Q: Consider an economy in which all taxes are autonomous and the follov us consumption, planned investm...
A: Disclaimer “Since you have asked multiple questions, we will solve the first question for you. If yo...
Q: ountry of Economica's GDP deflator and nominal GDP in three different years are shown in the table. ...
A: Here we have to find real GDP .
Q: Assume two countries that produce and consume food and clothing. Country A uses: • 2 hours of labor ...
A: Answer to the first part of the question: As per the given information in the question, opportunity ...
Q: The quantity demanded of frozen strawberries decreased from 1,800 to 1,550 when the price of fresh s...
A: Cross elasticity of demand refers to the percentage change in quantity demanded of one good due to ...
Q: To spur economic growth, underdeveloped countries should: trade with foreigners. O do all of these. ...
A: Economic growth refers to increase in real GDP in the economy, that is increase in economic activiti...
Q: Explain how an export subsidy is theoretically meant to work. Think of the application to “infant in...
A: According to the infant-industry hypothesis, nascent sectors in developing nations require protectio...
Q: 3 Suppose o and I play the game veck-paper- scisser twice Xesume mixed stratejos (ran domi zng ng th...
A: Rock paper scissor game is associated with payoff such that : => Simultaneous game . => If bot...
Q: 4. About 10 years ago, the POM Pomegranate Juice brand was created by a middle-aged couple in Nebras...
A: Opportunity cost and consumers: Consumers have to make choices while buying goods and services. For ...
Q: xplain the difference between positive and normative economics with example.
A: Positive economics is defined as a stream of economist which focuses on quantification, identificati...
Q: The definition of Game Theory is: Game Theory is a field of mathematics that analyzes strategic-inte...
A: As mentioned above , A game is a situation in which the outcome is determined by the acts of two or ...
Q: As a middle-class individual, why would you NOT prioritize saving for a retirement fund than imburse...
A: Middle class family is defined by the income level ranges . And the definition is different in diffe...
Q: Demand and supply schedules for Pizza market is given in the Table below. Price ($) Quantity demande...
A: here we calculate the elasticity of demand and supply by using the given information , so the calcul...
Q: for the use of money; the amount of money paid for the use of borrowed capital. Annuity due Interest...
A: Whenever a individual borrows money, the amount has to be paid back with interest as a opportunity c...
Q: Assume the Philippines government adopted fiscal policy measures to reduce the severety of typhoon H...
A: Typhoon Haiyan, also known as Super Typhoon Yolanda in the Philippines, was one of the most intense ...
Q: Identify two benefits of CAFE standards. See additional directions below. Identify two costs of CAFE...
A: CAFE standard is corporate average fuel economy standard in US was implemented in the 1970s. It sets...
Q: Sourabh Gupta can purchase copper bottles for $ 34 per piece and can manufacture it in house where t...
A: Whether outsourcing would be good or manufacturing of the bottle depend on the cost occurence per bo...
Q: Question 2 · Thanh decided to go to university. If Thanh goes to college, he will spend $80,000 on t...
A: Given; Thanh's tuition fees= $80000 Rental room cost= $15000 Cost of books= $4000 If he hadn't gone ...
Q: 1. Upon what specific assumptions is the below production possibilities curve based? (It may help to...
A: Production Possibility Curve or PPC is the locus of the combination of two goods that can be produce...
Q: The following diagram represents an economy in whích total factor productivity z increa PPF2 C2 PPF ...
A: Substitution Effect : The substitute effect can be explained as the change in the quantity purchased...
Q: Market for Bottled Water S $6 $4 $2 30 60 90 120 Quantity (In Thousands) Price per Gallon
A: What is equilibrium price and equilibrium quantity ??
Q: Question 5 Contra Costa College purchases an old building for admiration work. Included in GDP. Not ...
A: GDP refers to the value of goods and services that are produced within the economy in the given year...
Q: Explain how an export subsidy is theoretically meant to work. Think of the application to “infant in...
A: In International trade, an export occurs when a good produce in one country is sold into another cou...
Q: 2020 4t X 300 6t X 600 Let P- the per-unit market price; Q, - the number of units produced and sold ...
A: Nominal GDP is the market value of goods and services produced in an economy, unadjusted for inflati...
Q: an you ar Suppose that the monthly demand function of a particular commodity is given by P= 200 -0.4...
A: Demand and supply are the two main forces that run the market and decides the equilibrium price.
Q: Rewrite it
A: The article is about the PPF. PPF refers production possibility frontier, which is also known as the...
Q: After the Seattle 1999 World Trade Organisation Ministerial Conference there were many demonstration...
A: IMF: The International Monetary Fund (IMF) is an association of 190 nations, attempting to cultivate...
Q: These are products or services that are desired by human and will be purchased if money is available...
A: People will prioritise their desire for goods and services on the basis of their importance, availab...
Q: “Trading blocs”/ Regional Integration efforts maybe considered the status quo for international trad...
A: The process through which the world is becoming interconnected due to a massive increase in cultural...
Q: A series of uniform accounts over an infinite period of time. Depreciation Annuity O Perpetuity Infl...
