Changes

3. When the supply of a good or service increases, such as increasing the number of oil wells, what happens to the market price of oil?  Explain.  When the demand for a good a good or service increases, such more people driving cars that need gasoline (refined oil), what happens to the market price of oil?  Explain.

3. When the supply of a good or service increases, such as increasing the number of oil wells, what happens to the market price of oil?  Explain.  When the demand for a good a good or service increases, such more people driving cars that need gasoline (refined oil), what happens to the market price of oil?  Explain.

4. Suppose 500 persons in a town each have the following weekly demands for gas, and the gas stations have the following weekly supplies:

4. Why do grocery stores lower the price of their fruit (such as grapes) when they have too many of that fruit and they are on the verge of rotting?  Explain based by citing the downward slope of a demand curve.

 

5. Suppose 500 persons in a town each have the following weekly demands for gas, and the gas stations have the following weekly supplies:

{| class="wikitable"

{| class="wikitable"

(A) What is the price and overall quantity of gas sold each week?

(A) What is the price and overall quantity of gas sold each week?

<br>(B) Suppose Congress declares war and imposes a price control of $1 per gallon.  At what price and overall quantity will gas sell each week?

<br>(B) Suppose Congress declares war and imposes a price control of $2 per gallon.  At what price and overall quantity will gas sell each week?  Is that desirable?

5. For most of our nation's history it used tariffs rather than taxes on income in order to provide money for the national (federal) government in Washington, D.C.  What is the effect on the supply curve for a good imported from China if the U.S. government imposed a $1 tariff on it?  Would that cause more or less of that good to be purchased?  Why?  Now suppose the government uses quotas rather than tariffs.  By limiting the amount of a foreign good that can be sold in this country, Americans who make the same good have an easier time selling their good with less competition.  What effect does a quota have on the supply curve and the equilibrium price for an imported good?  Who makes more money because of a quota, and who loses the most from it?

6. For most of our nation's history it used tariffs rather than taxes on income in order to provide money for the national (federal) government in Washington, D.C.  What is the effect on the supply curve for a good imported from China if the U.S. government imposed a $1 tariff on it?  Would that cause more or less of that good to be purchased?  Why?  Now suppose the government uses quotas rather than tariffs.  By limiting the amount of a foreign good that can be sold in this country, Americans who make the same good have an easier time selling their good with less competition.  What effect does a quota have on the supply curve and the equilibrium price for an imported good?  Who makes more money because of a quota, and who loses the most from it?

6.  "Time is money."  Explain.

7.  "Time is money."  Explain.

7. Suppose you work for a store and its owner arrives one day and tells you that wants to set new prices for every good in the store.  He declares that he is the owner, and he should be able to sell his goods and whatever price he chooses.  Will he succeed in this strategy, or is there another force outside the control of the owner that will determine the sales prices?  Explain to the owner what your opinion is of his approach.

8. Suppose you work for a store and its owner arrives one day and tells you that wants to set new prices for every good in the store.  He declares that he is the owner, and he should be able to sell his goods and whatever price he chooses.  Will he succeed in this strategy, or is there another force outside the control of the owner that will determine the sales prices?  Explain to the owner what your opinion is of his approach.

===Honors===

===Honors===

Write an essay of about 300 words total on one or more of the following topics:

Write an essay of about 300 words total on one or more of the following topics:

8.  Discuss the effect of supply and demand and the Tyndale Bible.

9.  Discuss the effect of supply and demand and the Tyndale Bible.

9.  Is there a supply and demand curve for homeschooling, or homeschooling courses?  Discuss.

10.  Is there a supply and demand curve for homeschooling, or homeschooling courses?  Discuss.

10.  Explain your opinion of the Democratic health plans proposed in the summer of 2009.

11.  Explain your opinion of the Democratic health plans proposed in the summer of 2009.

11.  How does supply and demand and the free market help someone who might be an outcast in a community?

12.  How does supply and demand and the free market help someone who might be an outcast in a community?

12.  What is your view of the minimum wage?  Should it be increased?

13.  What is your view of the minimum wage?  Should it be increased?

13.  Should providers of abortion services be required to fully disclose the harm that abortion causes to those considering abortion?

14.  Should providers of abortion services be required to fully disclose the harm that abortion causes to those considering abortion?

==References==

==References==