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Economists sometimes say that protectionism is the "second-best" choice for dealing with any particular problem. What they mean is that there is often a policy choice that is more direct or effective for dealing with the problem-a choice that would still allow the benefits of trade to occur. Explain why protectionism is a "second-best" choice for:
a. helping workers as a group
b. helping industries stay strong
c. protecting the environment
d. advancing national defense
Resort A and Resort B are two ski areas. On any randomly selected day during the ski season, the expected number of skiers purchasing lift tickets at Resort A is 6,000, with a standard deviation 2,000. The number of skiers purchasing lift tickets ..
Corporation XYZ had decided to reduce the butterfat content of milk they are producing resulting to the milk to almost be only 2% milk. This in turn decreases the amount of butter and cream that the dairy farms can produce.
Qs=2P-20 (supply) QD=80-2P (Demand) where Q is thousands of hours of floor reconditioning per month, and P is the price per hour. algebraically determine the market equilibrium price/output combination.
What is the own price elasticity of demand when Px = $154? Is demand elastic or inelastic at this price? What would happen to the firm's revenue if it decided to charge a price below $154.What is the cross-price elasticity of demand between good X ..
According to the "January theory," if the stock market is up for the month of January, it will be up for the year. If it is down in January, it will be down for the year. According to an article in The Wall Street Journal, this theory held for 24 ..
Consider a consumer who contemplates his optimal consumption plan for two period. Assume that the interest rate at which all consumers can borrow and lend is 10%. This consumer has income 60 in period 1 and income 39 in period 2.
Suppose Y is household income and he is household expenditures on health care. Use the data from the regression output to answer the given question:
A random sample of 25 employees of a local company has been measured. A 95% confidence interval estimate for the mean systolic blood pressure for all company employees is 123 to 139. Which statements is valid.
Consider a simultaneous move quantity-setting game with two firms facing a demand curve p = 100 - q. Both firms have marginal cost of 20. Suppose one firm maximizes profit and the other maximizes revenue, but both take into account the other firm'..
Suppose the government currently raises $100 million through a 1-cent tax on widges, and another $100 million through a 10-cent tax on gadgets. if the government doubled the tax rate on widgets
the crockett land winery must replace its present grape-pressing equipment. the two alternatives are the quik-skwish
Mr. Smith Wishes to sell a bond that has a face value of $1,000. The bond bears an interest rate (coupon rate) of 7.5%, with bond interest payable semiannually. Four years ago, the bond was purchased at $900.
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