Posted: September 13th, 2017

Nobel prize-winning economist Milton Friedman

Nobel prize-winning economist Milton Friedman

1.    Nobel prize-winning economist Milton Friedman summarized the idea of

opportunity cost with his now famous remark: “There is no such thing as a free

lunch.” What was Friedman really saying when he made this comment? Provide two

real-life examples (one professional and one personal) in which you had to make

a choice involving opportunity costs. Explain how opportunity costs influenced

your decision making.

2.    Is an understanding of microeconomics an important part of your

employer’s decision-making process? If so, what role does economics play in your

employer’s decisions? If not, elaborate on the noneconomic criteria your

employer uses to make business and/or organizational decisions? Provide at least

two real-life examples in which economics impacts your employer’s decision-

making process.

3.    All U.S. states subsidize education for college students, mostly by

charging below-cost tuition. Nearly free tuition is available in many European

countries and Canada. Do you think the government should subsidize college

education so that it can be provided with very low tuition? Or, should college

education be allocated in a market system, in which prices are set by supply and

demand? Provide your rationale.

4.    Give two examples of actions taken by a company, government, or

organization whose effect is to prevent specific markets from reaching

equilibrium. What evidence of excess supply or excess demand can you cite in

these examples?

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