2020e3-practice

2020e3-practice - Economics 2020 Practice problems for Exam...

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Economics 2020 Practice problems for Exam 3 1. Briefly describe both Julian Simon’s and Thomas Malthus’ view on population growth. 2. Why might Sri Lanka’s recent income growth be greater than Canada’s? 3. Give an opportunity cost of government spending on research and development. Why (and when) might it be a good idea to have the government spending despite the opportunity cost? 4. Explain the difference between the “steady state” and the “golden rule steady state”. 5. Explain (in words and using a diagram) how an economy whose level of capital per worker is above the steady state moves to the steady state. Discuss the changes in investment and depreciation. 6. Define and explain the concept of consumer surplus, and how it can always be found. 7. Define and explain the concept of producer surplus, and how it can always be found. 8. Quotas and tariffs are similar in that they increase/decrease (circle one) the domestic price of the good, they increase/decrease (circle one)
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2020e3-practice - Economics 2020 Practice problems for Exam...

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