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How can economists explain irrational behavior? What is the role of risk in decision- making? How does game theory explain strategic behavior?
Give two examples of positive externalities and two examples of negative externalities. Provide examples that are not in the textbook.
Describe some of the ways that externalities can be internalized. What is the tragedy of the commons? Give an example that is not in the textbook.
A million-dollar lottery winner decides to quit working. How can you explain this behavior using economics?
Why do garbage collectors make more than furniture movers? What are union wages? Why are some employers willing to pay them?
If workers become more productive, what would happen to the demand for labor, the wages of labor, and the number of workers employed?
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?
How does game theory explain strategic behavior? How can economists explain irrational behavior? What is the role of risk in decision- making?
Most colleges and universities have instituted quiet hours in dorms. How might you explain the adoption of such rules in terms of externalities?
If the local government cuts the legal goo emissions in half for each firm, what are the costs to each firm to comply with the law?
The administration asks for your advice about the best way to solve the problem of demand during the peak class hours. What advice would you give?
Explain the relationship between output and income for both an individual and an entire economy.
What type of unemployment is affected when online job search engines reduce the time necessary for job searches?
How do economists use GDP to measure various aspects of the economy? What is the cause of inflation? What does inflation do to the purchasing power of money?
Visit bureau of labor statistics website. What is the current national unemployment rate for the United States?
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 are some shortcomings of GDP data? What can we learn from unemployment data? How is inflation measured?
What is the most important component (C, I, G, or NX) of GDP? Give an example of each component.
Phil owns an old set of golf clubs that he purchased for $1,000 seven years ago. How does this sale affect GDP?
What groups does the Bureau of Labor Statistics count in the labor force?
What are some problems caused by inflation, other than a decrease in purchasing power? Briefly explain each one.
Explain why these ordinances exist and what they are intended to accomplish.
What is a cap and trade policy? How might such a policy help to decrease a negative externality? What are the basic roles of government?
Illustrate this change using the aggregate demand-aggregate supply model. What are the effects of this change in the short run and the long run?
How does a lower price level in the United States affect the purchases of imported goods? Explain, using aggregate demand.