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1.Briefly define tariffs and identify three arguments why the government may justify using tariffs.
2. Identify the impact on domestic prices when tariffs are imposed along with three other direct effects tariffs have on the economy.
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The New York Times recently purchased the popular word game Wordle for more than $1 million. Before the purchase the game was offered for free. There is speculation that the New York Times may soon begin charging a fee to play the game. What kind of good is Wordle? Take
Explain whether each of the following is counted in the M1 measure of the money supply: Cash that you have been saving from birthdays and special occasions. Money in your savings account at your credit union. Money in your checking account at your credit union. Visa gift cards. Available balance
Which of the following best describes how the Federal Reserve might use the current ample reserves framework to reduce inflation during an expansion to achieve its low and predictable levels of inflation objective? Buy Treasury securities in the open market to increase the FFR. Sell Treasury securities in
What is the process by which the free market economy determines what goods and services should be produced? And how do non-free market economies decide which goods to produce? In general, what are the differences between market and centrally planned economies? You can contrast free-market economies like the USA with
You are a single taxpayer and your annual income is $175,000. Marginal tax rate is 28%. Calculate the total taxes that you owe the federal government for the year. Also calculate your average tax rate (ATR). How does it compare with the marginal tax rate in your income tax bracket?
Classical economists belief that prices and quantities adjust to the changes in the forces of supply and demand and that the economy produces its potential output in the long run. On the contrary, Keynesian economists believe because of price and wage rigidities the economy’s equilibrium output in the long run
Classical economists believe that prices and quantities adjust to the changes in the forces of supply and demand and that the economy produces its potential output in the long run. On the contrary, Keynesian economists believe because of price and wage rigidities the economy’s equilibrium output, in the long run,
After reviewing your chapters and watching the video below, answer the questions presented. Economic Schools of Thought: Crash Course Economics #14 Duration: 10:05User: n/a – Added: 11/6/15 https://www.youtube.com/watch?v=tZvjh1dxz08 Questions: 1. Economists believe in the “Long-run neutrality of money”; what does that mean? If monetary policies help in the short run but do
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Which of the following is true? O Economic growth moves us along our PPC toward more high tech products. O World War II was a time when we were inside our PPC. • The Great Depression was a time when we were inside our PPC. • Through economic growth we
Suppose that Darnell, an economist from a business school in Georgia, and Eleanor, an economist from a public television program, are arguing over government bailouts. The following dialogue shows an excerpt from their debate: Eleanor: Thanks to recent financial crises, the concept of bailouts is a hot topic for
Please answer all three questions below and kindly please answer correctly and carefully. 2. Complete the following table by selecting the term that matches each definition. Below Please answer this question as well and choose one option. 1. A graphical object showing the relationship between the price of a good and
1. Most countries prevent the legal sale of organs. While Iranian citizens can sell their kidneys, there still exists a price ceiling of $4,600. Compare and contrast the impact of rent control and the organ price ceiling in Iran. 2. Search of the price of kidneys on the black market
The fallacy of composition: A) is the assumption that what is true for the parts must also be true for the whole B) refers to compositions that are logically inconsistent C) states that many economic theories are fallacious D) is the assertion that the whole is always more than its
Trend Line method: Construct a potential GDP estimate is by fitting a trend line through actual GDP. The trend is interpreted as a measure of the economy’s potential output and the cycle as a measure of the output gap. The trick is to remove the cyclical changes. 2. The Hodrick-Prescott filter:
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If a country’s economic data shows private savings of 515 million dollars, public savings of 134 million dollars, and a trade deficit of 16 million dollars, then what does investment equal in millions of dollars?
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