Explain how a technological advancement in one sector of the economy can lead to a change in the number of people who work in another sector of the economy.  Give an example to help support your answer.

Elaborate on your opportunity costs, if you decide to stop studying now and start working.

In 2006, Warren Buffett, the world’s second richest individual, announced that over the next few years he would be giving 85% of his wealth, over $30 billion, to the Bill & Melinda Gates Foundation. The foundation focuses on grants to developing nations, helping the poorest of the poor. What suggestions would you give the foundation to help these developing nations grow?  

What is the opportunity cost of investing in a physical capital?

In The Wealth of Nations (1776), Adam Smith wrote, “The most decisive mark of the prosperity of any country is the increase in the number of its inhabitants.” How would Smith’s view have to be revised today? How would you explain the change to Smith?

Political economists have offered a range of explanations of economic and human development. These explanations can be grouped into two types: political and economic. Which type of account best explains why some countries are developed but not others?

Describe the major challenges societies face. Define the term “knowledge worker” Who coined the term?

Assume there are 100 workers and each worker produces 100 outputs. If the workforce is growing by 1% a year but productivity does not improve, how fast can output increase?

How is a traditional economy similar to and different from a mixed economy?

In order to have innovation, you need to a.have strong patent laws b.improve economic growth c.invest in capital d.share the benefits of innovation equally