Economics Homework

1- GMO-free soybeans cost about $2 per bushel more than GMO soybeans. How many hours does someone have to work to pay that premium in the United States, where average wages are about $30 per hour? How many hours does someone have to work to pay that premium in those African nations where average wages are about 25 cents per hour? Are attitudes toward GMO-free crops likely to be different in Africa and the United States?

2- Jodi incurs $25,000 in student loans to obtain a bachelor’s of science degree in engineering. Owen undertakes the same course of study, also incurring $25,000 in student loans, but he fails to graduate. Which student will have a higher probability of nonpayment of student loans, and why? Who should be responsible for any nonpayment amount? Explain your answer.

3- How would a change in immigration laws that allowed more legal immigration affect the budget crisis we face with Social Security and Medicare?

4- Consider a highway with a hot lane and a lane that has no toll. Assume that all cars in the hot lane must pay the toll, no matter how many people are riding in them. What can you predict about the average occupancy of vehicles in the hot lane compared to vehicles in the other lane during rush hour?

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