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The Download Solution Manual For Microeconomics Principles and Policy 13th Edition Baumol Blinder 130528061X 9781305280618 Full Chapter New 2024
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CHAPTER 2
THE ECONOMY: MYTH AND REALITY
DISCUSSION QUESTIONS
1. Which is the biggest national economy on earth? Why has it remained bigger
than other countries with much larger labor forces or those with higher per
capita incomes?
The United States is the country with the largest economy in the world. The relatively large
population in the U.S. is a contributing factor but productivity of workers and accumulated
wealth are significant reasons why the U.S. economy is so large.
2. What is meant by a “factor of production”? Have you ever sold any on a market?
A factor of production, or input, is something that is used to produce a finished good
known as “output.” There are several possible answers, but probably most students have
been employed in some capacity (babysitter, paperboy, or a campus job), so they have
sold their labor in the market to produce output.
3. Why do you think per capita income in Connecticut is nearly double that in
New Mexico?
There are several possible answers to this question—the question is designed to get students
to think about these differences before using models. One straightforward answer is
that the factors of production in Connecticut produce output that is worth more than what
is produced in New Mexico. This could be because labor is more productive in Connecticut
because of a better educated workforce. Another answer is that the cost of living is higher
in Connecticut than it is in New Mexico.
4. Roughly speaking, what fraction of U.S. labor works in factories? In
service businesses? In government?
Roughly 14 percent produce goods, 70 percent are service workers, and approximately
16 percent work in federal, state, and local government.
5. Most American businesses are small, but most of the output is produced by large
businesses. That sounds paradoxical. How can it be true?
While there are many small businesses in the U.S. economy, the value of what they produce
is relatively small. For example, a local grocer cannot produce the same amount as a large
national grocery store. It would take several small grocers to match the production of a
large store. So, while a large retailer like Wal-Mart is considered to be one business, its
production exceeds that of a smaller business.
6. What is the role of government in a mixed economy?
The government is a referee—it enforces laws and establishes order. The government is a
business regulator—it imposes restrictions on businesses on society’s behalf. The
government provides security through national defense. The government levies taxes to
finance its spending. Finally, the government redistributes income from high income
households to lower-income ones.
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Paris, London, New York and California now share in the ministering
care which she has provided.
THE STORY OF THE RED CROSS
WAR’S AFTERMATH.
The Central Committee has accepted as an affiliated body the New York
Red Cross Hospital, of which affiliation a report will be made in a later
Bulletin.
The Western Union and Postal Telegraph-Cable Companies granted the
Red Cross the free use of their wires and cables for all messages
pertaining to the Italian earthquake relief, and the Central Committee
hereby extends its thanks to these companies for this generous act, which
has saved to the relief fund a considerable amount of money.
The action of the South Carolina and Georgia Branches in returning
unexpended balances of their relief funds is most heartily to be
commended. Nothing will do more for our American Red Cross than such
illustrations of careful administration of the funds entrusted to it, and the
desire of the State Branches to turn back into the General Emergency
Fund of the National Red Cross all balances given for Emergency Relief
that such balances may be immediately available for future disasters. The
Central Committee desires to express its appreciation of this act and the
good work done by the South Carolina and Georgia Red Cross Branches.
CALIFORNIA.
Los Angeles organized a division of the State Branch on February 18,
1909. The following officers were elected: Dr. Rose Burcham, Chairman;
Rev. Robert J. Burdette, First Vice-Chairman; Joseph Scott, Second Vice-
Chairman; Mrs. Berthold Baruch, Third Vice-Chairman; Mrs. George H.
Kress, Secretary; Perry W. Weidner, Treasurer. Committee members will
be named by Dr. Burcham next week, when an earnest campaign to make
the organization a substantial one will be commenced.
Bishop Thomas J. Conaty and Rabbi S. Hecht were the leading
speakers at the organization meeting. In addition to the committees for
routine work several of special importance will be appointed by Dr.
Burcham on the enrollment of physicians, nurses and a first aid legion.
Major Devol and Major Lynch appeared at all these meetings, the former
explaining the special features of the Red Cross work on the Canal Zone,
and the latter discussing the achievements of the Red Cross generally,
with some special reference to first aid instruction. The various lectures
were well attended and a considerable amount of interest was elicited in
the Red Cross.
