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economics 14th global

Questions and Answers of Economics 14th Global

a. What are the equilibrium meal price and equilibrium quantity of meals?b. If the college put a price ceiling on meals at $7 a meal, what is the price students pay for a meal? How many meals do they
If the college put a price ceiling on meals at $4 a meal, what is the quantity bought, the shortage of meals, and the maximum price that someone is willing to pay for the last meal available?Use the
On a graph of the market for low-skilled labor, show the effect of the minimum wage on the quantity of labor employed.Use the following news clip to work Problems.European Commission to Launch
Explain the effects of the minimum wage on the workers’ surplus, the firms’ surplus, and the efficiency of the market for low-skilled workers.Use the following news clip to work Problems.European
The government wants to discourage the consumption of sugary drinks and proposes introducing a 20 percent tax on them. A survey shows that the demand for sugary drinks is perfectly elastic and people
The demand and supply schedules for salmon area. If salmon is not taxed, what is the price and how many kilograms are bought?b. If salmon is taxed $3 per kilogram, what is the price and what is the
Maryland Tobacco Tax Increase Is a Big Win Maryland is raising the state tobacco tax by $1.75 a pack. This is a health win that will reduce smoking and save lives, a financial win that will raise
a. Why are U.S. farmers subsidized?b. Explain how a subsidy paid to dairy farmers affects the price of milk and the marginal cost of producing it.Use the following news clip to work
Explain how a subsidy paid to dairy farmers affects the consumer surplus and the producer surplus from milk. Does the subsidy make the milk market more efficient or less efficient? Explain.Use the
If subsidies to dairy farmers decrease in 2021, how will the price and quantity of milk bought and sold change?Use the following news clip to work Problems.Biden’s Farm Problem With the highest
If the government subsidizes growers at $4 a pound, what is the quantity produced, the quantity demanded, and the subsidy paid to growers?Use the following figure, which shows the market for
If the government subsidizes growers at $4 a pound, who gains and who loses from the subsidy?What is the deadweight loss? Could the subsidy be regarded as being fair?Use the following figure, which
The table gives the demand and supply schedules for an illegal drug.a. What is the price and how many units are bought if there is no penalty on drugs?b. If the penalty on sellers is $20 a unit, what
After you have studied Economics in the News on pp. 186–187, answer the following questions.a. If the federal minimum wage rate increases to$15 an hour, what do you expect will happen to
New York’s 13% Cannabis Tax May Be Too High Some experts say New York’s 13% tax may be too high to compete with a popular illicit market.But it’s better than the original plan to impose a 20%
Do the winners from free trade win the political argument? Why or why not?
a. Without international trade, what would be the price of a container of roses and how many containers of roses a year would be bought and sold in the United States?b. At the price in your answer to
If U.S. wholesalers buy roses at the lowest possible price, how many do they buy from U.S.growers and how many do they import?Wholesalers buy and sell roses in containers that hold 120 stems. The
Draw a graph to illustrate the U.S. wholesale market for roses. Show the equilibrium in that market with no international trade and the equilibrium with free trade. Mark the quantity of roses
Use the data on the U.S. wholesale market for roses in Problem 1 to work this problem.a. Explain who gains and who loses from free international trade in roses compared to a situation in which
If the United States puts a tariff of $25 per container on imports of roses, explain how the U.S.price of roses, the quantity of roses bought, the quantity produced in the United States, and the
Who gains and who loses from this tariff ?a. Without international trade, what would be the price of a container of roses and how many containers of roses a year would be bought and sold in the
Draw a graph of the U.S. market for roses to illustrate the gains and losses from the tariff and on the graph identify the gains and losses, the tariff revenue, and the deadweight loss created.a.
