMPLE:Your father graduated from school and took his first job in 1972, which paid a salary of $7,000. What is this salary worth in 1999 dollars?CPI in 1972 = 41.8 CPI in 1999 = 166Value in 1999 dollars = 1972 salary × (CPI in 1999/CPI in 1972)Value in 1999 dollars = $7,000 × (166/41.8) = $7,000 × 3.97 = $27,7903. Figure 23-3 shows real and nominal interest rates from 1965 to thepresent. Note that in the late 1970s, the real interest rate was negativebecause the inflation rate exceeded the nominal interest rate. ADJUNCT TEACHING TIPS AND WARM-UP ACTIVITIES:1.Have students ask their parents (or grandparents) how much they paid for their first car andin what year they bought it. (If there are older students in the class, ask them to remember how much they paid for their first car.) Students can then determine how much they would have to pay in current dollars using the consumer price index.2.Ask for a volunteer to search the internet to find out average medical care prices for the pasttwenty to fifty years. Make a graph and compare the rising medical prices with rising prices in general using the CPI for the same period.SOLUTIONS TO TEXT PROBLEMS:Quick Quizzes1. The consumer price index tries to measure the overall cost of the goods and servicesbought by a typical consumer. It is constructed by surveying consumers to fix a basketof goods and services that the typical consumer buys, finding the prices of the goods and services over time, computing the cost of the basket at different times, choosing a baseyear, computing the index, then computing the inflation rate.2. Since Henry Ford paid his workers $5 a day in 1914 and the consumer price index was10 in 1914 and 166 in 1999, then the Ford paycheck was worth $5 ⨯ 166/10 = $83 a dayin 1999 dollars.Questions for Review1. A 10 percent increase in the price of chicken has a greater effect on the consumer priceindex than a 10 percent increase in the price of caviar because chicken is a bigger part of the average consumer's market basket.2. The three problems in the consumer price index as a measure of the cost of living are:(1) substitution bias, which arises because people substitute toward goods that havebecome relatively less expensive; (2) the introduction of new goods, which are notreflected quickly in the CPI; and (3) unmeasured quality change.3. If the price of a Navy submarine rises, there is no effect on the consumer price index,since Navy submarines aren't consumer goods. But the GDP price index is affected,since Navy submarines are included in GDP.4. Since the overall price level doubled, but the price of the candy bar rose sixfold, the realprice (the price adjusted for inflation) of the candy bar tripled.5. The nominal interest rate is the rate of interest paid on a loan in dollar terms. The realinterest rate is the rate of interest corrected for inflation. The real interest rate is thenominal interest rate minus the rate of inflation.Problems and Applications1. a. The price of tennis balls increases 0%; the price of tennis racquets increases50% [=($60-$40)/$40 x 100%]; the price of Gatorade increases 100% [= ($2 -$1)/$1 x 100%].To find the percentage change in the overall price level, follow these steps:1. Determine the fixed basket of goods: 100 balls, 10 racquets, 200Gatorades2. Find the price of each good in each year:3. Compute the cost of the basket of goods in each year:2001: (100 x $2) + (10 x $40) + (200 x $1) = $8002002: (100 x $2) + (10 x $60) + (200 x $2) = $1,2004. Choose one year as a base year (2001) and compute the CPI in eachyear:2001: $800/$800 x 100 = 1002002: $1,200/$800 x 100 = 1505. Use the CPI to compute the inflation rate from the previous year:2002: (150 - 100)/100 x 100% = 50%b. Tennis racquets are less expensive relative to Gatorade, since their price rose50% while the price of Gatorade rose 100%. The well-being of some peoplechanges relative to the well-being of others. Those who purchase a lot ofGatorade become worse off relative to those who purchase a lot of tennisracquets or tennis balls.2. To find the percentage change in the overall price level, follow these steps:a. Determine the fixed basket of goods: 100 heads of cauliflower, 50 bunches ofbroccoli, 500 carrotsb. Find the price of each good in each year:Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.c. Compute the cost of the basket of goods in each year:2001: (100 x $2) + (50 x $1.50) + (500 x $.10) = $3252002: (100 x $3) + (50 x $1.50) + (500 x $.20) = $475d. Choose one year as a base year (2001) and compute the CPI in each year:2001: $325/$325 x 100 = 1002002: $475/$325 x 100 = 146e. Use the CPI to compute the inflation rate from the previous year:2002: (146-100)/100 x 100% = 46%3. Since the CPI rose 637%, that means [CPI(1997)-CPI(1947)]/CPI(1947) x 100% = 637%,so CPI(1997)/CPI(1947) -1 = 6.37, so CPI(1997)/CPI(1947) = 7.37. So if an item costsunder 7.37 times as much in 1997 than it did in 1947, then it's relatively less expensive.The easiest way to see this is to take the 1947 price, multiply it by 7.37, and compare itto the 1997 price.University of Iowa tuition: $130 x 7.37 = $958 < $2,470, so the 1997 cost is highergallon of gasoline: $0.23 x 7.37 = $1.70 > $1.22, so the 1997 cost is lowerphone call: $2.50 x 7.37 = $18.42 > $0.45, so the 1997 cost is lowerday in hospital: $35 x 7.37 = $258 < $2,300, so the 1997 cost is higherhamburger: $0.15 x 7.37 = $1.11 > $0.59, so the 1997 cost is lower4. a. Since the increase in cost was considered a quality improvement, there was noincrease registered in the CPI.b. The argument in favor of this is that consumers are getting a better good thanbefore, so the price increase equals the improvement in quality. The problem isthat the increased cost might exceed the value of the improvement in air quality,so consumers are worse off. In this case, it would be better for the CPI to atleast partially reflect the higher cost.5. a. introduction of new goods; b. unmeasured quality change; c. substitution bias; d.unmeasured quality change; e. substitution bias6. a. ($0.75 - $0.15)/$0.15 x 100% = 400%.b. ($13.84 - $3.35)/$3.35 x 100% = 313%.c. In 1970: $.15/($3.35/60) = 