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a) List 3 ways in which rents from quantitative restrictions can be allocated. In which case is the quantitative restriction most harmful for the importing country?
b) When the Multifibre Agreement (MFA) expired in 2005, the quality of T-shirts imported from China declined. Why?
c) Suppose that in Question 1, the government rather than using a tariff, decides to limit the quantity of imports to 4. All the quota licenses are given to the nephew of the minister of finance (no rent seeking). Show on a new graph the outcome of that policy, i.e. show changes in consumer surplus, producer surplus and mark the quota rents.
d) From the point of view of the aggregate welfare of the country - is the outcome worse than the tariff? (aggregate welfare is the sum of consumer surplus, producer surplus, tariff revenues and quota rents)
Explain what was happening to the economy in terms of the AS/AD model, including what would need to happen to bring us out of the "recessionary gap". In other words, using the AS/AD model as a starting point, explain the economic situation of 2008.
Simpson's Scuba Company is a manufacturer and retailer of scuba machine. Currently, the Company has no coordinated cash management system, and the firm's management has decided to focus on ways to improve the cash collection process.
Michael can buy either pizzas or submarine sandwiches. If the prices of pizza and submarine sandwiches double and Michael's money income triples, we can conclude that Michael's budget constraint will
Calculate real GDP in each year using 2010 as the base year. Present your results in a table by adding a column titled "Real GDP, blns" to the right of the above table. Calculate the percentage change in nominal GDP and real GDP (add two new colu..
Describe and graph (using AD/AS framework) an example in today's news of fine tuning economy. Assume the MPC in an economy is 0.8, the APC is 0.8 and disposable income is $9 billion. If disposable income increases to $14 billion, what is the new le..
Illustrate what would happen to the costs if the growth rate was half as much as expected. This does not need to be a detailed economic analysis.
the issue of separating out the effects of price on the quantity demanded when supply cannot be not held constant. the issue of having insufficient variation in prices.
Compute the coefficient of price-elasticity of supply for the seven prices ranges given above and complete the table.
The injections-withdrawals approach, complete the table again and demonstrate that the point you chose in question 4 is the equilibrium now.
Economic analysis that takes into consideration linkages between markets is called ? A. partial equilibrium anaylysis B. input output analysis C. general equilibrium analysis D. cost-effectiveness analysis E. none of the above
Mention and describe the three theories for why the short-run aggregate-supply curve is upward sloping.
Since inventories are not a large component of GDP, how can they affect GDP so sharply explain how will the replenishment cycle affect GDP in the near future?
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