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Suppose that elimination of tariffs on agricultural products means that 1,000 farm workers lose jobs that pay an average of $20,000 per year. At the same time, because of the imporation of relatively cheaper foreign vegetables, 150 million consumers save $2 per year on their grocery bill.
A) What is the total income lost by farm workers because of the free trade?
B) What is the total dollar amount saved by all consumers combined?
C) Which is greater, the lost income or the consumer savings? Do the benefits of free trade out-weigh the costs in this simple example?
D) Which group is most likely to become politically involved over the issue of removing the tariff, the farm workers or the consumers? Why?
According to the neo-classical theory of wage setting, discrimination should be gradually weeded out of the labour market. Explain why this should be the case according to that theory. Discrimination, however, seems to endure.
Suppose a family's annual disposable income is $58,000 of which it saves $8000. if their income rises to $64,000 and they paln to ave a total of $9,500 at this income level, calculate the MPS and MPC for this family
Consider options on Bigmove Corporation stock. Suppose that there are call options with a strike price of $75 and put options with a strike price of $65. Which, if any, of the options are in the money if the current price of Bigmove's stock.
An electronics firm invested $60000 in a precision inspection device. It cost $4000 to operate and maintain in the first year and $3000 in each later year. At the end of 4 years, the firm changed their inspection procedure
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the per-unit prices of broccoli (B) and pork rinds (R) equal to $2 and $1 respectively, a consumer George, with an income of $1,000 purchases 400R and 300B. At that point, the consumer's MRSBR = 2R/1B. Does this mean that George would be just as w..
The diesel powered van costs $39,000 and the gasoline powered one $34,000. They have fuel economies of 11mpg and 7mpg respectively. Gasoline is expected to have an average price of $2.25 per gallon, diesel $2.35 per gallon. The company uses 17.5% ..
Ethel and Fred have found their "dream house" and it has a purchase price of $250,000. Assume that they make a $50,000 down payment but must finance the remainder with a mortgage. They are presented with two mortgage options. Option 1 is a 30-year..
Various financial data for 2007 and 2008 follow. Calculate thetotal productivity measure and the partial measures for labor,capital, and raw materials for this company for both years. What do these measures tell you about this company
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