2.7 minutes. In 1999: $.75/($13.84/60) = 3.3minutes.d. Workers' purchasing power fell in terms of newspapers.7. a. If the elderly consume the same market basket as other people, Social Securitywould provide the elderly with an improvement in their standard of living eachyear because the CPI overstates inflation and Social Security payments are tiedto the CPI.Chapter 23 — MEASURING THE COST OF LIVING 11 Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.b. Since the elderly consume more health care than younger people, and sincehealth care costs have risen faster than overall inflation, it's possible that the elderly are worse off. To investigate this, you'd need to put together a marketbasket for the elderly, which would have a higher weight on health care. You'd then compare the rise in the cost of the "elderly" basket with that of the generalbasket for CPI.8.Many answers are possible. A common answer may be that as students, they spend a greater proportion of their income on tuition and books than the typical household. Since the prices of tuition and books have risen faster than average prices, students face a higher inflation rate than the typical household.9. When bracket creep occurred, inflation increased people's nominal incomes, pushingthem into higher tax brackets, so they had to pay a higher proportion of their incomes in taxes, even though they weren't getting higher real incomes. As a result, real tax revenue rose.10. In deciding how much income to save for retirement, workers should consider the real interest rate, since they care about their purchasing power in the future, not the number of dollars they’ll have.11. a. When inflation is higher than was expected, the real interest rate is lower thanexpected. For example, suppose the market equilibrium has an expected real interest rate of 3% and people expect inflation to be 4%, so the nominal interestrate is 7%. If inflation turns out to be 5%, the real interest rate is 7% minus5% equals 2%, which is less than the 3% that was expected.b. Since the real interest rate is lower than was expected, the lender loses and the borrower gains. The borrower is repaying the loan with dollars that are worthless than was expected.c. Homeowners in the 1970s who had fixed-rate mortgages from the 1960sbenefited from the unexpected inflation, while the banks who made the mortgage loans lost a lot of money.。
经济学原理 曼昆第五版英文答案Chapter23
3. In addition to GDP, two other factors influence the number of medals won.a. The host country usually earns extra medals.b. The former communist countries of Eastern Europe earn more medals than othercountries with similar levels of GDP.SOLUTIONS TO TEXT PROBLEMS:Quick Quizzes:1. Gross domestic product measures two things at once: (1) the total income of everyone inthe economy and (2) the total expenditure on the economy’s output of final goods andservices. It can measure both of these things at once because all expenditure in theeconomy ends up as someone’s income.2. The production of a pound of caviar contributes more to GDP than the production of a poundof hamburger because the contribution to GDP is measured by market value and the price ofa pound of caviar is much higher than the price of a pound of hamburger.3. The four components of expenditure are: (1) consumption; (2) investment; (3) governmentpurchases; and (4) net exports. The largest component is consumption, which accounts formore than two-thirds of total expenditure.4. Real GDP is the production of goods and services valued at constant prices. Nominal GDP isthe production of goods and services valued at current prices. Real GDP is a better measureof economic well-being because changes in real GDP reflect changes in the amount of outputbeing produced. Thus, a rise in real GDP means people have produced more goods andservices, but a rise in nominal GDP could occur either because of increased production orbecause of higher prices.5. Although GDP is not a perfect measure of well-being, policymakers should care about itbecause a larger GDP means that a nation can afford better healthcare, better educationalsystems, and more of the material necessities of life.Questions for Review:1. An economy's income must equal its expenditure, because every transaction has a buyer anda seller. Thus, expenditure by buyers must equal income by sellers.2. The production of a luxury car contributes more to GDP than the production of an economycar because the luxury car has a higher market value.3. The contribution to GDP is $3, the market value of the bread, which is the final good that issold.4. The sale of used records does not affect GDP at all because it involves no current production.5. The four components of GDP are consumption, such as the purchase of a music CD;investment, such as the purchase of a computer by a business; government purchases, suchas an order for military aircraft; and net exports, such as the sale of American wheat toRussia. (Many other examples are possible.)6. Economists use real GDP rather than nominal GDP to gauge economic well-being becausereal GDP is not affected by changes in prices, so it reflects only changes in the amountsbeing produced. You cannot determine if a rise in nominal GDP has been caused byincreased production or higher prices.7.Year Nominal GDP Real GDP GDP Deflator2010 100 X $2 = $200 100 X $2 = $200 ($200/$200) X 100 = 1002011 200 X $3 = $600 200 X $2 = $400 ($600/$400) X 100 = 150The percentage change in nominal GDP is (600 − 200)/200 x 100 = 200%. The percentagechange in real GDP is (400 − 200)/200 x 100 = 100%. The percentage change in the deflator is (150 − 100)/100 x 100 = 50%.8. It is desirable for a country to have a large GDP because people could enjoy more goods andservices. But GDP is not the only important measure of well-being. For example, laws thatrestrict pollution cause GDP to be lower. If laws against pollution were eliminated, GDP wouldbe higher but the pollution might make us worse off. Or, for example, an earthquake wouldraise GDP, as expenditures on cleanup, repair, and rebuilding increase. But an earthquake isan undesirable event that lowers our