ECONOMICS 102: Global Macroeconomics
Draw a basic demand and supply diagram for each of the following situations, show which curve (if any) shifts and in which direction, and explain the effect of the change on equilibrium price and quantity. [The purpose of this question is to get practice with shifting and interpreting demand and supply curves.]
1.Why is the price of tomatoes higher in February than in September?
2.Why does the price of toys fall after Christmas?
3.Why is the price of computers falling over time? [Aside: Think of Moore’s law.]
4.Why is the price of gasoline higher than it was a month ago?
5.Why is the price of building supplies likely to rise in the coming months (in the US)?
6.Why does a tax on land not increase the price of land? [Difficult, but give it a try. Hint: What does the supply
curve for land look like?]
The housing market is vast and important, and troubles in this market played a major role in the recession of 2008-09.This exercise asks you to look up some basic data on housing. To make it easier, I have included some links (but feel free to use other data sources if you so wish). For 2000 and 2015, find:
a. The median sales price of new houses sold in the U.S. [Hint: Edit the graph to show annual values, and scroll
over the graph to find the amounts for 2000 and 2015.]
b. The average square footage of floor area for newly-approved one-family units.
c. Median household income.
Show your results in a clear table, and then use them to compute the following:
1. The sales price of a new house as a multiple of income. [Put another way, how many years of income would
you need in order to buy a new house. Do this for 2000 and 2015.]
2. The sales price of a new house per 1,000 square feet. [Houses have been getting bigger, so what would it cost
for a thousand square feet of housing.]
3. The sales price of a new house per 1,000 square feet (from 2.) as a multiple of income. [This measures the
number of years of income needed to buy a thousand square feet of house.]
Based on your results, has new housing become more or less affordable since 2000? Justify your conclusion. Is
there any other information you would like to have when assessing the affordability of housing? Give a few details.
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In the early 1980s Japanese cars began to flood into the United States. The US automakers persuaded the US
government to pressure Japan into accepting a “Voluntary Export Restraint” (VER) that limited the number of cars that Japan would ship to the United States. Using separate demand and supply diagrams for
a. the market for Japanese cars in the United States, and
b. the market for US cars in the United States,
show and explain the effect of the introduction of the VER on each market. Be careful: what does the supply curve for Japanese cars look like after the VER is introduced?
4.Price Ceilings in Venezuela
a.Several years ago, Venezuela began to put price ceilings on some basic consumer goods. What likely motivated this move?
b.In October 2016, the government of Venezuela began to informally lift the price ceilings. Why?
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