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A second reason the government may impose a tax is to reduce consumption of a good. Such taxes are known as sin taxes. Some argue that we should make some drugs legal and tax them in order to raise tax revenues for the government. The government has decided to place a sin tax on crack. Given what you know about the price elasticity of demand and addictive properties of crack, would you expect a sin tax that raises the price of crack by 15% to decrease the sale of crack by more than or less than 15%? Explain your answer.
Describe the Stolper-samuelson theory of trade. How does it differ from the factor endowment model? What are its predicted effects on wage-inequality in (a) industrialized countries that are capital abundant and (b) developing countries that are labo..
Explain what happens in these two markets as the number of sellers drops to only one seller. c) explain how part b) illustrates to the first experimental principle
Suppose that initially the money supply is 2 trillion the price level equals 2 the real gdp is 4 trillion in base year dollars and income velocity of money is 4 . Then suppose that the quantity of money in circulation remain fixed but the income velo..
"On a supply-and-demand diagram, equilibrium is found"
They use the Internet to pay babysitters. With no cash, does the nature of money change? Should the Federal Reserve change the definition of M1?
Graphically illustrate the total surplus associated with 2 randomly chosen quantities in the market (put this on two separate diagrams).
What is the present value now (t =0) of the total revenue if the interest rate of 17% per year? specify answer to nearest cent.
Which of the following always decreases as output increases? The Southern Tree Trimming Corporation reported an accounting profit of $35,000 and a normal rate of return of 15 percent on capital and enterprise of $30,000. The opportunity cost of labor..
Demand and Supply Curves. Demand and supply condition in the market for unskilled labor are important concerns to business and government decision makers. Consider the case of a federally mandated minimum wage set above the equilibrium, or market cle..
If the Bill and Melinda Gates Foundation were to buy out and destroy the patent for Combivir, which of the following would NOT be one of the effects? Monopolists typically prefer not to segment markets.
Suppose that Portugal and Austria consider trading stained glass and fish with each other. Portugal can gain from specialization and trade as long as it receives more than of fish for each pane of stained glass it exports to Austria. Similarly, Aus..
In the short run, the average total cost curve slopes upward because of:
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