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Opponents of free trade often argue that trade with other countries destroys domestic jobs; it threatens industries that are vital to national security; it inhibits the chances of a new domestic industry from surviving; and that it is only desirable if firms in different countries are subject to the same laws and regulations (that is, all firms have a level playing field).
From an economic perspective for each of these four arguments for restricting trade, what are your views? Does free trade only destroy jobs? Why or why not? Is the national security argument valid or not? Why or why not? For the "infant industry" argument, does that attempt to create a class of winners and losers? Provide specific examples to support your answers.
Many companies use the argument that "the lack of a level playing field" is costing them losses in sales and prohibits them from hiring more workers. What do you think?
Discuss ballpark estimates for the overall economic impact of crime. Break down your estimate(s) into broad categories: for example, roughly what fraction of the overall cost of crime is due to murders, what fraction to illegal drug use.
Sales at The Style Shop, a clothing store for men, have declined for the third month in a row. Your boss is not sure whether this decline is due to the weak economy or some other unknown reason.
Assume government imposed a minimum wage above what otherwise would be equilibrium wage rate for the segment of labor market.
Assume that Florida migrant workers are effectively unionized. What will be the impact of unionization on?
At what price is revenue maximized, and what is revenue at that point? Identify the elastic and inelastic regions of the demand curve.
Why do most economists worry about the US current deficit? Why does globalization sets constraints on governments' capacity to raise the revenues?
Assume that the following information about the economy is correct. The potential GDP is 3 percent. Real GDP has fallen at a minus two percent rate in the last 12 months.
Question 1 In the long run, if a firm is making a loss, it will: Question 2 Refer to the accompanying figure. This firm's shortrun supply curve is represented by the:
The question asked was assume that the government imposes a price ceiling on toasters. In particular, suppose that it decrees that a toaster cannot sell for more than $14.
What is the growth rate of nominal GDP in the economy?An adverse supply shock raises the inflation rate associated with every output ratio by 3 percentage points. Draw the new short-run Phillips Curve.
The U.S. President is elected by the Electoral College, and the Prime Minister is the leader of the majority party elected to parliament. Although neither are directly elected by the people, they are both put there indirectly by the voice of the ..
Yesterday you were consuming 4 eggs and 2 strips of bacon. Today you are consuming 3 eggs and 3 strips of bacon. If you have the same taste what might have caused this change Are you better or worse off
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