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Imports of peanuts into the United States are subject to a quota, set at about 1.7 million pounds per year. a. Illustrate the free-trade equilibrium in the market for peanuts. Then show the quota's effects on domestic consumption, domestic production, imports, and price. Label carefully. b. What are the quota's welfare effects, including both the distributional effects and the overall (net) effect on the United States? Relate the effects to your diagram in part (a). c. In 1990, a severe drought hit Georgia, where most U.S. peanuts are grown. Illustrate the effects of the drought, assuming that policy makers don't change the quota. What happens to domestic production, domestic consumption, imports, and price as a result of the drought? d. Assume that the United States is a small country in the peanut market. Now suppose that the peanut market is subject to an import tariff instead of the quota. The tariff is set at a level that results in the same pre-drought level of production, consumption, and price as under the quota in part (a). Illustrate the effects of the tariff before the drought. e. Compare the effects of the drought under the tariff with those under the quota. What are the similarities and differences?"
Using the circular flow (inner-tube) model for national income, what would be the effect of an increase in taxes, taken alone (that is, all other factors remaining unchanged)?
cook cpa has been engaged to audit the financial statements of general department stores inc. a continuing audit client
Calculate the point cross price elasticity of demand with respect to the price of competing television sets (P C ) at the values represented in question six and calculate the point income elasticity of demand for HD televisions at the values represen..
would it be possible to privatize the money supply in the united states completely? in doing so what would be the
Jay's Silk Printing Co. is located in a small university town. The major portion of their business is custom printed sweatshirts for university bookstores. As a sideline, they also retail sweatshirts locally. The local demand for sweatshirts is: Q..
Professor's Overview of Module 10 The reading for this lesson (Bowe, sections "Tulsa" and first part of "Saipan" to the bottom of p. 184) brings us to the use and abuse of U.S. visa programs to bring workers into the United States, often from more un..
A policy of maintaining a fixed interest rate will have the greatest stabilizing effect on output when money demand is
In addition to the failure of the $830 billion "stimulus package" to produce the kind of "GDP bump" promised by proponents of the program, it also failed to deliver on the claim that it would ensure that the US unemployment rate would not reach 8%, a..
Scarcity can best be defined as a situation in which: Which of the following is NOT a factor of production? Ceteris paribus is the Latin expression meaning: The additional cost resulting from a small increase in some activity is called the: If a cons..
an excise tax of 1.00 per gallon of gasoline placed on the suppliers of gasoline in a market with downward sloping
Microeconomics is the study of economics at the individual or micro level. One of the most well known microeconomic models is the production possibilities frontier,
What is the percent change in consumption since you were born? What is the percent change in real disposable income since you were born? Would it be correct to connect points A and B with a ruler and call it a consumption function? Why or Why no..
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