Macroeconomics 9th Edition Boyes Solutions Manual 1
Macroeconomics 9th Edition Boyes Solutions Manual 1
FUNDAMENTAL QUESTIONS
1. In a market system, who decides what goods and services are produced and how they are
produced, and who obtains the goods and services that are produced?
2. What is a household, and what is household income and spending?
3. What is a business and what is business spending?
4. How does the international sector affect the economy?
5. What is the public sector? What is public sector spending?
6. How do the private and public sectors interact?
Copyright © 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or
in part.
20 Chapter 4: The Market System and the Private Sectors
Copyright ©2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
Chapter 4: The Market System and the Private Sectors 21
financial intermediaries
circular flow diagram
Copyright © 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or
in part.
.
22 Chapter 4: The Market System and the Private Sectors
drop and turning to surplus by 1998. After four years of surpluses, a deficit was again
realized in 2002 and has grown since then. It exploded in 2008-2011, leading to record
levels of debt.
Copyright ©2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
Chapter 4: The Market System and the Private Sectors 23
6. Because the quota limits imports, net exports are higher than they would have been without the
quota. The increase in net exports means that spending on domestically produced goods and
services is now higher, which leads to the production of additional output. Domestic producers of
goods that compete with those goods on which the quota is imposed will benefit by receiving
higher prices for their goods than they would have without the quota. Consumers are hurt by the
quota because they cannot obtain all of the foreign goods they desire and because they must pay
artificially high prices. Foreign producers are also hurt because they cannot sell all of the products
that they could have if no quota had been imposed.
7. If households increase saving, then payments for goods and services go down by the amount that
saving goes up. The value of national output and income will drop unless investment and
government spending rises by the amount that saving rises and household spending falls.
8.
a. A = $9 million; B = − $3 million; C = − $6 million.
b. A has a trade surplus; B and C have trade deficits.
9. As tastes change, the demand for drive-in movies declines and causes both the equilibrium price
and quantity to fall; while the demand for indoor movies rises and causes both the equilibrium
price and quantity to rise.
Copyright © 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or
in part.
.
Another document from Scribd.com that is
random and unrelated content:
Faucaria Aizoaceae Tiger Jaws
Low, crowded succulents with thick, triangular leaves toothed with
spiny hairs, unmistakably resembling an animal’s mouth. In late summer
or early fall, golden daisy-like flowers pop up and make fun of the
plant’s ferocious appearance.
tigrina—Silvery green leaves flecked with white, two-inch yellow flowers.
tuberculosa—Darker green leaves with little white knobs.
Haworthia Liliaceae
Tight pinwheels of thick, pointed leaves intricately studded with
varied patterns of pearly pinheads. The whitish flowers are not a main
feature.
fasciata—Zebra-striped succulent often seen in dish gardens.
margaritifera—Slightly larger, dark green with a more scattered pattern of white dots.
Kalanchoe Crassulaceae
Among these congenial succulents are several that grow to
considerable size in their native homes, but keep pleasantly small in pots
or dish gardens. The leaves are fleshy, with indentations along the edge.
Lantern-shaped flowers appear in winter.
blossfeldiana—Well-branched bush with overlapping, fresh green leaves, flowering in winter
when days are short and nights are long. ‘Tom Thumb’ is a dwarf variety that smothers itself
with scarlet blooms for Christmas. Greenhouses grow it from seeds sown in spring, and so
can you.
marmorata—penwiper plant—Leaves fold in around the stem and are spattered on both sides
with purple blotches.
pumila—Leaves like a doll’s spoon, notched on the edge and sugar-frosted; plum-colored pitcher
flowers.
tomentosa—panda plant—Fat leaves covered with white felt, distinctly marked with chocolate at
the teeth on the edge.
(Kitchingia) uniflora—Miniature creeper or dangler for small hanging baskets, with round green
leaves marching up and down the stem and rosy or red urn-flowers hanging from thin, short
threads.
Kleinia Compositae
Curious even among succulents, each of these oddly shaped or
strangely decorated plants has a personality of its own and no need for
daisy-like flower heads to make it interesting.
pendula—inchworm plant—Weird, round, leafless stems snake up and down over the soil;
flowers brilliant red.
repens—Low and somewhat trailing, with thick leaves like long canoes, unbelievable blue.
tomentosa—Cylindrical cocoon-like leaves tapered to sharp points and covered with pure-white
down; gold or orange flowers.
