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Under pressure from the sugar lobby, which feared a flood of sugar entering through Mexico, the U.S. Congress demanded limits on the amount of sugar that Mexico could export to the U.S. as a condition for passing the North American Free Trade Agreement (NAFTA) in 1993. When those limits expired, which occurred at the beginning of 2008, Mexicans or the Mexican government could have, in principle, purchased sugar on the world market to re-export to the U.S. to sell at the higher, quota-supported U.S. sugar price. Mexican sugar exports to the U.S. did indeed increase following expiration of the limits, from about 4.9 million cwt in 2007 to 14 million cwt in 2008 and then to 28 million cwt in 2009, before falling back to 16 million cwt in 2010. Since 2008, U.S. policymakers have complained that the growth and high variability of Mexican sugar exports to the U.S. have complicated their ability to set quota levels to achieve desired sugar prices, leading to calls for some form of coordination between Mexico and the U.S. One such proposal would have required the U.S. and Mexican governments to consult at least every three months to review data on both countries' sugar markets; to establish a permanent joint sugar commission to coordinate national sugar policies, monitor implementation of the framework's objectives, and handle any disputes that may arise under the framework; to consult about the likely impact of future trade agreements on how their sugar programs work; and to work together to improve the collection and publication of reliable data on each country's sugar supply and use, including mandatory and enforceable reporting requirements for sugar producers. At the time of the expiration of limits on Mexican sugar exports to the U.S.,
Since U.S. consumes only about 4% of world sugar production, assume that changes in U.S. sugar imports will not affect the world market price.
The night before an economic exam, you decide to go to the movies instead of staying home and working your MyEconLab study plan. You get 50 percent on your exam compared with the 70 percent that you normally score. a. Did you face a tradeoff?
Explain the following statement: ‘The Common Law system is much more adaptable to social progress than the Civil Law system'.
Suppose that the market for coffee is initially in equilibrium. Suppose that a technological improvement lowers the cost of producing coffee. At the same time, consumers' preferences for coffee increase
Briefly explain in words the sequence of changes that occur as the two economies move from no trade to free trade.
Provide an examples of how each industry practices price discrimination. What are the short and long term strategic reasons these industries employ tiered pricing.
If the velocity of circulation is growing at one percent a year, the real interest rate is two percent a year, the nominal interest rate is seven percent a year, and the growth rate of real GDP is three percent a year, calculate the inflation rate..
while a dairy farmer has a horizontal demand curve? What other suppliers might face a downward-sloping demand curve and what implications does this have for their advertising budget as compared to suppliers with horizontal demand curves?
In a multibank system, an individual bank makes loans only up to the level of its excess reserves, while the whole commercial banking system can lend out money that is a multiple of the original bank's excess reserves. Why is there this difference..
Price Discrimination: Assume that United Airlines knows that it faces the following demand equations and corresponding marginal revenue equations for its (one-way) SFO to Las Vegas route
Next, consider the follwoing three scenarios and to describe the likely effects of an activist policy in both the short and long run.
Explain the difficulty of defining and using the user cost of capital and discuss the value in making decisions based on it, rather than using accounting expense data. What is the difference between opportunity cost and accounting costs?
Mr. and Mrs. Jones purchase a new car while they are living in New York. A year later, they move to Oklahoma. Shortly after the move, the brakes fail on the car, causing an accident in which Mrs. Jones is injured. The Joneses file a lawsuit in Okl..
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