welfare.Problems and Applications1. a. Consumption increases because a refrigerator is a good purchased by a household.b. Investment increases because a house is an investment good.c. Consumption increases because a car is a good purchased by a household, butinvestment decreases because the car in Ford’s inventory had been counted as aninvestment good until it was sold.d. Consumption increases because pizza is a good purchased by a household.e. Government purchases increase because the government spent money to provide a goodto the public.f. Consumption increases because the bottle is a good purchased by a household, but netexports decrease because the bottle was imported.g. Investment increases because new structures and equipment were built.2. With transfer payments, nothing is produced, so there is no contribution to GDP.3. If GDP included goods that are resold, it would be counting output of that particular year,plus sales of goods produced in a previous year. It would double-count goods that were soldmore than once and would count goods in GDP for several years if they were produced inone year and resold in another.4. a. Nominal GDP for each year is found in the following table:GDPYear Nominal1 P1Q12 P2Q23 P3Q3b. Real GDP for each year is found in the following table:GDPYear Real1 P1Q12 P1Q23 P1Q3c. The GDP deflator for each year is found in the following table:deflatorYear GDP1 1002 (P2/P1)1003 (P3/P1)100d. Real GDP growth from Year 2 to Year 3 equal to [(Q3 – Q2)/Q2] × 100 percent.e. The inflation rate as measured by the GDP deflator is [(P3 – P2)/P2] × 100 percent.5. a. Calculating nominal GDP:2008: ($1 per qt. of milk × 100 qts. milk) + ($2 per qt. of honey × 50 qts. honey) = $200 2009: ($1 per qt. of milk × 200 qts. milk) + ($2 per qt. of honey × 100 qts. honey) = $4002010: ($2 per qt. of milk × 200 qts. milk) + ($4 per qt. of honey × 100 qts. honey) = $800Calculating real GDP (base year 2008):2008: ($1 per qt. of milk × 100 qts. milk) + ($2 per qt. of honey × 50 qts. honey) = $200 2009: ($1 per qt. of milk × 200 qts. milk) + ($2 per qt. of honey × 100 qts. honey) = $4002010: ($1 per qt. of milk × 200 qts. milk) + ($2 per qt. of honey × 100 qts. honey) = $400Calculating the GDP deflator:2008: ($200/$200) × 100 = 1002009: ($400/$400) × 100 = 1002010: ($800/$400) × 100 = 200b. Calculating the percentage change in nominal GDP:Percentage change in nominal GDP in 2009 = [($400 − $200)/$200] × 100 = 100%.Percentage change in nominal GDP in 2010 = [($800 − $400)/$400] × 100 = 100%.Calculating the percentage change in real GDP:Percentage change in real GDP in 2009 = [($400 − $200)/$200] × 100 = 100%.Percentage change in real GDP in 2010 = [($400 − $400)/$400] × 100 = 0%.Calculating the percentage change in GDP deflator:Percentage change in the GDP deflator in 2009 = [(100 − 100)/100] × 100 = 0%.Percentage change in the GDP deflator in 2010 = [(200 − 100)/100] × 100 = 100%.Prices did not change from 2008 to 2009. Thus, the percentage change in the GDP deflator is zero. Likewise, output levels did not change from 2009 to 2010. This means that the percentage change in real GDP is zero. c. Economic well-being rose more in 2008 than in 2009, since real GDP rose in 2009 but notin 2010. In 2009, real GDP rose but prices did not. In 2010, real GDP did not rise but prices did. 6. Year Nominal GDP (billions) GDP Deflator (base year: 1996)2000 $9,873 1181999 $9,269 113a. The growth rate of nominal GDP is ($9,873 − $9,269)/$9,269 × 100% = 6.5%.b. The growth rate of the deflator is (118 − 113)/113 × 100% = 4.4%.c. Real GDP in 1999 (in 1996 dollars) is $9,269/(113/100) = $8,203.d. Real GDP in 2000 (in 1996 dollars) is $9,873/(118/100) = $8,367.e. The growth rate of real GDP is ($8,367 − $8,203)/$8,203 × 100% = 2.0%.f. The growth rate of nominal GDP is higher than the growth rate of real GDP because of inflation.7. Many answers are possible. 8. a. GDP is the market value of the final good sold, $180. b. Value added for the farmer: $100.Value added for the miller: $150 – $100 = $50. Value added for the baker: $180 – $150 = $30. c. Together, the value added for the three producers is $100 + $50 + $30 = $180. This is the value of GDP.9. In countries like India, people produce and consume a fair amount of food at home that is not included in GDP. So GDP per person in India and the United States will differ by more than their comparative economic well-being. 10. a. The increased labor-force participation of women has increased GDP in the United States, because it means more people are working and production has increased.b. If our measure of well-being included time spent working in the home and taking leisure, it would not rise as much as GDP, because the rise in women's labor-force participation has reduced time spent working in the home and taking leisure.c. Other aspects of well-being that are associated with the rise in women's increased labor-force participation include increased self-esteem and prestige for women in theworkforce, especially at managerial levels, but decreased quality time spent withchildren, whose parents have less time to spend with them. Such aspects would be quite difficult to measure.11. a. GDP equals the dollar amount Barry collects, which is $400.b. NNP = GDP – depreciation = $400 − $50 = $350.c. National income = NNP − sales taxes = $350 − $30 = $320.d. Personal income = national income − retained earnings = $320 − $100 = $220.e. Disposable personal income = personal income − personal income tax = $220 − $70 =$150.。
曼昆经济学原理答案英文版
曼昆经济学原理答案英文版一、选择题1、在经济学中，什么是GDP？A.国内生产总值B.国民生产总值C.国内总收入D.国民总收入答案：A.国内生产总值（Gross Domestic Product，GDP）是指一个国家在一定时期内所有常住单位的生产活动的最终成果。
2、GDP的计算方法是什么？A.收入法B.支出法C.生产法D.混合法答案：B.支出法。
GDP可以通过对一国所有常住单位的商品和服务的最终消费支出、资本形成总额和货物与服务净出口进行计算，这种计算方法被称为支出法。
3、在经济学中，什么是通货膨胀？A.货币贬值B.物价上涨C.货币供应增加D.以上都不是答案：A.通货膨胀是指商品和服务的总体价格水平上升，导致货币购买力下降。
4、什么是货币政策？A.政府调节货币供应量的政策B.政府调节利率的政策C.政府调节汇率的政策D.以上都不是答案：A.货币政策是指中央银行通过控制货币供应量来调节利率和影响经济活动的政策。
二、简答题1、请简述GDP的概念及作用。
答案：GDP是指一个国家在一定时期内所有常住单位的生产活动的最终成果。
GDP是国民经济核算的核心指标，也是衡量一个国家经济状况和发展水平的重要指标。
它反映了整个国家经济运行的有效性，以及国民收入分配的公平性。
2、请简述通货膨胀的原因及影响。
答案：通货膨胀的原因有多种，包括货币供应量增加、需求拉动、成本推动等。
其中，货币供应量增加是最主要的原因。
