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Economics Lecture Three (view source)

Revision as of 02:39, September 14, 2009

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6.  What is your view of the minimum wage?  Should it be increased?
 
6.  What is your view of the minimum wage?  Should it be increased?
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7. For most of our nation's history it used tariffs rather than taxes on income in order to provide money for the national (federal) government in Washington, D.C.  What is the effect on the supply curve for a good imported from China if the U.S. government imposed a $1 tariff on it?  Would that cause more or less of that good to be purchased?  Why?  Now suppose the government uses quotas rather than tariffs.  By limiting the amount of a foreign good that can be sold in this country, Americans who make the same good have an easier time selling their good with less competition.  What effect does a quota have on the supply curve and the equilibrium price for an imported good?  Who makes more money because of a quota, and who loses the most from it?
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7. A "price ceiling" is a type of price control that sets the maximum price allowed by law for something (like a real ceiling).  A "price floor" is a type of price control that sets a minimum price allowed by law for something (like a real floor). Does a price ceiling that is set below the free market price cause a surplus or a shortage?  Please explain.   
 
 
 
===Honors===
 
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