《领先经济学原理》课后练习参考答案.docVIP

Chapter One 1. Some examples of microeconomics: (1) How does the local phone company set its fee structure? (2) Does Microsoft act like a monopoly? Some examples of macroeconomics: (1) How would GDP be affected by the increasing unemployment rate? (2) What is the growth rate of the Unites States’ trade deficit? 2. (1) labor (2) capital (3) land (4) capital (5) land 3. Open-ended. 4. If the bus has empty seats, the cost of adding one more passenger is negligible. As long as the passenger pays more than the marginal cost, selling him a ticket is profitable. 5. The opportunity cost of operating his own business should include the foregone income as a civil servant ($25,000). Thus, although the profit calculated by the accountant is positive ($20,000), the profit adjusted for the opportunity cost of foregone income will be -$5,000 ($20,000 – $25,000). 6. It depends on what your next best choice is. Instead of studying Economics, you could watch TV, study English, or talk to a friend on the telephone. Suppose your next best choice is to watch TV. Then the opportunity cost of studying Economics is the foregone pleasure you might obtain from watching TV. 7. Open-ended. Chapter Two 1. Open-ended. 2. A market failure occurs when a market, left to itself, fails to allocate resources efficiently. Lack of competition, inadequate information, externalities, and public goods are examples of market failures. Generally lack of competition, inadequate information, externalities and lack of public goods are the main sources of market failure. 3. (3) (4). 4. Positive externality: Instead of driving, people cycle to work. Cycling can lead to less deaths in car accidents and reduce the gases that affect global warming. Negative externality: Your neighbor is blasting his stereo and the noise is coming into your room. 5. (1) rival, excludable (2) non-rival, excludable (3) non-rival, non-excludable 6. (1) 7. The subway becomes more rival during rush hours. 8. (1) Public good. (2) A pol