当货币供应量增加时，物价上涨，导致货币购买力下降。
通货膨胀会对经济产生负面影响，包括降低消费者购买力、增加企业成本、扭曲价格信号等。
通货膨胀还会导致社会不稳定和政治风险。
曼昆的经济学原理课件是经济学教育中的重要资源，它以深入浅出的方式解释了经济学的基本原理和概念。
本文将对这些原理进行概述，并解释它们在现实生活中的应用。
曼昆的经济学原理主要包括微观经济学和宏观经济学两个部分。
微观经济学主要研究个体经济单位的行为和决策，如消费者、企业和政府。
曼昆_微观经济学_原理_第五版_课后习题答案
第三章6．下表描述了Baseballia国两个城市的生产可能性：一个工人每小时生产的红补袜子量一个工人每小时生产的白袜子量A．没有贸易，波士顿一双白袜子价格（用红袜子表示）是多少？芝加哥11双白袜子价格是多少?答：没有贸易时，波士顿1 双白袜子价格是1 双红袜子，芝加哥1 双白袜子价格是2 双红袜子。
B．在每种颜色的袜子生产上，哪个城市有绝对优势？哪个城市有比较优势??答：波士顿在生产红、白袜子上都有绝对优势。
波士顿在生产白袜子上有比较优势，芝加哥在生产红袜子上有比较优势。
C．如果这两个城市相互交易，两个城市将分别出口哪种颜色的袜子?答：如果它们相互交易，波士顿将出口白袜子，而芝加哥出口红袜子。
D．可以进行交易的价格范围是多少?答：白袜子的最高价格是2 双红袜子，最低价格是1 双红袜子。
红袜子的最高价格是1 双白袜子，最低价格是1／2 双白袜子。
7．假定一个美国工人每年能生产100件衬衣或20台电脑，而一个中国工人每年能生产100件衬衣或10台电脑。
A．画出这两个国家的生产可能性边界。
假定没有贸易，每个国家的工人各用一半的时间生产两种物品，在你的图上标出这一点。
答：两个国家的生产可能性边界如图3 一4 所示。
如果没有贸易，一个美国工人把一半的时间用于生产每种物品，则能生产50 件衬衣、10 台电脑；同样，一个中国工人则能生产50 件衬衣、5 台电脑。
图3 一4 生产可能性边界B．如果这两个国家进行贸易，哪个国家将出口衬衣？举出一个具体的数字例子，并在你的图上标出。
哪一个国家将从贸易中获益？解释原因。
答：中国将出口衬衣。
对美国而言，生产一台电脑的机会成本是5 件衬衣，而生产一件衬衣的机会成本为1/5 台电脑。
对中国而言，生产一台电脑的机会成本是10 件衬衣，而生产一件衬衣的机会成本为1/10 台电脑。
因此，美国在生产电脑上有比较优势，中国在生产衬衣上有比较优势，所以中国将出口衬衣。
衬衣的价格在1/5 到1/10 台电脑之间。
曼昆_微观经济学_原理_第五版_课后习题答案(修改)
第一章问题与应用4．你在篮球比赛的赌注中赢了100美元。
你可以选择现在花掉它或在利率为55%的银行中存一年。
现在花掉100美元的机会成本是什么呢?答：现在花掉100 美元的机会成本是在一年后得到105 美元的银行支付(利息+本金)。
7．社会保障制度为65岁以上的人提供收入。
如果一个社会保障的领取者决定去工作并赚一些钱，他(或她)所领到的社会保障津贴通常会减少。
A．提供社会保障如何影响人们在工作时的储蓄激励?答：社会保障的提供使人们退休以后仍可以获得收入，以保证生活。
因此，人们不用为不能工作时的生活费而发愁，人们在工作时期的储蓄就会减少。
B．收入提高时津贴减少的政策如何影响65岁以上的人的工作激励??答：这会使65 岁以上的人在工作中不再积极进取。
因为努力工作获得高收入反而会使得到的津贴减少，所以对65 岁以上的人的努力工作的激励减少了。
11．解释下列每一项政府活动的动机是关注平等还是关注效率。
在关注效率的情况下，讨论所涉及的市场失灵的类型。
A．对有线电视频道的价格进行管制。
答：这是关注效率，市场失灵的原因是市场势力的存在。
可能某地只有一家有线电视台，由于没有竞争者，有线电视台会向有线频道的消费者收取高出市场均衡价格的价格，这是垄断。
垄断市场不能使稀缺资源得到最有效的配置。
在这种情况下，规定有线电视频道的价格会提高市场效率。
B．向一些穷人提供可用来购买食物的消费券。
答：这是出于关注平等的动机，政府这样做是想把经济蛋糕更公平地分给每一个人。
C．在公共场所禁止抽烟。
答：这是出于关注效率的动机。
因为公共场所中的吸烟行为会污染空气，影响周围不吸烟者的身体健康，对社会产生了有害的外部性，而外部性正是市场失灵的一种情况，而这也正是政府在公共场所禁止吸烟的原因。
D．把美孚石油公司(它曾拥90%的炼油厂)分拆为几个较小的公司。
答：出于关注效率的动机，市场失灵是由于市场势力。
美孚石油公司在美国石油业中属于规模最大的公司之一，占有相当大的市场份额，很容易形成市场垄断。
曼昆经济学原理第五版英文答案Chapter21
for the future and decrease consumption when young. If the income effect is greaterthan the substitution effect, Sam will save less for the future and increase consumptionwhen young.7. Because of this ambiguity, it is not clear how changing the way interest income is taxed willaffect overall savings rates.SOLUTIONS TO TEXT PROBLEMS:Quick Quizzes1. A person with an income of $1,000 could purchase $1,000/$5 = 200 pints of Pepsi if shespent all of her income on Pepsi or she could purchase $1,000/$10 = 100 pizzas if she spentall of her income on pizza. Thus, the point representing 200 pints of Pepsi and no pizzas isthe vertical intercept and the point representing 100 pizzas and no Pepsi is the horizontalintercept of the budget constraint, as shown in Figure 1. The slope of the budget constraintis the rise over the run, or -200/100 = -2.Figure 12. Figure 2 shows indifference curves between Pepsi and pizza. The four properties of theseindifference curves are: (1) higher indifference curves are preferred to lower ones becauseconsumers prefer more of a good to less of it; (2) indifference curves are downward slopingbecause if the quantity of one good is reduced, the quantity of the other good must increasein order for the consumer to be equally happy; (3) indifference curves do not cross becauseif they did, the assumption that more is preferred to less would be violated; and (4)indifference curves are bowed inward because people are more willing to trade away goodsthat they have in abundance and less willing to trade away goods of which they have little.Figure 23. Figure 3 shows the budget constraint (BC1) and two indifference curves. The consumer isinitially at point A, where the budget constraint is tangent to an indifference curve. Theincrease in the price of pizza shifts the budget constraint to BC2, and the consumer moves to point C where the new budget constraint is tangent to a lower indifference curve. To break this move down into income and substitution effects requires drawing the dashed budget line shown, which is parallel to the new budget constraint and tangent to the original indifference curve at point B. The movement from A to B represents the substitution effect, while the movement from B to C represents the income effect.Figure 34. An increase in the wage can potentially decrease the amount that a person wants to workbecause a higher wage has an income effect that increases both leisure and consumptionand a substitution effect that increases consumption and decreases leisure. Because lessleisure means more work, a person will work more only if the substitution effect outweighsthe income effect.Questions for Review1. Figure 4 shows the consumer's budget constraint. The intercept on the horizontal axis showshow much cheese the consumer could buy if she bought only cheese; with income of $3,000and the price of cheese $6 a pound, she could buy 500 pounds of cheese. The intercept onthe vertical axis shows how much wine the consumer could buy if she bought only wine; withincome of $3,000 and the price of wine $3 a glass, she could buy 1,000 glasses of wine. Withcheese on the horizontal axis and wine on the vertical axis, the budget constraint has a slopeof -1,000/500 = -2. Note that if you had put wine on the horizontal axis and cheese on thevertical axis, the budget constraint would have a slope of -500/1,000 = -1/2.Figure 42. Figure 5 shows a consumer's indifference curves for wine and cheese. Four properties ofthese indifference curves are: (1) higher indifference curves are preferred to lower ones because more is preferred to less; (2) indifference curves are downward sloping because if the quantity of wine is reduced, the quantity of cheese must increase for the consumer to be equally happy; (3) indifference curves do not cross because a consumer prefers more to less;and (4) indifference curves are bowed inward because a consumer is more willing to trade away wine if she has a lot of it and less willing to trade away cheese if she has little of it.Figure 53. In Figure 5, the marginal rate of substitution (MRS) of one point on an indifference curve isshown. The marginal rate of