​​​ SECTION A: Text into Context Assignment (Contributes 15%) Students are expected to choose ONE question from this section. 1. Price Restrictions in the News a) Provide a textbook definition for price restrictions and differentiate between the different types. b) Review the following article and identify the type of restriction being proposed. http://www.bbc.com/news/world-europe-30599341 c) Summarize the article and say how it relates to the topic covered in class. a) Carefully advise the president of Russia by examining the pros and cons of his proposal. 2. Externality in the News a) Provide a textbook definition for externality and differentiate between the different types. b) Review the following articles and identify the type of externality. http://consumerist.com/2013/10/29/city-sues-sriracha-hot-saucefactory-over-eye-burning-chili-stench/ http://www.eater.com/2013/11/27/6322765/judge-orders-californiasriracha-factory-to-halt-odor-making c) Summarize the articles and say how it relates to the topic covered in class. d) Do you agree with the corrective remedy imposed in the article? Suggest THREE alternate remedies clearly highlighting how your suggestions would solve the problem.