The Canal Zone Branch was organized on February 28th and on March
2d the President, Major C. A. Devol, reported a membership of 1,020.
IOWA.
The Iowa branch of the American Red Cross has been organized in Des
Moines. J. B. Weaver, Jr., was elected President; W. W. Morrow, State
Treasurer, was named Treasurer, and Charles Hutchinson was chosen for
Secretary. An advisory board of seven influential men is made up as
follows: Harvey Ingham, D. S. Chamberlain, W. O. Finkbine, Gov. Warren
Garst, Lafayette Young, S. H. M. Byers and George F. Henry. All of these,
and others, became members of the Society by paying the membership
fee of $1.
MASSACHUSETTS BRANCH.
As a means of raising funds for the Italian
earthquake relief the Massachusetts
Branch, by authority of the Central
Committee, issued a special stamp, a cut of
which is shown here. The report of Mr.
Walter E. Kruesi, the Stamp Secretary of the
Branch, contains the following:
“I hope the Central Committee will make a
note (in the Bulletin) of the ‘Italian Red
Cross stamps’ of Massachusetts, issued with the authority of the National
Office. I think this is due to the members of the Red Cross as an
explanation of the authority for the issue of these stamps. Between $1,100
and $1,200 worth of these stamps have been sold to date (March 15th)
and the funds are still being received. The expenses, as I have stated
before, were relatively heavy because we expected a much larger sale and
feel that we would have had it if other State Officers had been urged in any
measure to assist in the campaign. The receipts have been very largely
from people who said that they had been given no other opportunity to
subscribe.
“The Massachusetts funds were materially stimulated by the use of
stamps and by the advertisement the stamps gave to the general
Massachusetts relief fund. I send a cut of the stamp under separate cover,
and think many of your members would be glad to have a few as a
souvenir. They can also get the posters from us as souvenirs. These are
very handsomely executed and have been widely commented on because
of their artistic merit. The poster was painted by E. W. Kingsbury. We sell
them at ten cents each.”
SOUTH CAROLINA.
Mr. A. C. Kaufman, President of the South Carolina Branch, on January
18th wrote the National Secretary as follows:
“Treasurer Reeves will forward today a check for $333.21, balance from
the Southern Flood Sufferers’ Fund. This fund has been splendidly handled
by the Columbia and Marion Committees. The destitute have been largely
relieved by obtaining employment for the men, which did not seem
possible a month ago.”
BELGIUM.
FRANCE.
As soon as the reports came of the disaster in Italy a meeting was held
of the Central Committee of the French Red Cross for the purpose of
considering what assistance it could render. Ninety Red Cross nurses were
promptly sent to the scene of the calamity.
Reports of what other Red Cross Societies have done for Italy will be
given after their bulletins and other publications have been received.
THE CONGO.
The Congoese African Red Cross, after twenty years of existence as a
separate society with headquarters in Brussels, has, upon the annexation
of the Congo by Belgium, given up its existence. Its hospitals at Banana
and Leopoldville and its sanitarium at Banana, with its remaining funds,
amounting to some seventeen thousand dollars, have been accepted by
the Belgian Government, which, in its turn, has agreed to maintain these
institutions with their personnel.
The Red Cross Needs Members
Will You Not Be One?
Washington is known as “The City Beautiful.” Much has been written of the
many beautiful and historic spots around Washington, but one which is a
revelation to all who visit it, is the new Washington Sanitarium, located at
Takoma Park, on an elevation of 300 feet. The Washington Sanitarium has
only been in operation a little over a year. It already has a splendid
patronage; it is undoubtedly destined to become well known not only for its
beauty and delightful surroundings, but as a health resort. During the fall
and winter the climate is almost ideal; the summer climate is good—no
mosquitoes or other pests are to be found.
A Branch Sanitarium is conducted at Nos. 1 and 2 Iowa Circle. The
Branch Sanitarium has recently been overhauled, and extensive
alterations have been made. The surroundings of this health-home are
also attractive and restful. Both institutions are thoroughly scientific, and
employ the most modern methods in the treatment of patients.
Massage, electricity in its various forms, baths of all descriptions, and
special dieting are the agencies chiefly depended upon.
For further information, address