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Question: Some observers have argued that importing oil makes the United States hostage to the policies of Saudi Arabia and other countries in the Middle East. This complicates US foreign policy.
a. Explain why an externality is present in this situation.
b. Propose a Pigouvian tax to deal with the externality
c. Some economists want to curb domestic gasoline consumption but are wary of giving the government substantially more revenues than it already has As an alteinative Feld-stein [20066, p. A10] suggested a system of tradable gasoline rights (TOR): "In a system of tradable gasoline rights, the government would give each adult a TOR debit card. The gasoline pumps at service stations that now read credit cards and debit cards would be modified to read these new TGR debit cards as well.
Buying a gallon of gasoline would require using up one tradable gasoline right as well as paying money. The government would decide how many gallons of gasoline should be consumed per year and would give out that total number of TGRs. In 2006, Americans will buy about 110 billion gallons of gasoline. To reduce total consumption by 5%, [government] would cut the number of TGRs to 104.5 billion" Draw a diagram to illustrate how the price of the tradable gasoline rights would be deter-mined. Suppose that the market price per voucher were 75 cents. How would this change the opportunity cost of buying a gallon of gasoline?
Everyone thinks there is a problem with the United State poverty figures. The conservatives think so: The Heritage Foundation calls the figures, A Soviet-style disinformation campaign.
Assume that you have just completed an analysis to determine the demand of a good by estimating a simple regression model in which you use quantity demanded of the good as the dependent variable and price of the good as the independent variable.
At the national level, public debate has centred on the performance of the main monetary measure – GDP. Each year we must do better than the last; otherwise we are officially in recession…while GDP growth is important for raising living standards, it..
Find out the income elasticity of demand. Elucidate whether gas is a normal or inferior product.
Programs from the same developer, sold bundled together, thatprovide better integration and share common features, toolbars andmenus are known as?
Suppose a freeze in florida wipes out 20% of the orange crop. How will this affect the equilibrium price and quantity of banana? Assume that the orange and banana are substitute to each other.
Suppose the money supply grows at a constant rate of 4%/year. What is the inflation rate? What's the nominal interest rate? What would be different if money growth were higher or lower (say, 2% or 10%)?
Question 1 What does GDP measure? Question 2 Which of the following applies to measurement of PPP GDP per capita in poor countries?
What is real mortgage interest rate in 2001, 2002, 2003 and 2004? What are the values in 2000 dollars of the Nancy's monthly mortgage payments in the year of 2001, 2002, 2003, and 2004?
Suppose 2.5 million tons of bananas were imported in 2006 but then the tariff decreased to €152 a ton in 2007 and as a result, 3 million tons were imported in 2007. What is the tariff revenue in 2007?
Discuss the Coase Theorem. Illustrate what this theory imply about the role of goverment in dealing with market externalities.
If you have a competitive advantage you might be able to charge high prices and still enjoy superior sales. T/F
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