Prof. Foldvary

Problem set on the Economic Simulation

Due Monday, Oct. 25

20 pts.

1. (2 pts.) Explain what you did in the economic simulation.

2. (4 pts.) What, if anything, did you learn from the economics simulation?

For example, about how prices are determined, why prices change, the effect of competition, the role of government, what determines the distribution of income.

3. (4 pts.) How well did the government council function? Did you observe (or take part in) theft or corruption? Could the governance be improved, and if so, how?

4. (10 pts.) How did the process and outcomes of the simulation relate to economic theory?

5. (Not graded). What changes, if any, would you suggest to improve the simulation?