Solutions for Economics Today, A Canadian Perspective Macroeconomics, 1st Canadian Edition Miller (All Chapters included)
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Complete Solutions Manual for Economics Today, A Canadian Perspective Macroeconomics, 1st Canadian Edition by Roger LeRoy Miller, Lia Rizzo ; ISBN13: 9780136764939....(Full Chapters included Chapter 1 to 19)...1.The Nature of Economics
2.Scarcity and the World of Trade-Offs
3.Demand and Supply
4...
INSTRUCTOR SOLUTIONS
MANUAL
Mushtaq Ahmad
Northern Alberta Institute of Technology
George Sroka
Northern Alberta Institute of Technology
Economics Today: A
Canadian Perspective,
Macroeconomics
First Canadian Edition
Roger LeRoy Miller, Mushtaq Ahmad,
James Higginson, Lia Rizzo, and George Sroka
** Immediate Download
** Swift Response
** All Chapters included
,ii
Table of Contents
1. The Nature of Economics (Appendix A: Reading and Working with Graphs)
2. Scarcity and the World of Trade-Offs
3. Demand and Supply (Appendix B: Calculating Equilibrium Price and Quantity
Using Simple Linear Demand and Supply Equations)
4. Extensions of Demand and Supply Analysis (Appendix C: Consumer Surplus,
Producer Surplus with a Price System)
5. Market Failures and the Public Sector
6. The Macroeconomy: GDP, Unemployment, and Inflation
7. Measuring the Economy's Performance
8. Global Economic Growth and Development
9. Real GDP and the Price Level in the Long Run
10. Classical Keynesian Macro Analyses
11. Consumption, Real GDP, and the Multiplier (Includes Appendix D: The
Keynesian Model and the Multiplier)
12. Fiscal Policy (Includes Appendix E: Fiscal Policy: A Keynesian Perspective)
13. Deficit Spending and the Public Debt
14. Money, Banking, and Money Creation
15. Bank of Canada and Monetary Policy (Includes Appendix F: Monetary Policy:
A Keynesian Perspective)
16. Stabilization in an Integrated World Economy
17. Policies and Prospects for Global Economic Growth
18. Comparative Advantage and the Open Economy
19. Exchange Rates and the Balance of Payments
,Chapter 1
The Nature of Economics
Answers to Questions for Critical Analysis
AI: DECISION MAKING THROUGH DATA
Why do you suppose that economists sometimes disagree about whether to classify as a
microeconomic or macroeconomic endeavor the application of big data analytics to massive
volumes of information encompassing virtually all of a nation’s industries and interactions
among those industries?
Because big data analytics uses such massive volumes of information, which can encompass
virtually all a nation’s industries and interactions among those industries, it seems as if the
endeavor is a macroeconomic application (large scale). However, in many cases, this big data
just represents a small part of the economy, which could be perceived as a microeconomic
application (individual scale or sub-scale).
THE INCENTIVES TO ATTEND POST-SECONDARY EDUCATION (P. 7)
Sometimes adults tell young people to “get all the education you can get.” Does this mean that
you should necessarily obtain an advanced degree?
Under special circumstances, your answer to this Real Application question would be, yes. Those
special circumstances would involve being able to obtain an advanced degree at zero cost to you
and simultaneously not having any job opportunities as an alternative. Otherwise, you should
look at how much more you would expect to earn per year if you complete an advanced degree
program compared with what you could have earned working rather than spending more time in
a university. Plus, you would have to consider the out-of-pocket costs of pursuing an advanced
degree.
ASSESSING WHETHER CHARITABLE DONATIONS REFLECT CARING FOR OTHERS OR FOR
ONESELF
How might the fact that the Canadian government allows larger tax deductions for some
charitable donations than for others, how would this affect Canadian taxpayers’ incentives about
how much to donate and to whom they direct their donations?
Canadian taxpayers are likely to donate to charities that will both help others and those in which
will make them better off (either through a tax deduction or a charitable gift). If the government
allows larger tax deductions for some charitable donations over others, taxpayers are likely to
donate more to the charities where they receive a larger benefit (tax deduction).
GETTING DIRECTIONS
In what way do small talk and gossip represent the use of simplifying assumptions?
Gossip and small talk usually deal with other persons or situations of interest to the persons
engaged in the conversation. Often the people who are talking choose to leave out details which
they consider unimportant or information that do not support their position. The interpretation of
the situation or the behaviour of the person being talked about will be affected by which details
are omitted.
1
, Solutions Manual for Roger LeRoy Miller • Economics Today, 1st Canadian Edition
Economics in Your Life
GOVERNMENT PROVIDES INCENTIVE PROGRAM FOR ZERO-EMISSION VEHICLES (ZEV).
For Critical Thinking
Overall, does it appear that the incentive provided to purchase ZEV arise from the application of
centralized command and control, the price system, or a mix of the two? Explain your reasoning.
It appears that the government incentive provided to purchase ZEV is a mix of the two or a
mixed economy. The market will determine what and how much ZEVs to produce. The
government incentive or consumer subsidy will decrease the ZEV price and make the
purchase more attractive to consumers.
Real Application
Assume that you decide to buy a ZEV. Should you take advantage of the incentive?
Because the only cost to you, is your time to fill out the government application, you should
definitely take advantage of the incentive. Assuming you comply with the government
requirements you will benefit paying a lower price for your ZEV.
Issues & Applications
WHY EDUCATION AND FINANCIAL INDEPENDENCE HELPS TO EXPLAIN WHY WOMEN ARE
DELAYING MARRIAGE AND WHY FEWER WOMEN ARE MARRIED
For Critical Thinking
Why do you think that the prevalence of marriages by women to higher-income-earning partners
has remained relatively steady in recent years? (Hint: More higher-income-earning partners
have completed more years of education and have more stable employment prospects than those
who earn less.)
The argument states that women choose to marry out of self-interest and will marry a partner
that will be able to provide financially for the household. If women’s interests and actions do
not change, then the prevalence of marriages to higher-income-earning partners should
remain relatively steady.
Real Application
Currently, a larger percentage of women are obtaining advanced degrees than are men. What
are some of the real-world implications of this trend with respect to marriage?
Women with advanced degrees typically do not seek out spouses who have little or no
education past high school. One might predict, that there will be a higher percentage of
marriages among men and women who have advanced degrees.
Answers to End-of-Chapter Questions
1-1. Define economics. Explain briefly how the economic way of thinking—in terms of
rational, self-interested people responding to incentives—relates to each of the following
situations.
a. A student deciding whether to purchase a textbook for a particular class
b. Government officials seeking more funding for mass transit through higher taxes
c. A municipality taxing hotel guests to obtain funding for a new sports stadium
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