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1. a. A small country imports industrial goods and exports agricultural goods. Both industry and agricultural are perfectly competitive. A new minimum wage law raises wages in industry but not in agriculture. However, all workers displaced from industry as a result of the new, higher wage find employment in agriculture. Is an import tax on industrial goods the best way to deal with any resulting problems? Why (not) ?
b. Your country imports cigarettes. Identical cigarettes are also produced inside your country in a perfectly competitive industry. The Government wishes to reduce the consumption of cigarettes. Is an import tax on cigarettes the best way to reduce cigarette consumption? Why (not) ?
Twenty-seven amendments have been added to the U.S. Constitution. Obviously, all are important, in their own way. However, you will select three amendments, and in a minimum of three paragraphs, you will discuss why you believe each of these amendmen..
What are two ways for a competitive firm to determine the optimal level of production, that is, the level of production that will maximize profit or minimize losses
Evaluate the relative importance of economies of scale and comparative advantage in causing the following.
Illustrate what would be a reasonable breakdown between private sector vs. public sector spending for an increment of $1. Are we talking $0.8 from private and $0.2 from public or would you suggest a bigger swing either way.
Determine the optimal number of plants that the firm should have to take full advantage of the market demand.
If you have been offered $137,000 for a job in Los Angeles and $117,000 for a similar job in Dallas, which job affords you the highest purchasing power of the bundle of goods in the price index.
Economists usually do not favor subsidies on specific products or in-kind payments to help low income people.
Consider a group of 10 friends who are considering going on a road trip. In determining whether or not to go, each friend considers both how much they would enjoy the trip and how much it will cost them. The cost of the trip will be $500 total, and w..
In competitive markets, the difference between price and marginal cost is a measure of profit per unit output which is what firm seeks to maximize.
q1. in your opinion in your own words should the united states lead globally? explain why or why not?if yes illustrate
Consider following claim: price of gasoline has doubled and corresponding change in demand gravely hurt those who have long commutes to work. As a student of economics what do you find correct and what incorrect in this claim.
What is value of marginal propensity to consume (MPC) in this model Marginal propensity to save (MPS).
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