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Directions: Please answer the questions below. Your response to each question must be at least one paragraph in length. Explain your thoughts with theory and examples where applicable.
1. Explain the difference between absolute advantage and comparative advantage. Which is more important in determining trade patterns, absolute advantage or comparative advantage? Why?
2. What are the arguments in favor of trade restrictions, and what are the counterarguments? According to most economists, do any of these arguments really justify trade restrictions? Explain.
3. Using the graph, assume that the government imposes a $1 tariff on hammers. Answer the following questions given this information.
a. What is the domestic price and quantity demanded of hammers after the tariff is imposed?b. What is the quantity of hammers imported before the tariff?c. What is the quantity of hammers imported after the tariff?d. What would be the amount of consumer surplus before the tariff?e. What would be the amount of consumer surplus after the tariff?f. What would be the amount of producer surplus before the tariff?g. What would be the amount of producer surplus after the tariff?h. What would be the amount of government revenue because of the tariff?i. What would be the total amount of deadweight loss due to the tariff?
Define, describe and illustrate with a diagram one opportunity cost for a person starting up their own business
Suppose the government imposes the following kind of sales tax: there is no tax for selling the first 35 units, but for selling every unit beyond the thirty-fifth unit, the seller has to pay the government an additional $12. What is the new optimal p..
For each of the following situations, decide whether the bundle Lakshani is considering optimal or not. If it is not optimal, how could Lakshani improve her overall level of utility? That is, determine which good she should spend more on and which..
In this unit's readings, Huxham and Vangen acknowledge seven common perspectives on the challenges to collaboration. Hansen and Nohria describe four types of obstacles. Select two factors that collaborative partners confront and suggest steps coll..
The Phillips curve illustrates the relationship between:
State both of the advantages and disadvantages of the minumum wage. do you support the raise of minimum wage or not? why? only one page.
Does your organization have a balanced scorecard or dashboard? What are some measures that apply directly to you or your department.Are there measures on your performance evaluation that tie into the organizations measures.
the maker of a leading brand of low-calorie microwavable food estimated the following demand equation for its product
The long-run equilibrium for a perfectly competitive industry occurs when the firms are earning economic profits of zero. Why would firm stay in business if it is making zero economic profits
Suppose that the U.S. government decides to charge cola consumers a tax. Before the tax, 25,000 cases of cola were sold every week at a price of $7 per case. After the tax, 18,000 cases of cola are sold every week; consumers pay $8 per case (includin..
If you could live anywhere in the world, where would you choose and why? What is one location in the world you would never, ever live? Why not? Be sure to consider and discuss the economic factors affecting your decisions, especially the labor market
How foreign direct investment influences the wages
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