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"While the imposition by a country’s government of an import tariff on a good clearly injures the country’s domestic consumers of the good, the tariff helps domestic import-competing producers and enhances overall country welfare (i.e., the “net welfare effect” is positive). Similarly, the granting of an export subsidy by the country’s government to home producers of a good also injures home consumers of the good, but the subsidy helps home producers and enhances overall country welfare.”
Utilizing traditional supply/demand analysis, illustrate and explain the parts of the above statement that are TRUE (if any) and the parts that are FALSE (if any). (You can use a “small-country” case throughout your answer. Also, assume that there are barriers to the import of the good into the country granting the export subsidy.)
Which of the following would eliminate scarcity as an economic problem? Moderation of people’s competitive instincts. Discovery of large new energy reserves. Resumption of steady productivity growth. None of the above because scarcity cannot be elim..
Graphical demand and supply analysis, explain the impact on price and quantity in the market for petrol if oil production is disrupted.
The wage paid by a firm buying labor in a perfectly competitive market: The wage paid by a firm buying labor in a perfectly competitive market:
Consider the utility function U(x,y)=3x+6y. An agent with a budget constraint of 15x+5y=30 will choose which of the following bundles in order to maximize his utility? 1/2 unit of x and 1 unit of y 2 units of x 2/3 units of x and 4 units of y 6 units..
A producer’s production function is q=6K^(1/3)L^(1/2). The market price for the firm’s output is p, the cost of capital is $4 per unit used and the cost of labor is $3 per unit. Write an equation for the firm’s long-run profit. Find the factor demand..
Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated p..
The alternative is to tie bonus pay to some absolute measure of performance. Discuss the merits as well as drawbacks of each approach.
Pizza Hut is contemplating introducing breakfast pizzas in order to tap into a new market and increase its penetration of pizza in its current markets. The breakfast pizza would consist of sausage, eggs, bacon, and other familiar and traditional brea..
Consider two manufacturers. Each makes a product. The two products arc partial substitutes. Priced at P_t. product i receives a demand q_1 = 15 - 2 9_1 + p_2 and q_2 = 15 - 2 p_2 + p_1. It costs $5 to produce a unit of product I and $10 to produce a ..
List and describe six primary functions of the central bank. What is the equation of exchange? What are the variables, which are in it, and how do they relate to each other? Outline to the policy choices for contractionary and expansionary options of..
We normally think of currency and banking risks as being something confined to third-world or developing countries. But events in the past few years such as the Euro crisis or the financial crisis in the United States have shown that not even the wea..
An excise tax of $2.00 per pound of sugar placed on the suppliers of sugar would shift the supply curve:
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