Question 1
Answer each of the following questions in full sentences. Use a graph if it helps with your explanation.
Define and explain Frictional, Structural and Cyclical unemployment.
Explain the difference between a Normative and a Positive statement. Why is this important?
Explain the basic Consumption – Leisure choice model.
Explain the importance of the slope and the curvature of the isoquant on a graph measuring pairs of capital and labour.
Show and explain the difference in the wage – dirt curve when there are identical workers and identical firms.
Question 2
The sharing economy is largely split between capitalist (Airbnb) and gift (Khan academy) organizations. Which model has the greatest potential to grow as the standard platform?
Question 3
1. Watch the “Free or Equal” video (Free to Choose TV) in its entirety (questions from the video may appear on the final exam): http://www.freetochoose.tv/program.php?id=free_or_equal (Links to an external site.)Links to an external site. 2. Write and submit online through Canvas a three paragraph response and/or critique of the video, focusing in particular on the economic concepts and arguments presented in the video.
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