Prof. Fred Foldvary

Problem #1. Economics simulation.

10 pts. total.

1. (3 pts.) Describe your role in the simulation. What did you do? What did you buy or sell? Were you in the government? How much money did you get? Did you bid on any goods? What other transactions did you do?

2. (2 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. (2 pts) How do you think the outcome would change under different constitutional rules, namely on how rent is distributed and how the government is elected?

4. (1 pt) How well did the government function? How could the government be improved?

5. (2 pts.) What was the cause of the economic inequality outcome? Was it a good, bad, or neutral outcome?

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