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Asst02f090 - AGEC 217 Assignment 2 Due Name Seat No 1 The...

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AGEC 217 Assignment 2 Due 9/4/09 Name _____________________________________________________ Seat No. _____________ 1. The first exam will have an essay question "Explain what the basic economic questions, "What", "How" and "For Whom" mean." The following help you to see what these questions mean and the issues associated with them. What to produce : In the Market system, consumers buy what they like that they can afford, so whatever sells well gets produced. From the following pairs of purchases, circle which you would choose to buy and briefly explain why. One Choice Other Choice Why this choice? Red and white sweatshirt Gold and black sweatshirt ___________________________________ Ford pickup Honda car ___________________________________ Country music concert Jazz concert ___________________________________ Salad Steak ___________________________________ Coke Coffee ___________________________________ Rolls Royce ($88,000) Dodge ($20,000) ___________________________________ Cigarette Candy bar ___________________________________ Fitness club membership Sam's club membership ___________________________________ The market system says that consumers can buy what they want that they can afford, but some governments pass laws that prohibit their consumers from buying some products freely. For each item below check whether you feel it should be freely available to anyone who can afford it in the US, or whether its purchase or use should be restricted by law. Briefly explain why you chose as you did.
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Consumer Good or Service Freely Available Use Restricted by Law Why Reese's Pieces _______ _______ _______________________________ Beer _______ _______ _______________________________ Brown chicken eggs _______ _______ _______________________________ Bald eagle eggs _______ _______ _______________________________ Car without a muffler _______ _______ _______________________________ Penicillin _______ _______ _______________________________ Slot machines _______ _______ _______________________________ Abortion _______ _______ _______________________________ Ride a bicycle in the road _______ _______ _______________________________ Ride a bicycle on PU sidewalk _______ _______ _______________________________ Drive a power boat _______ _______ _______________________________ Fly an ultra-light aircraft _______ _______ _______________________________ Drive without a seat belt _______ _______ _______________________________ How to produce :
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