substitution shows the amount of wine the consumer would be willing to give up to get one more pound of cheese.4. Figure 6 shows the consumer's budget constraint and indifference curves for wine andcheese. The consumer's optimum consumption choice is shown as w* and c*. Because the marginal rate of substitution equals the relative price of the two goods at the optimum, the marginal rate of substitution is $6/$3 = 2.Figure 75. Figure 7 shows the effect of an increase in income. The rise in income shifts the budgetconstraint out from BC1 to BC2. If both wine and cheese are normal goods, consumption of both increases. If cheese is an inferior good, the increase in income causes the consumptionof cheese to decline, as shown in Figure 8.Figure 8Figure 96. A rise in the price of cheese from $6 to $10 a pound makes the horizontal intercept of thebudget line decline from 500 to 300, as shown in Figure 9. The consumer's budget constraint shifts from BC1 to BC2 and her optimal choice changes from point A (c1 cheese, w1 wine) to point B (c2 cheese, w2 wine). To decompose this change into income and substitution effects,we draw in budget constraint BC3, which is parallel to BC2 but tangent to the consumer'sinitial indifference curve at point C. The movement from point A to C represents thesubstitution effect. Because cheese became more expensive, the consumer substitutes winefor cheese as she moves from point A to C. The movement from point C to B represents anincome effect. The rise in the price of cheese results in an effective decline in income.7. An increase in the price of cheese could induce a consumer to buy more cheese if cheese is aGiffen good. In that case, the income effect of the rise in the price of cheese induces theconsumer to buy more cheese because cheese is an inferior good. If the income effect isbigger than the substitution effect (which induces the consumer to buy less cheese), theconsumer would buy more cheese.Problems and Applications1. a. Skis and ski bindings are complements. Coke and Pepsi are substitutes.b. Indifference curves between Coke and Pepsi are fairly straight, because there is little todistinguish them, so they are nearly perfect substitutes. Indifference curves between skisand ski bindings are very bowed, because they are complements.c. A consumer will respond more to a change in the relative price of Coke and Pepsi,possibly switching completely from one to the other if the price changes.2. a. Cheese and crackers cannot both be inferior goods, because if Mario's income rises hemust consume more of something.b. If the price of cheese falls, the substitution effect means Mario will consume more cheeseand fewer crackers. The income effect means Mario will consume more cheese (becausecheese is a normal good) and fewer crackers (because crackers are an inferior good). So,both effects lead Mario to consume more cheese and fewer crackers.Figure 123. a. Figure 10 shows the effect of the frost on Jennifer's budget constraint. Because the priceof coffee rises, her budget constraint swivels from BC1 to BC2.b. If the substitution effect outweighs the income effect for croissants, Jennifer buys morecroissants and less coffee, as shown in Figure 10. She moves from point A to point B.Figure 10c. If the income effect outweighs the substitution effect for croissants, Jennifer buys fewercroissants and less coffee, moving from point A to point B in Figure 11.Figure 114. a. Figure 12 shows Jim's budget constraint. The vertical intercept is 50 quarts of milk,because if Jim spent all his money on milk he would buy $100/$2 = 50 quarts of it. Thehorizontal intercept is 25 dozen cookies, because if Jim spent all his money on cookies he would buy $100/$4 = 25 dozen cookies.b. If Jim's salary rises by 10 percent to $110 and the prices of milk and cookies rise by 10percent to $2.20 and $4.40, Jim's budget constraint would be unchanged. Note that$110/$2.20 = 50 and $110/$4.40 = 25, so the intercepts of the new budget constraintwould be the same as the old budget constraint. Because the budget constraint isunchanged, Jim's optimal consumption is unchanged.5. a. Figure 13 shows the student’s budget constraint. If he spends equal amounts on bothgoods, he will purchase 5 meals in the dining hall and 20 packages of Cup O’ Soup.Figure 13b. If the price of Cup O’ Soup rises to $2, the student’s budget constraint will get flatter(see Figure 14). He will now spend $18 on dining hall meals (purchasing 3) and $42 on Cup O’ Soup (purchasing 21 packages).Figure 14c. As the price of Cup O’ Soup rises, the student purchased more. This means that Cup O’Soup is an inferior good for which the income effect outweighs the substitution effect.d. Figure 15 shows the student’s demand for Cup O’ Soup. It is upward sloping, suggestingthat Cup O’ Soup is a Giffen Good.Figure 15Figure 16 Figure 176. a. Budget constraint BC1 in Figure 16 shows the budget constraint if you pay no taxes.Budget constraint BC2 shows the budget constraint with a 15 percent tax.b. Figure 17 shows indifference curves for which a person will work more as a result of thetax because the income effect (less leisure) outweighs the substitution effect (moreleisure), so there is less leisure overall. Figure 18 shows indifference curves for which a person will work fewer hours as a result of the tax because the income effect (lessleisure) is smaller than the substitution effect (more leisure), so there is more leisureoverall. Figure 19 shows indifference curves for which a person will work the samenumber of hours after the tax because the income effect (less leisure) equals thesubstitution effect (more leisure), so there is the same amount of leisure overall.Figure 18 Figure 197. Figure 20 shows Sarah's budget constraints and indifference curves if she earns $6 (BC1), $8(BC2), and $10 (BC3) per hour. At a wage of $6 per hour, she works 100 – L6 hours; at a wage of $8 per hour, she works 100 – L8 hours; and at a wage of $10 per hour, she works 100 – L10 hours. Because the labor supply curve is upward sloping when the wage is between $6 and $8 per hour, L6 > L8; because the labor supply curve is backward sloping