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How would the situation improve if people who won licenses were allowed to sell them to others?
Compare how quickly the oil is likely to be extracted in this situation with how quickly it would be extracted if one person owned the property rights to drill.
There is a city downstream, which uses the river as a water supply and for recreation. If property rights to the river are ill-defined, what problems may occur?
How is marginal analysis relevant in the decision about which car to purchase? After deciding the kind of car to purchase, how is marginal analysis relevant?
What are some of the opportunity costs of going to college? What are some of opportunity costs a state should consider when deciding whether to widen a highway.
List advantages and disadvantages of rationing by queue, by lottery, and by coupon.
What else might a low P/E mean? What are some reasons a firm may be undervalued?
Why might government policy to make the distribution of income more equitable lead to less efficiency?
What outcome do you predict? Might this problem be averted if the lake were privately owned and fishing licenses were sold?
Why is this a disagreement about positive economics, or about normative economics? Explain.
That is, does this prove that living in Sweden causes an increase in life expectancy, or can you think of some other factors to explain these facts?
The back of a bag of cat litter claims, "Cats that use cat litter live three years longer than cats. What evidence might you collect to test your explanation?
Give two examples of variables that you would expect to be positively correlated. Explain whether a causal relationship exists between the two variables.
What is the general difference between microeconomics and macroeconomics?
Name the three main economic markets, and describe how an individual might participate in each one as a buyer or a seller
What is a mixed economy? Describe some of the roles government might play, or not play, in a mixed economy.
As a commodity, how does information differ from standard goods? How do information imperfections affect markets?
What two characteristics define a public good? Give an example. Why will private markets not supply the efficient level of public goods?
What is an example of a positive externality? of a negative externality? Why are goods with negative externalities often overproduced?
Based on the chart below, in which year is it best to be a saver? Best to be a worker? Worst to be a saver? Worst to be a worker?
What role does information play in the basic competitive model? How does the market for information differ from the market for a good such as wheat?
What does it mean when an economist says that monopoly output is too little or a monopoly price is too high? By what standard? Compared with what?
Briefly explain why marginal revenue is equal to the market price for a firm in a perfectly competitive market but is less than the current market price.
Describe how students' information about colleges might be imperfect. Describe how colleges' information about prospective students might be imperfect.
Why Would allowing single drivers to pay to use car pool lanes increase economic efficiency? Explain.