Introductory macroeconomics by Michael Veseth
By Michael Veseth
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We must report that it was a failure. " The computer was a true economist. It not only had the economists' knowledge that supply and demand underlie just about everything, it had also picked up the personality quirk of finding more than one answer to each question. (This "on the other hand" comment is so common among economists that President Harry S. ) By the end of this chapter you will have both a working knowledge of supply and demand and an understanding of why econ omists insist on finding hard answers to simple questions.
People want to buy lots of natural gas because its price is kept artifi cially low by the price ceiling. Natural gas suppliers cannot afford to provide more gas unless price rises to cover their higher costs. The price ceiling here leads only to a persistent shortage of natural gas. If natural gas is scarce, who gets it? W ho is going to decide whether you freeze or I do? This hard choice is not made necessary by the cold weather, it is the result of the government price ceiling. No politician wants to be respon sible for families freezing to death in their own homes, so residential heating generally gets top priority in shortages, and commercial and industrial cus tomers get whatever is left.
Are these policies designed to fight inflation or unemployment? Choose the best response to each of the following questions. The Answer Key is in the back of the book. 1. Economics is the study of how production and distribution choices are made. W hich of the following events would be studied in a class on macroeco nomics but not in a class on microeconomics? (X) an increase in the inflation rate (Y) an increase in the price of pork and beans (Z) an increase in the employment of auto mechanics a.