This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Suppose that elimination of tariffs on agricultural products means that 1,000 farm workers lose jobs ... (Read 117 times)

lilldybug07

  • Hero Member
  • *****
  • Posts: 546
on: Jun 29, 2018
Suppose that elimination of tariffs on agricultural products means that 1,000 farm workers lose jobs that pay an average of 20,000 per year.
 
  At the same time, because of the importation of relatively cheaper foreign vegetables, 150 million consumers save 2 per year on their grocery bills. a. What is the total income lost by farm workers because of the free trade? b. What is the total dollar amount saved by all consumers combined? c. Which is greater, the lost income or the consumer savings? Do the benefits of free trade outweigh the costs in this simple example? d. Which group is most likely to become politically involved over the issue of removing the tariffs, the farm workers or the consumers? Why?

Question 2

Which of the following statements is true of optimization?
 
  A) Optimization analysis only relates to the financial budget of an economic agent.
  B) Individuals who optimize do not consider costs when choosing the most feasible alternative.
  C) Economic agents can optimize only when they are able to perfectly estimate all future costs and benefits.
  D) Economic agents who optimize attempt to choose the best feasible option, given the information that they have.
Foundations of Microeconomics ¦ Bade, Parkin ¦ 8th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

strudel15

  • Sr. Member
  • ****
  • Posts: 324
Reply #1 on: Jun 29, 2018
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 50% of students answer this correctly


lilldybug07

  • Member
  • Posts: 546
Reply 2 on: Jun 29, 2018
Gracias!

matt95

  • Member
  • Posts: 317
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

More than 50% of American adults have oral herpes, which is commonly known as "cold sores" or "fever blisters." The herpes virus can be active on the skin surface without showing any signs or causing any symptoms.

Did you know?

The human body produces and destroys 15 million blood cells every second.

Did you know?

Patients who have undergone chemotherapy for the treatment of cancer often complain of a lack of mental focus; memory loss; and a general diminution in abilities such as multitasking, attention span, and general mental agility.

Did you know?

The longest a person has survived after a heart transplant is 24 years.

Did you know?

Although puberty usually occurs in the early teenage years, the world's youngest parents were two Chinese children who had their first baby when they were 8 and 9 years of age.

A greater number of men than women hold full-time jobs, but the gap is closing because of an ... A greater number of men than women hold full-time jobs, but the gap is closing because of an ...
Downwelling occurs when surface waters cool, and also when they lose moisture through evaporation. ... Downwelling occurs when surface waters cool, and also when they lose moisture through evaporation. ...
Common Fluoride Products Common Fluoride Products
Common Fluoride Products Common Fluoride Products
Water shortages, reduced agricultural capacity & coastal inundation are common themes Water shortages, reduced agricultural capacity & coastal inundation are common themes
People with Huntington disease develop problems with neuromuscular control and gradually lose the us People with Huntington disease develop problems with neuromuscular control and gradually lose the us
Video: Stroke volume - preload, sarcomere length and Frank -Starling law

For a complete list of videos, visit our video library