What are the gains and losses of international trade

Reference no: EM131099070 , Length: 8

Assignment 1: Markets, International Trade, and the Government

You are given the following scenarios for consideration:

- Scenario 1: Assume that the government imposed a price ceiling on gasoline in order to prevent prices from getting too high. What are the economic implications of this action in the gasoline markets? Use graphs as needed and explain your answers thoroughly.

- Scenario 2: Assume 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? Use graphs as needed and explain your answers thoroughly.

- 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? Use graphs as needed and explain your answers thoroughly.

- 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: EM131099070

Questions Cloud

The resolut ion of overloading : The resolut ion of overloading becomes more difficult It if identifier declarations are optional. More precisely t suppose that declarations can be used to overload identifiers representing function symbols, type checking in the experimental langu..

Multiple hurdles and compensatory evaluation : "Validity, reliability, multiple hurdles and compensatory evaluation approaches are academic measurement-related concepts that have limited practical relevance to the actual outcome of a selection process." Do you agree or disagree? Why?

Benefits of interviews far outweigh : "The benefits of interviews far outweigh the benefits of job knowledge tests, work sample tests, and referees' reports for assessing external job candidates." Do you agree or disagree? Why?

How students are responding to their prompts : Discussion leaders will follow how students are responding to their prompts. It is expected that leaders will help guide the discussion when students are getting off track, or offer interesting or provocative observations and/or replies.

What are the gains and losses of international trade : Assume that the government imposed a price ceiling on gasoline in order to prevent prices from getting too high. What are the economic implications of this action in the gasoline markets?

Strategic staffing is a waste of resources : "Time moves so fast and the business environment changes so rapidly, strategic staffing is a waste of resources. It's better for a firm to be reactive and adaptable, rather than try to forecast and plan for the future." Do you agree or disagree? W..

Appropriate for assessing the efficiency : "Of the two evaluation systems - Six Sigma and Balanced Scorecard - Six Sigma is the most appropriate for assessing the efficiency of recruiting and selection processes in a socially responsible firm." Do you agree or disagree? Why?

The resolution of overloading in section : The resolution of overloading in Section 6.5 proceeds in two phases: first the set of possible types for each sub expression is determined and then narrowed down in a second phase to a single type after tbe unique type of the entire expression is ..

Implement a workaround to avoid delays : During execution in a project to build a major road bridge, your team found a major flaw in the technical drawings. On an ad-hoc base, they had to find and implement a workaround to avoid delays and mitigate technical problems. What should you do ..

User Account

All Pages