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In September 1995, Patrick Buchanan, a Republican candidate for U.S. president, proposed a 10 percent tariff on Japanese imports to the United States, a 20 percent tariff on Chinese imports to the United States, and an unspecified “social” tariff on imports from third-world countries. a. Use the long-run model of a small open economy to illustrate graphically the impact of these trade policies on the U.S. exchange rate and the trade balance. Assume that the country starts from a position of trade balance, i.e., exports equal imports. Be sure to label: i. the axes ii. the curves iii. the initial equilibrium values iv. the direction the curves shift v. the new long-run equilibrium values. b. Based on your graphical analysis, explain the predicted impact of Mr. Buchanan's proposed policies. Specifically state what happens to the exchange rate, the trade balance, the volume of imports, and the volume of exports.
Consider a country that produces shirts and autos. Shirts are produced with sewing machines (specific factor) and labor while autos are produced using robots (specific factor) and labor. Show how going to international trade affects the budget constr..
Explain the difference between “Short-Run Costs” and “Long-Run Costs.” Please provide an example for a type of business, of your choosing. Please be as specific as possible.
An engineer deposits $1,350 each month in an account with an interest rate of 6.18% per year compounded semi annually. How much money can he expect after 12 years?
The manager of an Electronic Corporation has estimated the total fixed and the total variable cost function for producing a particular type of camera to be: TVC = 60Q + 12Q2 TF = $1200 If the Corporation sells the cameras at a price of $60 each, how ..
Which of the following people would be classified as unemployed?
If inventories unexpectedly rise then production _____ sales and firms will respond by______
Consider a country that was debating whether to adopt the gold standard during the heyday of that international monetary arrangement. What difference would the level at which the price of gold was set by the central bank make for the level of economi..
Each cash flow is equal to $128,000. The nominal interest rate is 12% compounded semi-annually. What single amount on Jule 1, 2015 is equivalent to this cash flow system?
The aggregate demand and aggregate supply model is a useful simplification of the macroeconomy used to explain short-run fluctuations in economic activity around its long-run trend. Which of the following are reasons that the short-run aggregate supp..
Elucidate how on your diagram also calculate the profit maximizing output also price. Calculate the consumer surplus at the profit maximizing price also quantity.
A $1000, 9.50% semi annual bond is purchased for $1010. If the bond is sold at the end of three years and six interest payments, what should the selling price be to yield a 10% return on the investment?
An industry said to be characterized by monopolistic competition is the apparel industry. Suppose you were hired as a consultant by a firm in this industry. How would advise the firm as to the levels of output, price, input usage, and advertising?..
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