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economics 14th global

Questions and Answers of Economics 14th Global

Why was the investment of Professor Willoughby taxed (see IRC v. Willoughby (1997))?Could his investment have been taxed under the FATCA (assuming he was a US citizen in 2011)? Why?
What are the circumstances that gave rise to the laws of the nineteenth and twentieth centuries? How did the concept of financial stability shape the dimensions of US antitrust laws?
Why do firms merge? With reference to specific examples, explain the differences between horizontal and vertical mergers, and vertical mergers and conglomerate mergers. Is the Herfindahl- Hirschman
With reference to some specific cases, explain why the rule of reason is different from the per se rule. What was the reasoning for using the rule of reason in the Microsoft Case? How does the use of
Discuss the legal and economic importance of the FTC and the US DoJ.
Should estimation of the deadweight loss (DWL) be included in antitrust cases?Explain why the language of the Sherman Act is not necessarily an economic measurement of the deadweight loss. Is the
Why do nations trade? Explain why freer international trade welfare is- enhancing. Show and explain why trade theories have influenced the evolution and interpretation of international laws.
Why are international conventions unequivocal sources of international law? Can nations renege on their treaty obligations? When and why?
What is the difference between a dispute settlement understanding and a dispute settlement mechanism? With reference to specific cases, discuss why dispute resolution mechanisms have enhanced
Can nations unilaterally alter the value of their currencies? Why? Explain why arbitrary alterations of the value of currencies could destabilize global economic performance. How have international
Refer to the Boeing- Airbus dispute. What have been some of the central rulings of WTO panels since the inception of the dispute? Did Boeing have a prime- mover advantage? Why?
What is foreign direct investment? How can foreign investors minimize undesirable economic exposures in foreign territories?
When is the expropriation of foreign investment illegal? With reference to specific cases, how have international courts dealt with the issue of illegal expropriations of foreign investment?
Does foreign direct investment augment the paucity of national saving and innovation in developing countries? Why? How does FDI contribute to global economic growth?
Was the Abu Dhabi formula inhibitive and akin to indirect expropriation? Could there have been a public purpose for Decree Law No. 124? Why? What are some of the economic and investment implications
Referring to similarly situated cases, did the Kuwaiti Government engage in unfair and discriminatory treatment to foster an illegal expropriation of the assets of Aminoil?
What causes price to exceed marginal revenue for a monopoly?
Why does P = MR for a competitive firm?
If a monopoly finds itself in an inelastic portion of a demand curve, how will it change its output?
Can monopolies make losses?
Does a monopoly produce where it makes the highest profit per unit of output?
Why does a monopoly not produce where P = MC?
How does price discrimination increase MR?
If a firm sells in different markets, in which ones should it charge a higher price?
How will a lump-sum tax affect a monopoly’s output?
When will a monopoly’s behavior differ from that of a competitive industry when a lump-sum tax is imposed?
A monopoly is currently producing 10 units of output. At Q = 10, P =$14, and MC = $12. At Q = 9, P = $15. Should it have produced the tenth unit of output?
A monopoly that has both a constant average cost and marginal cost of $5 faces the following demand curve:a. Fill in the marginal revenue of each unit.b. How many units will the monopoly produce?c.
If the monopoly in Question 2 above is a perfect price discriminator, then:a. What is the marginal revenue of each unit?b. How many units will the monopoly produce?c. What is its profit?
a. What lump-sum tax would shut down the monopolist in Question 2 (assuming it does not price discriminate as in Question 3)?b. What would be the effect of a smaller lump-sum tax?c. What would the
While an increase in demand will usually cause a monopoly to produce more, this need not always be true, as this question shows.s. Suppose a monopoly can sell one widget at $4, two at $3, and three
The following are examples of price discrimination. Indicate why each group has the higher elasticity of demand:a. Drugstores give senior citizens a discount of 10 percent on their prescriptions.b.
