1. Explain how taxes reduce both consumer and producer surplus. AND Discuss why some taxes have larger deadweight losses than others.

2. Discuss who wins and who loses from international trade THEN Discuss the welfare effects of tariffs and quotas.

3.Identify in the US economy the best example of a competitive industry and discuss how competitors in that industry determines its profit maximizing price and output quantity.

4. Explain the differences between the average and the marginal when a class with 40 students in it has a total weight of 6,000 pounds and a100 pound jockey joins the class versus a 350 pound sumo wrestler THEN discuss the relationship between long and short term (in terms of implicit and explicit costs(

5. Identify in the US economy the best example of a competitive industry and discuss how competitors in that industry determines its profit maximizing price and output quantity AND discuss the relative efficiency of that industry compared to a purely monopolist industry.

6. Identify in the US economy the best example of a monopoly and discuss how that industry determines its profit maximizing price and output quantity THEN Discuss the relative efficiency of that industry compared to a purely competitive market industry.

7. Discuss why externalities make markets inefficient THEN Give an example of a positive externality and a negative externality in your life and discuss who is benefiting in each case and at whose cost.

8. Discuss the proper role of government (as instigator and enforcer of rules and regulations) in YOUR economic resource allocation decisions and the consequence of those regulations on YOUR resource investment decisions. In particular, focus on how government policies, rules and regulations have influenced your decision to pursue a college degree (or college credits) or a particular career path? Think about your loans, your major, your choice of colleges, etc.

9. Who should benefit from YOUR resources (land, labor and capital)? Should you even own ANY resource but rather shouldn't ALL resources be shared resources? Or, do we follow the thinking of Bakunin. But, workers are not all equal in skill, effort, ability, desire, etc. and some will be more equal than others after a while since incentives work. Are we willing to let some children be left behind? How do we decide? Whom do you want to be responsible for how you choose to use YOUR resources?