Who gains and who loses from this quota?a. Without international trade, what would be the price of a container of roses and how many containers of roses a year would be bought and sold in the United
Draw a graph to illustrate the gains and losses from the import quota and on the graph identify the gains and losses, the importers’ profit, and the deadweight loss.a. Without international trade,
Economic Isolation of Qatar Due to a diplomatic dispute, Saudi Arabia and its allies decided to isolate Qatar by cutting off all trade ties with it. The boycott included food items, which
Suppose that the world price of rice is 40 cents a kilogram, China does not trade internationally, and the equilibrium price of rice in China is 60 cents a kilogram. China then begins to trade
A semiconductor is a key component in your laptop, smartphone, and iPad. The table provides information about the market for semiconductors in the United States.Producers of semiconductors can get
Drivers Are Returning to the Road. That Is Good News for Corn Growers Corn prices have hit their highest levels in almost eight years as drivers returning to the road following the pandemic are
Draw a graph of the market for corn in the poor developing country in Problem 15 (b) to show the changes in consumer surplus and producer surplus.Problem 15 (b)How does the change in the world price
a. Explain how the U.S. import ban on haggis affected haggis producers and consumers in Scotland.b. Draw a graph of the market for haggis in Scotland to illustrate your answer to part (a).Identify
a. Explain how lifting the U.S. import ban on haggis affects producers and consumers of haggis in the United States.b. Draw a graph to illustrate your answer to (a)and identify the changes in U.S.
Explain how the price that Chinese consumers pay for goods from South Korea and the quantity of Chinese imports from South Korea have changed.Who are the winners and who are the losers from this free
Explain how the quantity of Chinese exports to South Korea and the Chinese government’s tariff revenue from trade with South Korea have changed.Before 2015, trade between China and South Korea was
Suppose that this year automobile producers in China lobby the Chinese government to impose an import quota on South Korean cars. Explain who in China would gain and who would lose from such a
Explain how the tariff on textiles will change the price that U.S. buyers pay for textiles, the quantity of textiles imported, and the quantity of textiles produced in the United States.Suppose that
Explain how the U.S. and Chinese gains from trade will change. Who in the United States will lose and who will gain?Suppose that in response to huge job losses in the U.S. textile industry, Congress
Explain how this quota influences the price that U.S. consumers pay for beef, the quantity of beef produced in the United States, and the U.S. and the Australian gains from trade.With free trade
Explain who in the United States gains from the quota on beef imports and who loses.With free trade between Australia and the United States, Australia would export beef to the United States. But the
Can Biden Bring Manufacturing Back to the U.S.?Nearly 5 million net manufacturing jobs have disappeared since 1997, and critics blame free-trade policies. The Biden administration wants to slow or
After you have studied Economics in the News, answer the following questions.a. Why, in Fig.1, does a U.S. tariff on memory chips not increase U.S. production of these chips?b. Why, when the United
Got Trade? Dairy Farmers Stand to Gain From the USMCA Under NAFTA, U.S. dairy farmers were left behind because Canada restricted how much U.S.milk it imports. Under the USMCA, U.S. dairy farmers will
Define behavioral economics.
Explain what behavioral economists call the endowment effect.
Define neuroeconomics.
List the combinations of yogurt and berries that Jerry can afford. Draw a graph of his budget line with the quantity of berries plotted on the x axis.Jerry has $12 a week to spend on yogurt and
How do Jerry’s consumption possibilities change if, other things remaining the same, (i) the price of berries falls and (ii) Jerry’s income increases?Jerry has $12 a week to spend on yogurt and
Calculate Max’s marginal utility from windsurfing at each number of hours per day. Does Max’s marginal utility from windsurfing obey the principle of diminishing marginal utility?Max has $35 a
Calculate Max’s marginal utility from snorkeling at each number of hours per day. Does Max’s marginal utility from snorkeling obey the principle of diminishing marginal utility?Max has $35 a day
Which does Max enjoy more: his 6th hour of windsurfing or his 6th hour of snorkeling?Max has $35 a day to spend on windsurfing and snorkeling and he can spend as much time as he likes doing them. The
Make a table of the combinations of hours spent windsurfing and snorkeling that Max can afford.Max has $35 a day to spend on windsurfing and snorkeling and he can spend as much time as he likes doing
Add two columns to your table in Problem 6 and list Max’s marginal utility per dollar from windsurfing and from snorkeling.Max has $35 a day to spend on windsurfing and snorkeling and he can spend
a. To maximize his utility, how many hours a day does Max spend on each activity?b. If Max spent a dollar more on windsurfing and a dollar less on snorkeling than in part (a), how would his total
If the price of renting windsurfing equipment is cut to $5 an hour, how many hours a day does Max spend on each activity?Max has $35 a day to spend on windsurfing and snorkeling and he can spend as
Draw Max’s demand curve for rented windsurfing equipment. Over the price range $5 to $10 an hour, is Max’s demand elastic or inelastic?Max has $35 a day to spend on windsurfing and snorkeling and
How does Max’s demand for snorkeling equipment change when the price of windsurfing equipment falls? What is Max’s cross elasticity of demand for snorkeling with respect to the price of
If Max’s income increases from $35 to $55 a day, how does his demand for windsurfing equipment change? Is windsurfing a normal good? Explain.
