Economics

1. http://www.youtube.com/watch?v=BHBXcqGUZdk
In “Cloudy With A Chance Of Meatballs,” a teenage scientist named Flint Lockwood invents Flint Lockwood’s Diatonic Super Mutating Dynamic Food Replicator (or the FLDSMDFR). The foods created by the FLDSMDFR have properties associated with a public good. Why might the “raining food” generated by Flint Lockwood’s Diatonic Super Mutating Dynamic Food Replicator (or the FLDSMDFR) be considered a public good? How do you distinguish between “raining food” and a “Big Mac?”

2.Watch videos, why is understanding Real GDP necessary for measuring Economic Growth? Explain. Be sure to define your terms. Why not Nominal GDP? It seems more tangible to me. What say you?
https://youtu.be/29S7FzI7s7g and http://www.youtube.com/watch?v=HfCEHYukiPw

3.When externalities (costs or benefits of a market activity borne by a third party) are present, what will happen to the market’s capacity to produce the right mix of output? You may choose a different path, if you wish. What are other examples of market failure and/or government failure. Please use the definitions from text and course.
http://www.youtube.com/watch?v=ExWfh6sGyso

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