when the wage is between $8 and $10 per hour, L10 > L8.Figure 20 Figure 218. Figure 21 shows the indifference curve between leisure and consumption that determineshow much a person works. An increase in the wage leads to both an income effect and a substitution effect. The higher wage makes the budget constraint steeper, so the substitution effect increases consumption and reduces leisure. But the higher wage has an income effect that increases both consumption and leisure if both are normal goods. The only way that consumption could decrease when the wage increased would be if consumption is an inferior good and if the negative income effect outweighs the positive substitution effect. This could happen for a person who really placed an exceptionally high value on leisure.Figure 22 Figure 239. a. Figure 22 shows the situation in which your salary increases from $30,000 to $40,000.With numbers shown in thousands of dollars in the figure, your initial budget constraint,BC1, has a horizontal intercept of 30, because you could spend all your income whenyoung. The vertical intercept is 31.5, because if you spent nothing when young andsaved all your income, earning 5 percent interest, you would have $31,500 to spendwhen old. If your salary increases to $40,000, your budget constraint shifts out in aparallel fashion, with intercepts of 40 and 42, respectively. This is an income effect only,so if consumption when young and old are both normal goods, you will spend more inboth periods.b. If the interest rate on your bank account rises to 8 percent, your budget constraintrotates. If you spend all your income when young, you will spend just $30,000, asbefore. But if you save all your income, your old-age consumption increases to $30,000 x1.08 = $32,400, compared to $31,500 before. As Figure 23 indicates, the steeper budgetline leads you to substitute future consumption for current consumption. But the incomeeffect of the higher return on your saving leads you to want to increase both future andcurrent consumption if both are normal goods. The result is that your consumption whenold certainly rises and your consumption when young could increase or decrease,depending on whether the income or substitution effect dominates.10. The decline in the interest rate on savings has both income and substitution effects, because itcauses the budget constraint to rotate. Because consumption when old effectively becomes more expensive relative to consumption when young, there is a substitution effect that increasesconsumption when young and decreases consumption when old. The lower interest rate alsoleads to a negative income effect, causing both consumption when young and consumption when old to decline if both are normal goods. Combining both effects, consumption when old definitely declines and consumption when young might rise or fall, depending on whether the income orsubstitution effect is stronger.11. a. Figure 24 shows the budget constraint. The initial budget line is shown as BL1. If allhours are spent raising children, 10 children can be raised. If all hours are spent working, $2,000,000 can be earned for consumption. The individual maximizes utility by choosing K1 children and a consumption level of C1.Figure 24b. If the wage rises, the budget line rotates to BL2 in Figure 24. The budget line is nowsteeper indicating the higher opportunity cost of raising a child. The substitution of thisincrease in the wage will mean a rise in consumption and a decline in the number ofchildren. Assuming that both children and consumption are normal goods, the incomeeffect of the increased wage will mean a rise in both children and consumption. The fulleffect on consumption is positive, but the end effect on children depends on the relative sizes of the income and substitution effects.c. If the number of children declines as incomes rise, the substitution effect must outweighthe income effect.12. If consumers do not buy less of a good when their incomes rise, the good in question mustbe a normal good. For a normal good, the income and substitution effects both imply that the consumer will buy less if the price rises.Figure 2513. a. Figure 25 shows the effects of the welfare program. Without the program, the budgetconstraint would begin on the horizontal axis at point L max when the family earns no labor income and would have a slope equal to the wage rate. The program provides income ofa certain amount if the family earns no labor income, shown as the point A on the figure.Then, if income is earned, the welfare payment is reduced, so the slope of the budgetline is less than the slope of the budget line without welfare. At the point where the two budget lines meet, the welfare program provides no further support.b. The figure shows how indifference curves could be shaped, indicating a reduction in thenumber of hours worked by the family because of the welfare program. Because thewelfare budget constraint is flatter, there is a substitution effect away from consumption and toward leisure. Because the welfare budget constraint is farther from the origin,there is an income effect that increases both consumption and leisure, if both are normal goods. The overall effect is that the change in consumption is ambiguous and the family will want to have more leisure; hence, it will reduce its labor supply.c. There is no doubt that the family's well-being is increased, because the welfare programgives them consumption and leisure opportunities that were not available before andthey end up on a higher indifference curve.14. Utility is maximized when the marginal utility per dollar spent is equal across goods. Jerryand Elaine are both purchasing the utility-maximizing combination of apples and pears.George and Kramer each get greater utility per dollar spent on pears than on apples.Therefore, they should purchase more pears and fewer apples. On the other hand, Newman gets higher utility per dollar spent on apples than on pears. He should reallocate his budgetas well, increasing his purchases of apples and reducing his purchases of pears.。
曼昆经济学原理答案全解2
