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a) List 3 ways in which rents from quantitative restrictions can be allocated. In which case is the quantitative restriction most harmful for the importing country?
b) When the Multifibre Agreement (MFA) expired in 2005, the quality of T-shirts imported from China declined. Why?
c) Suppose that in Question 1, the government rather than using a tariff, decides to limit the quantity of imports to 4. All the quota licenses are given to the nephew of the minister of finance (no rent seeking). Show on a new graph the outcome of that policy, i.e. show changes in consumer surplus, producer surplus and mark the quota rents.
d) From the point of view of the aggregate welfare of the country - is the outcome worse than the tariff? (aggregate welfare is the sum of consumer surplus, producer surplus, tariff revenues and quota rents)
Illustrate what do you think are the prospects for reducing global climate-changing emissions. Be sure to address these points.
Suppose the demand for artificial tanning is very elastic, while the demand for sugary soda is not. Compare the effects of two equal sized taxes on the equilibrium market price, the equilibrium quantity consumed, and the tax revenue raised.
(Elasticity and Total Revenue) Explain the relationship between the price elasticity of demand and total revenue. (Determinants of Price Elasticity) Would the price elasticity of demand for electricity be more elastic over a shorter or a longer per..
consider the economic data for country aunemployment level of 15natural rate of unemployment is 6.required reserves is
japans real gdp was 525 trillion yen in2009 and 535 trillion yen in 2010. japans population was 127.6 million in 2009
Suppose the Economy has the following relationships in the Goods Market?
A small-volume foreign auto maker limits the number of its franchised dealers in the United States and gives them exclusive territories. There are also non-dealers who have no official connection with the manufacturer.
Sp represents personal savings. This money does not go into the economy. So why is it counted in this formula?
Elucidate your own words why even long term heavy drinkers might be highly responsive to increases in the price of alcohol.
Draw the budget constraint showing the trade-off between dining hall meals and Cups O’ Soup. Assuming that he spends equal amounts on both goods, draw an indifference curve showing the optimum choice. Label the optimum as point A.
Nico Nelson, management trainee at a large New York based bank is trying to determine the real rate of return expected by investors. He notes that the 3-month T-bill currently yields 3%,
Amaranda and Bartolo consume only two goods, X and Y. They can trade only with each other and there is no production. The total endowment of good X equals the total endowment of good Y. Amaranda's utility function is U(xA, yA) = max{xA, yA}
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