“Choice: Economics materials for success” (by topic) & Workbooks
“Choice: Economics materials for success” (by topic, with answers) & Workbooks (no answers)
On this page:
“Choice: Economics materials for success”: Worksheets with QUESTIONS based on CURRENT NEWS ARTICLES and REAL-WORLD examples of economic concepts appropriate for introductory ECONOMICS courses.
· Organized by topic.
· Newest article/worksheet for each topic appears on top.
· Answers are available at the end of each worksheet.
· Workbook with worksheets from AY 2023-2024 (No answers), published in May 2024 (NEWEST): Amazon Kindle format and Paperback format
· Workbook with worksheets from Spring 2023 (No answers), published in May 2023 (last year): Amazon Kindle format and Paperback format
TOPICS:
o Introduction to economics
Balancing the value of time and money (Forbes, May 25, 2023): https://docs.google.com/document/d/1av7AIpE7jreNyLPpPyPam--5AKRXFSgq/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
The comparative advantage concept applied to startups (Forbes, July 20, 2023): https://docs.google.com/document/d/1oXQpjfeBrTA-5BP2sILS75LA7Plczdu2/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
Should you give up your salary and go to grad school? (Wall Street Journal, January 3, 2023): https://docs.google.com/document/d/1FRb4D2KYT3mJmod60haGZGMft1N9j9mK/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
o Supply, demand, and equilibrium
Italian pasta prices are soaring. Rome is in crisis talks with producers (CNN Business, May 12, 2023): https://docs.google.com/document/d/1SiDbAGsaJsrGbnWthZ009Dtz4Gq-MiGa/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
S, D, Eq. examples (Fall 2023): https://docs.google.com/document/d/1q6LbRpodrUC2Zd914EnGjrbGoRwyigbO/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
Surge pricing: is your favorite restaurant about to start charging you more at peak times? (The Guardian, March 11, 2024), and Dynamic pricing keeps spreading, despite protest from Wendy’s customers (Inc.com, March 11, 2024): https://docs.google.com/document/d/1wfv9Ai41cDStydoxbwf980hIKdkdwS7P/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
(Application: Dynamic pricing, Surge pricing)
S,D&Eq examples (Jan. 2023): https://docs.google.com/document/d/1QlE5vW_9Vbb56I-nK5qXGruGusWP1ymx/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
Why are eggs so expensive? (The Hustle, December 29, 2022): https://docs.google.com/document/d/13HnT3TUF3dDn2ia5c7T1Lj5dRQ_rv_fX/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
Inflation report is a mixed bag – an economist explains why some items are rising faster than others (The Conversation, January 12, 2023): https://docs.google.com/document/d/1DFSkDCcUTOcWUE6gnZ_jeZYemV72yUH3/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
The labor shortage in Helsinki will deepen in the coming years (Helsinki Times, April 14, 2023), and New research delivers grim warning about ongoing nursing shortage (ABC 11, April 14, 2023): https://docs.google.com/document/d/14guxAdFwa8DTDZn2rJtPjbOGfGug0r1F/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
(Shortage, Labor market)
o Consumer and producer surplus
Men willing to pay more for chocolate than women (Lab Manager, May 30, 2023): https://docs.google.com/document/d/1AFtYS497RQuii1xETIjwTwxZVlhdE1cl/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
Some Uber and Lyft drivers have learned they can make more money if they’re pickier about whom they serve (Business Insider, November 22, 2023): https://docs.google.com/document/d/1MHOV_SuUBrEJrBZFjo50MXsovR5J4LTC/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
Pretty woman (1990) – Negotiation scene: https://docs.google.com/document/d/1pP8jdNa0H5JZpGPC6BPlFJqa1isaPi-L/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
Why is the world’s top milk producer looking to import more dairy products? (Quartz, April 6, 2023), and What’s going on with India’s milk economy? (eDairyNews, May 3, 2023): https://docs.google.com/document/d/1qKZol9RqY7T8ezlDb9lrzvbR9gb0QO9w/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
