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1. How does consumer and producer surplus describe efficient markets in terms of allocation of goods and services?
2. International trade and trade agreements seem to be a big issue for the upcoming presidential election this November. Are we better off with free trade? Why or Why not?
3. Externalities are a form of market failure. What are positive and negative externalities? Explain by providing examples.
4. Define and give an example of a public good. Can the private market provide this good on its own? Explain.
Economist George Stigler once wrote that, according to consumer theory, "if consumers do not buy less of a commodity when their incomes rise, they will surely buy less when the price of the commodity rises."
"Suppose that over the last decade the consumption of chicken has increased. This means that the demand curve for chicken must have shifted to the right, maybe because people have become more health conscious and switched from red meat to chicken...
Great Britain would increase its own money supply, while maintaining its existent fiscal policy at the current level.
Discuss the advantages and disadvantages of free international trade and Keynesian giving emphasis in the demand-side of the economy and Explain why under fixed exchange rates the monetary policy is not effective.
The nominal GDP in 2000 was $672 billion and $1,690 billion for 2010; the real interest rate was 6.79% in 2000 and 3.71% in 2010; the 2000 deflator was 24 and 51 in 2010. What is the real gain?
Suppose that Congress is considering an investment tax credit, which subsidizes domestic investment. a. How does this policy affect national saving, domestic investment, net capital outflow, the interest rate
during the late 1980s and early 1990s economic reforms initiated by soviet president mikhail gorbachev began to raise
Hubert's Copy Services is in perfect competition. Hubert currently charges 10 cents per page, which is the going market price. He thinks that he can increase his profit by raising the price. Is it possible? Why or why not?
Suppose that the demand for Federal funds curve is such that the quantity of funds demanded changes by $160 billion for each 1 percent change in the Federal funds interest rate. Also, assume that the current Federal funds rate is at the 3 percent ..
The daily demand for pizzas is Qd = 750 − 25P , where P is the price of a pizza. The daily costs for a pizza company include $50 in fixed costs, and variable costs equal to V C(Q) = Q2/2, where Q is the number of pizzas produced in a day.
Eluidate the difference among comparative advantage and absolute advantage.
Discuss what effect a "Buy American" campaign might have in the market for the imported good. Given what economists have to say about comparative advantage, would such a campaign be good or bad?
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