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OpenStax - Principles of Macroeconomics 1e (Homework)

James Finch

Economics, section 1, Fall 2019

Instructor: Dr. Friendly

Current Score : 3 / 42

Due : Sunday, January 27, 2030 00:00 EST

Last Saved : n/a Saving...  ()

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  • Instructions

    WebAssign is proud to support the open source teaching community through our partnership with OpenStax College. Principles of Macroeconomics from OpenStax College covers the scope and sequence for a one-semester economics course. Senior Contributing Author Timothy Taylor provided valuable guidance for this title and the outcome is a balanced approach to economics, to both Keynesian and classical views, and to the theory and application of economics concepts. The online WebAssign question content for this title is enriched with links to the eBook and is offered as a low-cost solution.

    Question 1 demonstrates multiple-select grading that requires the student to select all appropriate examples of individual economic agents.

    Question 2 shows a standard multiple-choice problem on the main goals of macroeconomics, where the choices are displayed in a random order.

    Question 3 contains an essay component on examples of frictional unemployment that allows the instructor to assess open-ended student responses.

    Question 4 asks for both positive and negative numerical answers for trade deficit and account balance, and a fill-in-the-blank explanation sentence with multiple-choice drop-down options.

    Question 5 has a student choose the appropriate AD/AS graph from a selection of multiple-choice graphs in addition to a fill-in-the-blank sentence.

    Question 6 features equation grading, where all equivalent forms of the basic quantity equation of money are accepted.

    Question 7 has students fill in a balance sheet table of numerical values based on randomized information about assets and liabilities.

    Question 8 features a randomized multi-part question about supply and demand, where students provide prices and quantities, select a multiple-choice diagram, and explain the effect of an import quota using a fill-in-the-blank sentence. This demo assignment allows many submissions and allows you to try another version of the same question for practice wherever the problem has randomized values.

Assignment Submission

For this assignment, you submit answers by question parts. The number of submissions remaining for each question part only changes if you submit or change the answer.

Assignment Scoring

Your last submission is used for your score.

1. 0/1 points  |  Previous Answers OSMacroEcon1 1.R.013. My Notes
Question Part
Points
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1
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3/5
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What are examples of individual economic agents? (Select all that apply.)
Incorrect: Your answer is incorrect.



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2. 1/1 points  |  Previous Answers OSMacroEcon1 1.R.014. My Notes
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Points
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1
1/1
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1/1
 
What are the three main goals of macroeconomics?
     Correct: Your answer is correct.


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3. 2/2 points  |  Previous Answers OSMacroEcon1 8.R.026. My Notes
Question Part
Points
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1 2
1/1 1/1
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2/2
 
What is frictional unemployment?
    
Give examples of frictional unemployment.

Score: 1 out of 1

Comment:



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4. –/4 points OSMacroEcon1 10.P.043. My Notes
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In 2001, the economy of the United Kingdom exported goods worth £192 billion and services worth another £77 billion. It imported goods worth £225 billion and services worth £66 billion. Receipts of income from abroad were £140 billion while income payments going abroad were £131 billion. Government transfers from the United Kingdom to the rest of the world were £23 billion, while various U.K. government agencies received payments of £16 billion from the rest of the world.
(a)
Calculate the U.K. merchandise trade deficit for 2001.
£ billion
(b)
Calculate the current account balance for 2001.
£ billion
(c)
Explain how you decided whether payments on foreign investment and government transfers counted on the positive or the negative side of the current account balance for the United Kingdom in 2001.
Payments on investment and transfers are counted as a because they represent payments foreigners for services.


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5. –/6 points OSMacroEcon1 11.CT.052. My Notes
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If foreign wealth-holders decide that the United States is the safest place to invest their savings, what would the effect be on the economy here?
This would cause a shift in the aggregate curve. The result is prices, output and employment.
Show graphically using the AD/AS model.



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6. –/1 points OSMacroEcon1 15.R.029. My Notes
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Points
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1
–/1
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What is the basic quantity equation of money? (Let M represent the money supply, V represent the velocity of money, P represent the price level, and Q represent the real output of the economy.)


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7. –/7 points OSMacroEcon1 15.P.038. My Notes
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Suppose the Fed conducts an open market purchase by buying $19 million in Treasury bonds from Acme Bank. Sketch out the balance sheet changes that will occur as Acme converts the bond sale proceeds to new loans. The initial Acme bank balance sheet contains the following information in millions of dollars: Assets—reserves 40, bonds 50, and loans 50; Liabilities—deposits 110 and equity 30.
Assets Liabilities
Reserves = $ million Deposits = $ million
Bonds = $ million Equity = $ million
Loans = $ million
Total = $ million Total = $ million


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8. –/20 points OSMacroEcon1 21.P.057. My Notes
Question Part
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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
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The country of Pepperland exports steel to the Land of Submarines. Information for the quantity demanded (Qd) and quantity supplied (Qs) in each country, in a world without trade, are given in the following two tables.
Pepperland
Price ($) Qd Qs
60 240 190
70 210 210
80 180 230
90 160 250
100 150 260
Land of Submarines
Price ($) Qd Qs
60 440 320
70 430 340
80 420 370
90 410 410
100 400 450
(a)
What would be the equilibrium price and quantity in each country in a world without trade?
Pepperland price $ quantity demanded steel quantity supplied steel
Land of Submarines price $ quantity demanded steel quantity supplied steel
(b)
What would be the equilibrium price and quantity in each country if trade is allowed to occur?
Pepperland price $ quantity demand steel quantity supplied steel
Land of Submarines price $ quantity demand steel quantity supplied steel
(c)
Sketch two supply and demand diagrams, one for each country, in the situation before trade. On these diagrams, show the equilibrium price and the levels of exports and imports in the world after trade.

(d)
If the Land of Submarines imposes an anti-dumping import quota of 30, explain in general terms whether it will benefit or injure consumers and producers in each country.
The quota will consumers in the Land of Submarines by driving the price , but producers. While in Pepperland the quota will consumers by driving the price , but producers.
(e)
Does your general answer change if the Land of Submarines imposes an import quota of 70?
    


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