Assignment:

By reflecting on the lyrics in the songs, explain how free trade, limited limited trade barriers, liberal immigration policies, and broader markets, increase human welfare.

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 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:

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.)]

Assignment:

Billy Joel laments the loss of the way things were in Allentown. At one time it was a boom town, but now "they've taken all the coal from the ground." Assume that the presence of coal is the primary reason Allentown exists at all (like mining towns in the old west). (See here for a more complex history of Allentown). If coal and water access for easy shipping brought people flooding to the area upon its initial discovery, why don't people leave as quickly as they came once the coal is gone? Which do you think will decline faster: population or housing prices? Why? Based on your answer, can it be utility maximizing to stay in a declining city?

Assignment:

In markets, resources tend to move to their highest valued use. Evaluate the statement that "they have a value you can't see..." in light of what you know about resource allocation. Construct an economic argument of why apartment residents might not be able to purchase the apartment from the landlord before its demolition, assuming that they value it higher than in an alternative use. (Hint: liquidity constraints)

Assignment:

Beverly Hills, and other affluent communities, are examples of rich enclaves (Forbes, 2005) with markedly higher property values than surrounding areas. What explains why some areas are affluent and other areas nearby are not as well to do? Use substitution and income effects to explain your answer.