Principles Of Macroeconomics

  1. When the price of CD increased from $10 to $11, the quantity of CDs demanded decreased from 100 to 87. Using the mid-point formula:
  2. What is the price elasticity of demand for CDs?
  3. Is demand elastic or inelastic?
  • When the price of paper increases from $100 to $104 per ton, the quantity supplied increased from 200 to 220 tons per day. Using the mid-point formula:
  • What is the price elasticity of supply for paper?
  • Is the supply elastic of inelastic?
  • If firm wants to increase its total revenue, should it raise or lower its prices? Explain your answer.

Chapter 6 – GDP and Economic Growth

  1. Do increases in gross domestic product necessarily means into improvement in the standard of living of the citizens? Explain your answer.
  • Someone said. “Trade deficits are good because we are buying more goods than we are producing.” What is the downside of trade deficits?
  • What factors determine technological progress?

Chapter 7 – Unemployment and Inflation

  1. What is unemployment? Why can’t it be driven down to zero?
  • Supposed the government hires workers who are currently unemployed but does not give them any work to do.
  • What will happen to the measured unemployment rate?
  • Is this an accurate reflection of the underlying economic situation?
  • Critically evaluate the following statement: “Hong Kong is an expensive place to live. They must have a high inflation rate in Japan.”

Chapter 12 – Money and Banking

  1. Why do all societies have some form of money?
  • If people never withdrew cash from banks,
  • How much money could the banking system potentially create?
  • Could this really happen?
  • What might limit deposit creation in this case?

Chapter 13 – Monetary Policies

  1. Refrigerators and clothing are, to some extent durable. Explain why the decision to buy a refrigerator is likely to be more sensitive to interest rates than the decision to buy clothing.

Chapter 15 – Globalization and Trade

  1. Why do both rich and poor countries benefit from trade?
  • If the dollar increases in values against the Japanese Yen, how will this affect the balance of trade between the United States and Japan?
  • Consider two financial planners, Phil and Frances.
  • In an hour, Phil can either produce one financial statement or answer 10 phone calls
  • In an hour, Frances can either produce three financial statement or answer 12 phone calls?
  1. Who has the absolute advantage?
  2. Who has the comparative advantage?
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