QUIZ ON CHAPTER 6 IN COLANDER AND CHAPTER 2 IN WHEELAN

From Colander:

1. Be able to draw graphs “c ” and “d” on page 133 (elasticity along a demand and supply curve.)

2. Be able to draw and explain graph “b” on page 140 (the inelastic graph of total revenue).

From Wheelan

1.  Explain the problem of the black rhinoceros. What is the solution that Wheelan proposes?

2. What is the prisoner’s dilemma? Cite an example.

From Sanderson

1. Why are economists less likely to be Democrats than other social scientists?

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