Economic implications of action in gasoline markets

Assignment Help International Economics

Reference no: EM1368151

Scenario 1: Suppose that government imposed price ceiling on gasoline in order to prevent values from getting too high. Determine the economic implications of this action in the gasoline markets?

Scenario 2: Suppose that the government imposed a price floor on wages (minimum wage) in order to make sure that workers can earn a living wage. Is this a price floor? What are the economic implications of this action in the labor markets?

Scenario 3: What are the gains and losses of international trade? What happens when tariffs are imposed, in terms of the importing and exporting countries?

Scenario 4: If the government doubled the tax on gasoline, would the tax revenues increase or decrease? Why? Use graphs as needed and explain your answers thoroughly.

Reference no: EM1368151

Questions Cloud

Genetic disorder-aberrant gene splicing : Explain a genetic disorder which results from aberrant gene splicing. How does alternative splicing influence the disorder? Where in the gene does the aberrant splicing take place?

Create three types of design decisions-frame size : We need to create three types of design decisions according to: i) Choose an appropriate frame size based on constraints. ii) Partition jobs into slices.

Application of the theory of the second best to economics : "The theory of the second best leaves welfare economists 'high and dry' since not only does it abolish the established objectives of first-best situations,

Monopolistic competition-perfect competition : Which of the following is a characteristic of both monopolistic competition and perfect competition?

Economic implications of action in gasoline markets : Suppose that government imposed price ceiling on gasoline in order to prevent values from getting too high. Determine the economic implications of this action in the gasoline markets?

Compare computerized process to manual process : ompare a computerized process to manual process. Write differences and the advantages and disadvantages of the computerized systems.

Comparison of the therapies : Write down a comparison of the therapies used in India, Chinese Medicine and Western Medicine. Must be at least two double spaced pages.

With what least amount horizontal force must a bellhop push : A suitcase weighing 228N is at rest on the floor of a hotel lobby. The co-efficient of static friction between the suitcase and the floor is 0.49, and the coefficient of kinetic friction is 0.313. With what least amount horizontal force must a bel..

Describing profit maximizing output : Randy Smith us hired as a consultant to a firm producing ball bearings. This firm sells in two distinct markets, each of which is completely sealed off from the other. What price should managers charge in each market?

User Account

All Pages