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Have you or someone you know ever received something via the mail or by some other means that you did not order? What did you do with it? According to the textbook, did you handle it properly?

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Joshua Stredder
Joshua StredderLv10
28 Sep 2019

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Principles of Economics
2nd Edition, 2017
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ISBN: 9781947172364
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Related questions

Answer the following questions:

1) State an import you have purchased before.

a) What country produced it?

b) Why did you not purchase this type of product from a U.S. producing company?

2) What is something you specialize in? รขย†ย’ For example: I specialize in teaching Economics.

3) What is something you outsource (pay someone else to do because your opportunity costs to do it are too high) รขย†ย’ For example: I take my car to Jiffy Lube for an oil change, because it would take me all day to change the oil in my car. Besides the fact, I could seriously screw up my car.

My response " I agree that the government should only be involved when it is absolutely needed or when there is more on a state's plate than they can handle. The thing that I keep in mind is that the states that make up the United States are free states and that matters concerning the states such as economic growth belong to the state. There are times such as recently the Great Recession and even further back in history, the Great Depression placed more on the states than they could handle. As a result, the government should have, just as it did, step in and do what they can do. Although recovery from the Great Recession is slow going it is still happening. As far as the Great Depression if it had not been for the government then we may still be trying to get over that."

Instructors question "I (we?) am unclear on your claim, "There are times such as recently the Great Recession and even further back in history, the Great Depression placed more on the states than they could handle." Just what were "the states" supposed to do that you believe they did not do or were incapable of doing to prevent the Great Recession? Also Calvin, the reference notation you listed did not have matching citations. Where then would you place them? "

Please help me with the response to the instructor's question.

Answer the following questions about welfare:

Is there something you ever purchased that you would have been willing to pay more for than the listed price? What was it?

a) What was the difference between the amount you were willing to pay and the actual price you paid?

b) Why was there such a discrepancy?

Answer the following questions about taxes & subsidies:

1) Give an example of something you purchase that has a special tax placed on it. For example, cigarettes have a special tax placed on them.

a) How high would the price have to go (due to a tax increase) in order for you to no longer purchase it?

2) Give an example of something you purchase that is subsidized. For example, cotton is subsidized.

a) Do you think you would still purchase this product or service even if it wasn't subsidized (because it would be more expensive)?

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