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Having rejected a tariff on steel (that is, a tax on steel imports), the Prime-Minister of Isoland (a small open economy) is now considering a specific tax on all steel consumption in isoland (both domestically sources steel and imported steel).
(a) Illustrate the impact of the consumption tax in an appropriate partial equilibrium Marshallian-cross diagram.
(b) Analyse the impact of the consumption tax on the welfare of in- dividual parties and overall economic efficiency.
(c) Does the consumption tax raise more, identical, or less tax revenue than a tariff set at the same rate? Explain the reasons for your answer.
(d) Does the consumption tax generate a higher, identical, or lower deadweight loss than a tariff set at the same rate? Explain the reasons for your answer.
Why would an employer be reluctant to hire a person for a job that entailed a considerable amount of specific on-the-job trainning if the person had a high probability of leaving the firm after a year of two? How can this help explain the flatter age..
An increase in government spending
If by bad management components of a corporation become competitive, the system is destroyed. A common example lies in the practice of ranking people,
Anthony is considering the purchase of used car. The price, including the title and taxes, is $9,530. Anthony is able to make a $2,530 down payment. The balance, $7,000, will be borrowed from the Credit Union at an interest rate of 9.25% compounded d..
In 2016, a nation's population was 10 million, its real GDP was $1.21 billion, and its GDP deflator had a value of 121. By 2017, its population had increased to 12 million, its real GDP had risen to $1.5 billion, and its GDP deflator had a value of 1..
Given that Utilitarianism would have us judge an action based on the consequences it produces, why does Mill reject the idea that Utilitarianism entails that we should just do whatever is expedient in the moment or on some particular occasion? how do..
Microeconomics - study of individual behaviour - individual industry like education, meat industry, tourism and agriculture. Choose any ONE industry in Australia from this list and discuss the reforms been done in that industry. Cost of production- i..
An economy adjust on its own to close a recessionary gap because there is
Select a good that you are familiar with. What are the factors that shift the demand curve for this good? What are the factors that shift the supply curve for this good?
An economist, has the following information about Lais Island, a closed economy, for the year 1820: Y = 10,000 C = 6,000 T = 1,500 G = 1,700 The economist also estimates that the investment function is: I = 3,300 – 100 r Where, r is Lais Island real ..
Consider the following: wagner tool produces output according to q = 2k1/2 L1/2, where K is the amt of capital used and L is the amt of labor employed. wagner is constrained in the short run to use 16 units of capital. labor cost $8 per unit, capital..
Discuss the characteristics of each of the following investments and rank them in terms of risk and return: standard deviation and return rate:
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