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1. The "Buy American" policy is equivalent to a(n):
A) Tariff
B) Quota
C) Export subsidy
D) Voluntary export restriction
2. A maximum limit set on the amount of a specific good that may be imported into a country over a given period of time is called a:
a) Tariff
b) Quota
c) Nontariff barrier
What is an instrumental variable and Angrist and Krueger use quarter of birth as an instrument for education and explain why quarter of birth may affect education
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according to classical economists the aggregate supply curve isa.vertical in both the long run and the short runb.
whether or not the measure satisfies each of the five axioms we discussed (Anonymity, Scale Independence, Population Independence, Transfer Principle and Monotonicity). [ Note: a good way to do this might be to come up with small example populatio..
capitalism emphasizes fostering individualism while socialism emphasizes collectivism. a major criticism of capitalism
Provide two examples of actions taken by a company, government, or organization whose effect is to prevent specific markets from reaching equilibrium. What evidence of excess supply or excess demand can you cite in these examples?
Write down some of the characteristics of perfect competition. Which kinds of industries come closest to perfect competition in the real world?
The government make a decision to finance the increased expenditures need to close the GDP gap, by rising taxes. Determine the necessary changes in government spending and taxes to close the GDP gap?
explain the points in the process where the vendor has an opportunity to add value, be sure to answer the following questions, how does value vary for a large purchase versus a smaller one, does adding value cost money
the role of governments in the economy is one of the most debated issues in economics. similarly one of the most
a calculate the marginal and average tax rates at the following income
The basic economic argument for greater income equality is that: an equal distribution of income is the logical outcome of any tax-transfer program. because citizens enjoy political equality, they are also entitled to economic equality.
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