Principles of Macroeconomics, Loose-Leaf Version
8th Edition
ISBN: 9781337096881
Author: Mankiw, N. Gregory
Publisher: South-Western College Pub
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Chapter 22.2, Problem 2QQ
To determine
To determine: The difference between short-run and long-run Phillips curves.
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(Figure: Good Y and Good X) Suppose the budget constraint shifted from constraint 2 to constraint 1. What could have caused this change?
Quantity of
good Y
18
16
14
Budget constraint 2
12-
10
8
Budget constraint 1
6
4
2
0
2 4 6 8 10 12 14 16 18 20 Quantity of good X
an increase in income and an decrease in the price of good X relative to that of good Y
a decrease in income
an decrease in the price of good X and no change in the price of Y
a decrease in income and an increase in the price of good X relative to that of good Y
an increase in income
a decrease in the price of good X relative to that of good Y
Suppose you have the three scenarios proposed below. Using the language of the Levy and Meltzer paper, Scenario(s).
Scenario(s) _ can best be described as a randomized experiment.
can best be described as an observational study, and
Scenario A: Researchers randomly assign some individuals to a high-intensity workout program and others to a low-intensity program. They then track the participants to see
how their cardiovascular health changes over time.
Scenario B: Researchers randomly assign individuals to receive varying levels of nutrition education. They track participants and see how eating habits changed.
Scenario C: Researchers have data on individuals' workout habits and their cardiovascular health. They use this data to describe the relationship between workout intensity and
cardiovascular health.
A; B and C
A; B and C
× A and B; C
C; A and B
B and C; A
Chapter 22 Solutions
Principles of Macroeconomics, Loose-Leaf Version
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