Changes

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?

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?

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

6.  What is a substitute for french fries, and what is a complement for them?

7.  A "price ceiling" is a type of price control that sets the maximum price allowed by law for something (like a real ceiling).  A "price floor" is a type of price control that sets a minimum price allowed by law for something (like a real floor).  Does a price ceiling that is set below the free market price cause a surplus or a shortage?  Please explain.   

7.  A "price ceiling" is a type of price control that sets the maximum price allowed by law for something (like a real ceiling).  A "price floor" is a type of price control that sets a minimum price allowed by law for something (like a real floor).  Does a price ceiling that is set below the free market price cause a surplus or a shortage?  Please explain.   

10.  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?

10.  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?

11.  "A bird in the hand is worth two in the bush." Explain that thought in economic terms, including a discussion of risk.

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

12.  Describe and discuss how wealth is created in society.

12.  Describe and discuss how wealth is created in society.