1. government regulation necessary to make sure that businesses serve the interests of consumers? Explain.2. This section is all about economic growth and what makes some economies grow more than others. What does economic growth mean to you and how has the world's economic growth changed over the last 200 years?3. "Cheap goods from China are destroying the American economy. If we are going to reduce the unemployment rate and maintain our living standard, we must stop the Chinese from selling goods at such low prices in the United States. If I am elected, I will fight hard for a 50 percent tariff that will save American jobs for American workers." Evaluate this statement. Explain why you either agree or disagree with it.
4. According to the Fraser Institute, what is the freest economy in the world? List three countries with a high degree of economic freedom. List three economies with very little economic freedom. Which group has the highest income per person? See the most recent annual report at the Economic Freedom of The World Project.
5. If Americans purchased less from foreigners, what would happen to our sales to foreigners?
6. Indicate how each of the following will influence economic freedom: (a) a $15 minimum wage law, (b) an increase in taxes, (c) a mandate that requires you to purchase a specific health insurance policy, and (d) a law that prohibits you from buying a product from a foreign producer.
7. Why do you buy things from others rather than producing them for yourself? Why do Americans buy things from foreigners?
8. Is being pro-competition the same as being pro-business? Make sure to fully explain your answer.
9. Provide an example of "creative destruction" not already mentioned in the book. Explain how that example promoted economic progress.
10. Do businesses operating in a competitive market have an incentive to keep costs low and produce goods that consumers value highly relative to cost? Do they have an incentive to innovate and develop improved products?Explain.
11. Does private ownership entitle the owners to do anything they want with their property? Why or why not?
12. What would happen to the size of the cattle population if Americans decided to eat substantially less beef?Explain the logic underlying your answer.