Microeconomics Assignment Prisons Are Not Obsolete And Should Not Be Abolished

Description

to do any two (2) questions from the list of questions below.

Each student is required to do any two (2) questions from the list of questions below.
PS: Points will be deducted for failure to use appropriate diagrams to clarify answers as well
as failure to provide supporting evidence for claims and assertions in your answers to your
questions including the essay type questions.
PS: A total of eight (8) points will also be deducted for all late assignments. Students should
be reminded that Homework#3 will be graded out of 15 points.
Students are required to use suitably labeled diagrams where necessary in their answers
Topic#1-Scarcity, Resource Allocation, the Central Economic Problem and Economic Systems.
Each question in this section will be graded out of 7.5 points.
(1)“One of the best ways to test the success of an economic system is to assess its progress against poverty and hunger.” Present
three (3) arguments either for OR against this proposition.
(2)Prisons according to the famous political and anti-prison activist Dr.Angela Davis are “obsolete” and should be abolished.
Present three (3) economic arguments either for OR against this proposition.
(3a)What is the scope of study of macroeconomics?
(3b)Is the “central economic problem” of macroeconomics in principle identical to the “central economic problem” of
microeconomics? Give a rationale for your answer.
(3c)What is meant by the term “the efficient allocation of scarce resources” in a national economy?
(3d)Why is the efficient allocation of scarce resources an important concern for macroeconomists?
(3e)How do principles#1 and #2 relate to the “central problem” faced by the US macro economy?
(3f)Is the assertion of neoclassical economists that a “trade-off” is inevitable between efficiency and equity valid? Why or Why
not? Clearly explain your answer.
(4)Distinguish between any eight (8) of the following pairs of concepts with the aid of relevant diagrams where they
help to explain your answers: Please use examples in your answers
(4a)Market prices and marketplaces
(4b)Relatively elastic demand and relatively inelastic supply
(4c)Binding price floor and relatively inelastic demand
(4d)Import Substitution Industrialization and Development
(4e)Perfectly Inelastic demand and a shift in a supply curve
(4f)Economic Profit and Accounting Profit
(4g)Rent Control and Minimum Wage law
(4h)Price System and Perfectly inelastic supply
(4i)Principle#4 and Principle#6
(4j)Producer Surplus and Do Nothing Price
(4k)Non-Binding Price Floor and unitary elastic supply
(4l)Average cost and Binding price ceiling
(4m)Elasticity and price elasticity of supply
(4n)Consumer Surplus and Total Surplus
(4o)Price and Non-Price Factors
(4p)Unitary Elastic Demand and Relatively elastic demand
(4q)Arc Elasticity of demand and Point Elasticity of demand
(4r)Supply Schedule and Supply Curve
(4s)Consumer Surplus and Producers’ Surplus
(4t)Marginal utility and total utility
(5)The most efficient though least equitable mechanism used to allocate human body organs for patients on a waiting list is the
free market system. Present three (3) of the economic advantages for and three (3) economic disadvantages against this
proposition
(6)Write short notes (i.e. 3-5 sentences and use relevant examples and graphs to illustrate these concepts) on any six (6) of
the following concepts:
(a)Total Variable Cost
(b)Production Function
(c)Binding Price Ceilings
(d)Producers’ Surplus
(e)Demand Schedule
(f)A movement along a supply curve
(g)Explicit Cost
(h)Intellectual Property Rights
(i)Normal Profit
(j)Relatively Inelastic Supply
(k)Economic Profit
(l)Accounting Profit
(m)A shift in a demand curve
(n)Supply schedule
(o)Total Surplus
(p)Utility
(7)”There is no such thing as a free market economy”. Present four (4) arguments to defend this proposition OR four (4)
arguments against this proposition.
(8)The proposed policy action of the Trump administration to dismantle the Dodd-Frank legislation to regulate the financial
sector is an act of deregulation of that sector. Present three (3) economic costs and three (3) economic benefits of a policy of
deregulation of the financial sector in the US
(9a)What is meant by the concept “deindustrialization” in a society?
(9b)What is meant by the concept “post-industrial society”?
(9c)What is the conceptual difference between “deindustrialization” and “post-industrial society”?
(9d)Is there a conceptual relationship between the processes of deindustrialization and post-industrial society?
(9e)Carefully explain your answer to (Q#9d) above.
(9f)Give two (2) examples of a contemporary pre-industrial society in the world today
(9g)Briefly but clearly discuss any two (2) factors that contribute to deindustrialization in a society.
(10)“Biofuel companies are now competitors of the hungry in the world.” Present three (3) economic arguments for and three
(3) against this proposition.
(11)The main problem with capitalist economies is that they are more focused on efficiency and less focused on equity whereas
the main problem with socialist economies is the reverse. Present three (3) explicitly economic arguments for this proposition
and three (3) economic arguments against it.
(12)“Safer foods, medicines, health care, autos and a range of other goods and services necessitate more rigorous regulation of the
