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First Written Assignment - Number your responses according...

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ECO 202 Microeconomics Instructor: A. Mayo First Written Assignment Write a single-spaced, typed paper answering the following questions (20 points each): 1. In a free market, or capitalist, economy the consumer is sovereign. Explain what is meant by this statement. 2 . Entrepreneurs and businesses are at the helm of the economy, but consumers are the commanders. Explain. 3. Are there special instances where consumer sovereignty may play a secondary role? If so, what may they be? 4. “The market system not only accepts self-interest but relies upon it to achieve society’s economic goals (full employment, stable prices, and economic growth).” Is this a fair statement? Explain. 5. Do you think that consumer sovereignty is the most effective way to guide the efficient use of scarce resources? Why or why not? Your paper needs be to be between 1 ½ and 2 pages. One or two paragraphs are insufficient. Handwritten papers will not be accepted.
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Unformatted text preview: Number your responses according to the questions. Use paragraphs. Write complete sentences and run spell check. Points will be taken off for incorrect grammar and sentence structure, as well as misspelled words. Economic Internet sources may be used as long as URLs are cited. Do not use popular encyclopedia websites such as Wikipedia.com, dictionaries, and non-authoritative sources. Other references are acceptable as long as they are economic textbooks, and you cite the title, author, date of publication, and page numbers. If you cite the material verbatim, you MUST enclose the material in quotation marks and properly reference the source. NO COPYING! Plagarism will be dealt with according to established NOVA policy. DO NOT USE THIS EXERCISE AS AN OPPORTUNITY TO DISCUSS THE PERCEIVED ILLS AND EVILS OF CAPITALISM OR THE PERCEIVED VIRTUES OF SOM!!!...
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