Opuntia Cactaceae
This is a “crazy, mixed-up” group of cacti. They come in so many
sizes, shapes, and forms that any generalized description is impossible.
Many optunias are hardy even in Northern gardens.
mamillata—boxing gloves—Resembles a little tree whose branches turn into cockscombs at the
tip.
microdasys—bunny ears—Flat, long-oval pads with tiny tufts of soft yellow hairs.
Parodia Cactaceae
Fat little balls covered with glistening spines and sending out
unbelievably large flowers although the plant measures only an inch
across the middle. Even in old age, they’re never larger than three
inches.
aureispina—Tom Thumb cactus—Gold spines, orange flowers.
mutabilis—Shining yellow flowers.
Titanopsis Aizoaceae
Stone-mimicking succulents with thickly clustered leaves lavishly
spotted with white, wart-like tubercles, and short-lived daisy flowers in
fall or winter.
calcarea—jewel plant—Lustrous gray-green leaves sparkling with white spots, gleaming gold
flowers. Leaf rosette only two inches in any direction.
schwantesi—Even smaller cluster of blue-gray, liver-spotted leaves, lemon-yellow flowers.
Ceropegia Asclepiadaceae
Among the few hanging or climbing vines of suitable size and form
for truly miniature baskets, or supports—succulent and easy to grow to
boot! Their effect is always dainty, never bold; thin wiry stems may grow
long, but never the leaves; waxy tube-like flowers inspire close
inspection, but are never showy. Here are four of the daintiest species:
barkleyi—umbrella flower—A climber with pointed wing-shaped leaves feathered with a
network of silver; purple-veined greenish flowers like parasols.
caffrorum—Pairs of green heart-leaves march down the threadlike stems; greenish flowers
intricately marked with plum.
debilis—Green needle-like leaves penciled silver along the center; green-and-purple flowers.
woodi—rosary vine, string of hearts, hearts entangled—Matching pairs of thick silvery valentines
every inch or so along the dangling stem, identically traced with a precisely patterned
design. The little pink-lavender flowers are shaped like pixie pipes or urns.
. Soil: loam, leaf mold, sandy and humusy. Intermediate
temperature, filtered sun. Moist in summer, on the dry side in winter.
. Cuttings in spring; tubers, seeds.
. Hanging baskets.
Chamaeranthemum Acanthaceae
A choice, exclusive threesome of tender tropical creepers with small
supine leaves embroidered with dainty patterns.
gaudichaudi—Forest-green, long oval leaves of sheer velvet, silver feathers down the center and
out along the veins.
(Stenandrium) lindeni—A bolder, golden feather marks the larger, perhaps even sheerer, leaves.
venosum—Symmetrical, oval leaves more broad than slender, dark powder-blue with thin leaves
of silver on the network of veins.
Citrus Rutaceae
These are true miniature citrus trees, varieties that are naturally dwarf,
or grow so slowly they’ll flower and fruit in smallish pots indoors.
aurantifolia—lime—Spiny little tree with small leaves, small tartly acid, thin-skinned, green
fruit. The Persian lime is a variety called “one of the most beautiful of all citrus trees.”
limonia ‘ponderosa’—ponderosa lemon—Oblong, glassy, evergreen leaves; stiff sharp spines;
large waxy, fragrant flowers; heavy (to two and a half pounds) pear-shaped (to five inches
long) lemons at intervals through the year, beginning when the tree may not be much more
than a foot tall. Supposedly, one lemon “gives enough juice to make a pie.”
mitis—calamondin—Bushy little tree, not prickly, dense with glassy green leaves; flowers
fragrant, small and white. May bear fruit all year but usually in winter it produces bright
oranges, about one and a half inches in diameter, thin-skinned and somewhat flattened on
the end. The lime-like flavor of the juice is reportedly pleasant, but my tree looked so pretty
I didn’t pick the fruit. A calamondin can, and often will, fruit in a two-and-a-half-inch pot—
a mighty midget.
nobilis deliciosa—tangerine, mandarin orange—Small, nearly thornless tree with willowy leaves;
sweet fruit, with loose skin that peels off like a kid glove and segments that separate freely.
taitensis—otaheite orange—Neat little bush for pots, with plenty of two-inch, wavy-edged
leaves, few if any spines, and fragrant pink-tinged flowers in January. By Christmas, even if
the tree is only eight inches high, the oranges are ripe. They are the size of a plum, shaped
like a lemon, tartly flavored like a lime.