第十六章寡头复习题1．如果一个卖者集团可以形成一个卡特尔，它们想确定的产量和价格是什么?答：如果一个卖者集团可以形成一个卡特尔，它们想确定的产量和价格是对整个卡特尔来说利润最大化的产量与价格。
2．比较寡头与垄断的产量与价格。
答：如果寡头们可以联合起来统一行动的话，寡头与垄断的产量和价格相等。
当寡头企业个别选择利润最大化的产量时，它们的产量大于垄断的产量水平，小于竞争的产量水平。
寡头价格小于垄断价格，大于竞争价格。
3．比较寡头与竞争市场的产量与价格。
答：寡头价格高于竞争价格。
寡头产量低于竞争产量。
4．一个寡头市场上的企业数量如何影响市场结果?答：随着寡头市场上卖者数量增加，寡头市场就越来越像竞争市场，价格接近于边际成本，生产量接近于有效率的水平。
5．什么是囚犯两难处境?它与寡头有什么关系?答：囚犯两难处境是指两个被捕获的囚犯之间的一种特殊“博弈”，说明为什么甚至在合作对双方有利时，保持合作也是困难的。
囚犯两难处境的故事包含着一个一般性的结论，这个结论适用于任何一个力图维持其成员合作的集团。
同一市场上的寡头在力图达到垄断结果时的博弈类似于两个处于两难处境的囚犯的博弈。
6．举出寡头之外的两个例子，说明囚犯的两难处境如何有助于解释行为?答：例一，共有资源的使用。
设想两个渔民——杰瑞和麦克，他们共同拥有一个湖泊，湖泊中价值2万美元的鱼类资源归他们共有。
造一条渔船要花1 000美元。
两人各有一条渔船，每人将得到一半的鱼类资源，可以赚9 000美元(1万美元收益减1 000美元成本)，两人都可以造第二条渔船。
如果某个人在三条渔船中拥有两条，他就得到三分之二的鱼类资源，这将带来11 333美元的利润。
但如果两人都造第二条船，又是平分鱼类资源，而且两人的利润都下降，是8 000美元。
表16－1表示杰瑞和麦克的博弈。
表16－1 共有资源博弈例二，广告博弈。
考虑两家化妆品公司——甲和乙，面临决策。
如果两家都不向用户赠送免费试用的化妆品，它们平分市场。
曼昆《经济学原理》答案(DOC)
第一篇导言第一章经济学十大原理复习题1．列举三个你在生活中面临的重要权衡取舍的例子。
答：①大学毕业后，面临着是否继续深造的选择，选择继续上学攻读研究生学位，就意味着在今后三年中放弃参加工作、赚工资和积累社会经验的机会；②在学习内容上也面临着很重要的权衡取舍，如果学习《经济学》，就要减少学习英语或其他专业课的时间；③对于不多的生活费的分配同样面临权衡取舍，要多买书，就要减少在吃饭、买衣服等其他方面的开支。
2．看一场电影的机会成本是什么?答：看一场电影的机会成本是在看电影的时间里做其他事情所能获得的最大收益，例如：看书、打零工。
8．为什么生产率是重要的?答：因为一国的生活水平取决于它生产物品与劳务的能力，而对这种能力的最重要的衡量度就是生产率。
生产率越高，一国生产的物品与劳务量就越多。
9．什么是通货膨胀，什么引起了通货膨胀?答：通货膨胀是流通中货币量的增加而造成的货币贬值，由此产生经济生活中价格总水平上升。
货币量增长引起了通货膨胀。
10．短期中通货膨胀与失业如何相关?答：短期中通货膨胀与失业之间存在着权衡取舍，这是由于某些价格调整缓慢造成的。
政府为了抑制通货膨胀会减少流通中的货币量，人们可用于支出的货币数量减少了，但是商品价格在短期内是粘性的，仍居高不下，于是社会消费的商品和劳务量减少，消费量减少又引起企业解雇工人。
在短期内，对通货膨胀的抑制增加了失业量。
问题与应用3．你正计划用星期六去从事业余工作，但一个朋友请你去滑雪。
去滑雪的真实成本是什么?现在假设你已计划这天在图书馆学习，这种情况下去滑雪的成本是什么?并解释之。
答：去滑雪的真实成本是周六打工所能赚到的工资，我本可以利用这段时间去工作。
如果我本计划这天在图书馆学习，那么去滑雪的成本是在这段时间里我可以获得的知识。
5．你管理的公司在开发一种新产品过程中已经投资500万美元，但开发工作还远远没有完成。
在最近的一次会议上，你的销售人员报告说，竞争性产品的进入使你们新产品的预期销售额减少为300万美元。
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3. An important implication is that people will try to find ways to commit their future selves tofollowing through on their plans.F. In the News: This Is Your Brain on Economics1. Research has increasingly focused on the intersection of economics and neuroscience.2. This is an article from the New York Times describing the emerging field of neuro-economics. SOLUTIONS TO TEXT PROBLEMS:Quick Quizzes1. Buyers of life insurance will likely have higher than the average death rates. Two reasons forthis are moral hazard and adverse selection.Moral hazard is the tendency of a person who is imperfectly monitored to engage indishonest or otherwise undesirable behavior. After purchasing insurance, an insured personmay engage in riskier behavior than do people who are not insured.Adverse selection is the tendency for the mix of unobserved attributes to become undesirablefrom the standpoint of an uninformed party. In this case, those with higher risk of death aremore likely to want to buy insurance. As a result, the price of life insurance will reflect thecosts of a riskier-than-average person. Buyers with low risk of death may find the price oflife insurance too high and may choose not to purchase it.A life insurance company can mitigate moral hazard by trying to monitor behavior better andcharging higher rates to those who engage in risky behavior (such as smoking). It canmitigate adverse selection by trying to collect better information on applicants; for example,it may require that all applicants submit to a medical examination before issuing insurance.2. According to the median voter theorem, if each voter chooses a point closest to his preferredpoint, the district vote will reflect the preferences of the median voter. Therefore, the districtwill end up with a student-teacher ratio of 11:1.3. Human decision making can differ from the rational human being of conventional economictheory in three important ways: (1) people aren’t always rational, (2) people care aboutfairness, and (3) people are inconsistent over time.Questions for Review1. Moral hazard is the tendency of a person who is imperfectly monitored to engage indishonest or otherwise undesirable behavior. To reduce the severity of this problem, anemployer may respond with (1) better monitoring, (2) paying efficiency wages, or (3)delaying part of a worker’s compensation to later in his work life.2. Adverse selection is the tendency for the mix of unobserved attributes to become undesirablefrom the standpoint of an uninformed party. Examples of markets in which adverse selectionmight be a problem include the market for used cars and the market for insurance.3. Signaling is an action taken by an informed party to reveal private information to anuninformed party. Job applicants may use a college diploma as a signal of ability. Screeningis an action taken by an uninformed party to induce an informed party to reveal information.A life insurance company may require applicants to submit to a health examination so thatthe company will have more information on the person’s risk of death.4. Condorcet noticed that the majority rule will fail to produce transitive properties for society.5. The median voter’s preferences will beat out any other proposal in a two-way race becausethe median voter will have more than half of the voters on his side.6. Two volunteers are chosen and a coin toss determines which volunteer is Player A and whichis Player B. Player A proposes a split of a sum of money and then Player B decides whetherto accept or reject the proposal. If Player B accepts, the sum of money is divided as outlinedin the proposal. If Player B rejects the proposal, each player gets nothing.Conventional economic theory predicts that Player A will offer only $1 to Player B and keepthe remainder for himself. This is predicted to occur because Player A knows that Player Bwill be better off with $1 than with $0. However, in reality, Player B generally rejects smallproposals that he considers unfair. If Player A considers this, he will likely offer Player B amore substantial amount.Problems and Applications1. Individuals who are relatively healthy may decide to forgo purchasing the policy if thepremium rises. Thus, the insurance company is left with only those policyholders who arerelatively unhealthy. This means that the firm’s revenues may in fact fall, but its costs couldremain the same. Therefore, the firm’s