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Answer the ten questions below using complete sentences in Essay format


Answer the ten questions below using complete sentences in Essay format. Each answer must be a minimum of 200 words, and include a cover and reference page. Only one cover and reference page is needed for all ten questions, you do not need a separate one for each question.
Essay answers are to be submitted in APA formatting and include a minimum of one scholarly peer-reviewed reference per each essay question below. Utilize the B&SC Virtual Library for your research information and scholarly resources. Be sure to include in-text citations and do not plagiarize. Plagiarism is a serious offence and will result in a zero for the assignment.
Each essay is worth ten points for a total of 100 points. See the Grading Rubric after the essay questions for details.
1. Explain and evaluate: “If resources were infinitely abundant in relation to the demand for
them, the economizing problem would dissolve in a sea of affluence.”
2. Can ticket “scalping” be justified? Explain using economic analysis.
3. What are the economic effects of an appreciation of the dollar in foreign exchange markets?
4. Explain the perspective that tougher enforcement of drug laws for cocaine or other drug
laws may actually increase the crime rate. Use the concepts of demand, supply, and
elasticity in your explanation.
5. A vice president of a company argues that the president of the company should raise
workers’ wages if the president wants less absenteeism. The president says that wages 
probably should be cut so that the workers could not afford to miss so much work.
Evaluate the two views using the income and substitution effects in your analysis.
6. What is the real cost of putting an unemployed laborer to work raking leaves or digging
holes and refilling them during a serious depression? Explain
7. How does pure competition differ from other basic market models?
8. What are the basic characteristics of oligopoly? How does oligopoly compare with the
other market structures?
9. What are the case against and the case for the minimum wage? What does the evidence
10. How can the economic perspective help us understand the behavior of fast-food
consumers? Explain several insights it provides about customer behavior.

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