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President Obama is considering implementing trade tariffs and quotas against US trading partners. As head of the President's Economic Advisory Team:
Suppose a perfectly competitive firm's marginal revenue is $10 while its marginal cost is $11. Under these circumstances the firm:
If the U.S. government had previously banned the import of kiwi fruit but then imposed a tariff of $5 per case and allowed kiwi imports, what would happen to the equilibrium price and quantity of ki
What is the most important determinant of price elasticity of demand? Why is this so? Give an example of a firm that price discriminates for its product or service.
Many households supplements their food budget by cultivating small vegetable gardens. Explain how each of the following migth influence this kind of household production:
1) What is Michelle's opportunity cost of producing potatoes? 2) What is Michelle's opportunity cost of producing chickens? 3) What is James' opportunity cost of producing potatoes? 4) What is James'
Explain the difference between comparative advantage and absolute advantage. Explain how economies benefit with specialization and trade.
Question 1. Why do many economists believe that the market system is the most efficient economic system for allocating resources? Question 2. What are the four main categories of resources? Explain
What is factor-proportions theory, and how is this theory useful in determining production advantages?
Refer to the above data. What would be feasible terms of trade between Landia and Scandia? Show the calculation part.
Question 1. Why does the media attacks world trade? Question 2. Assume that corn production requires only land and can production requires only labor. The United States can produce either 70 kilogra
Describe the difference between average revenue and marginal revenue. Why are both of these revenue measures important to a profit-maximizing firm?
For a world in which international trade would be based only on the differences featured in the Heckscher-Ohlin theory, the shift from no trade to free trade is like a zero-sum game." Do you agree o
What does it mean to specialize according to one's comparative advantage and trade internationally and an example of a business using this principle?
Is it wrong to use the total revenue test for elasticity, when there is a direct relationship between price and total revenue the demand is elastic?
Name the five stages in the buyer decision process and briefly describe the online and offline marketing activities used to influence each.
Question: How does trade affect the production possibilities frontier? Question: Give 5 factors that can expand the production possibilities frontier.
What does the Heckscher-Ohlin Theory say about what determines the trade patterns between countries?
Moreover, being part of a large trading bloc allows a company to take advantage of special treaties, agreements and benefits. From global perspective also, it is more benefical for long term stabili
Discuss the position of India with respect to the comparative advantage it holds in gems and jewellery, software services, and petroleum.
Which of the following statements are examples of positive economic analysis? Which are examples of normative analysis? a. The inheritance tax should be repealed because it is unfair.
(1) Examine the GATT/WTO regulations concerning agricultural subsidies (origins, implementation, existing subsidy values). (2) Discuss why the US farm policy is failing.
Can anyone find out how the Consumer Price Index (CPI), the primary measure of inflation used by the government, is calculated? Why might this method not reflect the real cost of living increase for
Identify and explain three trade restrictions. In your opinion, which method of restricting trade is the most efficient?
What happens to equilibrium prices and output in this market? Would you expect these effects to be short-term, or will they impact the long-term performance of the business?