markets in which they are produced and consumed contrary to the ideology of free markets and deregulation”. Present three (3)
costs and three (3) benefits of the regulation of markets in defense of the proposition OR Present three (3) costs and three
(3) benefits of the deregulation of markets in opposition to this proposition.
(13)Sovereign nations particularly those in the developing world confronting severe developmental challenges and international
debt burden should default on their debt. Present three (3) economic costs OR three (3) economic benefits of a policy of
default for these countries.
(14)Deregulation is a nice sounding economic theory though it represents a net cost to any society that embraces it as a policy.
Present four (4) clearly articulated economic argument either in support of the proposition OR four (4) clearly articulated
economic arguments against it.
(15)Access to health care services should be a right and not a privilege in the US. Present three (3) explicitly arguments to justify
this proposition OR three (3) arguments to challenge the merits of the proposition.
(16)”The more equally wealth is distributed the better the health of the society.” (British Medical Journal) Present either three
economic arguments for or against this proposition.
(17)Hunger is not a problem of lack of resources rather it is a problem of the distribution of resources. Discuss
(18)“One of the best ways to test the success of an economic system is to assess its progress against poverty and hunger.” Present
three (3) arguments either for OR against this proposition.
(19)The growth in GDP and ecological destruction or climate catastrophe are inversely related. Present three (3) arguments either
for OR against this proposition.
(20)There is no correlation between the growth in a country’s GDP and the reduction of poverty, hunger, malnutrition and illiteracy
in that country.
(21)The developing countries in Africa, Asia, Latin America and the Caribbean have already repaid many times over their external
debt to Western banks and international financial organizations like the IMF and the World Bank through trillions of dollars in
interest payments to service their debts over the last 30 plus years and as such should act collectively to demand the total cancellation
of their debt to these financial institutions. Present three (3) credible arguments either for OR against this proposition.
(22a)What is the efficiency-equity trade-off curve?
(22b)What is the rationale offered by neoclassical economists for explaining the trade-off between efficiency-equity in an
economy?
(22c)How would you use your knowledge of the efficiency-equity trade-off curve to explain the growing gap between the earnings
of workers and the earnings of CEOs and other executives in American corporations?
(22d)Are there any alternatives to the conventional efficiency-equity trade-off that you are aware of that may improve both
efficiency and equity in an economy? Be sure to explain your answer with the aid of a carefully labeled diagram(s)
Topic#2-The Scientific Method and the Application of Economic Principles. Each question in
this section will be graded out of 7.5 points
(1)Distinguish between the following pairs of concepts:
(a)Model and Testing
(b)Post hoc Fallacy and Law
(c)Law and Experiment
(d)Theory and Law
(e)Deductive and Inductive analytical methods
(f)Comparative static and comparative dynamic analyses
(g)Positive and Normative economics
(h)Partial and general equilibrium analyses
(i)Observation and Model
(j)Social sciences and Scientific Method
(k)Scientific method and science
(2)“To pretend that economics is scientific in the way it has been practiced in the west is one of the most sophisticated hoaxes of
the 21st century”. (Ann Lee, Professor of Economics and Finance, NYU and author of “What the US can Learn From China-An
Open-Minded Guide to Treating Our Greatest Competitor As Our Greatest Teacher”) Present three (3) arguments to support
this proposition OR three (3) arguments against it.
(3a)What is the importance of the scientific method to macro-economists?
(3b)What is the relationship between hypotheses, theories and laws? Why or Why not?
(3c)What is meant by a law in science?
(3d)State and explain with the use of graphical illustrations any two (2) laws that you have learnt in macroeconomics?
(3e)Why are the laws you explained in (3d) above considered to be laws in the science of macroeconomics?
(3f)What is the specific role of observation, models, assumptions and testing in the work of macro-economists?
(4)Positive economic analysis seeks only to describe economic reality and is therefore free of “value judgments”. Do you agree or
disagree with this proposition? Be sure to provide at least two (2) reasons why you either agree or disagree with this
proposition.
(5)The scientific method is a critical aid to macroeconomists in their ability to understand and explain the way an economy works
to allocate resources. Discuss
Topic#3-Supply-Demand Analysis: Each question in this section will be graded out of 7.5
points.
(1a)What is the difference between the concepts of “market forces of supply” and “market forces of demand” in the market for
toothpaste in the state of Alabama?
(1b)With the use of a carefully labeled diagram explain how the market forces of supply and demand or the price mechanism
interact to determine the price for toothpaste:

