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Suppose you have a team of two workers: one is a baker and one is a chef. Explain why the kitchen can produce more meals in a given period of time if each worker specializes in what they do best than if each worker tries to do everything from appetizer to dessert.

What are the main causes for the recent trends in union membership rates in the United States? Why are union rates lower in the United States than in many other developed countries?

Why would division of labor without trade not work?

Can you think of any examples of free goods, that is, goods or services that are not scarce?

What is a monopsony?

A balanced federal budget and a balance of trade are secondary goals of macroeconomics, while growth in the standard of living (for example) is a primary goal. Why do you think that is so?

Macroeconomics is an aggregate of what happens at the microeconomic level. Would it be possible for what happens at the macro level to differ from how economic agents would react to some stimulus at the micro-level? Hint: Think about the behavior of crowds

Why is it unfair or meaningless to criticize a theory as 鈥渦nrealistic?鈥�

Suppose, as an economist, you are asked to analyze an issue, unlike anything you have ever done before. Also, suppose you do not have a specific model for analyzing that issue. What should you do? Hint: What would a carpenter do in a similar situation?

Why do you think that most modern countries鈥� economies are a mix of command and market types?