- List 5 countries that are poor and five countries that are rich, their respective per capita incomes and explain why they are rich and poor. If you produced bananas and coffee, would you be rich or poor?
- Use price elasticity of demand to explain pricing of milk, newspapers, beer, beef, restaurant meals, gasoline, and clothing and explain.
- Would you rather sell fresh tacos or legal services for a living? Explain.
- Why do business travelers pay more for airline tickets than leisure travelers and how do airlines do this? Why do college prices differently for poor and wealthy students. Also explain why college costs have increased so much in the last 20 years?
- Why do we need government and public goods when the market provides almost everything? What does it not provide adequately?
Sample Solution
