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Is the demand for this good price elastic or price inelastic? Justify classification by talking about the determinants of elasticity as they apply to product.
What do you think Coase would say to a supporter of "free market environmentalism" who invoked his work
Could the firms profit by entering into an industry-wide agreement concerning the extend of advertising? Explain.
a) What is the function of total cost C for road use? b) Derive the marginal cost function
Identify possible economic policies that may explain these items and/or those which could be used to deal with the problems or situations described.
Explain this linkage in words and then illustrate with an Aggregate Demand/Aggregate Supply diagram.
Despite economists' support of a market approach to environmental policy, the commandand-control approach continues to dominate the policy of most nations.
What is unusual about this market? Give an example of a good or service that might be characterized in this way.
Briefly contrast how a command-and-control policy approach to this problem would differ in intent and implementation from a market approach.
Briefly analyze the expected environmental effect of increasing the MPG of automobiles, holding all else constant.
Consequently, PPFs tend to be nearly rectangular, and switching effects small. Can you think of any reasons why resources might not be mobile among sectors?
How might these issues arise in the realms of international trade, international production, and international finance?
Given our discussion of the GATT/WTO system, do you detect any problems with the use of export subsidies?
What policies do you think countries ought to pursue to ensure that international trade supports increases in per capita incomes?
Both merchandise and services are appropriate. As best you can, draw a value chain for this production process.
What can you say about its considerations with regard to foreign market entry?
Why should a firm move beyond trading relationships into international production? What is its motivation for doing so?
Why the liberalization of the trade, FDI, and finance components of economic globalization has proceeded much faster than for labor migration?
How did the gold-exchange standard differ from the gold standard? How did the adjustable gold peg system differ from the gold-exchange standard?
Are there any reasons you can think of why we might not be able to extend this argument to the financial transactions of the capital account?
Would you be infavor of expanding the role of the SDR to make it an international currency along the lines of Keynes' bancor?
What is your reaction to the different visions of the Keynes Plan and the White Plan?
Draw a diagram describing autarky and a pattern of absolute advantage for your example.
Consider the two relevant political groups in England at that time: land owners and capital owners. Who do you think agreed with Ricardo? Why?
Why the adjustment process stemming from intra-industry trade is easier for a country to accommodate than adjustment process stemming from interindustry trade.