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曼昆经济学原理微观经济学英文版课后习题答案（考试章节筛选）UNIT1SOLUTIONSTOTEXTPROBLEMS:QuickQuizzes1.Thefourprinciplesofeconomicdecisionmakingare:(1)peoplefacetradeoffs;(2)thecostofsomethingiswhatyougiveuptogetit;(3)rationalpeoplethinkatthemargin;and(4)peoplerespondtoincentives.Peoplefacetradeoffsbecausetogetonethingthattheylike,theyusuallyhavetogiveupanotherthingthattheylike.Thecostofsomethingiswhatyougiveuptogetit,notjustintermsofmonetarycostsbutallopportunitycosts.Rationalpeoplethinkatthemarginbytakinganactionifandonlyifthemarginalbenefitsexceedthemarginalcosts.Peoplerespondtoincentivesbecauseastheycomparebenefitstocosts,achangeinincentivesmaycausetheirbehaviortochange.2.Thethreeprinciplesconcerningeconomicinteractionsare:(1)tradecanmakeeveryonebetteroff;(2)marketsareusuallyagoodwaytoorganizeeconomicactivity;and(3)governmentscansometimesimprovemarketoutcomes.Tradecanmakeeveryonebetteroffbecauseitallowscountriestospecializeinwhattheydobestandtoenjoyawidervarietyofgoodsandservices.Marketsareusuallyagoodwaytoorganizeeconomicactivitybecausetheinvisiblehandleadsmarketstodesirableoutcomes.Governmentscansometimesimprovemarketoutcomesbecausesometimesmarketsfailtoallocateresourcesefficientlybecauseofanexternalityormarketpower.3.Thethreeprinciplesthatdescribehowtheeconomyasawholeworksare:(1)acountry’sstandardoflivingdependsonitsabilitytoproducegoodsandservices;(2)pricesrisewhenthegovernmentprintstoomuchmoney;and(3)societyfacesashort-runtradeoffbetweeninflationandunemployment.Acountry’sstandardoflivingdependsonitsabilitytoproducegoodsandservices,whichinturndependsonitsproductivity,whichisafunctionoftheeducationofworkersandtheaccessworkershavetothenecessarytoolsandtechnology.Pricesrisewhenthegovernmentprintstoomuchmoneybecausemoremoneyincirculationreducesthevalueofmoney,causinginflation.Societyfacesashort-runtradeoffbetweeninflationandunemploymentthatisonlytemporaryandpolicymakershavesomeabilitytoexploitthisrelationshipusingvariouspolicyinstruments.QuestionsforReview1.Examplesoftradeoffsincludetimetradeoffs(suchasstudyingonesubjectoveranother,orstudyingatallcomparedtoengaginginsocialactivities)andspendingtradeoffs(suchaswhethertouseyourlasttendollarsonpizzaoronastudyguideforthattougheconomicscourse).2.Theopportunitycostofseeingamovieincludesthemonetarycostofadmissionplusthetimecostofgoingtothetheaterandattendingtheshow.Thetimecostdependsonwhatelseyoumightdowiththattime;ifit'sstayinghomeandwatchingTV,thetimecostmaybesmall,butifit'sworkinganextrathreehoursatyourjob,thetimecostisthemoneyyoucouldhaveearned.3.Themarginalbenefitofaglassofwaterdependsonyourcircumstances.Ifyou'vejustrunamarathon,oryou'vebeenwalkinginthedesertsunforthreehours,themarginalbenefitisveryhigh.Butifyou'vebeendrinkingalotofliquidsrecently,themarginalbenefitisquitelow.Thepointisthateventhenecessitiesoflife,likewater,don'talwayshavelargemarginalbenefits.4.Policymakersneedtothinkaboutincentivessotheycanunderstandhowpeoplewillrespondtothepoliciestheyputinplace.Thetext'sexampleofseatbeltsshowsthatpolicyactionscanhavequiteunintendedconsequences.Ifincentivesmatteralot,theymayleadtoaverydifferenttypeofpolicy;forexample,someeconomistshavesuggestedputtingknivesinsteeringcolumnssothatpeoplewilldrivemuchmorecarefully!Whilethissuggestionissilly,ithighlightstheimportanceofincentives.5.Tradeamongcountriesisn'tagamewithsomelosersandsomewinnersbecausetradecanmakeeveryonebetteroff.Byallowingspecialization,tradebetweenpeopleandtradebetweencountriescanimproveeveryone'swelfare.6.Theinvisiblehandofthemarketplacerepresentstheideathateventhoughindividualsandfirmsareallactingintheirownself-interest,pricesandthemarketplaceguidethemtodowhatisgoodforsocietyasawhole.7.Thetwomaincausesofmarketfailureareexternalitiesandmarketpower.Anexternalityistheimpactofoneperson’sactionsonthewell-beingofabystander,suchasfrompollutionorthecreationofknowledge.Marketpowerreferstotheabilityofasingleperson(orsmallgroupofpeople)toundulyinfluencemarketprices,suchasinatownwithonlyonewelloronlyonecabletelevisioncompany.Inaddition,amarketeconomyalsoleadstoanunequaldistributionofincome.8.Productivityisimportantbecauseacountry'sstandardoflivingdependsonitsabilitytoproducegoodsandservices.Thegreateracountry'sproductivity(theamountofgoodsandservicesproducedfromeachhourofaworker'stime),thegreaterwillbeitsstandardofliving.9.Inflationisanincreaseintheoveralllevelofpricesintheeconomy.Inflationiscausedbyincreasesinthequantityofanation'smoney.10.Inflationandunemploymentarenegativelyrelatedintheshortrun.Reducinginflationentailscoststosocietyintheformofhigherunemploymentintheshortrun.ProblemsandApplications1.a.Afamilydecidingwhethertobuyanewcarfacesatradeoffbetweenthecostofthecarandotherthingstheymightwanttobuy.Forexample,buyingthecarmightmeantheymustgiveupgoingonvacationforthenexttwoyears.Sotherealcostofthecaristhefamily'sopportunitycostintermsofwhattheymustgiveup.b.ForamemberofCongressdecidingwhethertoincreasespendingonnationalparks,thetradeoffisbetweenparksandotherspendingitemsortaxcuts.Ifmoremoneygoesintotheparksystem,thatmaymeanlessspen