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How much is produced by high- and low-ability people? What is the total amount of output per capita? What is the consumption per capita?
Identify two institutions that provide equality of opportunity but not outcome. Identify institution that favor equality of outcome over equalityof opportunity.
Consider two countries: one has a higher Gini coefficient and the other has less mobility across income groups over time. Which country has greater equality?
Find a list of the world's wealthiest people. What countries are these people from? Pick one person and see how the person got his or her wealth.
The Rockefeller family was one of the wealthiest in the United States around 1900. How did the family accumulate its wealth? Where did the wealth go??
Go to the website of the Internal Revenue Service. Find the tax rates currently in effect for different income levels in the United States.
Give three reasons why the marginal social cost of driving is greater than the marginal private cost of driving.
What is the nature of the transaction costs that prevent such trades from happening in restaurants in real life?
The US Census Bureau has experimented with a variety of possible definitions of personal income. How does the Gini ratio change?
Draw Jenny's budget line, with beans on the vertical axis. What other event could have produced the change you diagrammed in your answer to part b?
Joel has $10 to spend on some combination of roses and daisies. Draw Joel's budget line, putting daisies on the vertical axis.
The model of perfect competition starts with the assumptions of the model. List the four main additional assumptions of the model of perfect competition.
Show the area that represents consumer surplus on the graph you drew for part (a). Show the area of the producer surplus on the same graph.
Discuss the Overidentifying Restrictions Test. What is meant exactly by overidentifi-cation? State the null hypothesis.
As Augusta's Hair Salon increases its staff from 1 to 15 hairdressers. Illustrate this situation on a total product curve graph.
What is the shoe factory's productivity per worker per hour? Does factory have diminishing, constant or increasing marginal returns at this level of production?
What is the shape of the production function for Umbra's Umbrella Factory? Sketch it below. Sketch the total cost curve for Umbra's Umbrella Factory.
Sketch Coretta's total product curve for chairs, where the variable input is the time she spends, and the output is the total number of chairs produced.
Describe an example of a network externality. (The textbook describes several examples; try to think of a different one from those presented in the book.)
Draw a production possibilities frontier (PPF) for this farm. Which of the PPFs you have just drawn has a corner solution? Explain what this means.
You run the only lemonade stand in Central Park. If people don't buy lemonade. What does this experience tell you about the demand for lemonade in Central Park?
What are the advantages and disadvantages of using a lockout when lengthy talks don't lead to an agreement and both players and owners will face heavy financial
Discuss how government policies can influence economic growth. Describe how trade deficits or surpluses can influence the growth of productivity and GDP.
During the past year, Mario = a used car for $1,000. Using the expenditure approach, how much has Mario contributed to GDP?
What is the price elasticity of demand? Is demand elastic, unit-elastic or inelastic?