Explain to someone who lives in a country with a command system why your standard f living is higher because you live in a country with basically a ‘’market system’’ type of economy.

Answer each question between 40-80 words.

1. Visit the Website of a newspaper or a news agency and look for news items concerning government policy or business decisions that involve the basic concept of opportunity cost. Write a brief explanation of the opportunity cost of your decision that you have selected.

2. How could having an internet website improve the effectiveness and the efficiency of a business firm’s operations?

3. Suppose there were a shortage of apartments. (a)How would a market system correct this situation? (b) If the government passed a law that made it illegal to increase rents, how would this law affect how the market for apartments worked

? 4. Explain to someone who lives in a country with a command system why your standard f living is higher because you live in a country with basically a ‘’market system’’ type of economy

. 5. What are the key arguments in support of government ownership and operation of enterprise such as Canada Post and the Canadian Broadcasting Corporation?

6. Explain whether each of the following will make the demand for the product or service more elastic or more inelastic, and why it would do so. (a) At Thanksgiving, the demand for Turkey should become more…………, because…………………………………………………….. (b) The development of DVD would make the demand for movie tickets more…………, because……………………………………….. (c) The opening of a new pizzeria in town would make the demand for the existing pizzeria’s more…………………., because……………

7. Which would be more elastic- the supply of medical doctors or the supply of retail clerks? Explain your answer fully.

8. Suppose you are thinking to buy a used car of particular year, make, and model, but are uncertain of what is available on the market and at what prices. Visit www.autotrader.ca and see how many of that car are presently being offered for sale, and at what prices. Does this market appear to be very competitive?

9. The text says that, generally, the supply of a product becomes more elastic as time passes. (a) Why would supply become more elastic as time passes? (b) Can you think of an exception to this generality? (c) What would be the implications for the prices of such products?

10. Visit www.statcan.ca and search The Daily for Construction and then ‘’residential construction investment’’. What have been the most recent developments in the demand for new housing, and what are the reasons for these developments?

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