Thursday 22 May 2014
House of Representatives
Investigate the use of special-interest lobbyists for some of these
articles. The process of lobbying legislatures is itself a big business.
State legislatures are under the same kind of pressure from interest
groups as the Senate and the House of Representatives. Provide an
example to discuss how special interests can succeed in perpetuating
policies that are opposed by the majority of voters because the costs of
organizing and motivating groups to take political action increase with
group s size.
Macroeconomics Policy in Australia
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Classical and Keynesian reasoning
Assume that the demand for autoworkers declines significantly due to a
decrease in demand for new automobiles. Explain what will happen to
unemployment using both classical and Keynesian reasoning.
Frictional unemployment
Given the rapidly changing nature of technology, will students of today
find themselves more or less likely to be part of frictional
unemployment figures than would have been the case previously? What is
likely to be the effect of such changes on structural unemployment?
Social Policies
Social Policies
Should knowing about the health effects of social policies change the
value that Americans place on those policies - why or why not
Cost-minimizing employment levels
Explain the necessary conditions to achieve the cost-minimizing employment levels for two or more variable resources.
Consumer and producer surplus
Define consumer
and producer surplus. What is meant by economic efficiency, and how
does it relate to consumer and producer surplus?
Incidence of a tax
What is meant by the incidence of a tax? Explain why the statutory and actual incidence of a tax can be different.
Deadweight loss
What is the nature of the deadweight loss accompanying taxes? Why is it often referred to as an “excess burden”?
What is shirking?
What is shirking? If the managers of a firm are attempting to maximize
its profits, will they have an incentive to limit shirking? How might
they go about doing so?
Organ donation and child adoption markets
How do you think the markets for organ donation and child adoption would
be affected if they were made fully legal with a well-functioning price
mechanism? What would be the advantages and disadvantages relative to
the current system?
Ideal economic efficiency
When external costs are present, what is likely to be the relationship
between the market output of a good and the output consistent with ideal
economic efficiency?
Economic efficiency criterion
Apply the economic efficiency criterion to the role of government. When
would a government intervention be considered economically efficient?
When would a government intervention be considered economically
inefficient?
What is rent seeking
What is rent seeking? When is it likely to be widespread? How does it influence economic efficiency? Explain.
Representation theories
“Government
action is based on majority rule, whereas market action is based on
mutual consent. The market allows for proportional representation of
minorities, but minorities must yield to the views of the majority when
activities are undertaken through government.” In your own words,
explain the meaning of this statement. Is the statement true? Why or why
not?
Inelastic demand
Recent research confirms that the demand for cigarettes is inelastic,
but it also indicates that smokers with incomes in the lower half of all
incomes respond to a given price increase by reducing their purchases
by amounts that are more than four times as large as the purchase
reductions made by smokers in the upper half of all incomes. How can the
income and substitution effects of a price change help explain this
finding?
Where is our leisure time
The wealthy are widely believed to have more leisure time than the poor.
However, even though we are a good deal wealthier today than our
great-grandparents were 100 years ago, we appear to live more hectic
lives and have less free time. Can you explain why?
Wealth creation and reduction in companies
"Firms that make a profit have increased the value of the resources they
used; their actions created wealth. In contrast, the actions of firms
that make losses reduce wealth. The discovery and undertaking of
profit-making opportunities are key ingredients of economic progress."
Evaluate the statement.
Price-taker market
In a price-taker market, if a business operator produces
efficiently-that is, if the cost of producing the good is minimized-the
operator will be able to make at least a normal profit.” True or false?
Explain.
Dominating the market
What determines whether corporations, individual proprietorships,
employee-owned firms, consumer cooperatives, or some other form of
business structure will dominate in a market
Cost of transporting both goods and people
Historically, the real cost of transporting both goods and people has
declined substantially. What impact do lower transportation costs have
on the market power of individual producers? Do you think the U.S.
economy is more or less competitive today than it was 100 years ago?
Explain.
Math and science teachers
Many school districts pay teachers on the basis of their highest degree
earned and number of years of service (seniority). They often find it
quite easy to fill the slots for English and history teachers, but very
difficult to find the required number of math and science teachers. Can
you explain why?
Earnings differences
What explains the earnings differences between (a) a lawyer and a
minister, (b) an accountant and an elementary school teacher, (c) a
business executive and a social worker, (d) a country lawyer and a Wall
Street lawyer, (e) an experienced, skilled craftsperson and a
twenty-year-old high school dropout, and (f) an upper-story and a
ground-floor window washer?
Jobs are the key to economic progress
“Jobs are the key to economic progress. Unless we create more jobs, our
standard of living will fall.” Is this statement true or false? Explain.
Changing interest rates
How would the following changes influence the rate of interest in the United States?
a. An increase in the positive time preference of lenders
b. An increase in the positive time preference of borrowers
c. An increase in domestic inflation
d. Increased uncertainty about a nuclear war
e. Improved investment opportunities in Europe
a. An increase in the positive time preference of lenders
b. An increase in the positive time preference of borrowers
c. An increase in domestic inflation
d. Increased uncertainty about a nuclear war
e. Improved investment opportunities in Europe
New products and new markets
In a world of uncertainty, it is important that entrepreneurs be able to
introduce new products and try out innovative ideas. But it is also
important that unproductive projects be brought to a halt.” Evaluate
this statement.
Measure of economic status
Is annual money income a good measure of economic status? Is a family
with an $80,000 annual income able to purchase twice the quantity of
goods and services as a family with $40,000 of annual income? Is the
standard of living of the $80,000 family twice as high as that of the
$40,000 family? Discuss.
Implicit marginal tax rate
Because income transfers to the poor typically increase the implicit
marginal tax rate they confront, does a $1,000 transfer payment
necessarily increase the income of poor recipients by $1, OOO? Why or
why not?
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