Assign your own prices for toothpaste

Assign your own quantities for toothpaste
(1c)Assume now that the demand and supply functions for toothpaste are given as D=255-2P and S=135+4P:
Calculate the equilibrium price for toothpaste and equilibrium quantities of toothpaste traded in this market in Alabama
(1d)Why are excess demand and excess supply for toothpaste equal to zero when the market is in equilibrium?
(1e)Suppose the state government sets a price of $4.80 as the price for toothpaste for consumers given that the demand and
supply equations are the same as in (1c) above
Calculate the quantities of toothpaste demanded and supplied at the state government’s stipulated price for a tube of toothpaste
(1f)Is the state government’s price for toothpaste in (1e) above a price floor or a price ceiling? Why or Why not?
(1g)Is the state government’s price for toothpaste in (1e) above a binding price floor, equal to the competitive equilibrium price
or a binding price ceiling? Why or Why not?
(2)The supply curve for labor in a competitive labor market arguably defies the law of supply. Discuss.
(3a)Suppose the market demand and market supply curves for garbage truck drivers is represented by D=360-5W and
S=120+10W
(3b)Is there a market equilibrium wage rate for garbage truck drivers? Why or Why not?
(3c)Is there a market equilibrium quantity of labor hours traded at the wage rate calculated in (3b) above for garbage truck
drivers? Why or Why not?
(3d)What is your interpretation of the results obtained in parts (3b) and (3c) above?
(3e)Suppose now the federal government imposes a minimum wage of $10 per hour for garbage truck drivers
(3f)What would be the quantity demanded and supplied of labor hours by garbage truck drivers at this minimum wage?
(3g)Is there a market for the services of garbage truck drivers at the above-stipulated federal minimum wage? Why or Why not?
(3h)Is the government-imposed minimum wage equal to the competitive equilibrium wage rate determined in the labor market
for garbage truck drivers?
(3i)Is the government minimum wage an example of a binding price floor, a non-binding price floor or a price floor consistent
with the competitively determined equilibrium wage rate? Give a brief rationale for your answer
(4)The economic costs of a minimum wage policy exceed its economic benefits to workers. Present two (2) clearly articulated
economic arguments in defense of this proposition and two (2) economic arguments against its defense.
(5a)Plot the demand and supply curves for gasoline consumption in the state of New York given the following hypothetical
annual data:
Data for annual gasoline demand:
1. (Qd=1.5m liters, P=$1.20/liter), (Qd=2.8m liters, P=$1.05liter), (Qd=3.4m liters, P=$3.99/liter), (Qd=5m liters,
P=$0.85)
Data for annual gasoline supply:
2. (Qs=4.5m liters, P=$1.20/liter), (4m liters, P=$1.05liter), (Qs=3.4m liters, P=$3.99/liter),
(Qs =.3m liters, P=$0.85)
(5b)What is the market equilibrium price and market equilibrium quantity in the diagram above?
(5c)Why is the market equilibrium point in the market for gasoline in the state of New York in (5b) above unique?
(5d)Identify the unit prices for gasoline that trigger disequilibria positions in this market
(5e)What is the relationship between the law of demand and law of supply and the prices at, above and below the equilibrium
position in the market for gasoline in (5c) and (5d) above?
(5f)Does the existence of equilibrium in the gasoline market in (5c) above mean that all participants in the market are satisfied?
Why or Why not?
(5g)What would be the effect of a binding price ceiling in the market for gasoline in the state of New York? Explain the rationale
for your answer?
(5h)How would the imposition of a binding price floor by the government of New York change your answer from that given in
(5g) above?
(6)Suppose the market for laptop computers in Arlington County is represented by the following demand and supply equations:

