Skip navigation
All Places > The Economics Community > Blog > 2020 > February
2020

The Economics Community

February 2020 Previous month Next month

Engage your students before you launch into your lecture with the #iclickerqoftheweek!  Tyler Cowen and Alex Tabarrok, authors of Modern Principles of Economics, share their favorite question about the market for roses to help you talk about price on #valentinesday.  Have your students watch how the #invisiblehand delivers roses in this short video, and then answer these questions.  (Click here for the video: I, Rose - YouTube )

 

Start your students off with a target question (learn how to use target questions here: iClicker Support) with a world map (search via Google Images for a world map with the countries labeled) and ask your students to Click on the country that the majority of the world's roses are coming from, according to the Chapter Opener in CH 7 The Price System: Signals, Speculation and Prediction (Page 119 in Micro and Econ).  Answer: Kenya. 

 

Why did flower production move out of the United States in the 1970s?
a) Flower blight in the United States.
b) Disco
c) An increase in the price of oil raised heating costs relative to transportation costs.
d) A change in preferences increased the demand for flowers grown elsewhere.
Correct answer: c
Suppose that imports of flowers were taxed (a tariff) what would happen to the US production and consumption of flowers?
a) US production would increase, US consumption would decrease
b) US production would decrease, US consumption would increase
c) US production would decrease, US consumption would decrease
d) US production would increase, US consumption would increase
Correct answer: a
Suppose that imports of flowers were taxed (a tariff) what would happen to chocolate consumption around Valentine's Day?
a) No expected change
b) Chocolate consumption would increase
c) Chocolate consumption would decrease
Correct answer: b (chocolate is a substitute for flowers)

 

 

Additional questions for discussion

  1. Why are so many countries involved with getting roses into the United States for Valentine's Day?
  2. If the price of airline fuel goes up, trace out the mechanism by which the number of roses given on Valentine's Day is likely to decline. 
  3. If you are trying to predict which countries might supply roses for Valentine's Day, which factors might be likely to play a role?

 

 

 

 

Engage your students before you launch into your lecture with the #iclickerqoftheweek.  Our faculty advisor, Solina Lindahl (@SolinaLindahl), who teaches Principles of Economics at Cal Poly, SLO, shares questions related to the State of the Union address.  Let us know how you use these with your students! 

*The correct answer is noted in bold.

Topic: State of the Union Address

Economic Concept: Unemployment

 

 

  1. As the President reminded us in the State of the Union Address, U.S. unemployment is at record lows. Which type of unemployment is lowest (nonexistent)?

    1. Structural unemployment

    2. Frictional unemployment 

    3. Cyclical unemployment

    4. Seasonal unemployment

Topic: State of the Union Address

Economic Concept: Fiscal Policy and Deficit

  1. In the State of the Union address, the President mentioned NASA’s Artemis Project, aimed at getting “the next man and the first woman” U.S. astronauts on the moon by 2024.  The effect of increased government spending on projects like this alongside tax cuts like the 2017 Tax Cuts and Jobs Act (TCJA) will have which of the following effects (other things equal) in the U.S. in the near future?

    1. To expand the economy and shrink the deficit

    2. To expand the economy and the deficit

    3. To slow the economy and shrink the deficit

    4. To slow the economy and expand the deficit

Topic: State of the Union Address

Economic Concept: Trade 

  1. In the State of the Union address, the President spoke about the trade war with China and his ongoing efforts to combat its “massive of theft of America’s jobs” and argued that the strategy has worked.  If the trade barriers are targeted toward saving U.S. manufacturing jobs, what are the likely effects according to economists?
    1. Manufactured goods prices in the U.S. will fall but will rise in China
    2. Manufactured goods prices in the U.S. will rise but U.S. manufacturing workers will lose their jobs
    3. U.S. consumers face lower prices but U.S. manufacturing workers will lose their jobs
    4. U.S. consumers face higher prices but U.S. manufacturing workers are helped