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1) This question has two parts: a) Graphically illustrate the welfare effects of a tariff in the case of a small nation. Why do economists insist that the production distortion effect is a deadweight loss? b) It is sometimes argued that a tariff is welfare enhancing for a large nation. On what might such an argument be based.
2) Provide summarized but full discussion of the case in favor of restricting trade.
3) Using a simple model, present the benefits of trade negotiations for countries in today's global economy.
Consider an industry in which two types of managers run firms, Genius and Ordinary. There is a fixed supply of 100 genius managers, whereas there is unlimited supply of ordinary managers. Both types of managers are willing to work for a salary of $14..
Illustrate what are the major factors that have affected U.S. household consumption since the recession in 2001.
Suppose every member of Congress genuinely believes that government expenditures are excessive and ought to be reduced by at least 10 percent. Why would this not be sufficient to assure a 10 percent reduction?
Suppose the mpc in an economy is .85 the apc is .09 and disposable income if 5 billion. What is the new consumption level when disposable income increases to 12 billion?
What term best describes the payment which must be offered to a risk-averse individual to willingly accept a gamble?
Determine the current amount of money that must be invested at 12% nominal interest, compounded monthly, to provide an annuity of $10,000 (per year) for 6 years, starting 12 years from now. The interest rate remains constant over this entire period o..
What are the four supply factors of economic growth? What is the demand factor? What is the efficiency factor? Illustrate these factors in terms of the production possibilities curve.
Suppose that the average total cost (ATC) of producing 8 units is less than the average total cost of producing 9 units. What can we say about marginal costs (MC) in relation to ATC?
Assume that the firms act independently as in the Cournot model i.e., each firm assumes that the other firm's output will not change.
How does the AICPA Code of Professional Conduct relate to ethics? Provide examples to support your response.
Describe each of the following economic functions of money and provide an example of each: (1) medium of exchange; (2) standard of value; and (3) store of value.
An individual has an income of $1000 per month with which they buy the composite good with a price of $1 and food with a price $2/unit of food. Now assume that the government gives the individual food stamps worth $100. This is money that can only be..
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