If Max’s income increases from $35 to $55 a day, how does his demand for snorkeling equipment change? Is snorkeling a normal good? Explain.Max has $35 a day to spend on windsurfing and snorkeling
What conflict might exist between utility maximization and setting a Guinness World Record for the longest gaming session? Do you think Okan Kaya will continue playing even after setting the record
How can setting a world record be reconciled with marginal utility theory? Which ideas of behavioral economics are consistent with incidents like the death of the 18yearold in Taiwan and the behavior
a. How many hours of golf and how many hours of tennis does Cindy play to maximize her utility?b. Compared to part (a), if Cindy spent a dollar more on golf and a dollar less on tennis, by how much
Explain why, if Cindy equalized the marginal utility per hour of golf and tennis, she would not maximize her utility.Make a table that shows Cindy’s affordable combinations of hours playing golf
a. List the combinations of hours spent playing golf and tennis that Cindy can now afford and her marginal utility per dollar from golf and from tennis.b. How many hours does Cindy now spend playing
Use the information in Problem 20 to draw Cindy’s demand curve for tennis. Over the price range of $5 to $10 an hour of tennis, is Cindy’s demand for tennis elastic or inelastic?Make a table that
Explain how Cindy’s demand for golf changed when the price of an hour of tennis increased from $5 to $10 in Problem 20 . What is Cindy’s cross elasticity of demand for golf with respect to the
Cindy loses her math tutoring job and the amount she has to spend on golf and tennis falls from $70 to $35 a month. With the price of an hour of golf at $10 and of tennis at $5, calculate the change
Cindy takes a Club Med vacation, the cost of which includes unlimited sports activities. With no extra charge for golf and tennis, Cindy allocates a total of 4 hours a day to these activities.a. How
Katy has made her best affordable choice of noodles and iced tea. She spends all of her income on 15 packets of instant noodles at $3 each and 30 cups of iced tea at $2 each. Now the price of noodles
Shelly spends $70 twice a year on 10 grams of saffron and $140 a year on 28,000 gallons of tap water.a. Is saffron or water more valuable to Shelly?b. Explain how Shelly’s expenditure on saffron
Why might the W.H.O. recommend rationing healthcare to treatments that cost less than three times annual GDP per person as opposed to providing as much treatment as is needed by a patient, regardless
What conflict might exist between a person’s valuation of his or her own life and the rest of society’s valuation of that person’s life?Putting a Dollar Value on Life? Governments Already Do
How does the potential conflict between self interest and the social interest complicate setting a financial threshold for healthcare treatments?Putting a Dollar Value on Life? Governments Already Do
After you have studied Economics in the News(pp. 236–237), answer the following questions.a. If after the pandemic the prices of streaming services doubled with an unchanged price of a movie
Hermès Birkin Bag Made From Crocodile Skin and Diamonds A Hermès bag sold for $300,000 during Christie’s online auction. The rare Hermès Diamond Himalaya Birkin 25 is made from the skin of
Maybe Money Can Help Buy Happiness, After All Previous research suggested that an annual income of more than $75,000 might not improve people’s daytoday lives. But new data show evidence that
What is the key assumption about a consumer’s marginal rate of substitution? .
