1. A tariff is a tax placed on goods coming into a country. That tariff makes...
1. A tariff is a tax placed on goods coming into a country. That tariff makes the goods more expensive to consumers. Using the law of demand, explain the effect of the tariff on the demand for these goods. Assume an elastic demand. These are not necessity items.
2. tariff is a tax placed on goods coming into a country. That tariff makes the goods more expensive to consumers. Using the law of demand, explain the effect of the tariff on the demand for these goods. Assume an elastic demand. These are not necessity items.
3. Briefly explain inflation and unemployment: include how each is measured and the short run tradeoffs between the two variables
4. Relate the contents of the course to events and policies occurring in the real economy; e.g. business regulations, social security, inflation, income inequality and poverty, free trade versus protectionism, etc.
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1. A tariff is a tax placed on goods coming into a country. That
tariff makes...
3. The optimal tariff argument in favor of protectionism cannot hold in country X unless (a)...
3. The optimal tariff argument in favor of protectionism cannot hold in country X unless (a) country X imposes a very high tariff (b) the other countries also introduce their own tariffs in response (e) country X's demand and supply affect world prices (d) the government in country X spends its revenues on public goods that benefit the median voter (e) none of the above 4. A necessary condition for the Infant Industry argument to hold is the presence of...
Questions: c) An emergency tariff on a wide range of imports would be effective in addressing...
Questions: c) An emergency tariff on a wide range of imports would be effective in addressing U.S deficits and forcing other nations to purchase more U.S. exports; d) One reason the U.S. does not export more is lagging investment in domestic industries. Why Protectionism Cannot Cure the Trade Deficit The causal link between investment flows, exchange rates, and the balance of trade explains why protectionism cannot cure a trade deficit. In his 1997 book, One World, Ready or Not, Washington...
(1) If the world price is above the domestic equilibrium price, the domestic country is likely...
(1)
If the world price is above the domestic equilibrium price, the
domestic country is likely to ____________________ the good.
(2)
The difference between what an economy sells to and buys from
foreigners is _________________.
(3)
The idea that exchange rates and prices adjust to equalize the
cost of living across international boundaries is called
__________________________.
(4)
In the graph below, when the world price is $3, how many units
are...
1. Why does the market for toothbrushes have more inelastic demand and the market for automobileshave...
1. Why does the market for toothbrushes have more inelastic demand and the market for automobileshave more elastic demand? 2. The following are the demand curves for the two consumers that make up the market for automobiles. (a) P = 60 - 10Q (b) P = 60 - 15Q What is the market demand curve for the automobiles? Show the market demand in equation and graphical form . (remember that before adding together the demand curves, to express the market...
1-Home produces 2 goods X and Y . Home country has two factors of production, Labor...
1-Home produces 2 goods X and Y . Home country has two factors of production, Labor and Capital. All consumers at Home have preferences over two goods that can be represented by the utility function U(X,) =XY . The factor requirements per unit of output of the two goods are also fixed and they are shown in the following table: Good X Good Y Labour 1/3 2/3 Capital 2/3 1/3 Home country has 360 units of Labour and 600 units...
Consider the neoclassical zone in the graph above. Which of the following is a true statement...
Consider the neoclassical zone in the graph above. Which of the
following is a true statement about Say’s Law in the neoclassical
zone?
Shifts of the AD curve have little to no effect on supply
output because the LRAS at full output is creating demand.
Because equilibrium is close to or at potential GDP,
unemployment is affected by shifts in the AD curve.
Movement of the AD curve to the right or to the left shifts the
LRAS curve.
What...
37) Refer to Table 7-4. Which country has an A) Estonia B) Morocco C) both countries...
37) Refer to Table 7-4. Which country has an A) Estonia B) Morocco C) both countries D) neither country advantage in producing 38) Refer to Table 7-6. What is the opportunity cost to produce 1 be in Eston A) 1/3 of a sword B) 3/5 of a sword C) 1.67 swords D) 5 swords 39) Refer to Table 7-6. What is the opportunity cost to produce 1 betin Morocco A) 1/2 of a sword B) 1 sword C) 1.5 swords...
1) A complement to product X has decreased in price. Explain the change(s) in the market...
1) A complement to product X has decreased in price. Explain the change(s) in the market for product X. What is predicted to happen to equilibrium price and quantity of the product X? 2) Consider the market for automobiles (a normal good). Explain how the following changes effect the market for automobiles. There is an increase in income and the price of steel (an input for automobile production) increases. What is the predicted effect on the equilibrium price and quantity...
1. Given the information in Table 1, in a two country and two-product Ricardian model, which...
1. Given the information in Table 1, in a two country and two-product Ricardian model, which of the following statements is (are) true? Table 1 Unit Labour Requirements T-shirt Brandy 4 hours 12 hours 6 hours 12 hours United States France A) The pretrade price ratio in France is 1 brandy - 2 T-shirts. B) The US pretrade price ratio is 1 brandy - 4 T-shirts. C) The US pretrade price ratio is 1 T-shirt = 1/3 brandy. D) The...
The Gini coefficient for the United States in 1980 was 0.403. In 2009, the coefficient was...
The Gini coefficient for the United States in 1980 was 0.403. In 2009, the coefficient was equal to 0.468. This means that Question 5 options: A) there was a decrease in the amount of government transfer payments from 1980 to 2009. B) cuts in federal income tax rates in the early 1980s and 2001 helped to reduce income inequality. C) per capita income in the U.S. rose from 1980 to 2009. D) income inequality increased from 1980 to 2009. Question...
3. The optimal tariff argument in favor of protectionism cannot hold in country X unless (a) country X imposes a very high tariff (b) the other countries also introduce their own tariffs in response (e) country X's demand and supply affect world prices (d) the government in country X spends its revenues on public goods that benefit the median voter (e) none of the above 4. A necessary condition for the Infant Industry argument to hold is the presence of...
(1)
If the world price is above the domestic equilibrium price, the
domestic country is likely to ____________________ the good.
(2)
The difference between what an economy sells to and buys from
foreigners is _________________.
(3)
The idea that exchange rates and prices adjust to equalize the
cost of living across international boundaries is called
__________________________.
(4)
In the graph below, when the world price is $3, how many units
are...
Consider the neoclassical zone in the graph above. Which of the
following is a true statement about Say’s Law in the neoclassical
zone?
Shifts of the AD curve have little to no effect on supply
output because the LRAS at full output is creating demand.
Because equilibrium is close to or at potential GDP,
unemployment is affected by shifts in the AD curve.
Movement of the AD curve to the right or to the left shifts the
LRAS curve.
What...
37) Refer to Table 7-4. Which country has an A) Estonia B) Morocco C) both countries D) neither country advantage in producing 38) Refer to Table 7-6. What is the opportunity cost to produce 1 be in Eston A) 1/3 of a sword B) 3/5 of a sword C) 1.67 swords D) 5 swords 39) Refer to Table 7-6. What is the opportunity cost to produce 1 betin Morocco A) 1/2 of a sword B) 1 sword C) 1.5 swords...
1. Given the information in Table 1, in a two country and two-product Ricardian model, which of the following statements is (are) true? Table 1 Unit Labour Requirements T-shirt Brandy 4 hours 12 hours 6 hours 12 hours United States France A) The pretrade price ratio in France is 1 brandy - 2 T-shirts. B) The US pretrade price ratio is 1 brandy - 4 T-shirts. C) The US pretrade price ratio is 1 T-shirt = 1/3 brandy. D) The...
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