Suppose that Norway is a small country and currently produces 100,000 board feet of lumber at $600 per 1,000 board feet. Then it begins to trade at the world price of $500 per 1,000 board feet. As a result of trade, Norway's production falls to 50,000 board feet and its consumption increases to 200,000 board feet. What is Norway's total welfare gain once it begins to trade? $5,000 $7,500 $17,500 $15,000
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- If IKEA can sell a sofa in China for €140, why doesn’t it sell the product at that low price in all of its markets?The economy of a hypothetical country has been stable for two or three years with very low unemployment. Wages have been gradually increasing during this time. Now an aggressive policy of increasing tariffs on foreign goods imported into the country results retaliatory actions from the other countries against the country’s products and services. This causes great loss of business in the country and results in significant portion of workers losing their jobs. Given this scenario, insert your answers below each of the following questions. What kind of economic gap will start to occur (inflationary or recessionary)? Will the demand shift to the right or left? What kind of monetary policy might be helpful to stabilize the economy (expansionary or contractionary)?What specific monetary policy tools does the Federal Reserve have available to use in this scenario? What part of the Federal Reserve’s congressional mandate does this scenario trigger (price stability and maximum sustainable…Do drug companies have an obligation to make new drugs available to patients who were involved in their development, either here or overseas? Does the size of the company make a difference? What would you do if you were Dr. Lange? What obligations, ideals, and consequences should he take into account? Is it ethical for companies to decline to sell a useful drug like ranolazine in a poor country because they can make more money marketing it elsewhere?
- Does the U.S. have a trade deficit or surplus? (Research this separately) What are the arguments for protectionism or free trade? How is this affecting (expected to affect) the economy (consumers, business dealings, prices, tariff income generated, etc.) Read Ezekiel 28:18, and Proverbs 31:18. How does trade played an important role in biblical times.You would like to get your company's product into North Korea to sell to its residents. Before you can do that, however, you need the approval of North Korean customs officials. You have learned through the grapevine that North Korean customs officials expect a direct payment from you to them to get approval. This would be an illegal bribe if it were made to a U.S. customs official, but suppose such a transaction is commonplace in North Korea. Do you make the payment? If your boss says to pay the money, should you do it? What potential legal problems are presented by these payments?Explain the moral dilemma of doing business in China. Do companies have a moral requirement to opt out of the market, despite its size, if doing business in China requires companies to compromise their ideals?
- Free Universal Health Care Except for the United States, the largest advanced economies in the world all provide a heavily subsidized universal health care system, that is, a publicly funded system that provides primary health services to all, usually at a nominal fee only and with no exclusions based on income or wealth. Although these systems are not perfect, their continued existence seems assured, regardless of the cultural or political framework of the various countries. A logical question is why the United States would be an outlier on this issue, and whether that might change in the future. Some answers, as noted in the text, lie in the United States’ historical reliance on a mostly private system, with approximately 83 percent of health care expenses provided by the private sector through insurers and employers (in contrast, this percentage in the United Kingdom is 17). A solution that has gained traction in recent years is conversion to a single-payer system. How might this…In the face of such an surplus, where private sector buyers and suppliers could not do anything more (and considering the PERISHABILITY OF THE VEGETABLE PRODUCT), which economic actor should come to intervene properly? Discuss what should that intervener do amidst such economic problem faced by the microeconomic actors -- the buyers and the sellers.Does GDP provide an accurate assessment of the level of production for the US economy? If yes, explain why. If not, explain what GDP leaves out (or mis-characterizes) that leads you to conclude "no."
- The new US-Mexico-Canada Agreement (USMCA) ends free trade in cars and auto parts. Some foreign automakers might eventually move back to the USA if there is no cost advantage of manufacturing cars in the U.S. Discuss whether the United States will be better or worse off in the long run as a result of this trade deal. You should incorporate the following as part of your analysis... 1. consumers 2. Auto-workers 3. Trade deficitWhat is the 80/20 principle?Which of the following are potentially valid arguments for tariffs or export subsidies, and which are not? Explain your answers.a) “Earnings of Dairy producers in Wales are at their lowest peak despite an overall rise in farm business incomes.” b) “The more ecologically certified food products the EU requires, the higher the price of these products will be on common market.” c) “U.S. soybean exports to China and India don’t just mean increased wealth for US farmers–they mean increased wealth for everyone in the value chain.” d) “The PET industry continued to sustain US recycling programs; this shows the strength of the PET recycling market in the face of significant global economic slowdown and a drop in virgin feedstock prices.”