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Calculate the velocity of money when nominal gross domestic product (GDP) is $1 trillion and the money supply is $250 billion.
Question: Apply the basic concepts and "big ideas" of economics to the relationship between money and happiness.
How does the existence of money reduce the costs of making transactions, relative to a society based entirely on barter?
Governments have sometimes forgotten about elasticity when they formulate tax policy.
From an efficiency point of view, should the United States follow Europe's lead and shift the emphasis toward emissions charges? Why or why not?
What are the advantages and disadvantages of each approach? Which do you think represents the best approach? Why?
What per-unit charge should be imposed? How much revenue would the control authority collect?
Compute the cost-effective allocation of control responsibility if a total reduction of 21 units of emissions is necessary.
Why are economic incentive systems more or less ethically justifiable than the traditional regulatory approach?
What would the effect of this technological change be on the static efficient level of effort and the size of the static efficient level of harvest?
Suppose the fishery allowed free access. Would a fall in the price of fish generally result in a larger or a smaller harvest? Why?
Why would a regulation that increases the marginal cost of fishing effort by banning certain types of gear or a tax on effort be equally efficient?
Assume that a local fisheries council imposes an enforceable quota of 100 tons. Is yield an efficient solution to the common property problem? Why or why not?
What would be the size of the annual catch if the population were to be sustained at this level?
With discounting it is possible for the efficient fish population to fall below the level. Does the yield violate the sustainability criterion? Why or why not?
Why would a rise in the price of timber make sustainable forest practices more or less likely? Why
Suppose there are two identical forest plots except that one will be harvested. In terms of efficiency, which one should have the oldest harvest age? Why?
What are the consequences of this on consumers, domestic and foreign producers, and land use of this on consumers, domestic and foreign producers, and land use?
What assumptions are necessary for export taxes to be born entirely by foreign consumers?
Use your knowledge of property rights to discuss whether or not soil erosion could be expected to be a more serious problem with absentee landlords.
What would the elasticity of supply have to be for a food stamp program to increase the availability of food to the poor with no price increase?
What effect do you think this might have on land-use patterns, specifically the density of residential development?
Use bid rent function analysis to suggest what effects this subsidy might be expected to have on land use.
Changing preferences can also affect changes in land use. What effects might this have on the location and the nature of the residential housing stock?
Suppose a state was trying to decide whether to fund primary and secondary education. What implications might this choice have for land use in the state?