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Explain how will a substantial increase in demand for housing affect the wages and employment of carpenters, plumbers, and electricians?
How is the market price of a good determined? How will consumers value an additional unit compared to the opportunity cost of producing that unit?
Discuss what is the difference between substitutes and complements? Indicate goods that are substitutes for each other. Indicate goods that are complements.
What is the invisible hand principle? Does it indicate that self-interested behavior within markets will result in actions that are beneficial to others?
What's wrong with this way of thinking? Economists claim that when the price of something goes up, producers increase the quantity supplied to the market.
What must an entrepreneur do to earn a profit? How do the actions of firms earning profits influence the value of resources?
Are people helped more if production results in a loss than if it leads to profit? Is there a conflict between production for people and production for profit?
What does the cost of good or service reflect? Will producer continue to supply good or service if consumer are unwilling to pay price sufficient to cover cost?
Show how the outcome would differ if all 15.3 percent were imposed on the employee or if all 15.3 percent were imposed on the employer.
Discuss what is the nature of the deadweight loss accompanying taxes? Why is it often referred to as an excess burden?
Analyze what conditions must be met for buyers to bear the full burden of a tax? What conditions would cause sellers to bear the full burden? Explain.
Analyze what is meant by the incidence of a tax? Explain why the statutory and actual incidence of a tax can be different.
Analyze how do you think markets for organ donation and child adoption would be affected if they were made fully legal with a well-functioning price mechanism?
What is a black market? What are some of the main differences in how black markets operate relative to legal markets?
Analyze the impact of an increase in the minimum wage from the current level to $ 10 per hour. How would the following be affected?
What impact will this program have on the demand for and price of prescription drugs? How will people who are not elderly be affected by this program?
Analyze What impact will a meaningful price ceiling have on the quantity exchanged? What impact will a meaningful price floor have on the quantity exchanged?
How would this legislation affect the employment level of low-skilled workers with three or more children?
If sellers of toasters were able to organize themselves, reduce their output, and raise their prices, how would economic efficiency be affected? Explain.
Analyze in your own words what is meant by external costs and external benefits. Why may market outcomes be less than ideal when externalities are present?
Discuss what are distinguishing characteristics of public goods? Give examples of a public good. Why public goods difficult for markets to allocate efficiently?
How will this tax increase affect (a) the quantity of cigarettes sold in New York City, (b) the revenue derived by the city and state from the tax.
Why should policy makers seek to set the tax on an economic activity at a rate that will maximize the revenue derived from the tax? Why or why not? Explain.
English philosopher John Locke argued that the protection of each individual's person. Why is the protection important to the efficient operation of an economy?
Analyze what forms of competition does a private-property, market-directed economy authorize? What forms does it prohibit?