The demand for laptop computers is equal to D=620 – 2P

The supply for laptop computers is equal to S =380 + 4P
Compute:
(6a)The market equilibrium price for laptop computers
(6b)The market equilibrium quantity for laptop computers
(6c)Suppose the supply of laptop computers is now represented by S=320 + P and the demand for laptop computers remains
unchanged as represented in the demand equation above
(6d)What are the new equilibrium price and the new equilibrium quantity for laptop computers in Q#6a-6b above?
(6e)Does the new supply equation for laptop computers in (Q#6c) above represent a shift in the supply curve?
(6f)What is the direction of the shift in the supply curve for laptop computers referenced in Q#6e above? Clearly explain the
rationale for your answer.
(6g)Why is the change in the supply curve represented in Q#6c above not a movement on the supply curve denoted by S=320 + P
for laptop computers?
(6h)Graph the supply-demand model for laptop computers showing both the original and new market equilibrium prices and
quantities in (6a-6c)
(6i)Compute the quantity demanded and the quantity supplied of laptop computers in the market where D=480 – 2P and S=160 +
6P in this market
(6j)Does the market for laptop computers exist in Q#6i above at P = $-30? Why or Why not?
(6k)Do the laws of supply and demand work in the markets for laptop computers in Q#6a and Q#6i above when P=-$50?
(6l)Suppose the slope of the supply curve for laptop computers is undefined, please respond to the following questions:
(6m)Does the supply of laptop computers conform to the law of supply in the scenario described in Q#6l above? Why or Why
not?
(6n)What would be the market equilibrium price and quantity for laptop computers given a supply curve where S=350 and a
demand curve where D=400 – 5P?
(6o)What is the value of the slope of the demand curve for laptop computers stipulated in Q#6n above?
(6p)Graph the supply-demand model for laptop computers in Q#6n above
(6q)Suppose now the price of laptop computers is set by market forces at P=$230 per laptop computer, would the market be in
equilibrium? Explain
(6r)Suppose now the County government sets a binding price floor at $80.00 in the market for laptop computers. What effect
will this government pricing policy have on buyers and sellers of laptop computers in the market?
(6s)Provide a range of prices that the government could set in this market for laptop computers?
(6t)Will the market for laptop computers function more or less efficiently?
(6u)Is there any group of market participants in the laptop market who will be disadvantaged by the government’s price floor?
Why or Why not?
(6v)If P=$20 given that S=260 and D=300 – 4P in the market for laptop computers, which of the following scenario is true and
why?




There is equilibrium in the market for laptop computers
There is disequilibrium in the market for laptop computers
Graph the equilibrium or disequilibrium position if possible
More information needed to determine equilibrium or disequilibrium in the market
(7a)What does the “Law of Supply” in an economy mean?
(7b)With the use of clearly labeled diagrams explain whether the “law of supply” is applicable for the following hypothetical
situations:

