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Some of the largest import tariffs, the tax on imported goods, are on shoes. Strangely, the cheaper the shoes, the higher the tariff. The highest US tariff, 67%, is on a pair of $3 canvas sneakers, while the tariff on $12 sneakers is 37%, and that on $300 Italian leather imports is 12%. Laura buys either inexpensive, canvas sneakers ($3 before tariff) or more expensive gym shoes ($12 before the tariff) for her many children. Use an indifference curve-budget line analysis to show how imposing these unequal tariffs affects the bundle of shoes that she buys compared to what she would have bought in the absence of tariffs. Can you confidently predict whether she’ll buy relatively more expensive gym shoes after the tariff. Why or why not?
Assume that the wholesale skim milk market is perfectly competitive. Suppose demand is described by P=5.10-0.80Q and supply is described by P=1.90+0.20Q. If there are no price controls, what would be the equilibrium quantity?
According to the neoclassical theory of distribution, a worker’s real wage reflects her productivity. Let’s use this insight to examine the incomes of two groups of workers: farmers and barbers. Over the past century, the productivity of farmers Af h..
In the United States, say gasoline costs consumers about $2.50 per gallon. In Italy, say it costs consumers about $6 per gallon. What effect does this price differential likely have on miles driven in the United States compared to Italy?
In a market with an upward sloping supply curve and a downward sloping demand curve, a price floor A. Creates deadweight loss B. transfers some consumer surplus to producers C. Transfers some consumer surplus to consumers Choose all that apply ?
Why might we not expect free trade to affect the general unemployment level in the economy, but it will affect some more than others?
answer both question 1 and 2question 1consider an investor who has the von neumann-morgenstern utility
You are asked “Should we buy a house or not?” and given the following set of rules to answer it: IF inflation is low, THEN interest rates are low, ELSE interest rates are high. Prepare an inference tree for the backward-chaining case.
Social security was created as an “unfunded” or “pay-as-you-go” plan. Explain how an “unfunded plan works. Suppose we suddenly ended social security today. How would the return earned by the last generation of retirees compare to that earned by the f..
Over the last seven chapters you have hopefully been reading each chapter’s “running case”- Wal-Mart. Given that this chapter concerns corporate-level strategy, it is appropriate that we tie together the elements of the running case to consider Wal-M..
Perfect Competition and Monopolistic Competition-List the features of an industry that has perfect competition, and compare these with the features of an industry with monopolistic competition. How do firms in an industry with perfect competition act..
When the Federal Reserve decreases the discount rate, monetarists and Keynesians would agree on which of the following changes to the money supply and interest rates.
According to The Wall Street Journal, Mitsubishi Motors recently announced a major restructuring plan in an attempt to reverse declining global sales. Suppose that as part of the restructuring plan Mitsubishi conducts an analysis of how labor and cap..
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