- What is the difference between laissez-faire capitalism, the command system, and the market system?How does the “invisible hand” operate and why do market economies usually do a better job than command economies at efficiently transforming economic resources into desirable output?
- What is the origin of both consumer surplus and producer surplus? How do properly functioning markets maximize consumer and producer surplus while optimally allocating resources?How do positive and negative externalities lead to under- and over-allocations of resources?
- Why does “government failure” happen?How can the government’s power to coerce (influence economic behavior) be economically beneficial?
- What is the usefulness of the total revenue test for price elasticity of demand?What are the factors that affect price elasticity of demand and price elasticity of supply? What are some applications of each?
- What are the functions and responsibilities of the Federal Reserve?Why is Federal Reserve independence important?What are the components of U.S. money supply?
- Can you think of a good that produces negative externalities? What do we know about the quantity that will be produced of this good in the free market? What are some action steps to address negative externalities?
- Can you identify some public goods? Public goods are nonrival and nonexcludable. Discuss the rivalness and excludability of the good you chose.
- Why do we have any government intervention? Are there some kinds of goods that benefit more from government intervention than others? How do we identify these goods?
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