1. The COVID-19 vaccination is an example of a positive externality. How can this positive externality be internalized?

2. Define club goods and common resources,and give an example of each.

3. Do you think the impact of the minimum wage depends on the skill and experience of the worker? If yes, explain how.

4. Binding price ceilings create shortages. Identify two rationing mechanisms that tackle this problem.

5. Use the concept of elasticity to explain the following statement: "The coordinated supply reduction of crude oil by the organization of petroleum exporting countries (OPEC) often fails to realize the increased profit in the long run."