Cyanotis Commelinaceae
Succulent creeping or trailing cousins of the inch plants, with similar
botanical characteristics, but each an individual in its own right:
kewensis—teddy-bear plant—Brown-woolly all over the stem and the tiny pointed-ear leaves.
somaliensis—pussy ears—The fresh green leaves are bent into boat shape, clasping tight to the
stem and covered with velvety white fuzz.
veldhoutiana (Tradescantia villosa) (Tradescantia pexata) (Tradescantia sillamontana), and
known in the trade as tradescantia ‘White Velvet’ and also ‘White Gossamer’—This tiny
plant, more trailing than creeping, has lettuce-green leaves, and stems clothed in long silky
silvery-white hairs. It has so many names I fear it would be lost to view if all of its labels
were placed around it. I quote all of them in order to avoid confusion and controversy. But
according to the Institute de Biologia in Mexico, the correct name is Tradescantia
sillamontana.
Dyckia Bromeliaceae
Small, stiff fountains or sprays of spiny-edged leaves, spikes of
orange or yellow flowers like a miniature version of the pineapple in
various sizes and shapes. Some are not very dwarf. The dwarfs, to the
best of my knowledge, are:
altissima—Light-green, tapering leaves armed with brown spines and yellow flowers.
fosteriana—Dense circle of sugary gray leaves with purplish sheen.
rariflora—Slim, sharp-pointed six-inch leaves with minute silver scales, spines soft and black.
Maranta Marantaceae
Exotic tropical foliage plants, laying their large oval leaves almost flat
on the soil, only technically different from the calatheas, and sometimes
offered under that name.
(Calathea) bicolor—Really should be “tricolor,” I think. The silky, six-inch leaves are silvery in
the center, feathering out to points at intervals, and fading into a dark-green zone which
gives way to the basic blue-gray or gray-green that extends to the edge.
leuconeura kerchoveana—rabbit tracks, prayer plant—There’s a similar grayish feather in the
center of the leaf, a lighter silver green to the margin; but in between, mahogany blotches
where a “hippity-hopper” might have planted his paws. The leaves fold up in prayer at night.
leuconeura massangeana—A picture is a more vivid description than any word I can call on. The
center is silver, the thin curvy lines silvery pink. The basic color is mahogany near the
middle, blending into blue-green. The leaves are tissue-thin with a silky sheen and lined
with plum beneath.
Leuconeura massangeana—a most beautiful foliage plant with a
silver center and basic mahogany blending into blue-green
Oxalis Oxalidaceae
Although most of the familiar varieties with clover-type leaves and
fine-petaled buttercup-like flowers stay within our allotted limits for
height, they are not miniatures as far as spreading width is concerned.
But here are two small indispensables for terrariums and dish gardens.
hedysaroides rubra—firefern—Correctly, a tropical shrublet, but slow-growing and willing to be
kept down by pinching. The silky thin leaves are deep wine colored and shrink from your
touch. The little flowers, like golden twinkling stars, are frequent and fairly plentiful.
herrerae (henrei)—Curious, densely branching succulent for small hanging containers. The
sturdy stems are gray-green and swollen, tipped with three thick leaflets. Small yellow
flowers in clusters on long stems.
martiana aureo-reticulata—Shamrock leaves of emerald green thickly traced with interlacing
veins of gold, easy flowers in loose clusters.
. Cool, loamy garden soil, needs fresh air, bright light, dry side.
(O. hedysariodes rubra requires more warmth and semishade.)
. Bulbs, division of roots, seeds.
. House plants, hanging containers.
Oxalis hedysaroides rubra
Pellionia Urticaceae
Two delicate tropical creepers with attractively colored and patterned
leaves lined up and lying flat along the thickish stems. No one cares
whether they produce their drab clusters of small greenish flowers or not.
pulchra—Precise oval leaves are dusty blue-gray, with broad lines of black over the network of
nerves, violet underneath. Juicy stems look lavender-pink.
repens (daveauana)—Young leaves nearly egg-shaped, metallic copper-green, nearly chartreuse
on both sides of the center nerve. Leaves of the mature plants become slimmer and pointed
on the end, with more green in the center zone and less copper along the edge.