q2a.s09 - Quiz 2- ENNEC 100 Spring 2009-Abbreviated Answers...

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Quiz 2- ENNEC 100 Spring 2009-Abbreviated Answers Answer 4 of 5 questions (25 points each). Please show all your work and fully explain all your reasoning. Brittany and I expect to write the word “Why?” on a lot of answers. In reviewing the quizzes, I saw that a lot of students did not use any references to what they learned in class. This resulted in extremely low grades. 1) In 2012 you will be considering whom to vote for for President and Congress. You will also be figuring out what fancy car to buy with your big salary from the neat job you got with your Penn State degree. What care will economic theory suggest you will put in your decision? What are the implications of your answer for both car manufacturers and politicians? Since your vote doesn’t matter, you won’t think that hard about who to vote for. With the car, however, you will have to live with your decision for a long time. So you will take care. For politicians, the implications are that they will engage in “image” advertising (“Make America Great Again,” “Change We Can Believe In”) rather than discuss substantive issues. For car manufacturers, it means they might make good cars to get customers. 2) Are the following public goods:
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q2a.s09 - Quiz 2- ENNEC 100 Spring 2009-Abbreviated Answers...

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