(Consumer and producer surplus, Production and costs, International trade)
o Elasticity
Premium leisure won’t replace all lost corporate business travelers (Forbes, June 18, 2023): https://docs.google.com/document/d/1EkGz8pzfDfOwx1SUDO7ySjDLOHmrmjr8/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
Weight loss drugs haven’t hurt Pepsi’s business, CEO says (CNN Business, October 10, 2023): https://docs.google.com/document/d/1BTzscNEySu05yjKtS0XG9kPaOtsqeeHs/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
How much for thin mints? Some Girl Scouts raise cookie prices. (New York Times, February 3, 2024): https://docs.google.com/document/d/1xO0p-E_MOJEOcIcoJ4LLtUSWcF5C6NIT/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
(Elasticity, Law of demand, Costs of production, Consumer choice)
Egg costs peck away at budgets for consumers and businesses (StarTribune, January 19, 2023): https://docs.google.com/document/d/1BqpPcC-6zsjasFnuLXVnyHdq7dwu2730/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
(Elasticity, Costs of production)
Why airlines like extra fees so much? (Forbes, March 11, 2023): https://docs.google.com/document/d/1vgV28H2QP3fadjyrqiHuPI1dhowx1cLC/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
o Price ceilings, price floors, and taxes
French to get bonus to make do and mend clothes (BBC, July 12, 2023): https://docs.google.com/document/d/1BsFGpUAsVVHkwytcJkR_KYiw31aC8Ll7/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
(Subsidies)
Chipotle says it may need to tick its food prices up to pay California wages (CNN Business, October 26, 2023): https://docs.google.com/document/d/1jmEGJ8Q5MgRCCbCpC44_2bGFQ8Z__S7v/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
(Min wages, Unintended consequences, Elasticity)
New York wants to link minimum wage to inflation, Hochul says (Bloomberg, January 10, 2023) and Here's the difference between a 'minimum wage' and 'living wage,' and why it matters (ABC News, January 10, 2023):
(Minimum wages, Inflation)
Northbrook approves 10-cent tax on single-use bags (Daily Herald, February 15, 2023): https://docs.google.com/document/d/1arOmuKpjUbNnuQGr_uqdTdDENW2I3zCs/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
o Externalities
Pickleball is America’s fastest-growing sport. Why is it so addictive – and divisive? (Yahoo, August 31, 2023): https://docs.google.com/document/d/1RTYfdRUn91kKZcHJ5_ojdNV5BmuWK38h/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
Cities with soda taxes saw sales of sugary drinks fall as prices rose, study finds (NPR, January 6, 2024): https://docs.google.com/document/d/1Y57yjaPYAZaM9zij4YjD9Yl_CE-S_3XD/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
(Externalities, Elasticity)
WHO calls on countries to tax sugar-sweetened beverages to save lives (WHO, December 13, 2022) and Too much sugar in childhood is linked to lower wages later on (Quartz, December 28, 2022): https://docs.google.com/document/d/1npd9bUxXcQXRWFtV9c2n0COntHad5acj/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
This Nigerian school accepts plastic bottles as school fees (Quartz, April 5, 2023): https://docs.google.com/document/d/17zg4YkdTNxU9c6RmVGbVoPdldNJiXjrw/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
o Types of goods
This popular snorkeling spot on Maui has been ‘overused’ from tourists, scientists warn (USA Today, April 14, 2023): https://docs.google.com/document/d/1pADspeDBYM8jI_S6JZ2ELIH_8DruqYCS/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
(Common resources)
o Consumer choice
’Too much’: Burger King’s new offering in Thailand has no meat and 20 slices of cheese (CNN Business, July 12, 2023): https://docs.google.com/document/d/1xsJplg0c7UiqlVnfNM5ocLafpdETv0zT/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
Betting on pumpkin fatigue, some brands see apple as the next big fall flavor (Modern Retail, September 11, 2023): https://docs.google.com/document/d/1U8n6CnWMT-D5UKpQitTErKdpBPaaLeIr/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
