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The U.S. farm population has shrunk by over 25 million people since 1900. Where did all the people go? Why did they move?
How will the Chinese economy benefit from private property? Is there any downside to greater entrepreneurial freedom?
How does government intervention affect college admissions? Who would go to college in a completely private (market) college system?
Markets reward individuals according to their output; communism rewards people according to their needs. How might these different systems affect work effort?
What opportunity costs did you incur in reading this chapter? If you read four more chapters of this book today, would your opportunity cost increase? Explain.
Who do you think were the losers from this devaluation, especially considering its limited turn-in period for the old currency?
If the European economies begin having a serious bout of stagflation-high rates. Describe the difference between fixed and flexible exchange rates.
Unable to get California wines demand jumps dramatically for Australian wine. How would this affect Australian dollar? Is this good for other Australian export?
Today, these remittances approach $20 billion a year. How are these transfers recorded in the balance of payments accounts?
Do facts that US has really embraced global trade and we have a flexible exchange rate help explain why monetary policy seems more important than fiscal policy?
Why would domestic producers receive a sympathetic ear to calls for protection from Brazil's lower-cost coffee?
Why didn't these quotas work? Would additional trade restrictions benefit American auto workers in the UAW? Would they benefit American consumers?
Why would Michelle Wie, who is better than you at both golf and laundry, still hire you to do her wash?
Is outsourcing another example of benefits of trade, in this case trade between two companies? Does the open source concept seem like trade between individuals?
With such gains from trade to the average household, why would so many people seem to be against trade and globalization?
Since society and consumers gain, why don't the many gainers compensate the few losers for their loss?
Why would a country enact special protection for the local film industry? Who would be the major competitor threatening the South Korean film industry?
If China were to revalue its currency by 10%, so in effect the yuan appreciated by 10%, would this have an impact on the U.S. current account?
Why does the price of French wine rise or fall in the United States? Would this be a good time to travel to Australia? What happens to U.S. exports?
Describe the difference between the nominal and real exchange rates. What does rising inflation do to that country's real exchange rate?
Exchange rates and purchasing power parity should be the same between countries. Why might purchasing power parity be different from the exchange rate?
Assume the federal government decided to increase spending and lower tax rates- running ever larger deficits. What would be the impact on our economy?
When NASA scientists were operating the Mars rovers, remotely driving them. Isn't this somewhat similar to what monetary policymakers face? How is it different?
How transparent can central banks be in explaining their reasoning for policy? Would it be easier for monetary authorities to be more transparent?
How is the impact of expansionary monetary policy different if the economy is considerably below full employment than when it is at full employment?