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a. In 2009, the Japanese beer industry was affected by two economic events: (1) Japan's government imposed on producers a tax on all beer sold, and (2) consumer income fell due to the continuing economic recession. How would each factor affect (i.e., shift) demand or supply? What impact do you predict on industry output and price?
b. In 2011, the U.S. trucking industry faced the following economic conditions: (1) At last, the US economy was recovering from a prolonged slump (during which trucking had shrunk its capacity by 14%), (2) the government instituted new regulations imposing more frequent equipment inspections and restricting operators' daily driving hours, and (3) year over year, diesel fuel prices were up by 9 percent. For each separate effect, show whether and how it would shift the industry demand curve or supply curve. What overall impact do you predict on industry output (measured in total volume and miles of goods transported) and trucking rates?
1. Explain whether each event changes the quantity of real GDP supplied, short-run aggregate supply, long-run aggregate supply, or a combination of these. 2.1. Car-makers in Australia switch to a new technology that raises productivity. 2.2. Toyota a..
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Provide a plot the time series data on U.S. GDP.
Among the tax proposals regularly considered by Congress is an additional tax on distilled liquors. The tax would not apply to beer. The price elasticity of supply of liquor is 4.0, and the price elasticity of demand is -0.2. The cross-elasticity of
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Provide at least three examples of products for which quantity demanded remains unchanged regardless of a change in price. Also, provide at least three examples of products for which quantity demanded increases in response to an increase in price.
suppose that the reserve requirement is 10 percent and the balance sheet of the peoples national bank looks like the
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