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1. Describe both quotas and tariffs. How do they impact domestic prices and deadweight loss? How does an import quota differ from an equivalent tariff? What is best for a nation as a whole: a tariff, a quota, or free trade?
2. Give an example of a positive and a negative externality. Would a Coasean solution resolve the economic efficiency of the externalities you cites? Why or why not?
3. The Coase theorem suggests that efficient solutions to externalities can be arrived at through bargaining. Under what circumstances does this fail to produce a solution?
What is the underground economy? What is the impact on the underground economy of instituting a tax on a certain productive activity?
What effect is the diet likely to have on housing prices in Ulster County
Suppose that the price of good X rises and the price of good Y falls in such a way that the consumer's new optimal consumption bundle lies on the same indifference curve as his old bundle. Graph this situation. Compare the quantities demanded be..
Draw a standard supply and demand diagram which shows the demand for new housing units that are purchased each month, and the supply of new units built and put on the market each month.
When thinking about the theory of the firm, shirking, and principle-agent problems, we can find analogous situations in our personal lives. Make a Power Point presentation (for sharing with the class) two personal situations to illuminate this con..
If the government imposes a $1 per-unit tax, how do the marginal, average total, and average variable costs change? What if instead the government imposes a $100 per-firm tax?
What did you end up doing? Explain using a two time period budget equation and congress must be happy with your findings. You are sitting at your desk starring at your very first bonus.
In the short run changes in GDP can be thought of as stemming from changes in the employment rate of labour, while in the long run, changes in GDP can be thought of as stemming from changes in the labour force and/or changes in labour productivity..
Neolithic Revolution
When is a stratified sample an appropriate sampling technique? specific characteristics of the population are of no concern individuals in a population are not equal each member must have an equal chance of being selected you have a small population ..
Suppose the consumption function is c = $400 billion + 0.8y and the government wants to stimulate the economy. By how much will aggeregate demand at current prices shift initially (before multiplier effects) with A $50 billion increase in governm..
Suppose that perfectly competitive firm faces the market price (P) $5 per unit, and at this price the upward-sloping portion of the firm's marginal cost curve crosses its marginal revenue curve at an output (Q) level of 1,500 units.
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