Which feature is found in a customs union but not a free trade area? (Pick either a,b,c, or d) a) uniform direct tax rates b) uniform indirect tax rates c) a common external tariff d) a common currency

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A: An economic venture is a kind of business endeavour in which the result of the company is…

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A: 1. As a general rule, the stock markets in an economy are directly correlated with the GDP of the…

Q: Explain the Taylor rule, including the formula for setting the overnight rate target, and the…

A: The money supply is the supply of currency that is controlled by the central bank of the country. It…

Q: Demand pull inflation and cost push inflation are the two causes of inflation. The government of…

A:

Q: Given a utility function that represents preference over bundles which consists of two goods. Can we…

A: Let us assume a utility function, u = f(x, y) = xy Let budget constraint be: M = x.Px + y.Py where M…

Q: TIPS FOR READING AN EXCHANGE RATE CHART: Read down the chart. For example, in column 1 it says the…

A: According to the tables given, In Month 1, 1 £ = 1.17€ and 1€ = 0.85£ In Month 2, 1 £ = 1.11€ and 1€…

Q: 2. Activities incduded (and not included) in the calculation ofGDP The gross domestic product (GDP)…

A: When talking about gross domestic product, it can be said that it only include output that is…

Q: Suppose consumers experience an increase in income. If the income elasticity of demand is equal to…

A: Income elasticity of demand measures the responsiveness in quantity demanded of a commodity to a…

Q: This payoff matrix represents the choices of two large universities in the Dallas area. The numbers…

A: Payoff matrix is a table that gives the playoffs from all the strategies open to an organization and…

Q: Refer to Table 1-1  Now that the countries have opened trade, would each country agree to a trade…

A: Given Derryland has a comparative advantage in the production of cheese and Whetonia has a…

Q: Derive the per-worker production function for this economy if Y=zK2/3N1/3.

A: Production function shows relationship between inputs and output produced with the inputs

Q: What is meant by elasticity?

A: Elasticity has its several meanings in various senses but here we will restrict our understanding of…

Q: suggest ways on how you can contribute to reduce the effect of inflation

A: The economies, and the nations around the globe are involved in various financial, and economic…

Q: A sales representative for a company that produces electric can openers can sell x units of their…

A: We have total revenue = TR = px = 81.6x - 0.08x2

Q: Does the demographic transition occur in developingsocieties?

A: Demography refers to the concepts and methods used to examine human populations.

Q: Which one of the following variables in pro- cylical? (a) the unemployment rate (b) the job-finding…

A: A positive correlation between the value of a good, a service, or an economic indicator and the…

Q: Fill in the blanks using the number that corresponds to the correct word or phrase below 1. Labor…

A: The measure that depicts people who are capable and able to work but not able to find a suitable job…

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A: Since most people use Google to find what they're looking for, Pinterest sees Google as its biggest…

Q: A cleaning company specializes in cleaning floors. Their output is measured in square feet of floor…

A: Marginal cost (MC): - it is the additional cost incurred due to the production of additional units…

Q: In October 2018 Canada agree to open the dairy market to US producers as part of the new NAFTA…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: A firm's production is given by f(L, K) =;min(3L, 2K), and it faces input prices w = $30/hr and r =…

A: Given  Production function: f(L,K)=16min(3L,2K)           ... (1) w= $30/hr r=$10/hr We have to…

Q: 4. Profit maximization in the cost-curve diagram Suppose that the market for blenders is a…

A: A perfectly competitive firm is price taker as there are large number of firms selling identical…

Q: Consider the table. Shirts Pants Year Price Quantity Price Quantity 2013 $5.50 1500 $10.00 5000 2014…

A: Nominal GDP is calculated by multiplying the price with the quantity of all goods and services…

Q: Consider an equilibrium of a single product market jointly determined by a supply function q* = a, +…

A: Given information Supply function q*=a0+a1*p*+u Demand function q*=b0+b1*p*+v q*= equilibrium…

Q: a) What market structure (kind of market) it represents? b) How many companies are included in this…

A:

Q: How do politics work in organizations? What are the causes, consequences, and ethics of political…

A: Answer -3  This style of politics focuses on using authority to influence organizational…

Q: Caps on prescription drug and lab test prices are an example of a price ceiling.        Discuss the…

A: In a market, price ceiling is the situation when government or regulating authority sets the maximum…

Q: Suppose that a firm’s emissions and Marginal Abatement Cost (MAC) data are summarized in the table…

A: Permit to Work is a methodical cycle intended to distinguish, convey, alleviate and control risk in…

Q: The inverse demand for Harley Davidson motorcycles is given by: P = 40,000-10Q where Pis the price…

A: The profit is maximized where the MR=MC.

