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In which of the three cases, if any, do you think that supply has increased more rapidly than demand?
For retirement villages? Which country do you think will have the greatest absolute increase in demand for baby diapers? For retirement villages?
Why are shortages or surpluses more likely with preset prices, such as those on tickets, than fl exible prices, such as those on gasoline?
What are the three major legal forms of business organization? Which form is the most prevalent in terms of numbers? Why do you think that is so?
Identify and briefly describe the main economic functions of government. What function do you think is the most controversial? Explain why.
How might government correct these divergences? Cite an example (other than the text examples) of an external cost and an external benefit.
Explain why excise taxes on beer might be justified in dealing with a problem of external costs?
What are the two characteristics of public goods? Explain the significance of each for public provision as opposed to private provision.
How the production of public goods might be increased. How might the output of public goods be increased if the economy is initially operating?
What do economists mean when they refer to Social Security as a pay-as-you-go plan? What is the Social Security trust fund?
How has the share of aggregate household income received by the lowest and highest income quintiles (fifths) changed?
Where does the state in which you are attending college, if different, rank? Speculate as to why a large gap separates the high-ranking and low- ranking states.
If the European euro were to decline in value in the foreign exchange market. How would depreciation of the euro change the dollar cost of your trip?
What is offshoring of white-collar service jobs and how does that practice relate to international trade? Why has it recently increased?
What is the purported benefit of fair-trade certification on purchases of goods such as chocolate, coffee, bananas, and tea?
Why do you see any evidence of the Hotelling rule? If not, try to find out what have been the main factors affecting the price of this resource.
What is a carbon tax? What is the economic rationale for such a tax? What kind of pollution is at the site?
Fill in the missing elements in the table. How many units should the monopolist produce? How does your answer change if marginal cost is $6?
Write an explanation of the monopoly pricing problem assuming the monopolist sets the price rather than choose quantity. Why is the outcome the same either way?
Explain why there is a greater incentive to innovate if final stage of competition is with small number of quantity-setting firm rather than price-setting firm.
Imagine there is a motorcycle dealer in your neighborhood. Why might the dealer be unwilling to sell the motorcycle to you?
If a US company operates in Europe, is it subject to European competition policy? What legal authority does the European Union have over US firms?
What would happen to the price and quantity of health-care services? What would happen to the quality?
What type of inefficiencies does the commitment problem of a hospital create? Why don't restaurants have this same problem?
One government intervention in health care is compulsory vaccinations for children. Can you explain why governments might enact such policies?