Midterm 2
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Midterm 2

Course: ECON 2106, Spring 2007

School: UGA

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Chapter 9: Application:International Trade The story of the textiles industry raises important questions for economic policy: How does international trade affect economic well-being? Who gains and who loses from free trade among countries, and how do the gains compare to the losses? THE DETERMINANTS OF TRADE The steel market is well suited to examining the gains and losses from international trade. Moreover, the...

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9: Chapter Application:International Trade The story of the textiles industry raises important questions for economic policy: How does international trade affect economic well-being? Who gains and who loses from free trade among countries, and how do the gains compare to the losses? THE DETERMINANTS OF TRADE The steel market is well suited to examining the gains and losses from international trade. Moreover, the steel market is one in which policymakers often consider (and sometimes implement) trade restrictions to protect domestic steel producers from foreign competitors. The Equilibrium without Trade The sum of consumer and producer surplus measures the total benefits that buyers and sellers gain from trade. When an economy cannot trade in world markets, the price adjusts to balance domestic supply and demand. - If the government allows Isolandians to import and export steel, what will happen to the price of steel and the quantity of steel sold in the domestic steel market? - Who will gain from free trade in steel and who will lose, and will the gains exceed the losses? - Should a tariff (a tax on steel imports) be part of the new trade policy? The World Price and Comparative Advantage To figure out whether Isoland will become a steel importer or exporter, we need to compare the current Isolandian price of steel with that of the rest of the world. If the world price of steel is higher than the domestic price, then Isoland will export steel once trade is permitted. Conversely, if the world price of steel is lower than the domestic price, then Isoland will import steel. This comparison provides an answer to whether Isoland has a comparative advantage in producing steel. The domestic price reflects the opportunity cost of steel. THE WINNERS AND LOSERS FROM TRADE To analyze the welfare effects of free trade, the Isolandian economists begin with the assumption that Isoland is a small economy compared to the rest of the world so that its actions have little effect on world markets. Isolandians are said to be price takers in the world economy. That is, they take the world price of steel as given. They can sell steel at this price and be exporters or buy steel at this price and be importers. The small-economy assumption is not necessary to analyze the gains and losses from international trade. However, it makes it easier to analyze the economic model and the and the basic conclusions do not change in a large economy. The Gains and Losses of an Exporting Country Once trade is allowed, the domestic price rises to equal the world price. The supply curve shows the quantity of steel produced domestically, and the demand curve shows the quantity consumed domestically. Once the domestic price rises to equal the world price, the domestic quantity supplied differs from the domestic quantity demanded, the difference between these two equals the exports from Isoland. Although domestic quantity supplied and domestic quantity demanded differ, the steel market is still in equilibrium because there is now another participant in the market: the rest of the world. Clearly not everyone benefits. Domestic producers of steel are better off because they can now sell steel at a higher price, but domestic consumers of steel are worse off because they have to buy steel at a higher price. Before Trade: Consumer Surplus= Area between demand curve and before-trade price. Producer Surplus= Area between supply curve and before-trade price. Total Surplus= The sum of consumer and producer surplus. After Trade: Consumer Surplus= Area between demand curve and world price. Producer Surplus= Area between supply curve and world price. Total Surplus= The sum of consumer and producer surplus. Because the gains of sellers exceed the losses of buyers, total surplus in Isoland increases. - When a country allows trade and becomes an exporter of a good, domestic producers of the good are better off, and domestic consumers of the good are worse off. - Trade raises the economic well-being of a nation in the sense that the gains of the winners exceed the losses of the losers. The Gains and Losses of an Importing Country Now suppose that the domestic price before trade is above the world price. After free trade is allowed, the domestic falls to equal the world price. The difference between the domestic quantity demanded and the domestic quantity supplied is bought from other countries, and Isoland becomes a steel importer. Once again, not everyone benefits. Domestic consumers are now better off, and domestic producers are worse off. Changes in consumer and producer surplus measure the size of the gains and losses. The gains of buyers exceed the losses of sellers, and total surplus increases. - When a country allows trade and becomes an importer of a good, domestic consumers of the good are better off, and domestic producers of the good are worse off. - Trade raises the economic well-being of a nation in the sense that the gains of the winners exceed the losses of the losers. Having completed our analysis of trade, we can better understand one of the Ten Principles of Economics: Trade can make everyone better off. Which does not mean that it will make everyone better off. Nations sometimes fail to enjoy the gains from