6. The following is an excerpt from The New York Times, September 12, 2007:
Be it fettuccine, linguine, or spaghetti, Italians will soon be paying up to 20
percent more for their pasta. Consumer groups are calling for a one-day pasta
strike on Thursday no
Midterm 1 Solutions
1. a. Which principle of economics is meant by the old saying Theres no such thing as a
People face trade-offs
b. What is the difference between a positive and a normative statement?
Positive statements are cause-effect typ
SAMPLE QUESTIONS for MIDTERM 3
Midterm 3 covers Externalities (Chapter 10), Public Goods and Common Resources
(Chapter 11), Costs of Production (Chapter 13), and Firms in Competitive Markets
(Chapter 14). The following questions/problems a
Sample Midterm 1: Solutions to Problems
Please refer to the textbook for answers to the explanation questions.
1. The Moral:
Trade is like technological progress. Technological advancements enable a country to expand its PPF
and increase the
100, Fall 2013, Sample Midterm 2, Solutions to Sample Questions/Problems
1. Consider the market for a good that generates a negative externality.
a. Suppose first that no government action is taken to internalize the
Econ 73-100/Kesten: Homework Assignment 8 Solutions
1. Do you agree or disagree with the following statements? Why?
a. "The benefits of corrective taxes as a way to reduce pollution have to be weighed against the deadweight
losses that these taxes cause."
Homework Assignment 6
Due: Monday October 14, by 5pm
(See syllabus for details on turning in.)
Please print this problem set and answer in the spaces provided. Print
single-sided is you would like to use the back of pages for extra work
space. Please i
Prof. Chris Sleet
NAME: NAM. i: f), In; , .7
ANDREW ID: n if, I.
0 This is a closed book and closed notes exam.
0 Use the space provided at the end of each question for your answer.
24.1 What is the Credit Market?
Borrowers and the Demand for Loans
Debtors: economic agents who borrow funds - including entrepreneurs, home buyers, and
Credit: refers to the loans that the debtor receives
Most businesses and individua
Chapter 23: Employment and Unemployment
23.1 Measuring Employment and Unemployment
Classifying Potential Workers
To determine who is employed and unemployed, we start by identifying the population of
workers whose employment behavior we want to measure
Chapter 19: The Wealth of Nations
19.1 Macroeconomic Questions
Macroeconomics: study of economic aggregates and economy-wide phenomena, like the
annual growth rate of a countrys total economic output, or the annual percentage
increase in the total cost o
Chapter 21: Economic Growth
21.1 The Power of Economic Growth
Growth rate: change in a quantity - here, GDP per capita - between two dates, relative to
the baseline quantity
If we choose two dates, say t and t + 1, and denote GDP per capita in these two