A: Depreciation refers to the rate of decline of capital stock. Annuity refers to a stream of income fr...
Q: What happens to the market equilibrium price and output when tax is imposed on the buyers? Is the b...
A: Taxation refers to the compulsory charge imposed by the government on the users of certain goods, se...
Q: Suppose that an economy is currently in its long run equilibrium. Suppose that the government decide...
A: ANSWER The AD-AS model, also known as the aggregate demand-aggregate supply model, is a macroeco...
Q: Define the economic background of the tendency for courts to award custody to mothers in divorce pro...
A: The history of child custody following divorce reflects the changing view of children and the evolvi...
Q: Answer parts (a) - (e) below based on the AE equation AE = 2,500 + 0.9Y. (a) What is the level of ...
A: Aggregate expenditure, AE is composed of consumption spending, investment spending, government purch...
Q: 7. Effect of a tax on buyers and sellers Part 2 The following graph shows the daily market for wine....
A: As we can see from the graph, Before tax Quantity=50, Price buyers pay= 25, Price sellers receive=25...
Q: is the source of the demand for loanable funds. As the interest rate falls, the quantity of loanable...
A: The graph shows market for loanable funds. Equilibrium in the loanable funds market is reached at th...
Q: Planned economies are economies wherein the market is the primary mechanism of resource allocation. ...
A: Planned economies represent an economic system where production and allocation of goods takes place ...
Q: Lawmakers must decide on government budget fast: will they prioritize increasing budget for the Depa...
A: In the above question, it is given that : Lawmakers must decide on government budget fast : They wil...
Q: 1. What is likely to cause inflation? a. increase in oil prices b. Increase of prices of computers c...
A: Government has certain tax revenue with them through which they have to carry developmental expenses...
Q: 1-engineering economics. please give detailed and correct answers. I will report to bartleby thos tu...
A: A ordinary annuity pays the payment at the beginning of each period, whereas annuity due pays paym...
Q: CLD Publishers invests P100,000 today to be repaid in five years in one lump sum at 12% compounded a...
A: Given that, CLD publisher invests P100,000
Q: Often the marginal cost (MC) is initially decreasing as Q rises because... the marginal productivity...
A: Marginal product refers to change in total output due to an addition of one more unit of input.
Q: There are two main models explained in the chapter, i.e. the big-push model and the O-ring model. Ho...
A: A country having a less developed industrial base and a low level of Human Development Index with re...
Q: Total revenue increases if the price of the good A) falls and supply is inelastic. B) rises and dema...
A: Option A When supply is inelastic any % increase in price will be less than % change in quantity sup...
Q: If, in a monopoly market, the demand function for a product is p = 160 − 0.10x and the revenue f...
A: Demand function shows the functional relationship between Quantity demanded for a commodity and its ...
Q: Discuss The intrinsic value of goods among the physiocrats.
A: An intrinsic theory of value is a theory that says the value of an object, goods, and services is in...
Q: Ruby loves dividing her free time between going to the movies and reading. She has 20 hours per week...
A: Given: Amount per week=60 Cost of going of movies=6 Cost of books=15
Q: Assume that the total hours of work in Mexico are 200 in the year 2019 and the productivity is $8 pe...
A: Given Total hours of work in 2019 =200 Productivity =$8 Per hour worked. Total hours of work in 202...
Q: The People's Republic of China has an estimated $101.54 trillion of capital with a depreciation rate...
A: The contribution of capital is 0.4 and it would affect the GDP accordingly. The rise in capital stoc...
Q: What are the pressures that encourage MNEs to establish in newly industrialising countries? b. What ...
A: MNEs: A worldwide undertaking, condensed as MNE and now and then likewise called global partnership ...
Q: Why do some marginalised groups in the USA and Canada reject the idea of globalisation? In answering...
A: Populations beyond the normal society and extremely susceptible populations that are deliberately re...
when covid hit how did it effect tariff in the U.S. economy?
Step by step
Solved in 2 steps
- Assume two countries, Thailand (T) and Japan (J), have one good: cameras. The demand (d) and supply (s) for cameras In Thailand and Japan is described by the following functions: QsT=-5+14P QsJ=-10+14P QdT=60-P QdJ=80-P P is the price measured in a common currency used in both countries, such as the Thai Baht. Compute the equilibrium price (P) and quantities in each country without trade. Now assume that free trade occurs. The free-trade price goes to 56.36 Baht. Who exports and Imports cameras and in what quantities?Suppose that Congress imposes a tariff on importedautomobiles to protect the U.S. auto industry fromforeign competition. Assuming that the United Statesis a price taker in the world auto market, show thefollowing on a diagram: the change in the quantityof imports, the loss to U.S. consumers, the gainto U.S. manufacturers, government revenue, andthe deadweight loss associated with the tariff. Theloss to consumers can be decomposed into threepieces: a gain to domestic producers, revenue forthe government, and a deadweight loss. Use yourdiagram to identify these three pieces.Home's demand curve for wheat isD= 100- 20P.Its supply curve isS= 20 + 20P.3. Home imposes a specie tariff of 0.5 on wheat imports.a. Determine and graph the effects of the tariff on the following: (1) the price ofwheat in each country; (2) the quantity of wheat supplied and demanded in each country; (3) the volume of trade.b. Determine the effect of the tariff on the welfare of each of the following groups:(1) Home import-competing producers; (2) Home consumers; (3) the Homegovernment.c. Show graphically and calculate the terms of trade gain, the efficiency loss, and thetotal effect on welfare of the tariff.
