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When the United States placed a tariff on steel imports in 2002, foreign producers naturally complained, but there were also complaints from U.S. firms operating in other industries. Why would other t
Find the maximum of (X1,X2) of F subject to the constraint: P1X1+P2X2 =I (Income), the answer should be a function of (P1,P2,I)
Supposed a firm faces an inverse demand function of p(y)=20-y and a total cost function of c(y) = a + y^2
Why is universal acceptability such an important characteristic of money? What other characteristics can you think of that might be important to market participants?
You can either take a bus or drive your car to work. A bus pass costs $5 per week, whereas driving your car to work costs $60 weekly. You spend half an hour less on a one-way trip in your car than on
The U.S. has long been suffered from trade deficits (especially with China). Explain the effect of trade deficits on economic growth in the U.S. What are the options to deal with China on trade defici
Suppose the demand curve is given by QD = 400 – 50 P, where P is price. The supply curve if given by QS = 50P
Why should countries engage in international trade rather than remaining self-sufficient and avoiding the unfair competition of low-paid foreign workers?
If our country (US) can make everything better and cheaper than foreigners, why would we have any reason to be involved in international trade?
If we do engage in foreign trade, should we limit foreign trade to nations that engage in "fair trade" by giving us access to their domestic markets and reciprocal import tariff reductions that mirror
What are the seven objectives normally listed in respect of a government’s economic policy? What are the effects of these on the economic development of small open economies?
An individual makes five annual deposits of $2,000 in a savings account that pays interest at a rate of 4% per year. One year after making the last deposit, the interest rate changes to 6% per year. F
Proponents of free market systems argue that free enterprise leads to more efficient production and better response to changing consumer preferences. Others point to the fact that markets are not perf
If a taxpayer has a beginning inventory of $25000, Purchases of $185,000 and ending inventory of $30,000. What is the amount of the cost of goods sold for the current year?
Recall that money serves there functions in the economy. What are those functions? How does inflation affect the ability of money to serve each of these functions?
Explain how the marginal principle and the pollution tax work together to determine the optimal amount of pollution abatement.
One-tenth of the participants produce over one-third of the output. increasing the number of participants merely reduces the average output." if this statement were true, would it be consistent with t
Is it price discrimination when a professional football team charges say, $150 per ticket for 50-yard-line tickets in the lower deck and $50 per ticket for upper-deck tickets overlooking the end zone?
If every $1,000 increase in the real price of homes adds 5 cents to annual consumer spending (the “wealth effect”), by how much did consumption decline when home prices fell by $2 trillion
Business has fallen off greatly at your upscale restaurant because of the economic crisis. List four things you can do to win back the loyalty of your past costumers.
Explain why the price elasticity of demand for turkeys is likely to be lower but the price elasticity of demand for turkeys at a PARTICULAR STORE is likely to be greater at thanksgiving than at other
How much can Jack consume this month, if he consumes his whole income from this month, and borrows against the whole income next month? Similarly, what is most that Jack can consume next month?
Draw what would happen to equilibrium if both supply and demand shifted to the right at the same.What happens to equilibrium quantity and price?
It is often argued that this policy increases the technological capability of American producers relative to that of foreign firms. Is this argument consistent with your classification of basic resear
Why does a tax on a product that has a negative externality help get the market closer to the social optimum?How does the tax change the behavior of the consumer or producer?