Ch2
1. Please provide definitions and calculations for the
following;
a. Do you understand how wealth is created, from this text’s
perspective, and
b. when there are no more wealth-creating opportunities?
c. how taxes, subsidies, and price controls can impinge on these
opportunities?
d. how government supports wealth creation?
e. Can you identify, define, and/or calculate:
f. Efficiency/market-clearing price
g. Buyer surplus
h. Seller surplus
i. Total surplus
j. Price floors/surplus
k. Price
ceilings/shortage
l.Do you understand how wealth is...