Q: Assuming the economy is in long run and the govt implemnents a tax cut of $420 Billion, there is no…

A: Here, it is given that the government implements a tax cut of $420 billion in the economy when…

Q: Price Real Level GDP 128 $ 18 $ 2 $ 3 $ 1 $ 5 125 20 4. 122 22 3. 119 24 4 116 26 10 1 In the…

A: We know that Real GDP = C + I + G + (X - M) Let us complete the given table using the above formula.…

Q: In a mixed strategy equilibrium of the game below, what is the probability with which Player 2…

A: To find the PSNE, we will use the best response method to underline the maximum payoff to a player…

Q: Explain the different types of leadership.

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: How does a commitment to match any price cuts by other firms work to limit price competition in an…

A: In the oligopoly market, there are few firms which dominate the market. It is a highly concentrated…

Q: A. Discuss two uses of the National Income statistics. B. Explain why ‘transfer payments’ are…

A: (A). National income statistics help us to get information about the structure of the economy. It…

Q: 13. Suppose your budget is $100, the price of capital is and the price of capital r=$10, and the…

A: Budget equation refers to the two input possible combination that can be bought with given income…

Q: Exchange Rate Table for Month 1   US Dollar $1 = British Pound 1 £ = Chinese Yuan 1 Y =…

A: The exchange rate shows the value of the home currency in terms of foreign currency. An increase in…

Q: The government should not apply antitrust laws to natural monopoly because doing so would raise…

A: When talking about antitrust laws, these are the government actions against the unfair activities of…

Q: The Fed must know how much money people want to hold so that it can supply the appropriate amount?

A: The Federal Reserve System that is also known as the Fed is the United States' central bank and…

Q: Cash: $104.25 billion Checking deposits: $157.4 billion Saving accounts: $270.5 billion Small…

A: Given: Cash=$104.25 billion Checking deposits=$157.4 billion

Q: annual revenue is OA. 59,878 в. O B. 51,324 O C. 25,662 OD. 42,770

A: Given the fixed cost = $189000 Total revenue = $473000 Variable cost = 473000 x 51% = 241230

Q: Briefly explain whether and if so how an increase in taxes affects the (i) IS curve, (ii) the LM…

A: Answer:- 1) If there is any form of tax rise, which is mostly done by the government for the benefit…

Q: 4. "Economists use price elasticity of demand to measure demand sensitivity as a result of price…

A: Elasticity of demand is defined as type responsiveness of the quantity demand when price of the…

Q: Between Monopolistic competition and Oligopoly, which do you think is better in an economy? Why?

A: Under oligopoly, there are some sellers and a large number of buyers can be seen while the decisions…

Q: Consider an economy with the following situation: C = 50 +0.8 YdI =100;T = 100 G =150 a. Solve for…

A: Aggregate expenditure is the sum of consumption, investment and government purchases.  AE = C + I +…

Q: Explain equilibrium of the firm under perfectly competitive market by choosing output level at which…

A: A competitive  firm produces output where P=MC=MR. At this output it earns profit or loss depends on…

Q: 1. Given the price-demand function p(x)=-4x+320, and Total cost function C(x)=40x+3604. (a) Using…

A: Profit is the difference between total revenue and total cost. At break even profit is zero.

Q: Select all events that contribute to increase the current year's GDP in Canada? A firm sells a good…

A: GDP is the value of all goods and services produces within the domestic boundaries of a country in a…

Q: 1. Differentiate economic growth and economic development? Economic growth Economic development

A: Note:  We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: A monopolist can sell 26,000 units at a price of $30 per unit. Lowering price by $1 raises the…

A: Total revenue refers to the total amount of money a vendor may make by selling products or services…