For the next 3 questions, use the following scenario: The table shows the number of outputs US and Canada producers can make in one hour. The figure shows US tariff effect upon a certain imported good.     US Canada Bread 4 loaves 3 loaves Steel 3 tons 2 tons

From the figure, calculate the amount of deadweight loss (inefficiencies) as a result of the tariff.  (hint, Area of triangle: S=1/2*height*base)

Now the government is considering imposing an emission tax on polluting industry. From the first table, what is the optimal tax?

Taxes are efficiency enhancing (i.e. increase social welfare) in which of the following markets?

Choose the correct option to make the sentence TRUE: In the case of Nike, if the workers in foreign factories knew about the working conditions, …

Which market failure is this scenario presenting?

There are six firms in an industry with sales at $1 million, $3 million, $5 million, $7 million, $8 million, and $12 million, respectively. The four-firm concentration ratio is:

Lobbying is mostly likely to be successful in:

Which of the following events would cause a movement downward and to the left along the supply curve for mangos?

Which of the following statements are positive and which are normative? The minimum wage creates unemployment among young and unskilled workers. The minimum wage ought to be abolished. If the price of a product in a market decreases, then, other things equal, quantity demanded will increase. A little bit of inflation is worse for society than a little bit of unemployment. There is a tradeoff between inflation and unemployment in the short run. If consumer income increases, then, other things equal, the demand for automobiles will increase. The U.S. income distribution is not fair. U.S. workers deserve more liberal unemployment benefits. If interest rates increase, then investment will decrease. If welfare benefits were reduced, then the country would be better off.