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Who benefits from a tariff or quota? Who loses from a tariff or quota? What are the positives and negatives of protectionist trade policies on the part of the federal government? Which policy do you
After the tax, 6 million cases of cola are sold every month; consumers pay $4.00 per case and producers receive $2.00 per case. Use this information to answer the following questions. What is the in
Provide an example for each about decision-making, interaction, and the workings or the economy. Explain how that influences the marginal benefits and marginal costs associated with the decision to
Before economic reforms were implemented in the countries of Eastern Europe, regulation held the price of bread substantially below equilibrium. When reforms were implemented, prices were deregulat
Which of the following functions of money would be violated if inflation were high?
Suppose you paid $900 to take this economics course, which meets 30 times, for one hour a class, during the course of the semester. Instead of attending class you could have either flipped hamburge
List at least one advantage and one limitations of International Trade as identified in the simulation
Government's efforts to stabilize the business cycle through fiscal policy can destabilize the economy due to the presence of _______. lags in the process of crafting a budget appropriate to the circ
Two identical countries, Country A and Country B, can each be described by a Keynesian-cross model. The MPC is .9 in each country. How much is the government purchases multiplier for each country?
Suppose the relevant money-supply curve is the one labeled MS2; also suppose the economy's real GDP is 45,000 for the year. If the money market is in equilibrium, then the velocity of money is appro
Prepare a 2-3 page written Legal Issue Analysis of a newspaper or magazine article that discusses a legal aspect of a specific diversity issue (e.g., harassment, ADA, etc.).
Use the concepts of gross and net investment to distinguish between an economy that has a rising stock of capital and one that has a falling stock of capital. "In 1933 net private domestic investmen
Explain why relatively flat as opposite relatively steep labor demand curves are more consistent with the empirical observation that there are relatively minor changes in the real wage rate over th
Suppose the government sets a target price of $5 per bushel for any quantity supplied up to 1,000 bushels. How many bushels of corn are purchased by consumers and at what price? By the government?
A profit - maximizing firm in a competitive market is currently producing 100 units of output. it has average revenue of $10, average total cost of $8, and fixed costs of %200. What is profit? What
Explain briefly how a change to the following MS, MD, or P (ceteris paribus) would shift the LM function to the right. Include in your discussion whether the variable would have to increase or decre
Why are the price and output of firms 1 and 2 the same but different for firm 3? Is fixed cost relevant in their price determination or not? Discuss the advantage and disadvantage of cost structure be
What kinds of questions does economics address? What are the principles of how people make decisions? What are the principles of how people interact?
A perfectly competitive firm in a constant-cost industry produces 3,000 units of a good at a total cost of $36,000. The prevailing market price is $15. What will happen to the number of firms in the
Determine Consolidated's total profit function. Assuming that Consolidated is effectively able to charge different prices in the two markets, what are the profit-maximizing price and output levels f
The Zinger Company manufactures and sells a line of sewing machines. Demand per period (Q) for a particular model is given by the following relationship:
Explain how a recessionary output gap would emerge in an economy where the long-run aggregate supply curve is persistently shifting to the right.
Illustrate Supply and demand curve. In the summer of 2006, Viennese artist Gustav Klimt's Portrait of Adele Bloch-Bauer was sold in new york for $135 million
Assuming a wholesale price of $50 per case, calculate the breakeven output quantities for each alternative. At a wholesale price of $50 per case in all states, and assuming sales at the projected lev
A fishing boat owner brings 50,000 fish to market and the market price is $4 per fish. Her average variable cost of 50,000 fish is $1 and the fixed cost of the boat is $100,000, what is her profit p