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How does enlightened self-interest differ from self-interest? Name two advantages and two disadvantages of the traditional model.
How is a model different from the reality that it represents? Give an example. How does an inductive approach to economics differ from a deductive approach?
Netflix and Blockbuster each expects profit to rise by $100,000 in the coming year. Develop the payoff matrix for the decision facing Netflix and Blockbuster.
What would an indifference curve look like if the marginal rate of substitution were zero? If it were constant?
How might income redistribution be considered a public good? How might income redistribution be considered a public bad?
If you receive a paycheck, what percentage of it is withheld for taxes? What incentive effect does that have on your decision to work?
The Russian people . . . have . . . one idea that appears positive: the idea of justice. What implications would such a worldview have for the economy?
Draw a graph of Zachary's budget constraint, placing video games on the y axis. Suppose the price of hot dogs falls to 50 cents apiece.
If the game is only played once, what strategy would you advise? How would your answer to b change if the game were to be played many times?
Discuss two advantages and two disadvantages of the behavioral model. But when they were given an iPod and then asked if they would trade it for $100.
Currently, there is a black market in human organs. What would this development likely do to that market?
What are three ways in which a well-functioning market might result in undesirable results?
Assuming helmets are worn 100 percent of the time, what is the value of life parents place on a child as revealed by their purchase of a bicycle helmet?
What policy implications does this value schedule have? Should you spend more on safety precautions in the United States than you do in Portugal?
If this estimate is correct, does costs make economic sense to build more prisons?
What risks does nudge policy pose for using cultural norms to affect behavior of those in society who have comparatively less power? (Feminist)
What mechanism might be developed to determine whether it is appropriate for government to give a nudge?
To offset the effect of the designated hitter system, what might the American League do to reduce the number of beanballs thrown?
Do we as society focus too much on consumption? Describe five nudges that firms currently use to get you to do what they want you to do.
Could anyone object to a Pareto optimal policy? Why? Would it be wrong for economists to propose only Pareto optimal policies?
Should the buying and selling of body organs be allowed? Why or why not? Do people value their lives more today?
Why are economists' views of politicians cynical? What is basis for opinions of public choice economists about government's ability to correct market failures?
How much does it matter to an economist how closely a policy's goals match its outcome? How much does it matter to a politician? (Austrian).
What would a free market advocate likely say should be done about the failure? How would an Institutionalist likely respond? (Institutionalist)
What arguments can you think of in favor of allowing this acquisition? What arguments can you think of against allowing this acquisition?