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1. Describe both quotas and tariffs. How do they impact domestic prices and deadweight loss? How does an import quota differ from an equivalent tariff? What is best for a nation as a whole: a tariff, a quota, or free trade?
2. Give an example of a positive and a negative externality. Would a Coasean solution resolve the economic efficiency of the externalities you cites? Why or why not?
3. The Coase theorem suggests that efficient solutions to externalities can be arrived at through bargaining. Under what circumstances does this fail to produce a solution?
If inflation and nominal interest rates are constant, at what rate, if any, will velocity grow Given a permanent (once and for all) rise in level of interest rates, how will it affect the level of velocity and the growth rate of velocity
When a single seller is confronted in a market by many small buyers, monopsony power enables the buyers to obtain lower prices than those that would prevail in a competitive markets.
Assume that the price was 5% lower and all other factors do not change. How much more would you buy each year? Using this information, compute the own-price elasticity of your demand.
WHAT IMPACT DID THE POLICY ACTIONS HAVE ON THE FED FUNDS RATE? WHAT WERE THE FED'S CONCERNS FOR ECONOMIC GROWTH, HIGH UNEMPLOYMENT, PRICE STABILITY , INTERNATIONAL BALANCE.
Other things being equal, a rise in a country's terms of trade increases its welfare. What would happen if we relax the ceteris paribus assumption, and allow for the law of demand to operate internationally.
"Economics of Monopoly Power" Please respond to the following Take a position regarding whether the current initiatives of the FCC actually encourage competition in all communication markets and protect the public. Provide specific examples to sup..
Harvard, Yale and Princeton all charge relatively high tuition. Still each uses ACT and SAT score as admission criteria. Are charging a relatively high tuition and using standardized test scores inconsistent
The small town of Middling experiences a sudden doubling of the birth rate. After three years, the birth rate returns to normal.
A monopolist faces a demand curve given by: P = 40 -Q, where P is the price of the good and Q is the quantity demanded. The marginal cost of production is constant and is equal to $2. There are no fixed costs of production.
You've been hired by an unprofitable firm to determine whether it should shut down its unprofitable operation. Help the management of the firm as to whether or not it should continue to operate at a loss?
Small firms can discover the abilities of their workers more quickly than large ones because they can observe the workers more closely at a variety of tasks. Does it then make sense for people with high abilities to go to small firms
Deep global recession might trigger changes in expending from imported items to domestically manufactured items. What are at least two policies that governments might implement to increase expending on domestic items.
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