Ikea celebrates sales growth with lower prices (Retail Dive, December 1, 2023): https://docs.google.com/document/d/1MPur6QVR_w9TZeYusr-ZCyX9suMBRLKh/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
(Consumer choice, Law of demand, Elasticity)
Two business school professors break down the deeper reasons why Starbucks customers were so enraged when the company changed its loyalty program (Fortune, January 25, 2023): https://docs.google.com/document/d/1KQbF7pVHN2Y8ii9--qodgYWKDvXPSCrw/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
(Consumer choice, Behavioral economics)
o Production and costs
India landed on the Moon for less than it costs to make Interstellar (Independent, August 28, 2023) and The secret behind India’s budget-friendly moonshots: How ISRO has developed its low-cost edge (Economic Times, August 24, 2023): https://docs.google.com/document/d/1ceBepXVObgu9bX6GTf6NAgPzywGZ66c1/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
Why does my latte cost so much? (The Washington Post, November 10, 2023): https://docs.google.com/document/d/15TtxrcJxuGqNrsrlDQnDAjWilNs4fuRP/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
(Supply and demand, Production and costs, Elasticity, Market structures – Review worksheet)
The startling economics of the world’s largest cruise ship (Wall Street Journal, November 30, 2023): https://docs.google.com/document/d/1U3vlmvvErdtMbvTD_7tdyKgMRz225pfY/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
How large corporations make huge profits from hidden markups at the expense of consumers (The Conversation, January 17, 2023): https://docs.google.com/document/d/1PuExJUk8kFlmCIyYnyXJAJSDXYjLH9Mr/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
(Production, Costs of production, Market structures)
The underbelly of electric vehicles (The Washington Post, April 27, 2023): https://docs.google.com/document/d/1XwVTpEpIbquHFRnF2YEtNaIu_EFwI2fp/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
o Perfect competition
Milk prices on the way up as flow-on effect of fewer dairy farmers impacts supermarket price (ABC Net, September 19, 2023): https://docs.google.com/document/d/1noivXSKLmOWs67gKY4FT7kjkyyH8NRO7/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
Chinese hand in global nickel price collapse (Asia Times, February 19, 2024): https://docs.google.com/document/d/1nttE-0htUA6bbAMk39LUZmYjSPZafc4-/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
(Perfect competition, Oligopoly)
Apples and pears could be next UK food shortage, farmers warn (The Guardian, February 24, 2023): https://docs.google.com/document/d/1NeX_LmlIMs4znDuRKV9law9KiFksrHcq/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
(Perfect competition, Monopolistic competition)
o Monopoly
Google’s antitrust trial might show how it’s not abusing its monopoly power (Forbes, September 15, 2023): https://docs.google.com/document/d/1w9e1sasUcgcOCK6BCTTF-03GuZg7Dtj_/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
Apple hit with consumer lawsuit claiming cloud storage monopoly (Reuters, March 4, 2024): https://docs.google.com/document/d/16II-LiXp66dd0jZYhaXM62cvox-AqWBp/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
The Live Nation and Ticketmaster dominate the live entertainment industry (CNBC, January 25, 2023): https://docs.google.com/document/d/1veqFXFl8YI79bVZoAxXCLBCcKGq18vmW/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
o Monopolistic competition
Lego grabs bigger share of declining toy market (Reuters, August 30, 2023): https://docs.google.com/document/d/1Y13qiDLLI_K7Ryj6_Ux9YsRn-V1DF2Pe/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
(Monopolistic competition/Oligopoly)
Squishmallows and Build-A-Bear enter legal battle over ‘copycat’ plush toys: What to know (USA Today, February 19, 2024): https://docs.google.com/document/d/1Wss7zzHvv1Gx0zJynTHcndjBZ74Dtjxy/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