A negatively sloped supply curve for i-Pods

A horizontally sloped supply curve for microeconomics classes

A steep and positively sloped supply curve for MP3 players

A vertically sloped supply curve for music lessons

A quadratic supply curve for organic ginger tea

A cubic supply curve for kidney transplants

A flat and positively sloped supply curve for health insurance

A linearly sloped supply curve for toothpaste

A flat and positively sloped supply curve for blue jeans
(7c)What does the slope of a supply curve in an economy mean?
(7d)How is the slope of a supply curve for an economy calculated?
(7e)Does the existence of the supply for a good or service necessarily mean that a market exists for a good or service? Why or
Why not?
(7f)Is the slope of a vertically sloped supply curve equal to the slope of a horizontally sloped supply curve for an economy? Why
or Why not?
(8)Given the following data construct the annual export supply curve for the supply of the following goods from the US
economy to the global markets:
(8a)Soya bean production (Q=5m tons, P=$8/ton), (Q=15m tons, P=$12/ton), (Q=35m tons, P=$18/ton), (Q=55m tons,
P=$25/ton)
(8b)Crude oil production (Q=10m barrels, P=$8/barrel), (Q=15m barrels, P=$8/barrel), (Q=25m barrels, P=$8/barrel), (Q=38m
barrels, P=$8/barrel)
(8c)Almond milk production (Q=40m Qrts, P=$15/Qrt), (Q=40m Qrts, P=$25/Qrt), (Q=40m Qrts, P=$35/Qrt), (Q=40m Qrts,
P=$45/Qrt)
(8d)Wheat production (Q=100m tons, P=$10/ton), (Q=350m tons, P=$25/ton), (Q=560m tons, P=$40/ton), (Q=560m tons,
P=$40/ton)
(8e)Chicken meat production (Q=85m lbs, P=$9/ton), (Q=92m tons, P=$15/ton), (Q=105m tons, P=$20/ton), (Q=105m tons,
P=$20/ton)
(8f)Auto production (Q=8m units, P=$9/unit), (Q=12m units, P=$15/unit), (Q=18m units, P=$20/unit), (Q=25m units,
P=$20/units
(8g)Honey production (Q=10m bottles, P=$20/bottle), (Q=15m bottles, P=$15/bottle), (Q=20m bottles, P=$14/bottle)
(Q=36mbottles, P=$12/bottle), (Q=48m units, P=$9/units)
(8h)State and explain which of the above supply curves in parts (8a-8g) above conforms to the law of supply in the US economy?
(8i)Calculate the slopes of the supply curve for any two (2) of the above supply curves between any two (2) of the above
specified price-quantity points
(8j)Does a market exist for each of the commodity being supplied above given the information provided? Why or Why not?
Topic#4-The Market Model of Supply and Demand and Government Policy Intervention. Each
question in this section will be graded out of 7.5 points.
(1a)What is meant by the term “free markets”?
(1b)How do free markets function to allocate resources in an economy? Use demand-supply diagrams to explain the functioning
of these markets in your answer
(1c)Why are free markets said to be more efficient than other mechanisms in allocating scarce resources?
(1d)Do free markets foster equity or economic justice to their market participants? Why or Why not?
(1e)Can you give three (3) examples of markets in your community, town or city that function on free market principles as explained
in your microeconomics textbook?
(2)Free markets are far superior institutions at creating wealth and eliminating waste of resources compared to non-market
institutions because they foster competition among market participants and ensure that only efficient users of resources get access
to resources. Present two (2) clearly articulated arguments in defense of this proposition and two (2) clearly articulated
arguments to counter this proposition.
(3a)What is the difference between a binding price ceiling and a binding price floor in a market for a resource?
(3b)What is the difference between a non-binding price ceiling and a binding price ceiling in a market for a resource?
(3c)What is the policy objective of a government in setting a price ceiling or a price floor in a market for a resource?
(3d)With the use of clearly labeled demand-supply diagrams show the difference between the concepts of (a) a binding price ceiling
and a binding price floor and (b) a non-binding price ceiling and a binding price ceiling in a market for a resource of your choice
(3e)Do price ceilings and price floors improve or worsen free market operations? Why or Why not?
(3f)Why are free market economists opposed to government policies of price ceiling and price floor?
(4a)State and explain any four-(4) non-price factors that will cause a shift in the demand curve for natural gas and any four (4)
non-price factors that will cause a shift in the supply curve in the market for natural gas
(4b)What is the difference between a favorable and an unfavorable change in a non-price factor that affects the demand side of the
market for natural gas?
(4c)What is the difference between a favorable and an unfavorable change in a non-price factor that affects the supply side of the
market for natural gas?
(4d)With the use of demand-supply diagrams clearly illustrate the effect of the changes described in (4b) for any two (2) of the
non-price factors you selected in (4a) above on equilibrium price and equilibrium quantity of cylinders of natural gas on the demand
side of the market for natural gas
(4e)With the use of demand-supply diagrams clearly illustrate the effect of the changes described in (4c) for any two (2) of the nonprice factors you selected in (4a) above on equilibrium price and equilibrium quantity of cylinders of natural gas on the supply side
