Q1) Discuss the differences between the constant opportunity cost and the increasing opportunity cost in terms of Production Possibility Curve. ie.) the shapes of PPC and the main assumption behind these two. (2 points)
Q2) Discuss the differences between price ceiling and price floor with definition , example and consequences .(2 points)
Q3) Compare “Change in Supply ” with ” Change in Quantity supplied”(2 points).
Q4) At what price does Shortage and Surplus occur ? Once a market has shortage and Surplus, then what happens to the market price? (2 points)
Q5) Given supply, if Demand decreases, what happens to equilibrium price and output sales? (1 point)
If decrease in Demand is larger than increase in Supply, what happens to equilibrium price and output sales? ( 1 point)
Myth of income inequality in US
Although US is the largest economy in the world, some says it is one of the worst income inequal countries among the industrialized countries and Income inequality in US is not improving.
Q6) Does this claim have any truth in it? If so, discuss it with specific economic data.
Does the new Trump Tax cut make income inequality worse? (0.5 point)
Q7) Some says “ In US, the upper class is doing better, the middle class is disappearing and more people are living under poverty.”
If so, what is the social, economic and psychological consequence from growing income inequality? (0.5 point)
Q8) Some says US government should do something to reduce the gap between the poor and the rich? Do you agree or not? (0.5 point)
Q9)If so, is it a good idea to raise more tax from the wealthy and provide more welfare safety nets to the poor, or increase of minimum wage , or free higher education with Government subsidy? (0.5 point)
Q10) Is any better idea of government policy over this matter? since middle class struggles with heavier consumer debt due rising rent cost, medical cost, and education cost, and job insecurity due to automation. (0.5 point)
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