trade simply because the losers from free trade are better organized than the winners. The losers may turn their cohesiveness into political clout and lobby for trade restrictions, such as tariffs. The Effects of a Tariff The economists quickly realize that a tariff on steel will have no effect if Isoland becomes a steel exporter. The tariff matters only if Isoland becomes a steel importer. A tariff would raise the price of imported steel by the amount of the tariff. Thus, the price of steel-both imported and domestic-rises by the amount of the tariff and is, therefore, closer to the price that would prevail without trade. The change in prices leads to some change sin behavior: It reduces the domestic quantity demanded and raises the domestic quantity supplied. Thus, reducing the quantity of imports and moving the domestic closer to its equilibrium without trade. Because the tariff raises the domestic price, domestic sellers are better off and domestic buyers are worse off. In addition the govt. raises revenue. Before the tariff: Consumer Surplus= Area between demand curve and the world price Producer Surplus= Area between supply curve and the world price Total Surplus= Consumer surplus + Producer surplus + Govt. revenue We find that total surplus in the market decreases, this fall is considered the deadweight loss of the tariff. This is due to the fact that it is a tax, as such it distorts incentives and pushes the allocation of scarce resources away form the optimum. 1. The tariff on steel raises the price of steel that domestic producers can charge above the world price and, as a result, encourages them to increase production of steel 2. The tariff raises the price that domestic steel buyers have to pay and, therefore, encourages them to reduce consumption of steel Other Benefits of International Trade - Increased variety of goods - Lower costs through economies of scale (producing in large scale at a lower cost) - Increased competition - Enhanced flow of ideas THE ARGUMENTS FOR RESTRICTING TRADE The Jobs Argument Opponents of free trade often argue that international trade destroys domestic jobs. Yet free trade creates jobs at the same time that it destroys them, Isolandian workers would move from the steel industry to industries in which Isoland has a comparative advantage. Which would in turn increase the standard of living fro the entire nation. Opponents of free trade also argue that everything can be produced more cheaply abroad. However, free trade is based on comparative advantage not absolute advantage. The National Security Argument Opponents also argue that the industry is vital for national security. Economists acknowledge that protecting key industries may be appropriate when there are legitimate concerns over national security. Yet some producers may be too eager to use this argument. This argument should only be taking into consideration when made by the defense establishment, due to the fact that companies have an incentive to exaggerate. The Infant-Industry Argument New industries sometimes argue for temporary trade restrictions to help them get established. Also, sometimes older companies argue that they need temporary protection to help them adjust to new conditions. Economists are skeptical about either one of those practices. The primary reason is because the infant-industry argument is difficult to implement in practice. This is due to the fact that the govt. would have to decide which industries it deems "winners", which in itself is very difficult. The political process does not make it any easier, since often industries that are politically powerful are awarded protection. And once a policy of this nature is put into effect, it is sometimes hard to remove. Economists are skeptical of this argument even in principal. If an industry is young and unable to compete against foreign rivals, but there is reason to believe it will become profitable in the long run. In this case then they should be willing to incur temporary losses to obtain the eventual profits. The Unfair-Competition Argument Free trade should be desirable only if all countries play by the same rules. If industries in different countries are subject to different regulations, then it is unfair to expect firms to compete in the international marketplace. The Protection-as-a-Bargaining-Chip Argument Many policymakers claim to support free trade but, at the same time, argue that trade restrictions can be useful when bargaining with trading partners. They claim that the threat of a trade restriction can help remove a trade restriction already imposed by a foreign govt. However, the problem with this strategy is that it may not work. Which would in turn lead the govt. to carry it out and reduce its own economic welfare or back down and lose prestige in international affairs. Chapter 10: Externalities The "invisible hand" of the marketplace leads self-interested buyers and sellers in a market to maximize the total benefit that society derives from that market. This insight is the basis for one of the Ten Principles of Economics: Markets are usually a good way to organize economic activity. However, even though markets do many things well, they do not do everything well. Therefore this chapter examines another one of the Ten Principles of Economics: Governments can sometimes improve market outcomes. An externality arises when a person engages in an activity that influences the well-being of a bystander and yet neither pays nor receives any compensation for that effect. If the impact is adverse, it is called a negative externality; if it is beneficial, it's called a positive externality. In the presence of externalities, society's interest in a market outcome extends beyond the well-being of buyers and sellers who participate in the market; it also includes the well-being of bystanders who are affected indirectly. Because