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Draw your PPF for studying and partying. Label the points where the PPF intersects the axes, as well as several other points along the frontier.
If the supply of capital falls by 10 percent and the supply of labor increases by 10 percent, explain how will the PPF for wheat and cloth change?
Provide some examples of specialized markets or retail outlets. Disucss what makes the Web conducive to specialization?
You can either spend spring break working at home for $80 per day or go to Florida for the week. Find What's your opportunity cost of going to Florida?
Was this bumper crop of students caused by a greater expected return on a college education or by change in the opportunity cost of attending college? Explain.
Some examples of rationing devices are auctions, ration coupons, and first-come, first-served systems. What are the strengths and weaknesses of each?
Listed below are several policies or events that affect the performance of the economy.
Suppose that you have highly non convex preferences for ice cream and olives like those given in the text. List the choices for the optimal consumption bundles.
If the funds can be invested at 9.6% compounded annually, how much should his initial investment be?
What are the problems faced in determining the demand for a durable good? Illustrate with example of demand for households refrigerator or television set.
What is the longest delay tolerable between the start of exploitation and the start of oil delivery: i.e., how far in advance is it worth proving out reserves?
The distance between the points (3,1,2,4) and (4,6,5,?) is 200. What can be said about the value of?
Why did more economists not warn the public of the possibility of financial collapse? Should economic theory be revised as a result of this apparent failure?
How does the Great Recession compare to the Great Depression in terms of the causes, severity, and scope of the economic downturn?
What were the immediate causes of the Great Recession? What were the longer-term trends that hinted that a dangerous economic imbalance might be building?
Why is U.S. aid to developing countries so low (as a percentage of GDP) compared to most other industrialized countries?
What do you think is the logic behind Kuznets's theory? Recent research shows that the Kuznets relation no longer holds. Why do you think this is?
There is currently a worldwide campaign to reduce the foreign debt of least-developed countries. Discuss the economic benefits of debt relief for the countries.
Should governments seeking to develop domestic industry protect such industries with tariffs and regulations or should they subject them to foreign competition?
Do you think the maquiladoras are a positive factor in Mexican economic development?
What are the reasons for the poor economic performance of most countries in sub-Saharan Africa?
What do you see as the obstacle in reestablishing the kind of stable exchange rates that used to prevail under the pre-World War I Gold Standard.
Can you explain why a concerted effort on the part of people who buy or sell foreign exchange can threaten the solidity of a whole nation's economy?
Could you notice the presence of growing globalization, even if you had never heard the word, from what you see in ads or in shops?
How does a fixed exchange rate-say five U.S. dollars for one British pound-remove the risk in international trading that exists when exchange rate fluctuates.