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:

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:

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:

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:

The singer of this song doesn't like safetybelts because they make it harder to get close to his loved one in the car. Of course, safety belts are a highly effective safety device. Using the language of economics, make the case that laws mandating the use of seatbelts are not beneficial to this person. Are there any exceptions or other circumstances that should be considered in the analysis besides this one person's well being?

Assignment:

Big Yellow Taxi was originally written and performed by Joni Mitchell but covered by many other artists such as Bob Dylan, Amy Grant, and the Counting Crows. What trade-offs can you find in the lyrics? Define opportunity cost and give at least three examples found in the song. Finally, many of the problems mentioned in the song could be addressed through the assignment of property rights and an exploration of externalities. Explain how properly-defined property rights create incentives to minimize externalities.