Changes

Read and reread the above lecture.  Complete the homework assignments at the level in which you choose to enroll in this course:  introductory (questions 1-3), intermediate (questions 4-6) and honors (questions 7-10).

Read and reread the above lecture.  Complete the homework assignments at the level in which you choose to enroll in this course:  introductory (questions 1-3), intermediate (questions 4-6) and honors (questions 7-10).

Introductory:  1.  In three sentences or less, what do you hope to learn in this course?

===Introductory===

 

2.  Give two short examples each of “normative statements” and “positive statements.”

2.  Give two short examples each of “normative statements” and “positive statements.”

3.  Describe a few transaction costs associated with buying something.

3.  Describe a few transaction costs associated with buying something.

 

4.  Give some examples of scarcity created entirely by man (rather than nature), such as a ticket on the maiden voyage of the Titanic.  Why do people create and emphasize scarce things?  Does the illusion of scarcity increase the price?  Does television prefer talking about scarce items?  Why?

Intermediate: 4.  Give some examples of scarcity created entirely by man (rather than nature), such as a ticket on the maiden voyage of the Titanic.  Why do people create and emphasize scarce things?  Does the illusion of scarcity increase the price?  Does television prefer talking about scarce items?  Why?

5.  What do you think are the main reasons that the “invisible hand” is preferable to government dictating how a pencil should be made?  Rank your reasons in order of importance.

5.  What do you think are the main reasons that the “invisible hand” is preferable to government dictating how a pencil should be made?  Rank your reasons in order of importance.

6.  Why can volunteer work sometimes be more efficient and productive than hired labor?  Where is the invisible hand for volunteer work?  

6.  Why can volunteer work sometimes be more efficient and productive than hired labor?  Where is the invisible hand for volunteer work?  

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

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

7.  Read the account of the multiplication of the loaves by Jesus.  Matthew 14:13-21.  After reading that, do you think scarcity really does exist?

7.  Read the account of the multiplication of the loaves by Jesus.  Matthew 14:13-21.  After reading that, do you think scarcity really does exist?