I’m working on a economics multi-part question and need a sample draft to help me learn.
I’m working on a economics multi-part question and need a sample draft to help me understand better.
This is a two-part assignment:
I. A popular saying that if you tax a business, they will pass the tax on to customers. With what you know about elasticity and taxes, evaluate this statement. (minimum of 300 words and two references. Add the references in the body of the answer and at the end of the answer.
II. Write a narrative essay (minimum of 1200 words) which addresses the questions and statements below. A minimum of three scholarly sources are required, and all sources should be cited and referenced in APA format. Add the references in the body of the essay and at the end of the essay.
- Give an example of each of the following:
a. A good that is rivalrous in consumption and is excludable.
b. A good that is nonrivalrous in consumption and is excludable.
c. A good that is rivalrous in consumption and is nonexcludable.
d. A good that is nonrivalrous in consumption and is nonexcludable.
- Identify each of the following as an adverse selection or a moral hazard problem
a. A person with car insurance fails to lock his car doors when he shops at a mall.
b. A person with a family history of cancer purchases the most complete health coverage available.
c. A person with health insurance takes more risks on the ski slopes of Aspen than he would without health insurance.
d. A college professor receives tenure (assurance of permanent employment) from her employer and begins to work less hard.
e. A bank gives out a loan to a person who does not have a stable job.
- Using the data in the accompanying table, answer the following questions:
a. For which good does Canada have a comparative advantage?
b. For which good does Italy have a comparative advantage?
c. What might be a set of favorable terms of trade for the two countries?
d. Prove that both countries would be better off in the specialization-trade case than in the no-specialization-no-trade case.
- In the accompanying figure,
PW is the world price and PW + T is the world price plus a tariff. Identify the following:
a. The level of imports at PW
b. The level of imports at PW + T
c. The loss in consumers’ surplus as a result of a tariff
d. The gain in producers’ surplus as a result of a tariff
e. The tariff revenue received by the government as a result of a tariff
f. The net loss to society as a result of a tariff
g. The net benefit to society of moving from a tariff to no tariff