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In September 1995, Patrick Buchanan, a Republican candidate for U.S. president, proposed a 10 percent tariff on Japanese imports to the United States, a 20 percent tariff on Chinese imports to the United States, and an unspecified “social” tariff on imports from third-world countries. a. Use the long-run model of a small open economy to illustrate graphically the impact of these trade policies on the U.S. exchange rate and the trade balance. Assume that the country starts from a position of trade balance, i.e., exports equal imports. Be sure to label: i. the axes ii. the curves iii. the initial equilibrium values iv. the direction the curves shift v. the new long-run equilibrium values. b. Based on your graphical analysis, explain the predicted impact of Mr. Buchanan's proposed policies. Specifically state what happens to the exchange rate, the trade balance, the volume of imports, and the volume of exports.
Elucidate why is private property also protection of property rights, so critical to the success of the marketplace system.
What price would firm set to maximize profit. Compute profit and Consumer Surplus.In diagram given above blue shaded region is consumer surplus and green shaded region is deadweight loss.
Investigate the distribution of income in the United States from the 1960's. The Bureau of Labor Statistics (bls.gov)or the US census government website census.gov may be good sites. Is wealth distribution and income distribution the same thing? Are ..
If the actual price level exceeds the expected price level reflected in long-term contracts, real GDP equals __________ and the actual price levels equals _________ in the short run. List three factors that can change the economy’s potential output. ..
Suppose that the natural rate of unemployment in a particular year is 4 percent and the actual rate of unemployment is 11 percent. Use Okun’s law to determine the size of the GDP gap in percentage-point terms. If the potential GDP is $500 billion in ..
The variable frequency drive (VFD) for a 290 hp motor costs $19100. How much will the drive for a 115 hp motor cost if the cost-capacity exponent is 0.642?
SaveUmoney Tax Services (STS) is a small operation that offers tax services to individuals and small businesses. A local marketing consultant has estimated the weekly demand for STS's services as follows: Q = 1200 - 6 P + 25 A where: Q = the number o..
Pepsi uses advertising to create the impression that Pepsi is superior to any other soft drink. Pepsi is attempting to:
Does the covered interest parity condition hold? Why or why not?b. How could you make a riskless profit without any money tied up assuming that there are no transaction costs in buying and or selling foreign exchange?
Tech engineering inc. makes a consumer product for which the following cost data are available. Determine the breakeven volume unit can be sold for $40. If a net profit of $100,000 is required determine the number of units that needed to be sold.
Suppose the demand for Brand A Ice Cream is characterized by the following point elasticities: own price elasticity = -0.8 cross-price elasticity with Brand B Ice Cream = +2 income elasticity = +3 Based on the given elasticities, What happens to the ..
How much output is lost as a result of deaths from secondhand smoke, according to the news.
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