Answer five of these questions, including Nos. 3, 6, and 7. five at 7 pts. each= 35 1. Discuss the basic nature of "the economic problem" and what this problem implies pts. for us as individuals and for society. 2 . Discuss and highlight four or five of the outstanding characteristics of the United States economy as emphasized in our course. 3, Explain three ways in which the market for labor is different from the markets for commodities like grain, oil, and steel. 4. Explain the concept of "market failure, " giving three or four reasons for the occurrence of market failure. What are some solutions? 5. Discuss some of the outstanding trends in the labor market (s) of the U.S. A. over the past several decades. an input 6. Distinguish between the "scale effect" and the "substitution effect" of / price change on the demand for labor. (Graphical illustration is appropriate here, along with verbal explanation.) Discuss and graphically illustrate (short-run) wage and employment determination in price-taking markets in the case of "perfect competition all-around. " Speak to the industry (market ) and the individual firm's situations. 8. What are two basic ways that a union of workers might attempt to push up the wages of its members? Explain in words and graphically illustrate these cases. 9. Discuss possible specific evidences for believing that workers are "underpaid" in a certain competitive labor market; and for believing that another group of workers are "overpaid" in a different competitive labor market. 10. Discuss specific reasons why U. S. labor economists might believe that certain "nonmarket" forces are stronger in most European countries than in the United States