Opportunity Costs of Economics Education

Frank, R. H. (2005). "The Opportunity Costs of Economics Education." The New York Times. Retrieved February 18, 2011 from: http://www.nytimes.com/2005/09/01/business/01scene.html  Bouman, John. () Principles of Macroeconomics. "Unit 1: Fundamental Concepts" Retrieved from: http://www.inflateyourmind.com/pdfs/microeconomics.pdf After reading the articles and chapters listed above, please address the following questions in an essay form: 1. How does a college education increase one's human capital?  2. Could a nation's production possibilities curve ever shift inward? Explain what such a shift would mean, and discuss at least TWO events that might cause such a shift to occur. 3. Evaluate this statement: "The U.S. economy could achieve greater growth by devoting fewer resources to consumption and more to investment; it follows that such a shift would be desirable." 4. By 1993, nations in the European Union (EU) had eliminated all barriers to the flow of goods, services, labor, and capital across their borders. Even such things as consumer protection laws and the types of plugs required to plug in appliances have been standardized to ensure that there will be no barriers to trade. How do you think this elimination of trade barriers affected EU output?