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Wednesday, 22 January 2014


1.    Explain how scarcity and choice are related. Economic theory says that a rise in the price of a good will cause people to buy less of it. If the price of meat increases and John Doe buys more meat, has the theory been refuted? Explain.
2.    What is a public good? Why does the government tend to produce public goods?
3.    How are opportunity cost and scarcity related?
4.    What are the weaknesses and strengths of the various forms of business? Why do corporations tend to be so much larger than sole proprietorships or partnerships? Why is it so difficult to determine the objectives of the government?
5.    What does money have to do with specialization and comparative advantage?
6.    Suppose you attend a meeting at work to discuss whether to change the price of your product. You think demand is elastic, but a colleague thinks it is inelastic. Does it matter whether demand is elastic or not? Explain. Is it possible that you are both right? Explain.
7.    Explain why demand is more elastic in the long run than in the short run.
8.    Explain how a demand curve can be derived using utility theory.
9.    Explain what causes economies of scale. Can economies of scale and diminishing marginal returns apply to the same firm? Explain.
10.    Explain why supply is more elastic in the long run.

Your response should be at least 75 words in length FOR EACH. You are required to use at least 1 source material for your response. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations.

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