SOCIALISM. State takes one and gives it to someone else COMMUNISM. State takes both and gives you milk FASCISM. State takes both and sells you milk CAPITALISM. You sell one and buy a bull
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- 5. How do subsidies distort trade patterns and lead to inefficiencies?If an economy is open to foreign trade of good X, imposing a tariff will reduce total surplus (total surplus being defined as consumer + producer surplus). Which of the following ideas best describes why we observe tariffs being use in practice? a. The government can be under political pressure to implement inefficient economic policy. b. The tariff revenue raised will outweigh efficiency losses. c. Economic analysis does not fully explain efficiency losses. d. Economic stability is not often a political incentive.Why do you think that command economies .3 ?constrain economic freedom
- There are four consumers willing to pay thefollowing amounts for haircuts:Gloria: $35 Jay: $10 Claire: $40 Phil: $25There are four haircutting businesses with the following costs:Firm A: $15 Firm B: $30 Firm C: $20 Firm D: $10Each firm can give at most one haircut. To achieveefficiency, how many haircuts should be given?Which businesses should cut hair and whichconsumers should have their hair cut? How largeis the maximum possible total surplus?Need #19-#22“Tourism should be banned in order to protect local environments, cultures and economies.” To what extent do you agree with this statement? Evaluate the impact of tourism in these three areas
- can fair trade or other types of ethical consumerism make a big difference for the global South (less developed countries)?1.Why does free trade can foster the rise of populism?It is all about the The Black Rhino. The black rhino is one of the most endangered species on the planet. In southern Africa in 1970 there were 65,000 Black Rhinos. Now there are only 2,500. Basic economics tells us why they are in trouble and what we can try to do about it. Why do people kill the black rhino? Because they can make a lot of money relative to the risk of getting caught - just like drug trafficking and lying on your taxes. In Asian communities the horn is viewed as an aphrodisiac and a powerful pain reliever. In Yemen sabers are made from them. As a result one horn can fetch $30K on the black market. The average yearly income in southern Africa is $1,000 and falling. The black rhino is worth more dead than alive. This is a market that does not correct itself. Another piece of this, that is common to many environmental challenges, is that most black rhinos are communal property, not private property. Imagine if all the black rhinos were in the hands of one rancher – would…
- It is all about the The Black Rhino. The black rhino is one of the most endangered species on the planet. In southern Africa in 1970 there were 65,000 Black Rhinos. Now there are only 2,500. Basic economics tells us why they are in trouble and what we can try to do about it. Why do people kill the black rhino? Because they can make a lot of money relative to the risk of getting caught - just like drug trafficking and lying on your taxes. In Asian communities the horn is viewed as an aphrodisiac and a powerful pain reliever. In Yemen sabers are made from them. As a result one horn can fetch $30K on the black market. The average yearly income in southern Africa is $1,000 and falling. The black rhino is worth more dead than alive. This is a market that does not correct itself. Another piece of this, that is common to many environmental challenges, is that most black rhinos are communal property, not private property. Imagine if all the black rhinos were in the hands of one rancher – would…It is all about the The Black Rhino. The black rhino is one of the most endangered species on the planet. In southern Africa in 1970 there were 65,000 Black Rhinos. Now there are only 2,500. Basic economics tells us why they are in trouble and what we can try to do about it. Why do people kill the black rhino? Because they can make a lot of money relative to the risk of getting caught - just like drug trafficking and lying on your taxes. In Asian communities the horn is viewed as an aphrodisiac and a powerful pain reliever. In Yemen sabers are made from them. As a result one horn can fetch $30K on the black market. The average yearly income in southern Africa is $1,000 and falling. The black rhino is worth more dead than alive. This is a market that does not correct itself. Another piece of this, that is common to many environmental challenges, is that most black rhinos are communal property, not private property. Imagine if all the black rhinos were in the hands of one rancher – would…Macmillan Learning The graph depicts the market for solar panels with free trade. Suppose Congress places a 33% tariff on imported solar panels. a. Adjust the graph to reflect the new tax. b. What is the deadweight loss due to the tariff? Deadweight loss: $ 7000 2,000 1,900 1,800 Supply 1,700 domestic 1,600 1,500 1,400 1,300 1,200 ,100 9,000 900 World price 800 700 600 500 400 300 200 100 Demand domestic 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Quantity (thousands)