of the market for natural gas
(5a)What is the concept of a demand schedule?
(5b)What is the concept of a demand curve?
(5c)What is the conceptual difference between a demand curve and a demand schedule?
(5d)Construct a demand curve from a demand schedule with the use of a commodity of your choice in a market where the demand
equation for your chosen commodity is D=150-6P and your prices are given as P1=$12, P2=$8, P3=$5 and P4=$3
(5e)Suppose you are now told that the supply equation of the commodity you chose in (5d) above is S=70+2P at the same prices
given in (5d), construct the supply curve that results from the price-quantity supplied data that results then construct the supply
schedule that corresponds to the supply curve
(5f)What is the market equilibrium price and market equilibrium quantity of the commodity you chose in (5d) above given the
demand and supply equations given in (5d-5e) above.
(5g)Are the prices above and below the equilibrium price market prices? Why or Why not?
(6)With the use of DEMAND and SUPPLY diagrams explain any six (6) of the following market scenarios:
(6a)Why are hurricanes bad for homeowners but good for surviving hardware stores?
(6b)Why are floods and earthquakes bad for homeowners but good for engineering firms?
(6c)Why is the war against prostitution in the economic interest of pimps and prostitutes?
(6d)Why would the legalization of prostitution potentially put an end to prostitution?
(6e)Why is the campaign of several city governments to discourage prostitution by higher fines and jail times for the participants
in this market an incentive for new prostitutes to enter the market?
(6f)How does the campaign to end the consumption of alcohol among teenagers have the potential to make firms selling alcohols
richer?
(6g)Is a surplus of seats in college classes in the economic interest of colleges or students in the market for a college education?
Why or Why not?
(6h)Is a shortage of doctors in a medical market in the economic interest of the doctors in the market or the patients seeking their
medical services? Why or Why not?
(6i)Why do airline tickets to Europe cheaper in the summer and more expensive in the winter?
(6j)Why is the winter season a good time for some orange and corn farmers?
(6k)Why is the summer season a bad time for orange and corn farmers?
(6l)What has been the effect of September 11th on the demand for and supply of cellular phones?
(7)Distinguish between the following pairs of concepts with the use of carefully labeled and explained supply-demand
diagrams:
(a)Binding price ceilings and non-binding price floors
(b)Do nothing price and Binding price floors
(c)Binding price floors and Binding price ceilings
(d)Demand and quantity demanded
(e)Supply and supply schedule
(f)Individual demand and Market demand
(g)A shift to the left in a demand curve and a movement along a supply curve
(8a)What is the concept of a minimum wage?
(8b)With the use of a carefully labeled diagram illustrate the concept of a minimum wage?
(8c)What are the conditions under which a minimum wage may be bad for an economy?
(8d)What are the conditions under which a minimum wage may be good for an economy?
(8e)State and explain any two (2) favorable or unfavorable effects of a relatively large increase in the minimum wage on demand
or supply for goods and services in your city or state should the legislature in your state increase the minimum wage by say 60
percent.
(9)The economic benefits of a Rent Control policy exceed its economic costs to workers. Present three (3) clearly articulated
economic arguments in defense of this proposition and three (3) economic arguments against its defense.
Topic#5-For Critical Thinking and Analysis-This section is intended for students to apply
theories and concepts learnt in class to “real world economic policy issues and problems”.
Each question in this section will be graded out of 7.5 points.
(1)The US is the largest debtor nation in the world economy.
(1a)What is the concept of a “debtor nation”?
(1b)State and explain two (2) causes for the US’ debtor status on the demand side of the economy
(1c)State and explain two (2) causes for the US’ debtor status on the supply side of the economy
(1d)Briefly explain two (2) short term-medium term policy measures that the federal government should adopt to reduce the
national debt
(1e)State and explain any two (2) economic implications of your policy recommendations enunciated in (2d) above for Americans
(2a)What is the concept of “free market capitalism”?
(2b)State and explain two (2) ways in which it has worked to benefit folks on Main Street?
(2c)State and explain two (2) ways in which it has worked to benefit folks on Wall Street?
(2d)How has the deregulation of financial markets on Wall Street created the “financial meltdown” in the US economy?
(2e)How has the repeal of the Glass-Stiegel Act by the Clinton Administration in 1996 facilitated the deregulation of financial
markets on Wall Street?
(3)The relative impact of the washing machine is more significant in changing the world compared to the relative impact of the
internet to date. Critically evaluate this proposition by presenting three (3) arguments to support its claim and three (3)
arguments in opposition of its claim.
(4a)What is the concept of Affirmative Action?
(4b)Which groups of Americans derive benefits from the Affirmative Action program of the federal government?
