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Explain why the kitchen can produce more meals in a given period of time if each worker specializes in what they do best than if each worker tries.
Would it be possible for what happens at the macro level to differ from how economic agents would react to some stimulus at the micro level?
Analyze an issue unlike anything you have ever done before. Also, suppose you do not have a specific model for analyzing that issue. What should you do?
Suppose Alphonso's town raised price of bus tickets to $1 per trip. Draw Alphonso's new budget constraint. What happens to the opportunity cost of bus tickets?
What are the similarities between a consumer's budget constraint and society's production possibilities frontier, not just graphically but analytically?
calculating way described by the economic model of decision making, measuring utility and costs at margin, but can you make case that they behave approximately.
Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be considered a positive or normative statement?
Why would a research study on the effects of soft drink consumption on children's cognitive development be considered a positive or normative statement?
Explain why individuals make choices that are directly on the budget constraint, rather than inside the budget constraint or outside it.
Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it.
Why Is the economic model of decision-making intended as a literal description of how individuals, firms, and the governments actually make decisions?
Including choice of theory and sources of evidence, what type of findings you expect and what potential applications you expect there to be.
Explain how economic inequality in China and India is changing relative to that in Canada. Explain how the world Lorenz curve and world Gini ratio are changing.
Draw a graph to illustrate why discrimination could result in female workers getting paid more than male workers for some jobs.
Describe the effects of increasing the amount of income redistribution in Canada to the point at which lowest income group receives 15 percent of total income.
what the information provided in the news clip implies about the effects of income redistribution policies on income gap between richest and poorest Canadians.
How have changes in Employment Insurance changed the income gap between the richest and the poorest Canadians?
Describe two ways of determining inequality and its trend. Describe and compare the scale of income redistribution in Alberta and Prince Edward Island.
Draw a graph of the labour markets for economics majors and business administration majors to illustrate explanation of the differences in starting salaries.
How many laptops will Keshia lease or buy? If the interest rate is 4 percent a year, will Keshia lease or buy her laptops?
Why do you think the Hotelling Principle applies to Canada's water? Explain why or why not. Will Canada eventually run out of water?
Explain why the demand for land in Pennsylvania has increased. What could cause the price of natural gas to fall in the future?
Draw a graph to illustrate the outcome you've described. How you expect inward migration from rest of Canada to influenced by tighter foreign worker regulation?
How can incomes become more unequally distributed within countries and less unequally distributed across countries?
On the basis of the selected article, address the following questions: What are some of the strategies that firms engage in to create value?