Thinking like an economist: The basic vocabulary of the field
After reading the chapters from the background materials page, please address the following questions in an essay form:
1. What is the approximate dollar cost of the tuition and other fees associated with this economics course you are taking? Does this dollar cost fully reflect the opportunity cost to you of taking the course?
2. In the Case in Point essay “The Rising Cost of Energy,” (section 1.1 of Chapter 1) what would be some of the things that would be included in an the opportunity cost of preserving part of northern Canada
by prohibiting heavy crude oil extraction? Do you think that the increased extraction represents the best use of the land? Why or why not?
3. Could a nation’s production possibilities curve shift outward? Explain what such a shift would mean, and discuss at least TWO events that might cause such a shift to occur.
4. By 1993, nations in the European Union (EU) had eliminated all barriers to the flow of goods, services, labor, and capital across their borders. Even such things as consumer protection laws and the types of
plugs required to plug in appliances have been standardized to ensure that there will be no barriers to trade. How do you think this elimination of trade barriers affected EU output?
Use concepts from the modular background readings as well as any good-quality resources you can find. Please be sure to cite all sources within the text and a reference list at the end of the paper.
Length: 3 pages double-spaced and typed.
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