Calculate Sara’s real income in terms of smoothies. Calculate her real income in terms of popcorn. What is the relative price of smoothies in terms of popcorn? What is the opportunity cost of a
Calculate the equation for Sara’s budget line(with bags of popcorn on the left side). Draw a graph of Sara’s budget line with the quantity of smoothies on the x -axis. What is the slope of
What is the effect of the fall in Sara’s income on her real income in terms of (a) smoothies and (b)popcorn?Sara’s income falls from $12 to $9 a week, while the price of popcorn is unchanged at
What is the effect of the fall in Sara’s income on the relative price of a smoothie in terms of popcorn?What is the slope of Sara’s new budget line if it is drawn with smoothies on the x
Draw figures that show your indifference curves for the following pairs of goods:■ Right gloves and left gloves■ Coca-Cola and Pepsi■ Desktop computers and laptop computers■ Strawberries and
Discuss the shape of the indifference curve for each of the following pairs of goods:■ Sugar and honey■ Movies and popcorn■ Printers and printer cartridges ■ Snoods and scarves Explain the
a. According to the news clip, is second-hand clothing a normal good or an inferior good?If the price of second-hand clothing falls and income remains the same, explain how the quantity of
Draw a graph of a person’s indifference curves for second-hand clothing and other goods. Then draw two budget lines to show the effect of a fall in income on the quantity of second-hand clothing
What is the relative price of root beer in terms of movie tickets and what is the opportunity cost of a bottle of root beer?Marc has a budget of $20 a month to spend on root beer and movie tickets.
Calculate Marc’s real income in terms of root beer. Calculate his real income in terms of movie tickets.Marc has a budget of $20 a month to spend on root beer and movie tickets. The price of root
Calculate the equation for Marc’s budget line(with the quantity of root beer on the left side).Marc has a budget of $20 a month to spend on root beer and movie tickets. The price of root beer is $5
Draw a graph of Marc’s budget line with the quantity of movie tickets on the x -axis. What is the slope of Marc’s budget line? What determines its value?Marc has a budget of $20 a month to spend
If Amy’s income increases to $24 a week and the prices of coffee and cake remain unchanged, describe the change in her budget line.Amy has $20 a week to spend on coffee and cake. The price of
a. Sketch a budget line for a Kenyan household that spends its income on only two goods:food and education. Identify the affordable and unaffordable combinations of the two goods.b. Sketch a second
How does an increase in the price of food change the relative price of an hour of education?How does an increase in the price of food change real income in terms of food and in terms of education?
a. If Rashid chooses 3 books and 2 take-out meals, what is his marginal rate of substitution?b. If Rashid chooses 2 books and 6 take-out meals, what is his marginal rate of substitution?Rashid buys
Do Rashid’s indifference curves display diminishing marginal rate of substitution? Explain why or why not.Rashid buys only books and take-out meals and the figure shows his preference map. Books 5
Workers Thrive When They Feel Respected Sarah’s boss gave her complete autonomy but the new boss by-passed Sarah to deliver directives to her team and changed many of her decisions.Despite being
a. Will Najib now be able and want to buy five bottles of sparking water and 10 bags of jellybeans?b. Which situation does Najib prefer: sparkling water at $2 a bottle and jellybeans at $4 a bag or
a. If Najib changes the quantities that he buys, will he buy more or fewer bottles of sparkling water and more or fewer bags of jellybeans? Explain your answer.b. When the prices change, will there
What quantities of popcorn and cola does Sara buy? What is Sara’s marginal rate of substitution at the point at which she consumes?Sara’s income is $12 a week. The price of popcorn is $3 a bag,
Suppose that the price of cola rises from $1.50 to$3.00 a can while the price of popcorn and Sara’s income remain the same. What quantities of cola and popcorn does Sara now buy? What are two
Suppose that the price of cola rises to $3.00 a can and the price of popcorn and Sara’s income remain the same.a. What is the substitution effect of this price change and what is the income effect
After you have studied Economics in the News, answer the following questions.a. If both sugary and healthy drinks are taxed at the same rate and if Sam’s drinks budget remains at $30 a month, how

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