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In March 2014, Canada and South Korea completed a free-trade agreement. In the agreement, South Korea eliminated its 20.5 percent tariff on Canadian live lobsters. Prior to the trade agreement, Canada exported 8,500 kilograms of live lobsters to South Korea per year, with an average selling price per kilogram in South Korea of 42,000 won (the currency used in South Korea). With the elimination of the live-lobster tariff, which of the answer choices gives a correct prediction of the amount of live lobsters exported by Canada to South Korea and the average selling price, respectively? A. 8,800 kilograms and 44,000 won B. 9,400 kilograms and 39,500 won C. 8,200 kilograms and 45,600 won D. 7,900 kilograms and 41,750 won
Consider if the government instituted a 10 percent income tax surcharge. In terms of the AS/AD model, this change should have
Suppose that Omar’s marginal utility for cups of coffee is constant at 2.5 utils per cup no matter how many cups he drinks. How big would that budget have to be before he would spend a dollar buying a first cup of coffee?
Suppose that the price level relevant for money demand includes the price of imported goods, which in turn depends on the exchange rate. That is, the money market is described by M/P = L(r, Y ), where P = λPd + (1 − λ)(Pf/e). What is the effect on th..
He drove this car until 2003 when he bought a Honda Civic for $18,000. If the price index in 1969 was 36.7 and the price index in 2006 was 180, Illustrate what is the price of the Dodge Dart in 2006 dollars.
Select one individual and one organizational barrier to innovation. What criteria would you use to determine how these barriers prevent innovation?
If there were only one seller, illustrate what would be the equilibrium price and quantity.
Fast Copy has had several suits filed against them concerning discrimination in the workplace. The plaintiffs in these suits complain that the general set-up of the organization prohibits them from advancement. Explain what type of discrimination the..
Explain how should it be allocated. Explain hardwood usage in the two lines of product are.
Why is it often difficult to develop a realistic analysis?
What are two factors that can cause the nation's real GDP to increase in the short run? What are two factors that can cause the nation's real GDP to increase in the long run?
Draw a Keynesian cross graph and assume that macro economy starts and ends at equilibrium. Label the initial aggregate demand line AD0, Then show what happens in the diagram when a rise in consumer wealth raises C in your diagram. What is the initial..
q1. the price of a laptop increases by 20 and there is a 40 drop in the quantity demanded. the price of a pack of
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