Submit written answers on a paper with a cover sheet per instructions. Write per APA. Cites sources. Submit paper through plagiarism a tool (Turnitin) and attach results on the last page of the paper. Exams without the plagiarism score will not be accepted. Do not copy questions as they will be counted towards plagiarism. Number your answers to correspond with the questions.
Chapter 1
1.Why are economists so concerned about the material aspects of life?
2.What would you take into account when you collected data to compare women’s salaries versus men’s salaries?
3.Does it further the public interest (and the interests of women workers specifically) to propagate normative statements about wage inequality based on statistics without taking account of all relevant factors?
Chapter 2
4. Why do some of the brightest students not get a 4.0 GPA?
Chapter 3
5.What are some goods that college students might buy today but will give up when they enter the workforce after graduation?
6..Because computers are cheaper and more abundantly available now than a decade ago, doesn’t this mean the supply curve for computers is downward sloping?
7.Because the average price of a car has increased substantially over the last 30 years, and the number of cars owned has risen faster than the population, doesn’t this mean that the demand curve for cars is upward sloping?
Chapter 4
8. How inelastic is the gasoline demand and how inelastic is the supply? How might this explain sharp price fluctuations in the gasoline market?
Chapter 5
9. Do price controls help following a natural disaster or emergency?
10. The big tradeoff: How can economic analysis make us more informed citizen voters?
11. Do “liberals” care more about fairness than “conservatives”?
Chapter 6
12. Do rent controls improve the quality of life for university students?
13.Will raising the minimum wage help or hurt those who need help the most?
14. How are taxes related to tax revenues
Chapter 7
15. How can we know that the benefits to the economy from free trade are greater than the benefits accruing to the domestic industry that is protected from foreign competition?
16.How will countries know which domestic industries have a comparative advantage to allocate resources towards specialization in producing those goods and services?
17.Shouldn’t we protect the workers of those industries that are hurt by foreign competition?
Chapter 8
18. If the Surgeon General (and the American Medical Association) concludes that moderate wine and beer consumption can have a positive influence on cardiovascular health, how will utility and demand be affected?
19.Would people voluntarily pay for something seemingly undesirable?
20.How does utility theory differentiate a “need” from a “want
21.Type 2 Diabetes is often related to poor diets and lack of exercise. If it is avoidable, how does the material in this chapter help us understand why it is on the rise around the world?
Chapter 9
22. How does an increase in the price of basic food staples affect real income in poor countries? Illustrate this with a budget line and hypothetical consumption bundle.
23.Will a low-income person’s optimal consumption bundle change if he or she receives food stamps?
24.Do perfect substitutes imply perfectly elastic demand?