Answer the following questions on globalization and protectionism: Why does the government create trade barriers if they can potentially hurt a worker in an economy (due to lower wages)? According to Greenlaw and Shapiro (2018), there are several ways that
Refer to the Unit 6 Learning Journal Poverty Trap Tables spreadsheet to complete the assignment. Susan is a single mother with three children. She is a cashier at a food market earning $7.75 per hour and works up to 2,000
Find an online news article dated within the last 12 months that discusses a government involvement in innovation. Using this information in the article provide the following information: Provide a brief background of the news article. How will this innovation
Compute the marginal utility. 1. Compute the marginal utility for cookie and slice of pie. Marginal Utility = Change in Units Consumed / Change in Utility Marginal Utility for Cookie calculation: 1) For 1 cookie, total utility and marginal utility = 18.
Calculate the price elasticity. 1. Price elasticity of demand from point B to point C: % change in quantity = 3500 – 2000 ÷ (3500+2000)/2 × 100 = 1500 ÷ 2750 × 100 = 54.55 % change in price =
How has the minimum wages or rent controls effected the economy of the country? Explain what the minimum wage is an example of. Discuss if you think the government should be involved in establishing laws for setting the minimum wages or rent
Explain a time in your life when you experienced opportunity cost. Why did you make the decision? What was another alternative that you could have made? Discuss how scarcity influenced your decision. According to our textbook, the term opportunity cost
For international trade, discuss your country’s absolute advantage, comparative advantage, and opportunity costs. What are the main goods or services that your country export? What are the products that your country imports? Do you think that your country can produce a particular good
What are the advantages and disadvantages of special interest groups within the democratic system of government? Should governments allow professional lobbyists to influence government legislation? Why or why not? In your explanation, provide an example of an actual special interest
If all countries worldwide eliminated all barriers to immigration would global economic growth increase? Why or why not? How would the labor markets impact the economic growth? To answer this week’s questions, let’s see what immigration is first. According to