Use economic analysis in your answers and explanations. We will see what can be done about the exam on chapters 5- 8. 5.
1- Suppose anyone could park in the driveway of your home so it would often happen that you could not get into your garage with our car. How would this “open access” to your driveway impact the value of your home? If there was open access to all driveways in your city, what would be the impact on the construction of new homes in your city?
6. How would you go about analyzing the benefits and costs of outlawing drugs such as heroin? Bee specific about what you would include as a benefit and what you would consider are the costs involved.
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7. The U.S. Department of Agriculture publishes nutritional guidelines, and the Affordable Care Act mandates calorie counts on menus. Yet the federal government also subsidizes the production off foods that end up causing Americans to violate those guidelines and consume calories that contribute to the national obesity epidemic. How do you explain this seeming inconsistency? (Hint: Who benefits from agricultural subsidies and how might they react to decreases in such subsidies?)
8. The United States currently has an “opt-in” system for organ donations from the deceased. People must explicitly choose postmortem donation ahead of time (as when they obtain their driver’s licenses). Many other nations have “opt-out” systems: A desire to donate postmortem is presumed to exist unless an individual explicitly chooses ahead of time not to permit donation. How, if at all, would a shift to an opt-out system in the U.S. likely change the supply of cadaveric (postmortem) donations