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Does import/export establish a relationship? Do imports take away jobs? What are long term and short term benefits for international trade? Who profits mostly from imports/exports? What are the aspects of free trade?
Explain how natural monopolies cause market failure? How is the deadweight loss associated with this form of market failure measured? What is a typical form of government intervention to correct it? How effective is this type of intervention?
Suppose that market price of gas increases from $2 to $3 per gallon and quantity demanded for this good falls from 24 to 18 gallons per week. Calculate price elasticity of demand and interpret the result.
The price elasticity of demand is constant along the entire length of a linear demand curve. The price elasticity of demand is the special name that economists give to the slope of a demand curve.
You are the international manager of a US business that has just invented a revolutionary computer chip that can perform the functions of all known chips plus much, much more, but costs only half as much to manufacture. What are the economic and poli..
The very recent past in Latin America suggested at least the possibility of a swing back toward populism. Research this question and decide whether current populism in Latin America is similar to past populist movements, especially by comparing econo..
An excise tax of $2.00 per pound of sugar placed on the suppliers of sugar would shift the supply curve:
Draw a simple isocost/isoquant diagram depicting a firm's cost-minimizing choice of labor and capital.
Suppose that currency in circulation is $500 billion, the amount of checkable deposits is $1,000 billion, excess reserves are $150 billion, and the required reserve ratio on checkable deposits is 10%. Calculate the money supply, the monetary base, th..
Did the Communists ultimately win the revolution or did the Nationalist simply lose it?
Where P is the price of output and Q is the number of outputs sold per hour. This firm is the only employer in town and faces an hourly supply of labor given by
Take some time to think about the ways in which your learning in this class relates to the real world. Has the knowledge you gained been valuable in helping you understand or evaluate events or policies? Are there any current events in the news th..
Assume that the state government is interested in subsidizing the local production of steel. The current price of steel is $1600 per ton and the government wants to provide a subsidy of $100 per ton. Use a diagram to indicate the pre-subsidy situatio..
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