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What advice would you give to someone who is just starting to learn about the principles of economics?
What is most worrisome about Iceland's balance of payments?
You have been tasked with estimating the demand function of ticket sales for the Columbus Clippers (a regional monopoly).
I think that there should be a lot of consideration on how the demand is the biggest factor in the growth rate of the economy.
What is the difference between normative and positive statements? Is it possible for two economists to agree about theorems but disagree about precepts?
Explain how you would use the economic decision rule and the concept of opportunity costs to decide how to spend it.
What is the opportunity cost of buying a $20,000 car? Which of the above information is relevant to your decision whether to take the job?
How would social or legal forces determine whether those economic forces become market forces?
Why should such payments be allowed? Name two other examples of similar activities-one that is legal and one that is not.
List two microeconomic and two macroeconomic problems. Calculate, using the best estimates you can: Your opportunity cost of attending college.
Based on this information alone, Based on this information alone, should the government spend the money on drug control?
Give two examples of social forces and explain how they keep economic forces from becoming market forces.
What is an economic model? What besides a model do economists need to make policy recommendations?
About 100,000 individuals in the United States are waiting for organ transplants. Given those facts, should human organs be allowed to be bought and sold?
What is the difference between the two situations described in a and b? How important are opportunity costs in your decisions?
For instance, radicals offer a different analysis than most economists of how capitalism works and what ought to be done about its most plaguing problems.
Compare and contrast this allocation outcome with a free market outcome. Which alternative is more just? (Institutionalist)
When determining tax rates, the government should take into account the income needs of individuals.
In what way might patriarchy be an institution and how might it influence the labor market?
Do you agree or disagree with Landsburg's argument? Why? Can you extend cost/benefit analysis to other areas?
How does this view fit with the discussion of economic reasoning presented?
Should you always be honest, even when it hurts someone? What strategies can you figure out to avoid the problem of not believing the other person?
Using the terminology used in this chapter, explain why that is the case and why anyone would buy milk in the store with the higher price.
If that is true, what implications would it have for economic policy? Is a good economist always objective? Explain your answer.
Why can you think of any reason inherent in a centrally planned economy that would make innovation difficult?