Soft power

Describe the major characteristics of two of the major theories of international political economy: mercantilism, liberalism, and Marxism.

As a result of the China Shock, specialization and trade:

If this price ceiling leads to a queue system where consumers must wait in line for rentals, calculate the total value of time wasted in the queue system.

Organizational process model

Osprey Oyster Hut is a restaurant that serves outstanding seafood. The following table provides data concerning the company’s costs (q refers to the number of meals served): Formula Cost of ingredients $17.50q Wages and salaries $33,000 Utilities $800 + $0.20q Rent $13,000 Miscellaneous $900 + $0.80q Assume that Osprey actually served [meals] meals last month. Also assume that Osprey had planned on serving 2,900 meals last month.  At the end of the month Osprey determined that they had a favorable flexible budget spending variance of $[VAR] for the Cost of Ingredients line item.  How much did Osprey actually spend on ingredients during the month? 

Figure: Market for Bathroom Cleaner This figure shows a market for cans of a bathroom cleaner that causes environmental damage, imposing costs on people other than the consumers and producers of the cleaner. In this market, the efficient quantity of bathroom cleaner is _______, and the dead weight loss is________.

Figure: Costs of Tariffs This diagram shows the domestic supply and demand curves for a country that engages in international trade. The world price is lower than the domestic equilibrium price. If the country opens up to trade, what will happen to consumer surplus, producer surplus, and total surplus?

Figure: Foreign Trade with a Tariff The imposition of a $1 tariff would generate a value of lost gains from trade of ____ and a value of wasted resources of ____.

Which of these will NOT change the quantity produced in the short run? Hint: Consider the profit maximizing rule and the definitions of marginal and fixed costs