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Read chapter 1 in Real World Micro, especially items 1.1 (“Free-Market Outcomes are Not Fair—And Not Free”) and 1.2 (“Shaking the Invisible Hand”).
Specialization can mean that different people produce different things or that different people perform different tasks in producing the same things.
Give examples of different people producing different things and exchanging their products (the social division of labor). And give examples of different people performing different tasks to produce the same things (the detail division of labor).
Why do we specialize in what we produce (the social division of labor)? Does this explain why we specialize in doing different things to produce the same good (detail division of labor)?
Some see the division of labor as the source of social and economic inequality. Do you think that this is true? Discuss whether it is true of both the social and the detail division of labor?
assume yn 11600 t0.2 as well as g 2610.a compute the amount of taxes at natural real gdp.b clarify why there is a
How can two countries both be better off as a result of trade? How can tariffs protect U.S. jobs? Do tariffs lead to a net increase in jobs?
A hedger has taken a long position in the wheat futures market. What does a long position in the above example mean? What is the risk that is hedged in this transaction? What are the risks and rewards of buying versus writing options?
Show graphically and explain how a change in the monetary policy regime will affect short-run prices and output in the economy. (3 graphs to complete this problem) (Answers without graphs are useless)
In December 1992, the federal government began requiring that all foods display information about fat content and other ingredients on food packages. The displays had to be verified by independent laboratories. The price of an evaluation of a food pr..
If you could, how would you alter the way that GDP is defined and measured in the US? Make one recommendation. Explain what the current practice is, how you would change it, and why your proposed change would be an improvement.
What is the uncertainty of outcome hypothesis? What does the standard deviation statistic tell you? What is a shortcoming of using the standard deviation of winning percentage (within a season) to study competitive balance?
If country desires to smooth consumption, explain how much it should borrow in period 0. Illustrate what will level of consumption and trade balance is from then on.
Briefly summarize the impact of an oil import tax by explaining who is helped and who is hurt among the following groups: domestic oil consumers, domestic oil producers, foreign oil producers, and the US government.
Why is Germany now leading the charge for fiscal coordination? How has Germany’s reliance on the Eurozone countries contributed to its own economic slowdown?
You were told that a certain cash flow sequence started at $3000 in year 1 and increased by $2000 each year. How many years were required for the equivalent amount worth of sequence to be $12000 at an interest rate of 10% per year? You were told that..
WaterJet Ferries is a successful ferry operator providing roll-on/roll-off car and truck ferry services to the larger islands off the coast using vessels that are propelled by water-jets powered by diesel engines. Over the last twelve months the comp..
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