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Other things equal, would the formation of a customs union with many members be more likely or less likely to improve welfare for a given member country than the formation of a customs union with only a few members?Why or why not? Other things equal, would the formation of a customs union be more likely or less likely to enhance welfare for a given member country if that country had very high pre-union tariffs than if it had very low pre-union tariffs? Why or why not?
Suppose household saving is $20, the government spending deficit is $4, and investment is $20.
Which of the following is true of Ferdinand VII after his restoration to the Spanish throne in 1814? A He restricted freedoms and abolished the constitution of 1812 B He attempted to restore the Spanish empire in America, constitutional monarch was h..
Barney's Liquids and Aunt Bee's Lemonade plan to expand their international partnership for the marketing and distribution of ready-to-drink tea products by adding 12 countries to their current markets. If the agreement is reached, operations are exp..
q1. assume that a very competitive start-up enters the market in direct competition with the oligopoly you described in
Two weeks later, Nina arrives and demands to purchase 15 of Seth's cars. Is he obligated to sell?
Why do economists use economic models when making predictions or assumptions about the economy? Which economic model do you believe is the most beneficial to YOU at the present time? Why? *Economic Models: circular flow diagram, production possibilit..
Companies that reduce their margins on export products in the face of appreciation of their home currency may be motivated by a desire to
Suppose that a rent control law is causing excess demand in a market. If the law is removed, then we expect the market rent to [fall/rise] and the quantity of apartments rented to [fall/rise]
Illustrate what effort level would maximize profit per period. Illustrate what is the maximum profit per period in this fishery.
A firm can hire 10 workers at a wage of $10 but has to pay a wage of $12 to ALL workers to get the 11th worker. What is the marginal cost of adding the 11th worker.
What would be its (cost-based) markup ratio? Now suppose the demand curve the firm faces is:Q = 3000 - 50 P. Is the firm going to achieve its profit goal? Explain.
Illustrate what is the relationship among a firm's total income, profit also total cost?
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