A price ceiling of P makes the marginal revenue also equal to P for outputs from zero to the output corresponding to P on the demand curve. Suppose a monopoly can sell one unit of output for $20, two
What is wrong with the following statements?a. “If a monopoly is making a loss where MR = MC, then it can raise its price to get rid of its loss.”b. “Monopolies tend to be in markets where
In Market A, one unit sells for $10 and the quantity demanded goes up one unit for every $2 price decrease. In Market B, the demand price for one unit is $6 and the quantity demanded goes up one unit
The Computer Chip Company (CCC) sells its CCC-400-DX chip (for use in personal computers) for $500. It takes the same chip, cuts off part of it to make it less powerful, and sells it for $200 as the
What force pushes an industry toward monopoly?
What force pushes an industry toward lower prices?
With free and costless entry into a market with only one firm, at what level will the price be set?
Why does a monopolistic competitor face a downward-sloping demand curve?
How is monopolistic competition like perfect competition?
What is the source of indeterminacy for whether an oligopoly will act competitively or monopolistically?
Why do farmers help each other out, while in other industries businesses are glad to see their rivals go out of business?
When and why does it pay a firm to undercut the industry’s price?
How do price wars serve to discipline an industry?
Why is the competitive result more likely when firms can undercut a collusively set price level more easily?
Identify which type of market (perfect competition, perfectly contestable markets, monopolistic competition, and oligopoly and its various types) these conditions most likely describe.a. Few firms
Use the following table (which shows the demand curve for a given market) to answer the questions below:a. What price and output would a monopoly have if it has a constant average and marginal cost
In the table in Question 2, suppose one firm has a marginal cost of $2.It is the sole firm in the industry. New firms can enter, but their marginal and average costs equal $5.a. Without the threat of
Suppose a firm faced a kinked demand curve that is described by this table. Answer the questions below.a. Where is the “kink” in this demand curve? What are other firms doing above the kink?
Two drug companies, Company A and Company B, produce drugs in the same field of medicine. Each can choose to spend little or a lot on research. If only one spends more, it will produce better drugs
A professor offers to split $1,000 among all students getting the highest score on a test. The test is to be multiple choice. Before the test, all the students meet and agree to answer all questions
A leading industrialist complains, “These young upstart firms in our industry are cutting prices. They have no community spirit or integrity. They just cause trouble and losses.” As a consumer,
On a street corner, enough newspapers are sold to yield a profit of$100 a day. One newspaper vendor could handle these sales. If other jobs pay a daily wage of $20, how many newspaper vendors will
In an industry with high fixed costs and low variable costs, why will a fall in demand increase price-cutting pressures?
How does the football rivalry between two schools differ from the rivalry between two businesses?
Why does a perfect competitor not have to worry about the reactions of others?
Why does a monopoly not have to worry about the reactions of others?
How could you change the payoff in the prisoner’s dilemma game so the cooperative solution is always chosen?
Why would repeated play lead to the cooperative solution in the prisoner’s dilemma?
Why can we infer a Nash equilibrium usually occurs when we see people cooperating in a similar pattern over time?
Why are transfer payments important for getting decision makers to make the most productive decision all the time?
Why do people become cooperative in evolutionary games?
How can an inferior technology become the norm?
Why, when there are many players, will similar players be treated equally?
In mixed strategy games, each player sets the probability that he or she will choose a given choice. How does each player set these probabilities?
Alice and Bob are at a strange auction. The item up for auction is $20.The rules are that no one can bid twice in a row and that the highest bidder gets the $20. Also, and this is very strange, the
Only two commercial airlines fly from an airport: Alice Airline and Bob Airline. They fly the same route at the same time. It costs each only $100 per passenger to fly, no matter how many passengers
If in question 2, Alice and Bob can change their fare whenever they want, what fare are they likely to end up charging when the demand for seats is PD = 500 – 0.1Q?
