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Productivity often rises during economic expansions and falls during economic recessions. Can you think of reasons why? Briefly explain.
Provide three examples of products or services that can be simultaneously consumed by many people.
What are the four supply factors of economic growth? What is the demand factor? What is the efficiency factor?
What was the major intent of the Freedom to Farm Act of 1996? Do you agree with the intent? Why or why not? Did law succeed in reducing overall farm subsidies?
Why is knowing output levels, as well as prices, essential in evaluating how individual farmers have fared in the market over that period?
Construct and interpret a Lorenz curve for this five-person economy. What percentage of total income is received by richest quintile and by poorest quintile?
Discuss the major causes of income inequality. With respect to income inequality, is there any difference between inheriting property and inheriting a high IQ?
Why should society attempt to equalize income or economic opportunities? Are the issues of equity and equality in the distribution of income synonymous?
Why is Medicare a social insurance program whereas Medicaid is a public assistance program?
Males under the age of 25 must pay far higher auto insurance premiums than females in this age group. How does this fact relate to statistical discrimination?
Who gains and who loses from the elimination of occupational segregation? Is there a net gain or a net loss to society? Explain.
How many states had increases in the poverty rate compared to the preceding year? Than it was a decade earlier?
What are the twin problems of the health care industry as viewed by society? How are they related?
Briefly describe the main features of Medicare and Medicaid, indicating how each is financed.
Who are the main groups without health insurance? What are the estimated income and price elasticities of demand for health care?
Discuss consumer behavior, explain how health care insurance results in an overallocation. How is the moral hazard problem relevant to the health care market?
What is the rationale for exempting a firm's contribution to its workers' health insurance from taxation as worker income?
How does saving relate to investment and thus to economic growth? What role do banks and other financial institutions play in aiding the growth process?
What would happen to the amount of investment made today if firms expected the future returns to such investment to be very low?
Why don't they include the value of the stocks and bonds bought and sold? Why don't they include the value of the used furniture bought and sold?
What is the difference between gross private and net private domestic investment. Which of these two measures of investment spending would be appropriate?
are changes in inventories included as part of investment spending? Suppose inventories declined by $1 billion during 2008.
Demographers have been very surprised that total fertility rates have fallen below 2.0. What about other social or political changes?
Could we possibly maintain or improve our living standards even if the population were expected to rise in the future rather than fall?
Why does this provide a good incentive for low-cost production as compared with fishing in the open seas where there are few if any property rights?