Assignment:

The singer in the song enjoys the glamorous life of expensive things, however she still likes going to Taco Bell. Does this imply that Taco Bell is not an inferior good for Fergie? What about for the average wealthy person.

Ludacris says, "I've got enough money in the bank for the two of us". While they are "taking trips from here to Rome" what is the bank doing with their money? In order to make the actual deposit expansion multiplier get closer to it's potential, would the bank want to maximize or minimize the excess reserves it is holding?

[Provided by Dillon Hess - Beloit College]

Assignment:

This song makes it seem like all rappers have enough "money to blow". Using economic reasoning, explain whether you think Birdman is the exception or the average? What is the problem with only analyzing the lifestyles of rappers you see on television?

What is the opportunity cost of becoming successful enough to have "money to blow?" Does it vary across industries? Your answer should include a discussion of industry specific human capital.

[Provided by Ulysses Smith - Beloit College]

Assignment:

In "The Fear," Lily Allen sings about a young woman who lives in a trailer but dreams about living with unlimited resources in a large estate. The narrator's utility for some costly but tangible goods (such as clothes and diamonds) is high. On the other hand, her utility for some intangible but costless goods (qualities of cleverness and funniness) is very low. Are these bundles of goods comparable? If not, why not? Why doesn't the narrator care about the clever/funny bundle, especially if it does not have a traditional market value? How does the narrator view clothes and diamonds? Does some of their value come from something other than their market price? What are the trade offs between these two bundles? Also, what is a weapon of massive consumption anyways?

[Provided by Katharine Bigott - Beloit College]

Assignment:

This song outlines three different scenarios in which people use illegal means in order to get money. The chorus of the song explains these actions by mentioning a couple popular cliches such as: "Money don't grow on trees," and " There ain't nothing in this world for free." What do you think the economic advantage is to engaging in illegal activity? Do you think that it is their economic state that drives people to commit crimes? Is partaking in illegal activity a never- ending cycle? In other words, is there really "no rest for the wicked" as long as their is scarcity?

[Provided by Jerrica Zaric - Beloit College]

Assignment:

The subject of the song states that he wants to be a paperback writer but he "needs a job." How would you classify his employment status? Is he unemployed? Actively seeking new work? Do you think self-employment creates a measurement problem for the Bureau of Labor Statistics? Also if it took him "years to write," does this suggest anything about the opportunity cost of his time?

[Provided by Xilong Zhu - Beloit College]

Assignment:

Does money have any intrinsic value? What are the functions of money? How does demand for money affect its supply? How do you think the supply of money versus the supply of diamonds has changed since the since the Beatles wrote this song? What's the reason for the difference? Although money can’t buy love, money can buy a diamond ring. How does the money supply change today if you pay for the diamond ring with credit as opposed to a debit card?

[Provided by Marlie Pykelny - Beloit College]

Assignment:

What is the singer saying about economics? What is his financial situation and why is he in such an intense pursuit of cash? What are the problems and reasons of bank and family for not lending him the money? What is your point of view on money in such desperate situations? Is "money too tight to mention?"

[Provided by Ilija Bojovic - Beloit College]

Assignment:

In the song, the narrator insists that he has to “catch ‘em all.” How elastic is the narrator’s demand for pokémon? Considering the law of diminishing marginal utility and the six factors that change the demand for a good, how realistic is his stated elasticity? In other words, is it usually efficient to “catch ‘em all”?

[Provided by Rhiannon Roselle - Beloit College]

Assignment:

“It’s better than yours/…/I can teach you/But I’d have to charge.” What sort of market structure is Kelis operating in: price taker, price searcher with low entry barriers, or price searcher with high entry barriers? How would competition affect Kelis’s market and what is she doing to protect her profits?

[Provided by Rhiannon Roselle - Beloit College]

Assignment:

The speaker is consoling a friend who can’t quite cut it in show business. He makes light of the situation by telling his friend, “You got the kitchen hand job easily/ You'll be king of this here town.”

