Verbally and graphically explain labor and loanable funds markets. What happens to interest rates when savers decide to save more? Show graphically.

Economist Roy Cordato notes the relationship between resource markets and product markets to make the economic case against recycling, in this 1995 article.

What are price controls? How are they maintained? Explain, verbally and graphically, price ceilings and price floors.

Define tax incidence. What is the difference between economic incidence and legal incidence?

What must happen for shortages and surpluses to persist?

What socially beneficial results occur when relative prices rise? I.e., what is their effect on consumers and producers? How is this related to Smith's "invisible hand"?

Here is an old news story about someone trying to sell a kidney on eBay.

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Which of the following events would be illustrated as a shift in the supply curve for handguns?
(I) a decrease in the price of resources used in producing handguns
(II) an improvement in technology, reducing the production cost of handguns
(III) an increase in the price of rifles, a substitute product for handguns

a. II only
b. III only
c. I and II only
d. I, II, and III

A decrease in the price of leather used to make shoes would cause the
a. demand for shoes to decrease.
b. demand for shoes to increase.
c. supply of shoes to decrease.
d. supply of shoes to increase.