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ECN 351 Full Course Discussions GCU
ECN 351 Topic 1 DQ 1
If the United States could produce five televisions per hour of labor and China could produce three televisions per hour of labor, would it necessarily follow that the United States should specialize in television production? Why or why not?
ECN 351 Topic 1 DQ 2
Discuss the difference between absolute advantage and comparative advantage. Which is more important in determining trade patterns? Justify your answer.
ECN 351 Topic 2 DQ 1
Explain the difference between change in quantity demanded and a shift in demand. What causes changes in quantity demanded? What causes a shift in demand?
ECN 351 Topic 2 DQ 2
Adam and Barb go to the store to purchase some lottery tickets. Without looking at the price, Adam says “I’ll take 10 lottery tickets,” and Barb says “I’ll take $10 worth of lottery tickets.” What is each person’s price elasticity of demand for lottery tickets?
ECN 351 Topic 3 DQ 1
Consider the market for white athletic socks, which consumers consider to be identical products. If the demand is very elastic and the supply is very inelastic, how would the burden of a new tax on athletic socks be shared between consumers and producers? What if the situation were reversed – a very inelastic demand and a very elastic supply? How would that change the way consumers and producers share the burden of the new tax? Justify your answer.
ECN 351 Topic 3 DQ 2
Does the United States’ labor supply tend to be more elastic or more inelastic? Explain the competing theories discussed in our textbook. Which seems more convincing to you? Explain your answer.
ECN 351 Topic 4 DQ 1
Suppose that a small family farm sold its output for $100,000 in a given year. The family spent $25,000 on fuel, $40,000 on seed, fertilizer, and pesticides, and $25,000 on equipment, including maintenance. The family members could have earned $20,000 working at other occupations. What is the family’s accounting cost? What is the family’s economic cost? Could the family’s economic cost ever exceed its accounting cost? Why or why not?
ECN 351 Topic 4 DQ 2
News reports from the western United States occasionally report incidents of cattle ranchers slaughtering many newborn calves and burying them in mass graves rather than transporting them to markets. Assuming that this is rational behavior by profit-maximizing “firms,” explain what economic factors may influence such behavior. Justify your answer.
ECN 351 Topic 5 DQ 1
GDP is often used as a measure of well-being. Is it a reasonable measure of well-being? If so, why does Norway with its high standard of living have a relatively low GDP? Why do India and China, with their relatively low standards of living have some of the highest GDP in the world?
ECN 351 Topic 5 DQ 2
Since 1970, the labor force participation rate for women has increased from 43.3% in 1970 to 56.9% in 2018. During the same period, real GDP increased from $4.715 trillion to $17.286 trillion. Are these two events related? Explain.
ECN 351 Topic 6 DQ 1
If a nation chooses to reduce consumption and increase investment, how would this affect economic growth? In addition to investment in physical and human capital, what other public policies might a country adopt to increase productivity?
ECN 351 Topic 6 DQ 2
Explore International Property Rights Index website. This organization scores countries on their legal and political environment and how well property rights are protected. Choose three countries with high scores and three countries with low scores from their list.
Then explore the CIA World Factbook website to find GDP per capita in each of these six countries. Based on what you find, how would you describe the relationship between property rights and GDP per capita? Why do you think that relationship exists?
ECN 351 Topic 7 DQ 1
How does the Federal Open Market Committee increase the money supply? Why might the Federal Open Market Committee choose to increase the money supply?
ECN 351 Topic 7 DQ 2
Read “A Welcome Revival; Inflation.” The article explores why, even though the unemployment rate has dropped, wages have been slow to increase. Explain the three key drivers of this phenomenon discussed in the article. Which of these three do you think offers the most convincing explanation? Explain your answer.
ECN 351 Topic 8 DQ 1
Explain the logic of the monetary neutrality and why changes in the quantity of money only affect nominal variables and not real variables. Do you agree that monetary neutrality approximates the behavior of the economy in the long run? Why or why not?
ECN 351 Topic 8 DQ 2
Why do governments sometimes pay for their spending by printing more money? Why do economists refer to this as an ‘inflation tax” that can result in very harmful results?
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ECN 351 Full Course Discussions GCU
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ACCT 553 DeVry, BIAM 500 DeVry, CIS 500 STR, CIS 558 STR, ENG 105 GCU, FIN 390 DeVry, FIN 504 GCU, HCA 545 GCU, HCA 699 GCU, HLT 306 GCU, HLT 362 GCU, HLT 555 GCU, HLT 610 GCU, HLT 665 GCU, HOSP 594 DeVry, HRM 600 DeVry, MAT 144 GCU, MGMT 600, MGT 599 STR, MGT 655 GCU, MKT 373 GCU, PSY 362 GCU, PSY 565 GCU, PSY 575 GCU, PSY 665 GCU, SOC 102 GCU, SOC 320 GCU, SOC 372 GCU, SOC 412 GCU, NSG 6440 SU, HIM 515 GCU, NSG 4029 SU, HIM 615 GCU, NSG 3029 SU, NSG 4055 SU, NSG 6630 SU, NSG 6005 SU, CRMJ 310, PSY 510 GCU, CRMJ 300 Devry, CRMJ 425, SPD 200 GCU, HLT 490 GCU ,ECH 340 GCU , ECH 440 GCU , ECH 355 GCU ,ECH 350 GCU ,LDR 461 GCU ,ECH 425 GCU ,REL 212 STR ,SCI 115 STR ,CIS 505 STR ,JUS 652 GCU, MGT 640 GCU, CIS 527 STR, SOC 436 GCU,ACC 502 GCU, FIN 504 GCU , MATH 260 DeVry ,ETHC 445 DeVry ,ECET 220 DeVry , CARD 405 DeVry, NETW 203 DeVry, NETW 205 DeVry, ECET 365 DeVry ,MATH 270 DeVry ,PHYS 310 DeVry, BIB 106 GCU ,CIS 512 STR ,SYM 506 GCU ,ECN 601 GCU ,BIAM 570 DeVry, PSY 402 GCU , SOC 480 GCU , BIAM 530 DeVry, DNP 810 GCU , DNP 820 GCU , DNP 825 GCU , ECN 450 GCU , DNP 830 GCU , LDR 804 GCU , MAT 105 GCU , ECS 501 GCU , ECS 555 GCU , TSL 552 GCU , ECS 560 GCU , NRS 493 GCU , ECS 570 GCU , BUS 352 GCU , MIS 660 GCU , ECS 590 GCU
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