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What will happen to the quantity of tickets demanded? What will happen to the quantity supplied? Who gains? Who loses?
What would be the impact of a price floor set above the equilibrium price for dairy products? Below the equilibrium price?
What would be the impact of a rental price ceiling set above the equilibrium rental price for apartments? Below the equilibrium rental price?
If a price is above the equilibrium price, explain the forces that bring the market back to the equilibrium price and quantity.
What do you think is causing the shortage? What would you advise the Deputy Parks Commissioner to do in order to alleviate the shortage?
If the price of corn rose. What would be the effect on the supply of corn? What would be the effect on the supply of wheat?
What is the difference between self-interest and selfishness? Why are observation and prediction more difficult in economics than in chemistry?
Using the map analogy from the chapter, talk about the importance of abstraction. How do you abstract when taking notes in class?
The transportation revolution also increased wants. Identify two ways the car and truck revealed new wants.
If holders of ticket stubs have to stand in line for 10 minutes, is the Big Mac really free?
List some things that you need. Then ask yourself if you would still want some of those things if the price were five times higher.
List the factors that affect the possible benefits and costs of this decision. Explain where uncertainty affects the benefits and costs.
Have you made arrangements to leave your organs to your local organ bank? What drawbacks would a free market in organs have?
Throughout history, many countries have chosen the path of autarky choosing to not trade with other countries. Explain why this path would make a country poore.
The price of soybeans is $1.50 per bushel and the price of corn is $0.60 per bushel. Show the benefits to Fran of specialization. What should she specialize in?
How would you use the concept of comparative advantage to argue for reducing restrictions on trade between countries?
What are the expected marginal benefits of crossing? The expected marginal costs? How would the following conditions change your benefit-cost equation?
What are the three basic economic questions? How are decisions made differently in a market economy than in planned economies?
Unlike Titanic, Citizen Kane was not a box office success. Do you think Hollywood will make more movies like Titanic or like Citizen Kane? Why?
Why could higher wages and better job opportunities lead to a more capital-intensive way of performing household chores? Explain.
Show what happened between April 1917 and November 1918. Show what happened once the war ended.
How can tax laws and rules governing property affect entrepreneurs' willingness to start new businesses or improve existing enterprises?
Draw two production possibilities curves, one for Economy A and one for Economy B.
Using the law of demand, what do you think is true of land prices in New York City relative to those in rural Minnesota?
What would be the effect on the demand for ice cream? What would be the effect on the demand for frozen yogurt?