Questions from Microeconomics

Q: Briefly explain whether the value of U.S. exports is

Briefly explain whether the value of U.S. exports is typically larger or smaller than the value of U.S. imports.

Q: Discuss the following statement: “In a perfectly competitive market,

Discuss the following statement: “In a perfectly competitive market, in the long run consumer’s benefit from reductions in costs, but firms don’t.” Don’t firms also benefit from cost reductions becaus...

Q: A World Trade Organization (WTO) publication calls comparative advantage “

A World Trade Organization (WTO) publication calls comparative advantage “arguably the single most powerful insight in economics.” What is comparative advantage? What makes it such a powerful insight?...

Q: How the market demand curve is derived from consumers’ individual demand curves

How the market demand curve is derived from consumers’ individual demand curves?

Q: What is the difference between a change in supply and a change

What is the difference between a change in supply and a change in the quantity supplied?

Q: A Wall Street Journal article about a drought in California indicated that

A Wall Street Journal article about a drought in California indicated that one result would be a smaller tomato crop. Use a demand and supply graph of the tomato market to illustrate the effect of the...

Q: What are transactions costs? When are we likely to see private

What are transactions costs? When are we likely to see private solutions to the problem of externalities?

Q: Briefly explain whether the demand for each of the following products is

Briefly explain whether the demand for each of the following products is likely to be elastic or inelastic: a. Milk b. Frozen cheese pizza c. Cola d. Prescription medicine

Q: Briefly compare the health care systems in Canada, Japan, and

Briefly compare the health care systems in Canada, Japan, and the United Kingdom with the health care system in the United States.

Q: Can economic analysis provide a final answer to the question of whether

Can economic analysis provide a final answer to the question of whether the government should intervene in markets by imposing price ceilings and price floors? Briefly explain.