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Explain why voluntary transactions improve social welfare. Can consumers get more or less happiness (holding their income/wealth constant) if they are forced into transactions they don’t want versus being able to choose what transactions they participate in?
Which of the following would cause a shift in the supply curve for soda? The local cable TV company is trying to convince you to replace your current “economy” bundle that fea
Describe the Cold War approach to reducing nuclear threats. How do ba;;istic missile defense (BMD) system offer an alternative approach? Who have been the strongest advocates
Suppose one economist believes the target rate of unemployment is 4.2 percent while another believes it is 5.3 percent. Using Okun’s rule of thumb, by how much would you expec
Elucidate an example of a microeconomic and macroeconomic phenomenon. Would you give an example of a microeconomic decision you have made at home or work.
For each of the following statements, specify whether a Keynesian, a monetarist, or a classical economist is most likely to support it, and explain in 1-2 sentences why. “Dur
After a cyclone banana crops have been destroyed, in response to damaged crops banana prices increased from $2 to $15. How do you expect the Banana market to adjust in the lon
A brilliant young scientist is killed in a plane crash. It is anticipated that he could have earned $240,000 a year for the next 50 years. The attorney for the plaintiff’s est
Kath has $80 (income M) to spend on pizza (good 1x) and coke (good 2x). The price of a slice of pizza is $4 and the price of a can of coke is $1. Formulate the intercept-slope
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