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Your professor has decided that, from now on, students who receive. Explain why this situation represents a trade-off between equity and efficiency.
Which precipitated integration in all major league teams after 12 years. Explain why the market might have acted to eliminate discrimination in this example.
Give an example of a case in which the market might encourage lookism and an example of a case in which the market might combat lookism.
What is her total income before the promotion? What is her total income if she accepts the promotion?
Is it possible for a monopoly to make losses? Make a list of the advantages and disadvantages of monopolies. Are monopolies necessarily undesirable?
Why are patents granted to manufacturers who develop new products or techniques? Do patents restrict or encourage competition?
Explain the difference between an endogenous variable and an exogenous variable. How is the equilibrium level of national income determined in a closed economy?
What is the value of the multiplier in this economy? Why is the balanced budget multiplier equal to 1?
By distinguishing between shifts of a demand curve and movements along a demand curve, explain the apparent contradiction.
A demand curve makes a parallel shift to the right. Has price elasticity of demand in creased or decreased at each price? Explain your answer.
Why might this information help to lead to the conclusion that milk is a suitable item to be subsidized by the government?
Why do universities and other higher education institutions insist on certain 'N level grades as an entry requirement?
Examine the arguments for and against the use of the price mechanism as a means of overcoming traffic congestion at places such as the Severn Bridge.
Why would the non-excludability of pure public goods make their provision an proposition? Why might the social costs of a car journey exceed the private costs?
Why might the social costs of building a factory in an area of high unemployment be less than the private costs?
What factors determine whether a firm offers a piece-rate or a time-rate compensation system?
What is the increase or decrease in the real wage in option A? What about in option B? Which option do you expect more people to prefer?
Popular software can cost thousands of dollars even though the marginal cost of producing another copy on CD. What kind of good are these programs?
A talented musician plays for tips on the street, but never seems to make very much money. Explain why his tip jar is never very full.
Explain why tomatoes grown in individually owned plots are so much better than tomatoes grown in the common plot.
People who own land over the aquifer are free to take as much as they want. What is likely to happen to water supplies in an aquifer? Is this efficient?
Even though many school zones don't have much traffic and aren't regularly. Why might this be the case even in the absence of strong government intervention?
List some possible reasons that the ban hasn't been very successful and suggest an alternative approach.
Why is it difficult for private markets to provide the optimal quantity of a public good? Why is it difficult for government to provide the optimal quantity?
Suppose someone suggests dividing park into private lots and selling it to individuals. How might solution address the tragedy of the commons that is occurring?