1. You are all aware of the devastating impact of Hurricane Harvey. I would like you to think about this, and assess the economic impact of the damage it caused. What are it’s consequences right now? What might its lingering effects be…. in 5 years or in 10 years? How will this storm, and it’s devastation, change economic policy? Do you think there was anything wrong with the way Houston had grown, with its sprawling, unfettered infrastructural development, that actually made the crisis worse? Think about these issues from the point of view of economics – taking into account opportunity costs, the role of government, demand and supply, etc., and discuss what went wrong, what might have been different, and what should be done to prevent such crises in the future. Can you draw any parallels with Hurricane Katrina and its event? Were any lessons missed?
2. Explain what happens to supply, price, and quantity when the following conditions occur:
a)  A new technology is developed to pick peaches fasterrb)  The government allows more furniture imports from Chinac)  Interest rates are lowered to help boost the economyd)  The cost of rubber, which is used in the manufacturing of tires, increasese)  The government imposes a tax on imported cars

 

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