The reasons for more attention attributed to national economies as compared to state or provisional economies by the economist. Concept Introduction: National Economy: The economy of a nation as a whole, sum of individual units. National Economy Indicators: This allows analysis of the performance of the economy

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Answer 1

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Chapter 5, Problem 1P

To determine

The reasons for more attention attributed to national economies as compared to state or provisional economies by the economist.

Concept Introduction:

National Economy: The economy of a nation as a whole, sum of individual units.

National Economy Indicators: This allows analysis of the performance of the economy

Expert Solution & Answer

Explanation of Solution

National economic indicators are better indicators of the economic health of a country than the state economies because state economies are concerned with their regions only. The local, political or economic fluctuations only affect those areas or nearby areas and therefore are less important at the central level. They do not provide the perfect picture at the macro level to the economist. If the economist wants to get the information about the whole country, then he has to give importance to indicators like GDP, Employment level, per capita income, health status etc. at a central level which engulfs the average of all the states.

NO doubt, states economies are also important and are the pillars of any central economy but wider picture is shown by only the national economies.

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Consider the table below, which has data on insurance status and medical expenditures for different types of professors at Hypothetical University (HU), economics & criminology professors. Assume that there are an equal number of economics and criminology professors. Assume further that econ professors all have the same level of health and criminology professors all have the same level of health. In 2020, every professor was offered a full insurance contract with no premium. In 2021, HU charged any employee who wanted to keep health insurance the actuarially fair premium based on 2020 expenditures. This premium would be equal to and, as a result,professors dropped their coverage in 2021. _ 2020 2021 Insured? Avg. Expenditures Insured? Avg. Expenditures Economics Professors Criminology Professors Yes Yes $25,000 $15,000 000000 $15,000; criminology $25,000; econ $20,000; econ $15,000; econ $20,000; criminology $25,000; criminology ??? $28,000 ??? $10,000

Consider the table below, which has data on insurance status and medical expenditures for different types of professors at Hypothetical University (HU), economics & criminology professors. Assume that there are an equal number of economics and criminology professors. Assume further that econ professors all have the same level of health and criminology professors all have the same level of health. There is evidence of 2021 Insured? Avg. Expenditures Insured? Avg. Expenditures 2020 Economics Professors Criminology Professors Yes. Yes $25,000 $15,000 0000 ??? ??? $28,000 $10,000 I. moral hazard because in 2021 criminology professors dropped their coverage and health expenditures went down. II. adverse selection because in response to rising premiums after 2020, the professors with lower health expenditure dropped coverage Both I and II neither I nor II

Answer 2

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Chapter 5, Problem 1P

To determine

The reasons for more attention attributed to national economies as compared to state or provisional economies by the economist.

Concept Introduction:

National Economy: The economy of a nation as a whole, sum of individual units.

National Economy Indicators: This allows analysis of the performance of the economy

Expert Solution & Answer

Explanation of Solution

National economic indicators are better indicators of the economic health of a country than the state economies because state economies are concerned with their regions only. The local, political or economic fluctuations only affect those areas or nearby areas and therefore are less important at the central level. They do not provide the perfect picture at the macro level to the economist. If the economist wants to get the information about the whole country, then he has to give importance to indicators like GDP, Employment level, per capita income, health status etc. at a central level which engulfs the average of all the states.

NO doubt, states economies are also important and are the pillars of any central economy but wider picture is shown by only the national economies.

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Answer 3

Question

100%

Chapter 5, Problem 1P

To determine

The reasons for more attention attributed to national economies as compared to state or provisional economies by the economist.

Concept Introduction:

National Economy: The economy of a nation as a whole, sum of individual units.

National Economy Indicators: This allows analysis of the performance of the economy

Expert Solution & Answer

Explanation of Solution

National economic indicators are better indicators of the economic health of a country than the state economies because state economies are concerned with their regions only. The local, political or economic fluctuations only affect those areas or nearby areas and therefore are less important at the central level. They do not provide the perfect picture at the macro level to the economist. If the economist wants to get the information about the whole country, then he has to give importance to indicators like GDP, Employment level, per capita income, health status etc. at a central level which engulfs the average of all the states.