(4c)State and explain two (2) benefits of the Affirmative Action program for any of the groups of Americans you mentioned in
(4b) above
(4d)State and explain two (2) costs of the Affirmative Action program for American society
(4e)Present a case based on either two (2) arguments for or two (2) arguments against Affirmative Action (Your case should be
NO MORE than eighty (80) words)
(5)The difference in access to quality education that exists between white households and African-American households in the US
is primarily a manifestation of the economic differences between the two racial groups. Present two (2) arguments for and two
(2) arguments against this proposition.
(6)The existence of any form of discrimination in an economy should not be the business of macroeconomists and students of
macroeconomics. Discuss
(7)The “digital divide” that exists between wealthy nations and poor nations is fundamentally anchored in the “culture of
innovations and technology” of the former group of countries that created the computer and internet and has very little to do with
the economic disparities between them. Critically evaluate this proposition by presenting three (3) arguments to support its
claim AND three (3) arguments in opposition of its claim.
(8)”The United States, uniquely among wealthy nations, does not guarantee basic health care to its citizens.” Paul Krugman, “The
Conscience of A Liberal” Construct a coherent set of arguments either for universal health care in the US or against universal
health care in the US.
(9)If you have seen Michael Moore’s latest movie “Sicko”, present three (3) of its strengths and three (3) of its weaknesses in the
context of the ongoing debate for and against universal health care in America.
(10)No society has the moral or political basis to call itself civilized, if it fails to provide health care as a right to all its citizens
independent of a family’s income. Critically evaluate this proposition by presenting three (3) arguments for and three (3)
arguments against it.
(11)”Socialized medicine” is inherently superior to “privatized medicine” in the delivery of health care to people anywhere in
the world. Present three (3) arguments for and three (3) arguments against this proposition.
(12)The current “health care-health insurance industry” that prevails in the USA is very difficult to change though it is
economically unsustainable for the vast majority of Americans. Present three (3) clearly articulated arguments to explain the
challenges for change posed by the current system AND three (3) arguments that justify the urgency of changing the system.
(13a)What is meant by the derisive term “Obamacare”(i.e. 2010 health-care reform) that emerged in the “health care debates”?
(13b)Is there a conceptual difference between ‘Obamacare” and “Universal health care”?
(13c)What is the difference between the concepts referenced in question (13b) above?
(13d)Carefully discuss three (3) ways in which ‘Obamacare” represents an improvement over the current for profit health care
system in the US
(13e)Carefully discuss three (3) ways in which ‘Obamacare” strengthens the current for profit health care system in the US
(14)The challenge of global warming is probably the most important policy issue facing governments globally. Present either
three (3) economic reasons to justify this proposition OR three (3) economic reasons against it.
(15)”Government is not the solution to the problem. Government is the problem” (President Ronald Reagan) Compare and
contrast the roles of the US government and Wall Street as sources of the problem and solution in the current financial meltdown
in the US and global economies.
(16)Free trade between firms and industries in different nations is superior to protectionist policies that reduce trade between
firms and industries between countries. Present three (3) economic arguments to support free trade and three (3) economic
arguments in support of protectionist policies in nations.
(17)Are people hungry because food prices are too high or because they are too low?-Present either three (3) arguments for or
three (3) arguments against hunger as a cause of “high” or “low” food prices. You are also free to present alternative
arguments beyond “high” or “low” food prices in your analysis.
(18)Critically evaluate two (2) specific ways in which your state’s budget has impacted and or is impacting any four (4) of the
following institutions:
(a)Your household
(b)Your workplace
(c)Your parents’ jobs
(d)Your job
(e)Your County’s economy
(f)Your State’s economy
(g)Your City’s economy
(h)Your education
(i)Your health care plan
(19)There is no irrefutable evidence to suggest that the costs of “illegal immigration” are greater than its benefits or vice versa on
the American economy and society. Present four (4) clearly articulated costs OR four (4) clearly articulated benefits of “illegal
immigration” to make your case either way in contradiction of this proposition.
(20)”Unemployment compensation to the unemployed is a “moral hazard problem” in the US”
(20a)What is meant by the “moral hazard problem”?
(20b)Why does the “moral hazard problem” exist?
(20c)Present two (2) costs and two (2) benefits of unemployment insurance in the US
(20d)Present two (2) arguments to support the costs of unemployment insurance or two (2) arguments to defend its benefits

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