March 27, 2017
Is Wal-mart Good for America?
Wal-mart is a massive superstore that has grown exponentially over the years with no
signs of stopping. They achieved such high praise by many new methods that not only ge
Resource and Production Table
Working the Well
3 water per action (max 2 people on well)
Working the Farm
3 food per action (max 2
Goal: First to 10 workers or last one alive.
1) 1 food and water per worker per day.
2) Each worker can perform one action a day.
3) If food and water require
Chapter 4 study guide
Closed Economy - An economy that does not trade with other economies. One in
which all economic activity is domestic
Households - provides all the factors of production and in return buy the output of
Business firms -
Importance of the quantity of money
Affects the ease of making purchases
Affects price level
Paper bills and coins used b
Medium of exchange
Money is how we pay for goods and services
Double coincidence of wants
Money that is an a
out put and income are essentially the same
Nations that produce a large amount of highvalue output are relatively wealthy
Nations that dont produce much high-value output are relatively poor
Idea: the output you produce is old, and you receive income
Total surplus (or social welfare) measures the overall welfare of the society
In free markets with voluntary trade
Are the gains from trade maximized? Is economic welfare maximized
Are the benefits divided fairly
1. What is elasticity? How does it apply to supply and demand?
2. What are consumer surplus, producer surplus and deadweight loss?
3. When is a market efficient?
Demand is elastic if
Quantity demanded changes significantly as the result of th
Homework 7: ECON 1200: PRIN OF MACROECONOMICS (LEC 1E) FS2016
Homework 1: ECON 1200: PRIN OF MACROECONOMICS (LEC 1E) FS2016
Due Sep 9 at 11:59pm
Time Limit None
This homework tests the introductory material and concepts.
Homework 8: ECON 1200: PRIN OF MACROECONOMICS (LEC 1E) FS2016
Homework 4: ECON 1200: PRIN OF MACROECONOMICS (LEC 1E) FS2016
Homework 9: ECON 1200: PRIN OF MACROECONOMICS (LEC 1E) FS2016
Homework 6: ECON 1200: PRIN OF MACROECONOMICS (LEC 1E) FS2016
Homework 5: ECON 1200: PRIN OF MACROECONOMICS (LEC 1E) FS2016
To Editor in Chief of St. Louis Today,
There are both pros and cons to funding a new football stadium. First, a new
stadium could potentially increase tourism and thus spending. Stadiums bring in
fans from outside of the city. Many of those fans visit the
4. Explain how baseballs antitrust exemption makes it different from the other
professional sports in the United States. Explain how it is similar to the other sports
in the United States and why the antitrust exemption does not cause it to be different
3. Using examples from the USFL, explain what rival leagues must do to succeed.
Also state whether that league was successful in meeting their goals.
The key to success for rival leagues includes mistakes made by primary league (open
markets for rival lea
2. Draw a graph that shows the demand for a single stadium that holds games for the
St. Louis Cardinals. Assume that the supply curve for seating is horizontal and then
vertical. Further assume that you are graphing the attendance of one particular
1. Explain the changes that took place to the NFL during the years in which Pete
Rozell was Commissioner. Further explain why those changes caused the NFL
to become the most successful sports league in North America.
During Pete Rozelles reign as NFL Comm
1. Suppose that USA Network bought the Kansas City Royals. According to
economic theory. We should expect to see:
a. More games on TV with the same or fewer commercials.
2. The NCAA re-emerged as a power in the 1950s in response to:
a. Point shaving scand
3. How substantial is the evidence in support of sports subsidies? What would be the
consensus view of economists on the financial and economic benefits to cities of
having sports teams in their cities? How much does it add to the city to construct
2. You own a grocery store in the city of St. Louis. As you read the paper this morning
you discover that a proposal to fund a new football stadium in St. Louis includes
raising the sales tax in the city of St. Louis by making it 0.5% higher for all sales
1. Imagine there are a couple of proposals related to building baseball stadia in
Pennsylvania. The state will pay for the entire area and there are 3 equal areas in
terms of taxes and political power. The proposals are to build the stadia in
1. Imagine that New York (N), Paris (P), and Toronto (T) are bidding for the 2012
Olympics. There are 12 voters with the following set of preferences: 5 voters prefer
PNT, 4 voters prefer NTP, and 3 voters for TNP. Using plurality with elimination and