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Assume the following equations accurately represent the market for "widgets" in two countries:
HOME: PD= 100- 5Q
Ps=5Q
FORGEIN: PD= 100-3Q
Ps= 2Q
a) Please model the market for widgets in both countries. Is trade possible? Who would export and who would import? Explain.
b) Calculate the ES in autarky and under conditions of free trade. Assume the world price is $45.
c) Apply a $2.50 tariff and recalculate economic surplus (including tariff revenue). Has ES gone up with imposition of the tariff?
d) Evaluate the following statement regarding the infant industy argument for protection:
"Protection often results in infant industries never ‘growing up.'" How might protection prevent the firm from "growing up"?
e) Consider the following quote from the New Yorker:
"the main burden of trade-related job losses and wage declines has fallen on middle-and lower-income Americans. But... the very people who suffer most from free trade are often, paradoxically, among the biggest beneficiaries." Do you agree? Do you disagree?
As an international economist you have been tasked to make a short speech which answers the given questions:
Suppose if you were economic adviser to a nation that was following your advice about trade restrictions and that nation fell into a recession, would you change your advice?
Suppose the PRE government offers Exportian "stuff" producers an export subsidy of $3 per unit. In addition, the government imposes a tariff of $3 per unit on imports of "stuff". Calculate the price paid and quantity demanded by Exportian consumer..
Based on the Keynesian theory in does it matter what the money is spent on? discuss and explain the amount of stimulative effect we can expect, depending on how the stimulus is financed.
Evaluate the likelihood of conflict and cooperation in the future on issues of transnational crime, health, and environmental problems.
explain how Alternative Trade: Legacies for the Future supports or challenges your conceptualizations of trade and development. Are there themes that some of you agree upon? Do you disagree on others? Describe your conversation.
Suppose that two economies initially have the same level of real income and both suffer unanticipated declines in their sales of exports of $50 billion. Country "A" has higher tax rates and a higher level of government spending than economy "B". O..
Provide arguments in favor of trade restrictions, and what are the counterarguments? According to most economists, do any of these arguments really justify trade restrictions?
The organization that develops and recommends to the U.S. President national economic policies to foster maximum employment, production, and purchasing power is the a. Joint Economic Committee
Compute selected ratios and get industry averages for comparison, for each of the financial statement ratios given below compute the ratio for the current year and for the prior year.
Discuss similarities between the principle of comparative advantage and absolute advantage? Are there any differences between two principles?
Decko Corporation is a United State firm with a Chinese subsidiary that produces cell phones in China and sells them in Japan. This subsidiary pays its wages and its rent in Chinese yuan,
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