Is “the friend” better off for taking this job right away and making some money? If this person were to remain unemployed, how long would they be considered part of the workforce? What type of unemployment is this: frictional, structural, cyclical?

[Provided by Shelley Quade - Beloit College]

Assignment:

What is the main purpose of the money according to the song? Is money really that powerful? Can it replace happiness in your opinion? What is the purpose of the money if not to afford happiness? Is the song being realistic about the role of money? Why or why not?

[Provided by Ilija Bojovic - Beloit College]

Assignment:

In the song "Slow Motion" we see a young man appearing to make several bad decisions. To many, these decisions are irrational. But are they? Explain the young man's actions as a rational. Your answer should discuss the marginal benefits of conducting the violence, drug intake, and sex as compared to the marginal costs of each action.

[Provided by Rajeev Viswanathan - Beloit College]

Assignment:

What was the economic advantage to engaging in slavery? Why did they choose to engage in economic ventures in Barbados rather than remaining in their home country, especially given the high start up costs (ship construction, supplies for the voyage, etc)? What are the opportunity costs of starting up a overseas economic venture? Given the high levels of unemployment in Enlightenment-era Europe, why didn’t more Europeans join colonization efforts in order to escape
their economic plight? What could be some long term costs of natural resource consumption associated with such “ghostly crimes?”

[Provided by Tim Schutt - Beloit College]

Assignment:

In "Day Job," Gin Blossoms lead singer Robin Wilson sings about the disillusionment that greets many college graduates, and wonders whether he should return to college and complete his degree. When might the marginal benefits of a greater possibility of graduating and finding a better job be exceeded by the marginal costs of spending time and money at college instead of being fully employed? Should the singer return to college due to the sunk costs of already having attended for some time? What are the opportunity costs of completing college?

[Provided by Kevin Axe - Beloit College]

Assignment:

The narrator expresses his decision not to put the effort into trying to win the girl’s love because the more time he spends the less energy he has. How do the marginal benefits and the marginal costs of this effort influence his decision? Keeping the concept of sunk costs in mind (“…I’ve done it before”), should the amount of time he has already invested in the girl influence his decision? Why or why not?

[Provided by Emory Nelms - Beloit College]

Assignment:

In "10 Dollar" M.I.A. sings about a young child who had her sights set on better things but is stuck in the sex industry. What are the costs and benefits of this girl engaging in the underground economy? How are the opportunities for this girl different since she comes from a developing country? Is her choice rational to charge 10 dollars for sex?

[Provided by Sophie Kaufman - Beloit College]

Assignment:

In the song, Clash lead singer Joe Strummer sings about job opportunities available and how he doesn’t want any of them. Does this mean he is unemployed? If so, what type of unemployment is it? What is the opportunity cost of him not taking the job? Can it be beneficial for the economy if citizens don’t take jobs offered to them? In the song, Strummer mentions many of his “career opportunities”, many which are jobs with the government; do you think it is beneficial for the government to offer low-paying jobs to jumpstart the economy? Weigh both the pros and cons for of Strummer's decision to not join the labor force.

[Provided by Bebe Santa-Wood - Beloit College]

Assignment:

After reading the reading the lyrics describe the sacrifices (opportunity costs) of going to and preparing for war.

[Provided by E. Frank Stephenson - Berry College]

Assignment:

According to the song, what is Harvey's reservation price for an evening with his friend the narrator, as illustrated by his behavior? What are the opportunity costs of Harvey's activities? Why do people partake in what to outsiders seems like risky behavior? Put yourself in Harvey's shoes and justify his behavior in cost-benefit terms. Are his costs really that "the misses will kill me/I'll surely be done"?

[Provided by Alex Ebner (Student - Beloit College)]

Assignment:

Put yourself in the shoes of the "girl". Should she be pleased at the line "with each passing minute your marginal cost goes up?" Why or why not?

