Principles of Macroeconomics 2e
2nd Edition
ISBN: 9781947172388
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Chapter 1, Problem 23CTQ
A balanced federal budget and a
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A balanced federal budget and a balance of trade are secondary goals of macroeconomics, while growth in the standard of living (for example)
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Chapter 1 Solutions
Principles of Macroeconomics 2e
Ch. 1 - What is scarcity? Can you think of two causes of...Ch. 1 - Residents of the town of Smithfield like to...Ch. 1 - A consultant works for 200 per hour. She likes to...Ch. 1 - A computer systems engineer could paint his house,...Ch. 1 - What would be another example of a system in the...Ch. 1 - Suppose we extend the circular flow model to add...Ch. 1 - What is an example of a problem in the world...Ch. 1 - The chapter defines private enterprise as a...Ch. 1 - Why might Belgium, France, Italy, and Sweden have...Ch. 1 - Give the three reasons that explain why the...
Ch. 1 - What are three reasons to study economics?Ch. 1 - What is the difference between microeconomics and...Ch. 1 - What are examples of individual economic agents?Ch. 1 - What are the three main goals of macroeconomics?Ch. 1 - How did John Mayhem Keynes define economics?Ch. 1 - Are households primarily buyers or sellers in the...Ch. 1 - Are firms primarily buyers or sellers in the goods...Ch. 1 - What are the three ways that societies can...Ch. 1 - What is globalization? How do you think it might...Ch. 1 - Suppose you have a team of two workers: one is a...Ch. 1 - Why would division of labor without trade not...Ch. 1 - Can you think of any examples of free goods, that...Ch. 1 - A balanced federal budget and a balance of trade...Ch. 1 - Macroeconomics is an aggregate of what happens at...Ch. 1 - Why is it unfair or meaningless to criticize a...Ch. 1 - Suppose, as an economist, you are asked to analyze...Ch. 1 - Why do you think that most modern countries...Ch. 1 - Can you think of ways that globalization has...
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- you are appointed by a congressional task force to recommend at least two economic policies that will result in long-term growth. What do you recommend, and why?arrow_forwardIdentify THREE public policies that can stimulate employment and facilitate economic growth in an economy.arrow_forwardGo to a recent issue of The Economist magazine. In the back of each issue is a section called “economic indicators.” That section lists the most recent growth data for a substantial number of countries. Which countries around the world are growing most rapidly according to the most recent data? Which countries around the world are growing more slowly? Flip through the stories in The Economist to see if there is any explanation for the pattern that you observe. Write a brief essay on current general economic conditions around the world.arrow_forward
- In what role do you think does savings and investments play in the economy? Explain your answer. In what way does saving and investment affect economic growth and development? Give an example and justify your answer.arrow_forwardA balanced federal budget and a balance of tradeare secondary goals of macroeconomics, while growthin the standard of living (for example) is a primary goal.Why do you think that is so?arrow_forwardWhat does productivity growth has to do with economics?arrow_forward
- In the 1990s, developed countries agreed to double their aid to Africa by 2015. A report by the United Nations conference on Trade and Development noted that sceptics had raised concerns about how much effect the doubling of aid would have on output and incomes in Africa, if the quantity of other inputs such as human capacity and institutions were to remain fixed. It also pointed to the divisions between the sceptics with some suggesting the return would diminish when aid reached only 4% of GDP, while others thought they would diminish only when it had reached 50%. It should be added that even if the returns do begin to diminish, they could still be very important.In 1887, Cecil Rhodes created the De Beers Consolidated mines Company, which controlled about 90% of the total world supply of rough uncut diamonds with its South African mines. Until 2001, De Beers produced about half of the world’s diamonds in its mines and marketed about 80% of the world’s diamonds. Diamond producing…arrow_forwardYou are speaking with a friend from a country in sub-Saharan Africa and he remarks that, to him, it seems like the Western world is purposefully keeping countries in the global south poor. Regardless of whether or not you agree, what is something from this course that you could tell your friend to look into to further explore this possibility?arrow_forwardThe core of most economics debates comes back to the three core questions that we are trying to answer (what to produce, how to produce and for whom to produce). Do you favor a laissez faire approach or government intervention? Why? How does the government approach impact economic growth in the long run?arrow_forward
- Can the government make things worse by intervening in markets? Are there other options outside the markets and government that will fix macroeconomic failure?arrow_forwardGovernor Mitch Daniels advocates that the government intervene less in business to promote jobs and ultimately economic growth. Instead, he argues to have government put factors in place that promote job growth such as lower taxes and more infrastructure. Is this an appropriate method to promote growth? Are there alternatives where the government can intervene that are more efficient than the market?arrow_forwardWhat are our nation’s major macroeconomic goals? Are they in conflict with each other? Under what conditions would a nation be able to currently produce more of both consumer and capital products?arrow_forward
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