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Look at the insurance policy (if you have one) for the place. List the ways in which you take actions to reduce the risk of fire where you live.
What is the implied probability that you will make a claim for a new phone under the insurance? Is there a deductible? Why is it part of the policy?
For your state, find out what the benefits are and what federally funded unemployment insurance might be available to you.
Why is it difficult to diversify job risk? Is it possible to do some diversification within a family?
If the manufacturer is making no money from this warranty, what is the implied probability that the computer will need repair?
What would you have to do to obtain permission to work? What if, instead, you wanted to work in the United States? Does your answer depend on your occupation?
How do you think these inventions have affected the labor participation decisions of women and the wages they are paid?
If under the social contract you decide to provide an incentive for high-ability people to train, what is the distribution of consumption in the economy?
How much is produced by high- and low-ability people? What is the total amount of output per capita? What is the consumption per capita?
Identify two institutions that provide equality of opportunity but not outcome. Identify institution that favor equality of outcome over equalityof opportunity.
Consider two countries: one has a higher Gini coefficient and the other has less mobility across income groups over time. Which country has greater equality?
Find a list of the world's wealthiest people. What countries are these people from? Pick one person and see how the person got his or her wealth.
The Rockefeller family was one of the wealthiest in the United States around 1900. How did the family accumulate its wealth? Where did the wealth go??
Go to the website of the Internal Revenue Service. Find the tax rates currently in effect for different income levels in the United States.
Give three reasons why the marginal social cost of driving is greater than the marginal private cost of driving.
What is the nature of the transaction costs that prevent such trades from happening in restaurants in real life?
Draw Jenny's budget line, with beans on the vertical axis. What other event could have produced the change you diagrammed in your answer to part b?
Joel has $10 to spend on some combination of roses and daisies. Draw Joel's budget line, putting daisies on the vertical axis.
The model of perfect competition starts with the assumptions of the model. List the four main additional assumptions of the model of perfect competition.
Show the area that represents consumer surplus on the graph you drew for part (a). Show the area of the producer surplus on the same graph.
Discuss the Overidentifying Restrictions Test. What is meant exactly by overidentifi-cation? State the null hypothesis.
As Augusta's Hair Salon increases its staff from 1 to 15 hairdressers. Illustrate this situation on a total product curve graph.
What is the shoe factory's productivity per worker per hour? Does factory have diminishing, constant or increasing marginal returns at this level of production?
What is the shape of the production function for Umbra's Umbrella Factory? Sketch it below. Sketch the total cost curve for Umbra's Umbrella Factory.
Sketch Coretta's total product curve for chairs, where the variable input is the time she spends, and the output is the total number of chairs produced.