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What are the four shortcomings with using GDP as a measure of well-being for the residents of a society?
A friend who knows of your interest in economics comes up to you after reading the latest GDP data. What should you tell your friend about this news?
What is the value added at each step of the production process? How does the total value added compare with the amount by which GDP increased?
How would increased efforts to count those goods and services affect our calculation of GDP?
Leisure time is not included in GDP, but what would happen if it was included? Why high work countries like South Korea fare better in international comparison?
Draw a diagram showing demand, marginal revenue, average total cost and marginal cost curves for Econoburgers. How much profit is Econoburgers making?
Consider two different companies. The first manufactures cardboard, and the second sells books. Which firm is more likely to advertise?
Who has a stronger incentive to maintain strict quality control in the production process-Titleist or the generic firms? Why?
How does the addition of another firm affect the ability of an oligopolistic industry to form an effective cartel?
How is game theory relevant to oligopoly? Does it help to explain monopoly? Give reasons for your response.
What does the prisoner's dilemma indicate about the longevity of collusive agreements? What is a Nash equilibrium? How does it differ from a dominant strategy?
What practices do antitrust laws prohibit? What are network externalities? Describe why network externalities matter to an oligopolist.
What would be your tit-for-tat strategy to encourage other concertgoers to change their behavior?
Why is the demand for factor inputs a derived demand? What rule does a firm use when deciding to hire an additional worker?
What are the two labor demand shifters? What are the three labor supply shifters? What can cause the labor supply curve to bend backward?
What would happen to movie stars' wages if all major fi lm studios merged into a single firm, creating a monopsony for film actors?
How is economic rent different from rent seeking? What would happen to the demand for labor, the wages of labor, and the number of workers employed?
Draw Maria's supply curve. How would you explain her actions to someone who is unfamiliar with economics?
A million-dollar lottery winner decides to quit working. How can you explain this behavior using economics?
What will happen to the equilibrium wage of crop harvesters in Dystopia if the price of the crop falls by 50% and the marginal product of the workers increases?
Suppose that the current wage rate is $20 per hour, the rental rate of land is $10,000 per acre. Why is the firm maximizing profit? Explain your response.
Why do garbage collectors make more than furniture movers? What are efficiency wages? Why are some employers willing to pay them?
Discuss some of the reasons why full-time working women make, on average, 77% as much as full-time working men.
How does the degree of income inequality in the United States compare to that in similarly developed countries?
Why do high rates of income mobility mitigate income inequality? Which anti-poverty program creates the strongest incentive for recipients to work? Why?