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Demand-Supply Analysis and the American Revolution a. Before the American Revolution, the British government required that all imports to the colonies from outside the British Empire were first shipped to England (part of the Navigation Acts). A Boston business selling French wine, for example, would need to have it shipped from France to England, and then to Boston. Draw a demand-supply diagram for wine imported to the colonies. Illustrate the effect of the import requirement. Show the loss in consumer surplus, and the dead weight loss. Provide an explanation. b. Although a broad generalization, today, Americas are mainly coffee drinkers and the English are mainly tea drinkers. This was not always so. Prior to the American Revolution, more colonists drank tea than coffee. Suppose that after the Revolution, the U.S. government imposed a tax on imported tea. On two demand-supply diagrams, one for tea and the other for coffee in the United States, illustrate the effect of the tea tax on the price and quantity of both tea and coffee. Provide an explanation with your diagrams.
Rick Nash, a player for the Columbus Blue Jackets hockey club earned $5.25 million this year. The CPI for this year is 225, base year 1983. If Rick were to maintain his current purchasing power how much would he have earned in 1983?
What are the tools available to the federal government to implement fiscal policy. If you had the ear of the U.S. president, what advice would you give for the direction of U.S. fiscal policy.
A perfectly competitive firm's marginal revenue marginal cost curve above the minimum of the average variable cost curve is its:
Gomez runs a small pottery firm. He hires one helper at $18,000 per year, pays annual rent of $8,000 for his shop, and spends $24,000 per year on materials. He has $40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth) t..
Identify the various taxes governments utilize to fund the public sector and the impact of those taxes on both the producer and the consumer
If the resource prices faced by a firm rise, the result is a(n) The law of supply says that
What probability of discovery would make the driller indifferent between drilling and not drilling and what is the expected value of perfect information on reserves?
how to compute implicit explcit and opportunity costs. jamal has a flexible job. he can work everyday but is allowed to take a day off anytime he wants.
What is a standardized budget deficit/surplus? How is it different from actual budget deficit/surplus? How is budget deficit/surplus related to public debt? What is the approximate percentage of US public debt that is owned by foreigners? What is the..
Apply the decision-making model developed. What are the basic steps in all types of decision making processes.
Semiconductor chips are used to store information in electronic products, such as personal computers. One of the early leaders in the production of these chips was Texas Instruments (TI).
What would be the effect of sequestration in the neoclassical model? Show graphically and explain. Assume the economy starts at full employment.
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