Reference no: EM13540092

1. “The fact that some airplanes collide is evidence that there is too little air traffic control.” Evaluate.

2. A prime minister of an emerging country once bragged that he was going to make his country self-sufficient and independent of foreigners. Do the principles of economics suggest anything about how you as a native of that country might have been affected? Explain.

3. When a group of Russian officials touring American farms asked who told the farmers how much to produce in order to supply the appropriate amounts of goods, the farmers said that no one told them. But the Russians were convinced that farmers were concealing something. What would you have told the Russians?

4. “It’s wrong to profit from someone else’s misfortune.” Discuss.

5. The National and the American Baseball Leagues are two separate leagues. To prevent competition among teams for new players, a draft (similar to that used in that the football and basketball leagues) has been adopted, wherein each newcomer from a high school is assigned to a particular team. Under this agreement, or assignment, no other team owner will be allowed to sign that newcomer. Who benefits from this arrangement? Who suffers?

6. “My doctor charges me a high fee because he has to cover the high cost of his education and equipment. On the other hand, my golfing teacher also charges me a high fee, even though his education is practically absent.” Is either one cheating or fooling me? Explain