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Why do insurance contracts exist for some, but not all risks? Why do we have government programs to lessen some types of risk and what are the effects of these programs on individual behavior?
What does globalization mean? Is globalization a good thing or a bad thing? Why? Are we experiencing global integration or disintegration? Why is it important to widen our global view?
Following issues will be addresses: strength of dollar on domestic and global economies, profits from tariffs or quotas and losses from tariffs or quotas.
You are organizing a rock concert to benefit Amnesty International. The concert is to be held in a football stadium that has a seating capacity of 56,000. There are two types of seating: reserved and general.
In the early 2000s, analysts feared that low academic achievement in math in the United States may reduce U.S. economic growth by as much as half a percentage point a year. "That drag will become increasingly apparent…as other countries dismantle reg..
Define the five types of possible “net” or “overall” effects of the country’s growth on the importance of the trade sector and indicate which types would, other things equal, lead to a deterioration of the growing country’s terms of trade (assuming t..
Participate in a discussion with your classmates regarding the trade off between inflation and unemployment. Now that we have learned that the Short-Run Phillips Curve (SRPC) shows the trade off between inflation and unemployment at the given natural..
Let Y represent income and L represent hours of leisure. Mike's utility for income and leisure is U(Y,L) = Y x L so that marginal utility of leisure = Y and the marginal utility of income = L. Total hours available for leisure and work in any given w..
Some time ago the city of Chicago imposed a new per-worker employment tax on employers to help pay for city services. A city alderman, asserting that the city lawyers drafted the law so that it taxed employers, not workers, said ``The City of Chicago..
Why is economics considered a social science? What role does economics play in your personal and professional lives?
In a particular competitive market, the sellers have private marginal cost (PMC) equal to 2.5 at every output level. The demand curve has the equation P = 52.5 − (5Q/2), where Q ≤ 21 is the quantity bought at price P ≤ 52.5. Find the competitive equi..
Economists often disagree about the proper role of government in the economy, but they almost all agree that the government should:
Please describe the actions of the economic actors in the economic circular flow diagram and the physical and monetary transactions that occur in each market of circular flow diagram. What is the circular flow diagram describing? Please explain the t..
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