NO doubt, states economies are also important and are the pillars of any central economy but wider picture is shown by only the national economies.

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Answer 4

Question

100%

Chapter 5, Problem 1P

To determine

The reasons for more attention attributed to national economies as compared to state or provisional economies by the economist.

Concept Introduction:

National Economy: The economy of a nation as a whole, sum of individual units.

National Economy Indicators: This allows analysis of the performance of the economy

Expert Solution & Answer

Explanation of Solution

National economic indicators are better indicators of the economic health of a country than the state economies because state economies are concerned with their regions only. The local, political or economic fluctuations only affect those areas or nearby areas and therefore are less important at the central level. They do not provide the perfect picture at the macro level to the economist. If the economist wants to get the information about the whole country, then he has to give importance to indicators like GDP, Employment level, per capita income, health status etc. at a central level which engulfs the average of all the states.

NO doubt, states economies are also important and are the pillars of any central economy but wider picture is shown by only the national economies.

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Answer 5

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Answer 6

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Answer 7

Chapter 5, Problem 1P

To determine

The reasons for more attention attributed to national economies as compared to state or provisional economies by the economist.

Concept Introduction:

National Economy: The economy of a nation as a whole, sum of individual units.

National Economy Indicators: This allows analysis of the performance of the economy

Expert Solution & Answer

Explanation of Solution

National economic indicators are better indicators of the economic health of a country than the state economies because state economies are concerned with their regions only. The local, political or economic fluctuations only affect those areas or nearby areas and therefore are less important at the central level. They do not provide the perfect picture at the macro level to the economist. If the economist wants to get the information about the whole country, then he has to give importance to indicators like GDP, Employment level, per capita income, health status etc. at a central level which engulfs the average of all the states.

NO doubt, states economies are also important and are the pillars of any central economy but wider picture is shown by only the national economies.

Answer 8

Chapter 5, Problem 1P

To determine

The reasons for more attention attributed to national economies as compared to state or provisional economies by the economist.

Concept Introduction:

National Economy: The economy of a nation as a whole, sum of individual units.

National Economy Indicators: This allows analysis of the performance of the economy

Expert Solution & Answer

Explanation of Solution

National economic indicators are better indicators of the economic health of a country than the state economies because state economies are concerned with their regions only. The local, political or economic fluctuations only affect those areas or nearby areas and therefore are less important at the central level. They do not provide the perfect picture at the macro level to the economist. If the economist wants to get the information about the whole country, then he has to give importance to indicators like GDP, Employment level, per capita income, health status etc. at a central level which engulfs the average of all the states.

NO doubt, states economies are also important and are the pillars of any central economy but wider picture is shown by only the national economies.

Answer 9

Chapter 5, Problem 1P

To determine

The reasons for more attention attributed to national economies as compared to state or provisional economies by the economist.

Concept Introduction:

National Economy: The economy of a nation as a whole, sum of individual units.

National Economy Indicators: This allows analysis of the performance of the economy

Answer 10

Expert Solution & Answer

Explanation of Solution

National economic indicators are better indicators of the economic health of a country than the state economies because state economies are concerned with their regions only. The local, political or economic fluctuations only affect those areas or nearby areas and therefore are less important at the central level. They do not provide the perfect picture at the macro level to the economist. If the economist wants to get the information about the whole country, then he has to give importance to indicators like GDP, Employment level, per capita income, health status etc. at a central level which engulfs the average of all the states.

NO doubt, states economies are also important and are the pillars of any central economy but wider picture is shown by only the national economies.

Answer 11

Expert Solution & Answer

Answer 12

Expert Solution & Answer

Answer 13

Ch. 5 - Prob. 1P Ch. 5 - Prob. 2P Ch. 5 - Prob. 3P Ch. 5 - Prob. 4P Ch. 5 - Prob. 5P Ch. 5 - Prob. 6P

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