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You are given the following scenarios for consideration:
Scenario 1: Assume that the government imposed a price ceiling on gasoline in order to prevent prices from getting too high. What are the economic implications of this action in the gasoline markets? Use graphs as needed and explain your answers thoroughly.
Scenario 2: Assume that the government imposed a price floor on wages (minimum wage) in order to make sure that workers can earn a living wage. Is this a price floor? What are the economic implications of this action in the labor markets? Use graphs as needed and explain your answers thoroughly.
Scenario 3: What are the gains and losses of international trade? What happens when tariffs are imposed, in terms of the importing and exporting countries? Use graphs as needed and explain your answers thoroughly.
Scenario 4: If the government doubled the tax on gasoline, would the tax revenues increase or decrease? Why? Use graphs as needed and explain your answers thoroughly.
Using the scenarios above, prepare a 5-8 page Microsoft Word document that addresses the above scenarios and meets APA standards. Include a summary section in your report that contains 5-7 bullet points identifying your major findings or conclusions of your paper.
Evaluate both the advocates' position and the critics' position. Determine which position you support and defend your position. Cite a minimum of 3 peer-reviewed sources not including your textbook. Format, consistent with APA guidelines use 300-499.
Calculate the profit or loss and should the firm always shut down in the short run when it experiences a loss? Explain.
Suppose that you have been hired as an Economic Researcher by OPEC and given the following schedule showing the world demand and supply for oil:
The United States is currently recovering from its bad recession in over twenty-five years. Using the resource provided in this and earlier modules of course describe what factors
Using the marginal utility approach discuss how economic theory explains the optimum pattern of consumption for an individual consumer
What is that argument and do you agree or disagree with the argument - Explain why in perfect competition why the firms economic profit.
These data are shown in Table 8.9 . Use the data in the file to answer the following questions: Determine the average elevation of the water level for each year and for the 8-year period over which the data were collected.
1. consumer surplus is nota. the value of a good minus the price paid for it summed over the quantity bought.b. greater
From the standpoint of a soft drink company, the question What goods and services should be produced is best represented by which of the following decisions:
The world price of wine is below the price that would prevail in the United States in the absence of trade. Assuming that American imports of wine are a small part of total world wine production, draw a graph for the U.S. market for wine under free t..
discuss the primary advantages and disadvantages of applying the direct write-off and the allowance method of writing
Sustained increases in the money supply lead to inflation
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