Assignment:

Most people interpret “Refugee” as a song about a woman who’s had a rough go of it in life. But, embedded in the song is a message of the role freedom plays in NOT living like a refugee. Petty, in some sense, is telling listeners that freedom promotes a better life. This message is one that is consistent with many of the findings in macroeconomics: more open and economically free societies prosper; societies that are less free struggle. How would you define economic freedom? How does this differ than your definition of political freedom? How, specifically, does freedom tend to make people more prosperous? Finally, what can policymakers do to increase freedom in a society?

[Provided by Scott Beaulier (Mercer University)]

Assignment:

Many rock stars like Neil Young get a maid. Why don’t they do their own cleaning and fix their own meals? If you were thinking about getting a maid what information would you need to make that decision? For example, if you could hire a maid for $100 per day to cook and clean, would you hire her? Does your answer differ if you are a successful lawyer or a burger flipper? Why?

[Provided by Simon Medcalfe (Brenau U.)]

Assignment:

James Dean Bradfiled sings about a war veteran that has to sell his medal to pay a bill. Economics textbooks tell us about winners and loosers from inflation. How does inflation destroy buying power? Why are war veterans more affected by this than other members of society to such an extent that they have to sell their medals? What policy solutions would help veterans combat the affects of inflation?

[Provided by Simon Medcalfe (Brenau U.)]

Assignment:

Are motorcyclists that ride without helmets – with their long blonde hair flyin in the wind - rational? What are the costs and benefits of not wearing a motorcycle helmet? Thaler and Sunstein in their book Nudge (2008) suggest that motorcycle riders who want to “have their long blonde hair flyin in the wind” should take an extra driving course and submit proof of health insurance (this suggestion is based on a New York Times column by John Tierney in 2006). How would such a proposal affect the costs and benefits of not wearing a helmet? Is this proposal better than government mandated universal helmet laws? Why?

[Provided by Simon Medcalfe (Brenau U.)]

Assignment:

Based off of the James Hetfield lyrics in the song Master Of Puppets, describe why someone would continue to engage in behavior that is self-damaging, expensive, and time consuming. What effect does past consumption have in an addictive setting? How does an addiction make sense economically? Your might want to refer to the article "A Theory of Rational Addiction" by Gary S. Becker and Kevin M. Murphy.

[Provided by Noah Watenmaker (Student - Beloit College)]

Assignment:

How does the government calculate the unemployment rate? If Liam Gallagher decides it is not “worth the aggravation to find yourself a job when there’s nothing worth looking for” how does this affect the unemployment rate? Is Liam classified as unemployed? Should he be? What is the number of discouraged workers in the US at the current time (use www.bls.gov)?

[Provided by Simon Medcalfe (Brenau U.)]

Assignment:

Economists use GDP to measure the total production in an economy. Sometimes GDP is used as a measure of well-being. However, as Neil Young points out, GDP is not a perfect measure of well being. For example, it is not adjusted for inequality (the homeless man), crime (a kinder, gentler, machine gun hand), and pollution (Styrofoam boxes for the ozone layer). What other factors affect our well being but are not calculated in GDP? If we included these other factors that affect our well being, does GDP over estimate or underestimate our well being?

[Provided by Simon Medcalfe (Brenau U.)]

Assignment:

Economists divide unemployment into three categories: frictional, structural, and cyclical. What type of unemployment does Bruce Springsteen suffer from? What is today’s unemployment rate? How much of today’s unemployment is frictional unemployment? How much is structural unemployment? How much is cyclical unemployment?

[Provided by Simon Medcalfe (Brenau U.)]

Assignment:

What is the effect of emigration on the country of origin? What is the effect of immigration on the host country? Do you think most immigrants work (for example on the railroad, or as police officers) or do you think they take government assistance (dollars from the White House)? How quickly do immigrants assimilate into a new country: is it “months and years” or do their teardrops quickly dry?

[Provided by Simon Medcalfe (Brenau U.)]

Assignment:

Draw a supply and demand diagram that shows the boss receiving “the lions share bliss” while someone who scrubs floors gets much less. In other words, what factors would affect supply and demand such that CEO’s receive 300 times the compensation of average workers? Are CEO’s paid too much?

[Provided by Simon Medcalfe (Brenau U.)]