Domino’s built a pizza empire on delivery innovations; Now it faces challenges (Wall Street Journal, February 23, 2023, VIDEO): https://docs.google.com/document/d/1nHMSvaB0q0MACMnODZ6b10sKULHGLYUf/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
o Oligopoly and Game theory
Two airlines dominate India’s growing market (Reuters, July 24, 2023): https://docs.google.com/document/d/1JIyGU7NnXYee_7-q1ZMr2adw_Sy_3Lom/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
UPS and FedEx are no longer the largest delivery companies in the US (New York Post, November 27, 2023): https://docs.google.com/document/d/1-R8lY_yr7rcOxigsPrkC4gF43RFFBGTd/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
Kroger wants to merge with rival Albertsons: What we know about the proposed $25B takeover (USA Today, January 21, 2024): https://docs.google.com/document/d/10yI3f3XgTKKNBzggbMbMibug3AeuYceT/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
Hershey and Cadbury chocolate makers eye price hikes to cover cocoa crunch (Reuters, February 14, 2024): https://docs.google.com/document/d/1Bq6l-7LxJ5Aexwt1F-Fc3gybbQ77uEli/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
The ice-cream conspiracy (Planet Money: NPR, February 8, 2023): https://docs.google.com/document/d/11iP4gPbsRc6xwUb3p6JjtuVRFEXYP9uy/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
PG&E monthly bills could jump for many customers due to new state law (SiliconValley.com, April 13, 2023): https://docs.google.com/document/d/1YtmIvBxazgorOJBPUqsOdPQgWMki2i2a/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
(Oligopoly, Price discrimination)
o International trade
U.S. to impose tariffs on tin mill steel from Canada, China, Germany – Commerce Dept (Reuters, August 17, 2023) and Who will the coming tinplate steel tariffs hurt? You, among others. (Forbes, August 16, 2023): https://docs.google.com/document/d/15uSckK09yOJVRGJFwGo2-_ZgRKwbHPnC/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
U.S. peanut industry likes retaliatory tariff suspension (Farm Progress, December 20, 2023): https://docs.google.com/document/d/12IC3js6HGGRJcYbr_HW1faIAYJ5_Q3-L/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
Strawberries to get pricier as UK nears Eqyptian tariff quota (The Grocer, February 9, 2023): https://docs.google.com/document/d/17fOWHwCxnDPsEavcHw8etM-V9NWBDolv/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
o Labor markets
Germany reports labor shortage in one-sixth of professions (ABC News, June 2, 2023): https://docs.google.com/document/d/1c47oOnajhj67rVhQ77H7_OGVSC_hlpTg/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
AI’s impact depends whether it displaces workers or augments them (Forbes, April 1, 2024): https://docs.google.com/document/d/1pCOHIt1atPi91NeH9Q5NAwpVCN9jXdg6/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
What’s happening with wage growth? (The Hustle, January 3, 2023) and Stay for pay? Companies offer big raises to retain workers (Mint, January 3, 2023): https://docs.google.com/document/d/1gstaKzV_2D4Qsx7SrYzb5_aOlVUbxMVN/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
o Asymmetric information
With new SAVE repayment plan for student loans, college costs barely matter (Forbes, November 10, 2023): https://docs.google.com/document/d/1qe5CdppZ47EHOvsStfPKK_7jdahrqPl6/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
(Moral hazard)
Salary Transparency Laws & Asymmetric Information (Monday Morning Economist, January 30, 2023): https://docs.google.com/document/d/1AV4YTKkp4f5Q1S1MF9FCV8_rjI3FiZuh/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
o Behavioral economics
The answers behind why you feel superstitious (WTAJ, October 5, 2023), Are you a time optimist? (Stars Insider, October 20, 2023), and Power of delayed gratification (The Kathmandu Post, September 26, 2023): https://docs.google.com/document/d/1b_3R7BdPCPL6rYkTAYkX8V-V0d_XBZQG/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
