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Equilibrium Price of Commodity Sample Homework
Question: Discuss the effects of US sugar quotas on the following:
The equilibrium price of sugar in the United States
The amount of sugar produced in the United States
The amount of people working in the sugar industry in the United States
Based on your answer, identify who benefits and who is hurt because of the tariffs and also identify at least one industry that is likely to strongly lobby in favor of quotas and one that is likely to lobby against the quotas.
Illustrate your answer by an appropriate diagram, applying your knowledge of the Specific-Factors model.
Define NAFTA using the internet to gather some information about NAFTA and why and when it was started?
In an effort to encourage free trade, imagine that the members of the World Trade Organization agreed to dismantle all tariff protection of domestic industries in their respective countries. Do you think that such a commitment will necessarily resu..
Show and explain how the increase in interest rates will affect the international value of the United States dollar and the foreign dollar. (Make sure you use the concepts of supply and demand and financial capital in your explanation.)
Suppose that an auto company owned entirely by German citizens opens a new factory in South Carolina. What would be the effect of this investment on U.S. GDP Would the effect on U.S. GNP be larger or smaller
China and Japan have two factors of production, land and labor. Both nations manufacture two products, corn, which requires more land, and computers, which requires more labor.
If the firm has not paid dividends in the past despite the availability of cash, and the corporate intention is to continue to forgo paying dividends in the foreseeable future, disclosure of this policy is encouraged.
Right now many economies around the world are growing much faster than the United States. That means that the gross domestic product (GDP) of countries like China, India, Brazil, and Russia is increasing every year at a faster rate.
Its the spring of 2002. You are an economist on President Bush's council of economic advisors. Congress is considering legislation, called the "2002 Farm Bill," that would increase subsidies to US farmers.
Do you think that NAFTA has forced the US economy to reallocate its resources to more capital intensive goods? If so, what would be the long term impact on economic growth
What is the current "macroeconomic situation" in the U.S.(e.g. is the economy currently concerned about unemployment, inflation, recession, etc) What fiscal and monetary policies would be appropriate at this time
Indicate five of the world's economies that are the most free. How do the income levels and growth rates of freer economies compare with those that are less free Has the United States become more or less economically free during the past decade
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