Microeconomics - With Connect Plus Access
20th Edition
ISBN: 9781259660849
Author: McConnell
Publisher: MCG
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Chapter 23, Problem 9DQ
To determine
Immigration laws and amnesty program.
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Why are so many state and local governments greatly concerned about the Federal government’s allegedly lax enforcement of the immigration laws and congressional proposals to grant legal status (amnesty) to the 12 million illegal immigrants in the United States? How might an amnesty program affect the flflow of future border crossings?
(Last Word) The combined cost of Social Security and Medicare programs was what percent of U.S. GDP in 2008
(A) 7.6
(B) 12.4
(C) 17.2
(D) 2.9
Approximately how many people are employed in the federal bureaucracy? O 1 million-1.4 million O 1.5 million -1.7 million O2 million-2.4 million O 2.5 million - 3 million
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- Suppose that there are three beachfront parcels of land available for sale in Asilomar and six people who would each like to purchase one parcel. Assume that the parcels are essentially identical and that the minimum selling price of each is $445,000. The following table states each person's willingness and ability to purchase a parcel. Person Willingness and Ability to Purchase (Dollars) Ana 510,000 Charles 470,000 Dina 420,000 Gilberto 390,000 Juanita 380,000 Yakov 600,000 Which of these people will buy one of the three beachfront parcels? Check all that apply. A. Ana B. Charles C. Dina D. Gilberto E. Juanita F. Yakov Assume that the three beachfront parcels are sold to the people that you indicated in the previous section. Suppose that a few days after the last of those beachfront parcels is sold, another essentially identical beachfront parcel becomes available for sale at a minimum price of $432,500. This fourth…arrow_forwardAmerican apparel makers complain to Congress about competition from China. Congress decides to impose either a tariff or a quota on apparel imports from China. Which policy would Chinese apparel manufacturers prefer? LO26.4 a. Tariff. b. Quota.arrow_forwardThe price of a gallon of gasoline in California was $0.99 in 1997, and it is currently $3.69. By what factor have the prices increased? -3.73 O 72 O 27 3.73arrow_forward
- If the tax code exempts the first $20,000 of income from taxation and then taxes 25 percent of all income above that level, then a person who earns percent and a marginal tax rate of $50,000 has an average tax rate of percent. O 15, 25 O 25, 15 O 25, 30 O 30, 25arrow_forward1. Try to describe the global economic crisis on world trade and commodity prices because of the COVID and use the Stopler-Samuelson theorem to predict the effect on income distribution in Australia. It should be imagined Australia is a specific factor economy with 'mining' in Queensland and Western Australia on the one hand, and a sector included manufacturing, agriculture and services in the other states. Assume that there is mobile labour between these two sectors, that there is no unemployment, and that Australia is a price taker for its exports.arrow_forwardPlease no written by hand solutions Question 1: State whether each of the following statements is true or false. Justify for all statements and illustrate graphically/numerically whenever necessary. 1. The steeper the supply and demand curves for a certain commodity, the lower the trade and revenue effects of a tariff imposed on imports of such commodity. 2. With a positive nominal tariff on the final commodity, more of the commodity is produced domestically than would be under free trade. 3. If imported inputs constitute half the value of the final commodity and are admitted duty free, then the rate of effective protection is equal to the nominal tariff rate on the final commodity. 4. Export subsidies can be regarded as a form of dumping.arrow_forward
- Assume the following values for attached figures: Q1 = 20 bags. Q2 = 15 bags. Q3 = 27 bags. The market equilibrium price is $45 per bag. The price at a is $85 per bag. The price at c is $5 per bag. The price at f is $59 per bag. The price at g is $31 per bag. Apply the formula for the area of a triangle (Area = ½ × Base × Height) to answer the following questions. LO4.2 a. What is the dollar value of the total surplus (producer surplus plus consumer surplus) when the allocatively efficient output level is being produced? How large is the dollar value of the consumer surplus at that output level? b. What is the dollar value of the deadweight loss when output level Q2 is being produced? What is the total surplus when output level Q2 is being produced? c. What is the dollar value of the deadweight loss when output level Q3 is produced? What is the dollar value of the total surplus when output level Q3 is produced?arrow_forwardHow many units will the domestic firms produce without trade? How many units will the domestic firms produce without a tariff if the foreign producer can sell the product at a $4 price? How many units will the foreign firms produce / sell if a government tariff of $2.00 is imposed on foreign goods? What will be the total government revenues if a tariff of $2.00 is imposed on foreign goods? What will be the total deadweight losses if a tariff of $2.00 is imposed on foreign goods?arrow_forwardDomestic Demand Function: p= 80-4Q Domestic Supply Function: p= 20+2.5Q There is an international trade price equal to $15 (pw=15). Although, TheGovernment institutes an import tariff of $9 per unit. Suppose that instead of an import tariff, the government wanted to put an import quota that would make the same change in Producer Surplus as the $9 tarrif A) What is the size of this import Quota that makes this same change in Producer Surplus as the $9 Tariff? B) What is the Deadweight Loss under this Import Quota?arrow_forward
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