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Line 152: − <br><br>+ − '''Lecture Three Assignment''' − − VII. Assignment − − Read and, if necessary, reread the above lecture. Complete the homework assignments through the level in which you choose to enroll in this course: Line 192:
Line 187: − <br>8. Should there be a minimum wage law? − <br>9. Does free trade add value or simply redistribute wealth? − <br>10. Is economics almost always determinative of the outcome on political issues, such as elections? − <br><br> − '''Lecture Four Assignment''' − <br>VI. Assignment + + + + + − Read and, if necessary, reread the above lecture. Complete the homework assignments through the level in which you choose to enroll in this course:+ Line 237:
Line 231: − <br><br> − − '''Lecture Five Assignment''' − − '''VI. Assignment''' − Read and, if necessary, reread the above lecture. Then answer these questions:+ Line 285:
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formatting
Model Answers in '''bold''':
Model Answers in '''bold''':
==Lecture One Assignment==
Introductory: 1. In three sentences or less, what do you hope to learn in this course?
Introductory: 1. In three sentences or less, what do you hope to learn in this course?
'''Yes, such as the [[Fifth Amendment]].'''
'''Yes, such as the [[Fifth Amendment]].'''
==Lecture Two Assignment==
Introductory: 1. In a free market, the price and quantity at which goods are sold are where __________ equals ___________.
Introductory: 1. In a free market, the price and quantity at which goods are sold are where __________ equals ___________.
'''Piracy of information can increase market activity. Napster caused much additional traffic on the internet in the late 1990s, and this helped the dot-com boom. But copyright violations are illegal in order to encourage the creation of new works. It is a delicate policy balance between promoting market activity now and promoting creative works for future benefit.'''
'''Piracy of information can increase market activity. Napster caused much additional traffic on the internet in the late 1990s, and this helped the dot-com boom. But copyright violations are illegal in order to encourage the creation of new works. It is a delicate policy balance between promoting market activity now and promoting creative works for future benefit.'''
==Lecture Three Assignment==
Introductory: 1. In a free market, the responsiveness of demand to a change in price is known as its ____________.
Introductory: 1. In a free market, the responsiveness of demand to a change in price is known as its ____________.
Write an essay of about 200 words total on one or more of the following topics:
Write an essay of about 200 words total on one or more of the following topics:
8. Should there be a minimum wage law?
9. Does free trade add value or simply redistribute wealth?
10. Is economics almost always determinative of the outcome on political issues, such as elections?
==Lecture Four Assignment==
Introductory: 1. The total utility of a good represents the consumer’s _________________.
Introductory: 1. The total utility of a good represents the consumer’s _________________.
9. Suppose a friend of yours announced that when he has a choice between a cheaper good made in China and a more expensive good made here, he will buy the latter based on his opposition to communism. Is he being irrational?
9. Suppose a friend of yours announced that when he has a choice between a cheaper good made in China and a more expensive good made here, he will buy the latter based on his opposition to communism. Is he being irrational?
==Lecture Five Assignment==
Introductory: 1. Your boss asked you to work overtime. Is that a short-run or long-run solution for him?
Introductory: 1. Your boss asked you to work overtime. Is that a short-run or long-run solution for him?
'''"While the sword can only be used to seize, kill, and destroy, the pen can be used to persuade, educate, and invent. Because of the destructive nature of the sword, the sword is wholly dependent upon what has or will be constructed. The sword can not sustain itself without seizing the property of others, and therefore is inherently dependent upon the pen. If the sword tries to take too much, then the people will despair, and cease producing, causing the sword to starve to death. On the other hand, the pen is not even limited to producing goods. The pen can also be used to persuade the people. For example, the pen can be used to convince the people to revolt, and kill the bearer of the sword, or to stop producing any more than they absolutely need to survive and by doing so to starve the sword to death."''' (thanks to prior student Eric J. for that)
'''"While the sword can only be used to seize, kill, and destroy, the pen can be used to persuade, educate, and invent. Because of the destructive nature of the sword, the sword is wholly dependent upon what has or will be constructed. The sword can not sustain itself without seizing the property of others, and therefore is inherently dependent upon the pen. If the sword tries to take too much, then the people will despair, and cease producing, causing the sword to starve to death. On the other hand, the pen is not even limited to producing goods. The pen can also be used to persuade the people. For example, the pen can be used to convince the people to revolt, and kill the bearer of the sword, or to stop producing any more than they absolutely need to survive and by doing so to starve the sword to death."''' (thanks to prior student Eric J. for that)
==Lecture Six Assignment==
Introductory: 1. “Accounting profit” is ________ minus _________.
Introductory: 1. “Accounting profit” is ________ minus _________.
10. The tremendous economic growth of the 1980s and 1990s resulted from the “supply side” economic policies of President Ronald Reagan, which boosted production by cutting taxes and encouraging investment. Why might the supply side be more important than the demand side?
10. The tremendous economic growth of the 1980s and 1990s resulted from the “supply side” economic policies of President Ronald Reagan, which boosted production by cutting taxes and encouraging investment. Why might the supply side be more important than the demand side?
==Lecture Seven Assignment==
1. The best friend of free enterprise is ___________.
1. The best friend of free enterprise is ___________.
'''Competition is usually a good thing, but not when it leads to wrongful conduct.'''
'''Competition is usually a good thing, but not when it leads to wrongful conduct.'''
==Lecture Eight Assignment==
Introductory 1. A monopoly can be extraordinarily profitable because there is no __________.
Introductory 1. A monopoly can be extraordinarily profitable because there is no __________.