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Suppose the United States levied a 20% tariff on imported cars. Explain the effects on:
a) US terms of trade
b) distribution of income within the United States
c) US welfare (or real income)
Business Economics, Economics
If there is an increase in demand for a service, and a decrease in supply of the service, what impact will that have on the equilibrium price and quantity for the service?
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Disequilibrium Suppose the market for pizzas is unregulated. That is, pizza prices are free to adjust based on the forces of supply and demand. If a shortage exists in the pizza market, then the current price must be____ ...
According to Kulish, what is about the design of the euro currency that lessens its appeal compared to prior national currencies?
What is the Central Limit Theorem? Why does it make the use of the common inferential tools possible even if the raw data is not distributed normally?
What are the key channels by which fiscal policy affects output in a closed versus open economy? Using the models studied in class, discuss what is meant by "crowding out", and how the crowding out effect works in an ope ...
How do changes in income affect consumption (and saving)? What are factors other than income that can affect consumption?
Calculate the size of the surplus or shortage of hours created by the imposition of the minimum wage ($19) Related info: Assume that the market for unskilled labour in Australia is a competitive market and can be describ ...
A student must answer 6 multiple choice questions for a test, but the student did not study well. There are 6 answers per question, but only one is correct. If the student randomly guesses on each questions, what is the ...
Suppose the elasticity of money demand with respect to income is 2/3. If the money supply increases by 10% and output increases by 4.5%, while the real interest rate and the expected inflation rate are unchanged, then th ...
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