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In the financial market, what causes a movement along the supply curve? What causes a shift in the supply curve?
In the financial market, what causes a movement along the demand curve? What causes a shift in the demand curve?
Why is a living wage considered a price floor? Does imposing a living wage have the same outcome as a minimum wage?
In the labor market, what causes a movement along the supply curve? What causes a shift in the supply curve?
What shift in demand or supply is most likely to explain this outcome? Sketch a demand and supply diagram and explain your reasoning for each.
What term would an economist use to describe what happens when a shopper gets a good deal on a product?
Why do you think the government cannot simply give the products away to poor people?
Combine your analyses of the impacts of the iPod and tariff reduction to determine likely impact on equilibrium price and quantity of Sony Walkman type product.
Use the four-step process to analyze the impact of a reduction in tariffs on imports of iPods on equilibrium price and quantity of Sony Walkman-type products.
Use the four-step process to analyze the impact of the advent of the iPod on the equilibrium price and quantity of the Sony Walkman.
What should a reduction in the soda tax do to the supply of sodas and to the equilibrium price and quantity? Can you show this graphically?
Suppose consumers believe that prices will be rising in the future. How will that affect demand for the product in the present? Can you show this graphically?
Who are the winners and who are the losers, and what exactly do they win and lose? To what extent does the policy change achieve its goals?
How would this affect employers and how would it affect workers? In your opinion, would this be a good policy?
What assumption is made for a minimum wage to be a nonbinding price floor? What assumption is made for a living wage price floor to be binding?
With the enactment of this price floor for natural gas, what are some of the likely unintended consequences in the market?
How do you suppose the demographics of an aging population of Baby Boomers in the United States will affect the demand for milk? Justify your answer.
What are four responses to the claim that people should not behave in the way described in this chapter?
Why is the opportunity cost of bus tickets unchanged? Suppose Alphonso's weekly spending money increases from $10 to $20.
During the Second World War, Germany's factories were decimated. How did the war affect Germany's production possibilities curve?
It is clear that productive inefficiency is a waste since resources are being used in way that produces less good. Why is allocative inefficiency also wasteful?
What assumptions about the economy must be true for the invisible hand to work? To what extent are those assumptions valid in the real world?
Do economists have any particular expertise at making normative arguments? In other words, they have expertise at making positive statements.
If the price of a magazine is $4 each, what is the maximum number of magazines Marie could buy in a week?
Which she likes to spend on magazines and pies. If the price of a pie is $12, what is the maximum number of pies she could buy in a week?