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An economic incentive is best described as something that
 
A) benefits producers or consumers when taking action.
B) pushes producers or consumers to act on the government's behalf.
C) motivates producers or consumers to take action.
D) forces producers or consumers to act in a certain way.

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Jarrod Robel
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22 Feb 2020

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a. What effect will each of the following have on the DEMAND for coffee (i.e. Increase Demand, Decrease Demand, or NO CHANGE)?

i. There is an increase in the price of coffee.

ii. There is an increase in the price of tea, which consumers view as a substitute for coffee.

iii. There is an increase in consumer incomes, assuming coffee is a normal good.

iv. There is a decrease in the number of consumers who buy coffee.


B. a. What effect will each of the following have on the SUPPLY of soybeans? (i.e. Increase Supply, Decrease Supply, or NO CHANGE)?

i. There is an increase in the amount of subsidies given to soybean producers.

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Please also give me explanations as to why.

1. We can conclude that international trade is beneficial because, regardless of whether the country imports or exports a good, the overall increase in well-being outweighs the losses associated with trade.

Is the statement true or false?

2. Owners of firms in young industries should be willing to incur temporary losses if they believe that those firms will be profitable in the long run.€ This observation helps to explain why many economists are skeptical about the:

a. Unfair-competition argument.

b. Infant-industry argument.

c. national-security argument.

d. Jobs argument

3. Suppose that the U.S. has a comparative advantage in the production of spreadsheet software. As a result of opening up the market to international trade:

a. U.S. citizens benefit from lower software prices, increasing consumer surplus in the market.

b. U.S. producers benefit from higher software prices, increasing producer surplus in the market.

c. U.S. software producers are harmed since the price that these producers receive will decline as the price falls to the world price.

d. total surplus in this market will remain unchanged, as the decline in benefits received by software producers exactly balances the increase in benefits received by US software consumers.

Protectionist measures are enacted because they:

A. allow countries to preserve culturally important ways of life at very low cost.

B. typically benefit a large number of people at a cost to only a very small number.

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D. make everyone in an economy better off.

E. preserve a nation’s critical natural resources.


Restrictions on imports of foreign steel into the U.S. will:

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B. help U.S. steel producers and hurt U.S. automobile producers.

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D. hurt foreign steel producers and help U.S. steel consumers.

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Say that the exchange rate between the U.S. dollar and the Melnik bop is expressed in terms of bops per dollar. All of the following will cause this exchange rate to rise, ceteris paribus, except for:

A. an increase in Melnik residents’ demand for U.S.-made cigarettes.

B. a big increase in the number of American tourists visiting the beautiful archeological sites of Melnik.

C. a decrease in interest rates in the U.S.

D. an increase in U.S. demand for intricate carvings made exclusively by artists in Melnik.

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Which of the following transactions would be recorded as a credit in the U.S. current account?

A. A Mexican bank’s purchase of Microsoft stock (Microsoft is an American-owned firm)

B. An American tourist’s payment to a Mexican hotel

C. A Mexican consumer’s purchase of a computer produced in the U.S. by a U.S. firm

D. An American consumer’s purchase of a Mexican-made VCR

E. A German citizen’s receipt of a $50 dividend check on shares of stock she owns in a U.S. corporation

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