profits could fall.2. Saying "I love you" is likely not a good signal. To be an effective signal, the signal must becostly. In fact, the signal must be less costly, or more beneficial, to the person with thehigher-quality product. Simply professing one's love does not meet this requirement.3. a. The landlord is the principal and the tenant is the agent. There is asymmetric informationbecause the landlord does not know how well the tenant will take care of the property.Having a tenant pay a security deposit increases the likelihood that the tenant will takecare of the property in order to receive his deposit back when he vacates the property.b. The stockholders of the firm (the owners) are the principals and the top executives arethe agents. The firm’s owners do not know in advance how well the top executives willperform their duties. Tying some of the executives’ compensation to the value of the firmprovides incentive for the executives to work hard to increase the value of the firm.c. The insurance company is the principal and the customer is the agent. Insurancecompanies do not know whether the car owner is likely to leave the vehicle parked withthe keys in it or park it in a high crime area. Individuals who will go to the trouble ofinstalling anti-theft equipment are more likely to take good care of their vehicles.Offering a discount on insurance premiums will induce car owners to install such devices.4. If insurance companies were not allowed to determine if applicants are HIV-positive, moreindividuals who are HIV-positive would be able to purchase insurance, but that insurance would be very expensive. Covering these individuals would raise the cost of providing health insurance and the company would have to raise premiums for all. Thus, individuals who are not HIV-positive would be forced to pay more for health insurance and may drop coverage.Insurance companies would be left insuring only those who are ill (including those who are HIV-positive), increasing the adverse selection problem. The number of individuals without health insurance would likely rise as a result.5. If the needy are given cash, they can use the cash to purchase whatever they most desire.This will increase their utility by more than if the government predetermines what they“need.” However, if the government is worried about how these individuals may spend the cash and wants to ensure that the needy receive proper nutrition, they may want to provide free meals at a soup kitchen instead.6. Ken is violating the property of independence of irrelevant alternatives. Adding a choice ofstrawberry after he chooses vanilla over chocolate should not induce him to change his mind and prefer chocolate.7. a. If the three friends use a Borda count, the Chinese restaurant gets the most votes (10);the Italian restaurant gets 9 votes; the Mexican restaurant gets 7 votes; and the French restaurant gets 4 votes.b. In this scenario, the Italian restaurant gets 5 votes and the Chinese restaurant gets 4votes. Thus, they will choose to eat at the Italian restaurant.c. This voting violates the assumption of independence of irrelevant alternatives. Thepresence of the Mexican and French restaurants should not alter the group’s preferences between the Italian and Chinese restaurants.8. a. There would be a tie between the three television shows, with 6 votes each.b. In a vote between Lost and Heroes, Lost would win. In a vote between Lost and Scrubs,Scrubs would win. Thus, Monica’s first choice (Scrubs) would win.c. No. He will want to vote between Heroes and Scrubs first, with the winner thencompeting in a second vote with Lost. That way, his preferred choice (Lost) would win.d. If Chandler says he prefers Heroes over Lost, Seinfeld will then compete in a vote againstScrubs (which it will win). This way, Chandler will not have to watch his least preferredshow (Scrubs).9. a. The efficient number of movies is three. Total surplus would be the sum of theroommates’ willingness to pay (19 + 13 + 9 = 41) minus the cost of the movies (8 + 8 +8 = 24) which is 17.b. Quentin would want 4 movies; Spike would prefer 3; Ridley wants 2; Martin wants 1; andSteven does not want to rent a movie.c. The preference of the median roommate (Ridley) is 2 movies.d. Quentin and Spike would vote for 3 movies, but the other three roommates would votefor 2 movies.e. No. Any other option besides 2 movies would get fewer votes.f. No. The provision of the public good will likely be determined by the preferences of themedian voter. This may or may not be the efficient outcome.10. You can consider only the outcome of one race. This is problematic, as Arrow’s impossibilitytheorem rules out the possibility of such a dictatorship. An alternative would be to use a Borda count. But, this violates the third property listed as the outcome would change if one of the competitors were to drop out.11. It is possible that a minority of voters is willing to contribute large sums of money to acandidate who supports their viewpoint. Running a political campaign is very expensive and a candidate may be able to gain support through expensive advertising. Thus, the candidate may choose to support the views of those individuals who can help finance his campaign. 12. More than likely, the two stands will locate at the center of the beach. Thus, they will alwaysbe closest for at least half of the beach goers.13. a. An earthquake occurring in California does not increase the probability that another willoccur. Thus, nothing that affects the benefits from such insurance has really changed.The individuals are simply putting more emphasis than necessary on the event. However, if it were true that the individuals had no idea of the possible risks until the earthquakeoccurred, then purchasing the insurance would be a rational thing to do.b. People often overestimate the number of times they will go to the gym. They areoverconfident in their ability to stick to a long-term goal such as exercising more often.However, given that the pre-payment for the gym membership is a sunk cost, it shouldnot enter into the person’s day-to-day decision of going to work out.。