« previous next »

Author Question: Employing a general-equilibrium approach, describe the effect of a new law that prohibits steel ... (Read 54 times)

sammy

  • Hero Member
  • *****
  • Posts: 818
on: Jul 1, 2018
Employing a general-equilibrium approach, describe the effect of a new law that prohibits steel imports.
 
  What will be an ideal response?

Question 2

The random error term ________ the effects of ________ influences on the dependent variable that are not included as explanatory variables.
 
  A) captures; observed
  B) ignores; unobserved
  C) ignores; observed
  D) captures; unobserved


CourtneyCNorton

  • Sr. Member
  • ****
  • Posts: 317
Reply #1 on: Jul 1, 2018
Answer to Question 1

The initial effect is that the supply curve for steel shifts leftward. This raises the price of steel. The largest users of steel are the automobile industry, the construction industry, and the appliance industry. The increased cost of inputs will raise the price of the goods produced by these industries. Given time, these industries will look to substitute plastic or aluminum in place of steel, raising the prices of these materials.

Answer to Question 2

D


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

People often find it difficult to accept the idea that bacteria can be beneficial and improve health. Lactic acid bacteria are good, and when eaten, these bacteria improve health and increase longevity. These bacteria included in foods such as yogurt.

Did you know?

Cancer has been around as long as humankind, but only in the second half of the twentieth century did the number of cancer cases explode.

Did you know?

According to research, pregnant women tend to eat more if carrying a baby boy. Male fetuses may secrete a chemical that stimulates their mothers to step up her energy intake.

Did you know?

As the western states of America were settled, pioneers often had to drink rancid water from ponds and other sources. This often resulted in chronic diarrhea, causing many cases of dehydration and death that could have been avoided if clean water had been available.

Did you know?

Sildenafil (Viagra®) has two actions that may be of consequence in patients with heart disease. It can lower the blood pressure, and it can interact with nitrates. It should never be used in patients who are taking nitrates.

Comparison of reactions at equilibrium and steady state Comparison of reactions at equilibrium and steady state
Drugs and their effect table Drugs and their effect table
How to describe transformations of a sinusoidal function (y=a*sin⁡b(x−c)+d) How to describe transformations of a sinusoidal function (y=a*sin⁡b(x−c)+d)
A 75.0 L steel tank at 20.0°C contains acetylene gas, C2H2, at a pressure of 1.20 atm. ... A 75.0 L steel tank at 20.0°C contains acetylene gas, C2H2, at a pressure of 1.20 atm. ...
Position effect, as illustrated in the eye phenotype in two female Drosophila Position effect, as illustrated in the eye phenotype in two female Drosophila
General strategies of forward and reverse genetics General strategies of forward and reverse genetics
Video: Automated external defibrillator (AED)

For a complete list of videos, visit our video library