When It Comes to Money, Your Brain Can Be Your Own Worst Enemy (New York Times, February 26, 2023): https://docs.google.com/document/d/1M9WWCIppxQApJdHnHAzOarLx_TIVmzlF/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
o GDP, business cycles, and economic growth (LR growth)
Get ready for the full-employment recession (The Wall Street Journal, June 3, 2023): https://docs.google.com/document/d/1baT-ZaOz4orsgukJeFj4gvPmIOme6OE9/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
(GDP, growth, employment, monetary, fiscal policies)
Consumption, the biggest component of US GDP, looks fragile (Fxcm.com, April 2023) and Americans are flocking to movie theaters. Could it be a recession warning? (Quartz, April 21, 2023): https://docs.google.com/document/d/1kowlocktwt7FeSr5_bLTVgn8ahNINzBw/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
o Inflation and unemployment
Labor is a terrible guide to inflation, but nobody wants to admit it (The Wall Street Journal, September 5, 2023): https://docs.google.com/document/d/1WcLCCBb9ZiwE6DB7WZRxL4uQo8oJBKYN/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
Labor supply helped tame inflation. It might not have much more to give. (Wall Street Journal, January 21, 2024): https://docs.google.com/document/d/1WaTQfX4OBSzGcQw852IhNS3hIBBHSzUG/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
(Labor market, Inflation)
Argentina's inflation rate at 95%, highest since 1991 (Reuters, January 12, 2023) and Argentine artist paints on inflation-hit bank notes (Reuters, January 3, 2023): https://docs.google.com/document/d/1CRx7nMN8NezPKWDTcv7lz7WsHXL0J0rs/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
Small businesses face hiring challenges despite fears of recession (Forbes, February 28, 2023) and No matter the market, there's always a demand for great talent: Here's how to cultivate and keep it (Forbes, April 10, 2023): https://docs.google.com/document/d/1h8oENE9uBZMZAesmB1Mdz0e5t3s15WJi/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
o SR fluctuations (Aggregate supply and aggregate demand, Aggregate expenditure)
Japan economy gets major boost from weak currency (BBC, August 15, 2023): https://docs.google.com/document/d/1nIl6xJMesGi0dpdVArLAbK60rLsaMf2T/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
o Money, banking, and the Federal Reserve system
Deflation is anti-inflation. Here’s where prices fell in September 2023 in one chart (CNBC, October 13, 2023): https://docs.google.com/document/d/1GG35rBoAx892sM5N6HjhPb2974w2rCMX/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
(Money, Inflation)
Why the cost of money is about to go up? (Bloomberg, January 11, 2023): https://docs.google.com/document/d/1teuNXp5bMmvo0vmNkv7KdnJFDVwt9seO/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
The SVB collapse explained by an economist. Silicon Valley Bank failure (YouTube, Economics with Dr. A, March 11, 2023, 2:51 min.) and What is a bank run? (CNN, March, 2023, 1:59 min.): https://docs.google.com/document/d/1K-Jt6AKPL-pcQaPwm62vz-ne42I0MvJw/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
o Monetary and fiscal policy
Switzerland becomes first major economy to cut interest rates in surprise move (CNBC, March 21, 2024): https://docs.google.com/document/d/1dSNQzmludW0oPP9HEBEMVAVxr9K5KF3A/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
(Monetary policy, Exchange rate)
Sticky inflation with monetary and fiscal imbalance (Trail-Gazette, March 24, 2023): https://docs.google.com/document/d/1IyI3UODaBwayjAglCVeVHrx3w6BTdsNf/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
o Exchange rates
Top 10 strongest currencies in the world in 2023 (Forbes, March 23, 2023) and Burgernomics: What is the Big Mac index? (NewsBytes, March 3, 2023): https://docs.google.com/document/d/1RHNEA_cPC2fTMEibaAYLOsdgVUA9a8Vv/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true
o Federal budget, national debt
US national debt hits record $34 trillion (CNN, January 3, 2024): https://docs.google.com/document/d/1QxEx6bQi4sAI6t0Anpx-xJ3Tcy5VmJr4/edit?usp=sharing&ouid=100480691374776403328&rtpof=true&sd=true