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Suppose the market for steel and market for cars both have large numbers of buys and sellers. Which market is likely to be affected by information asymmetries?
If there are 60 apple producers, each with identical cost structures, how many apples does each producer supply to the market?
If the increase in demand for curling stones persists, do you expect the long-run equilibrium price to increase, decrease, or stay the same?
Why might a country that is more productive in producing wheat than its trading partners end up importing wheat?
If India has abundant labor, and the U.S. has abundant capital, which good will the U.S. export? Is trade beneficial to textile laborers in the U.S.?
If Egypt becomes a net-exporter, will domestic supply be equal to, less than, or greater than domestic demand?
How does total welfare in Argentina change compared with autarky? Are Argentine cattle ranchers better or worse off? What about Argentine consumers?
How will a tariff on imported cars help it to accomplish this task? How does the tariff affect domestic producer and consumer surplus?
Who will benefit from this policy? What are the drawbacks for Great Britain and countries that export to Great Britain?
Consider how the embargo will affect U.S. producers. Under what conditions would they support the embargo? Why might they oppose it?
Give an example of land, labor, and capital. Give an explanation for the discrepancy in the amount of labor hired in each location.
You are considering hiring an additional worker. What information would you need to know to decide whether doing so would increase or decrease your profit?
Assuming her goal is to maximize her profits, explain why Christina did not hire another consultant.
Use the concept of opportunity cost to advise your grandmother how to decide whether to take the job.
What do you expect will happen to the demand for the labor in auto-manufacturing plants? Explain how the equilibrium price and quantity of labor will change.
Suppose a cafe owner wants to switch to automatic espresso machines instead of paying. Explain how the equilibrium price and quantity of labor will change.
Assume the supply of labor remained constant over this time period. Give two possible explanations for why Leo's workers are paid more in 2013.
Suppose a new law effectively prohibits this practice. What would you expect to happen to the wages of men in this industry?
Suppose your friend wants to become a doctor. Describe some of the human capital required to achieve this goal.
How would you advise Ariel to think through her choice of restaurant location? What factors should she consider?
A farmer with land next to yours offers to buy your acres so he can expand his grazing area. How will you decide whether to sell your land to the farmer?
Explain why an efficiency wage could help telecom companies to increase the productivity of repair techs.
The CIW supports a minimum wage for farm workers. Explain how the minimum wage would affect a farm's hiring decision.
Assume that workers value having health benefits. When the new law goes into effect, what will happen to the wage for farm labor at equilibrium?
Suppose a group of high school friends work at the same fast-food restaurant. Explain whether the manager will change her policy to avoid a walkout.