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Who is harmed when inflation is less than anticipated? In what way are they harmed? Who is harmed when inflation is greater than anticipated?
Why do some students take unpaid internships when they could be working summer jobs and earning an income?
How can economists explain irrational behavior? What is the role of risk in decision- making? How does game theory explain strategic behavior?
Give two examples of positive externalities and two examples of negative externalities. Provide examples that are not in the textbook.
Describe some of the ways that externalities can be internalized. What is the tragedy of the commons? Give an example that is not in the textbook.
A million-dollar lottery winner decides to quit working. How can you explain this behavior using economics?
Why do garbage collectors make more than furniture movers? What are union wages? Why are some employers willing to pay them?
If workers become more productive, what would happen to the demand for labor, the wages of labor, and the number of workers employed?
What rule does a firm use when deciding to hire an additional worker? What are the two labor-demand shifters? What are the three labor-supply shifters?
How does game theory explain strategic behavior? How can economists explain irrational behavior? What is the role of risk in decision- making?
What are some problems caused by inflation, other than a decrease in purchasing power? Briefly explain each one.
Explain why these ordinances exist and what they are intended to accomplish.
What is a cap and trade policy? How might such a policy help to decrease a negative externality? What are the basic roles of government?
Illustrate this change using the aggregate demand-aggregate supply model. What are the effects of this change in the short run and the long run?
How does a lower price level in the United States affect the purchases of imported goods? Explain, using aggregate demand.
Sketch out a normal business cycle, labeling all the parts and the axes. How might a long implementation lag affect the economy's recovery?
Why is the long-run aggregate supply curve vertical? How does strong economic growth in China affect aggregate demand in the United States?
How do business cycles differ from each other? What are at least three factors that shift the aggregate demand curve?
What is a business cycle, and why are business cycles so difficult to predict? How does aggregate demand- aggregate supply model help us understand economy?
A consumer drives off with the car. By how much does GDP increase? What is the value added at each step of the production process?
How would increased efforts to count those goods and services affect the calculation of GDP?
Consider a country with 300 million residents, a labor force of 150 million, and 10 million unemployed. What is the labor-force participation rate?
If healthcare costs make up 10% of total expenditures and they rise by 15% while components in consumer price index. By how much will the price index rise?
What are the roles of profits? How are profits and losses calculated? How much should a firm produce?
Explain what happens when local governments set the meter price too low. Why do you think the price is set below the market- clearing price?