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| | 4. A nearly perfectly elastic demand curve is nearly ________ in shape; a nearly perfectly inelastic demand curve is nearly __________ in shape. | | 4. A nearly perfectly elastic demand curve is nearly ________ in shape; a nearly perfectly inelastic demand curve is nearly __________ in shape. |
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| − | 5. | + | 5. '''''Why''''' is the name "necessity" given to a good that has a price elasticity of less than one, and the name "luxury" given to a good that has a price elasticity of more than one? |
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| | 6. What is your view of the minimum wage? Should it be increased? | | 6. What is your view of the minimum wage? Should it be increased? |
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| | 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: |
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| − | 8. What is your view of price discrimination? | + | 8. Explain price discrimination, and conclude with your view of whether it should be legal or illegal. |
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| − | 9. Does free trade add value or simply redistribute wealth? | + | 9. Do you support "free trade" because it creates wealth, or do you oppose it for simply redistributing wealth to foreigners, some hostile to the United States? |
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| | 10. Is economics almost always determinative of the outcome on political issues, such as elections? | | 10. Is economics almost always determinative of the outcome on political issues, such as elections? |
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| | + | 11. "A bird in the hand is worth two in the bush." Explain that thought in economic terms. |
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| − | | + | 12. |
| − | 12. "A bird in the hand is worth two in the bush." Explain that thought in economic terms. | |
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| | [[Category:Economics lectures]] | | [[Category:Economics lectures]] |
| | {{DEFAULTSORT: Economics Lecture 03}} | | {{DEFAULTSORT: Economics Lecture 03}} |