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Question: 1. Why did President George W. Bush suspend the U.S. tariffs on steel 17 months ahead of schedule?
2. What provision of U.S. trade law was used by President Barack Obama to apply a tariff on tires imported from China? Does this provision make it easier or harder to apply a tariff than Section 201?
Firms can have: Accounting losses and economic losses
An electronics manufacturing company is planning to introduce a new product in the market. The best competitor sells a similar product at $420/unit. It has been found that 85% learning curve applies ot the labor required. The time to complete the fir..
The demand and supply lines in a market are as follows: Give a graph and solve for equilibrium price and quantity. Now suppose a tax is imposed so that the price paid by the demander is $13 and the price received by the supplier is $7. Calculate the..
Describe at least four characteristics of a good business.Identify and talk about at least four companies that you regard as having the characteristics.
All U.S. states subsidize education for college students, mostly by charging below-cost tuition. Nearly-free tuition is available in many European countries and has been proposed in California (see p. 80).
Suppose you are offered a job at $50,000 per year in atlanta where the cost of living index is 217.210. A second job in San Francisco promises to pay you the same real income (purchasing power) as the Atlanta offer. What nominal salary must be offere..
Compared with perfect competition, quantity produced in monopolistic competition is inefficient as price is higher than marginal cost (i.e. allocative inefficiency). Why do some economists argue that even if price is higher than marginal cost, it doe..
If the reserve requirement ration is 25 percent, what is the money multiplier equal? Assume the reserve ratio is 25 percent and there are $40,000 in new deposits in the banking system. As a result, the money-creating potential of the commercial banki..
Johannes has a utility function given by U=xy/(x+y) where x is the amount of product 1 consumed per period and y is the amount of product 2 consumed per period. Johannes’ monthly income is $200. Find Johannes’ utility maximizing consumption levels fo..
The Riparian use doctrine. The “beneficial use” of water principle.
What are the most important characteristics that might have considered cause and effect relations in explaining slow pace of economic development of low-income countries? Give relevant data in supporting your logics for specific country study.
As you know, the Affordable Care Act expands coverage for low-income US citizens by giving them access to Medicaid. As you also know, not every state has taken advantage of this Medicaid expansion. What economic argument can you make for expanding Me..
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