- Suppose the U.S. imposes a trade embargo onNorth Korea in order to exert political pressureon the government. Consider how the embargowill affect U.S. producers. Under what conditionswould they support the embargo? Why mightthey oppose it?Consider the arguments for restricting trade.a. Imagine that you are a lobbyist for timber, anestablished industry suffering from low-pricedforeign competition, and you are trying to getCongress to pass trade restrictions. Which twoor three of the five arguments discussed in thechapter do you think would be most persuasiveto the average member of Congress? Explain yourreasoning.b. Now assume you are an astute student ofeconomics (not a hard assumption, we hope).Although all the arguments for restricting tradehave their shortcomings, name the two or threearguments that seem to make the most economicsense to you. For each, describe the economicrationale for and against these arguments for traderestrictions.One of the important events in world trade in recent months has been the escalation of a trade war between the USA and China. This trade war has increased tariffs in both the USA and in China. For concreteness, let's consider what happens to welfare in the USA economy from the USA imposing tariffs on Chinese goods. Are there any individuals that gain from the imposition of tariffs? If so, identify these individuals and explain why. Are there any individuals that lose from the imposition of tariffs? If so, identify these individuals and explain why. On aggregate, economists advocate that trade is welfare improving. If that is the case, why would politicians such as Trump advocate a policy that damages the economy and why would voters support such a politician?
- home cheese alc=1hr/kg wine alw=2hrs/gallon foreign cheese alc*=6hrs/kg wine alw*=3hrs/gallon Calculate the Home country's opportunity cost of producing cheese. In which product does the Home (Foreign* ) country has an absolute advantage? Show in which product does the Home (Foreign* ) country has comparative advantage? Calculate the relative supply (RS) With trade, what is the equilibrium range that the relative price of cheese to wine will settle? Supposing that the intersection of RS and RD occurs at PC /PW = 1, what is the implication?The country Autarka does not allow international trade.In Autarka, you can buy a wool suit for 3 ounces ofgold. Meanwhile, in neighboring countries, you can buythe same suit for 2 ounces of gold. This suggests thata. Autarka has a comparative advantage inproducing suits and would become a suitexporter if it opened up trade.b. Autarka has a comparative advantage inproducing suits and would become a suitimporter if it opened up trade.c. Autarka does not have a comparative advantagein producing suits and would become a suitexporter if it opened up trade.d. Autarka does not have a comparative advantagein producing suits and would become a suitimporter if it opened up tradeHome’s domestic demand and supply curves for skateboards are D = 500 - 10P and S = 300 + 20P and Foreign’s domestic demand and supply curves for the same type of skateboard are D = 1000 – 10P and S = 200 + 40P. a. Find the autarky price and quantity for each country. If the countries trade, which country will export skateboards? b. Derive algebraically the import demand and export supply functions. Find the price and the volume of trade with free trade. c. Please show graphically the world equilibrium, equilibrium at Home, and at Foreign under free trade. d. Now the importer country imposes a tariff of $4 per skateboard. i. Determine and show graphically the effects.
- What are non-tariff barriers? List and explain 3 examples of non-tariff barriersimposed by the U.S., why they were implemented, andtheir impact on the U.S. and other countries. All trade barriers are suddenly eliminated! Explainwhat would happen to employment, national income,and GDP in America, and why those things wouldhappen?a) What is a tariff ? Does a tariff have a result from an import quota? b) Suppose a tariff allowed an industry to create 200,000 jobs paying an average of $22,500 per year. Before the tariff consumers bought 3 billion units (60% imported) at a price of $30. After the tariff they bought 2.75 billion units (none imported) at a price of $36. How much did total consumer spending on the good increase and how much per new job? c) True or False and explain: Free trade allows countries to specialize in producing those goods in which they have the comparative advantage, which in turn, results in increased world production and income.The country of Pepperland exports steel to the Landof Submarines. Information for the quantity demanded(Qd) and quantity supplied (Qs) in each country, in aworld without trade, are given in Table 34.6 and Table34.7. a. What would be the equilibrium price andquantity in each country in a world withouttrade? How can you tell?b. What would be the equilibrium price andquantity in each country if trade is allowed tooccur? How can you tell?c. Sketch two supply and demand diagrams, one foreach country, in the situation before trade.d. On those diagrams, show the equilibrium priceand the levels of exports and imports in the worldafter trade.e. If the Land of Submarines imposes an antidumping import quota of 30, explain in generalterms whether it will benefit or injure consumersand producers in each country.f. Does your general answer change if the Land ofSubmarines imposes an import quota of 70?