At a recent U.S. Open, one of the four major golf tournaments, the pro finishing first won $625,000 while the second-place player won$370,000. The winnings continue to fall quickly, so that the pro
The CEO of a company makes the following announcement to the vice presidents, “In five years, I’m going to step down and one of you five will become CEO. I will let each of you run a division of
A newly married couple finds they are playing the following game.Each can choose to invest in the relationship (doing things that make the other person happy) or not. If only one person invests in
Alice and Bob, who do not know each other, want a ticket to the hit show “Economics!” Only two tickets are left. One ticket is for a frontrow seat, and the other is in the back row. Both Alice
In the following game, similar to the first game in this chapter, Alice and Bob can cooperate or not cooperate . When they both cooperate, each gets $25. When both do not cooperate, each gets $15. So
Two firms dominate a market. Each faces three choices. They can remain their current size (not expand), they can make a small expansion, or they can make a large expansion. If both firms make a large
The government is one of the largest debtors in the economy. It can reduce the size of this debt by inflating the currency but only if savers are unprepared for inflation. If savers are prepared,
How can a firm profit by finding a more valuable good to produce?
Who ultimately gets the economic profits in a competitive economy?
What is the contribution to net benefits of the last unit of a good produced in a competitive economy?
In Figure 25–1, what area represents the total value of Q0 units of output?Figure 25-1: P (Price) H 0 Consumer Surplus Producer: Surplus 77 Q (Quantity) Supply (MC) Demand (MB)
In Figure 25–1, what area represents the total cost of producing Q0 units of output?Figure 25-1: P (Price) H 0 Consumer Surplus Producer: Surplus 77 Q (Quantity) Supply (MC) Demand (MB)
What is Area IFH in Figure 25–1?Figure 25-1: P (Price) H 0 Consumer Surplus Producer: Surplus 77 Q (Quantity) Supply (MC) Demand (MB)
Why is a minimum-wage law not allocatively efficient when it prevents workers from getting a job?
How does a monopoly create social losses?
Will a price ceiling always cause a monopoly to produce more?
When might a competitive economy produce too much of a good(from a social point of view)?
Imagine that the government has created rules so that all firms in an economy are monopolies. Assume all consumers are alike and all own equal shares in the monopolies. As a result, all monopoly
Suppose consumers suddenly want fewer action movies and more romances than are now being produced. Describe how profits will play a role in getting movie producers to switch.
Use this table to answer these questions.a. What level of output will yield the largest net benefit?b. In a competitive economy, what level of output would be produced and sold?c. What is the
Suppose a price ceiling of $6 is placed on the good in Question 3.a. What will be the net benefit? The consumer and producer surplus?b. Show that the price ceiling on the price in a competitive
Using the table from Question 3, assume the firms in the industry establish a monopoly.a. What output will they produce?b. What will the social loss be (as compared to when the firms acted
A price ceiling on the price in an industry monopolized by one firm can be efficient. In Question 5, what price ceiling will maximize social output?Data From Question 5:Using the table from Question
Using the table from Question 3, what is the social cost of a tax of $6?Table From Question 3: Quantity Demand Price Supply Price 1 $16 $6 2 $14 $8 3 $12 $9 4 $10 $10 5 $8 $11 6 $6 $12
Western states are suffering from a long drought. Making matters worse are laws that misallocate water. Laws established over one hundred years ago made it illegal for users of water to resell it to
Using Question 3’s table, suppose the government subsidized output by $6 a unit and that the economy is competitive. What level of output will be produced? Will society be better off or worse off
Suppose the government restricts all families to owning only one car.Why would this be allocatively inefficient?Assume one person values one car at $12,000 and would value a second at $7,000. A
When American textile workers lose their jobs, why are consumers and not their employers responsible?
What is the benefit of hiring one more worker? The cost?
When will the firm stop hiring more workers?
When will a firm that is a price taker in both its output and input market stop hiring?

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