buyers and sellers neglect the external effects of their actions when deciding how much to demand or supply, the market equilibrium is not efficient when there are externalities. EXTERNALITIES AND MARKET INEFFICIENCY Welfare Economics: A Recap The demand curve for aluminum reflects the value of aluminum to consumers. At any given quantity, the height of the demand curve shows the willingness to pay of the marginal buyer. In other words, it shows the value to the consumer of the last unit of aluminum bought.The supply curve reflects the cost of producing aluminum. At any given quantity, the height of the supply curve shows the cost of the marginal seller. In other words, it shows the cost to the producer of the last unit of aluminum sold. At any given quantity, the height of the demand curve shows the willingness to pay of the marginal buyer. In other words, it shows the value to the consumer of the last unit of aluminum bought. Negative Externalities Now let's suppose that aluminum factories emit pollution. Since this creates a health risk for those who breathe the air, it is a negative externality. Because of this, the cost to the society of producing aluminum larger is than the cost to the aluminum producers. The social-cost curve is above the supply curve because it takes into account external costs imposed on society by aluminum producers. Therefore, a planner would choose the level of aluminum production at which the demand curve crosses the social -cost curve. This intersection determines the optimal amount of aluminum from the standpoint of society as a whole. A way to achieve the optimal outcome would be to charge producers for each ton of aluminum sold. And if the tax accurately reflected the social cost of pollution, the new supply curve would coincide wit the social-cost curve. The use of such a tax is called internalizing the externality because it gives buyers and sellers an incentive to take account of the external effects of their actions. Therefore, aluminum producers would take into consideration the costs of pollution when deciding how much aluminum to supply since the tax would make them pay for those costs. And because the market price would reflect the tax on producers, consumers of aluminum would have an incentive to use a smaller quantity. Which is based on one of the Ten Principles of Economics: People respond to incentives. Positive Externalities The demand curve does not reflect the value to society of the good. Because the social value is greater than the private value, the social-value curve lies above the demand curve. The optimal quantity is found where the social-value curve and the supply curve intersect. Hence, the socially optimal quantity is greater than the quantity determined by the private market. Once again, the government can correct the market failure by inducing market participants to internalize the externality. Once again, the government can correct the market failure by inducing market participants to internalize the externality. Negative externalities lead markets to produce a larger quantity than is socially desirable. Positive externalities lead markets to produce a smaller quantity than is socially desirable. To remedy the problem, the government can internalize the externality by taxing goods that have negative externalities and subsidizing goods that have positive externalities. PRIVATE SOLUTIONS TO EXTERNALITIES The Types of Private Solutions Although externalities tend to cause markets to be inefficient, government action is not always needed to solve the problem. Private solutions can be developed. "Do unto others as you would have them do unto you." = Internalize externalities. Another private solution to externalities is charities. The government encourages this private solution to externalities through the tax system by allowing an income tax deduction for charitable donations. Internalizing externalities is one reason that some firms are involved in different types of businesses. The Coase Theorem The private market is effective in dealing with externalities in some circumstances. The theorem proposes that that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their own and allocate resources efficiently. The theorem says that the initial distribution of rights does not matter for the market's ability to reach the efficient outcome, the interested parties can always reach a bargain in which everyone is better off and the outcome is efficient. Why Private Solutions Do Not Always Work However, the Coase Theorem applies only when the interested parties have no trouble reaching and enforcing an agreement. In some cases parties fail to solve na externality problem because of transaction costs, which are the costs incurred in process of agreeing to following through on a bargain. The problem with reaching an agreement is often the fact that each party tries to hold out for a better deal. Reaching an efficient bargain is especially difficult when the number of interested parties is large because coordinating everyone is costly. When private bargaining does not work, the government can sometimes play a role. The government is an institution designed for collective action. PUBLIC POLICIES TOWARD EXTERNALITIES When an externality causes a market to reach an inefficient allocation of resources, the government can respond in one of two ways. Command-and-control policies regulate behavior directly. Market-based policies provide incentives so that private decision makers will choose to solve the problem on their own. Command-and-Control Policies: Regulation The govt. can remedy an externality by making certain behaviors either required or forbidden. By doing this the govt. institutes a command-and-control policy that prohibits this act altogether. In all cases, to design good rules, the government regulators need to know the details about specific industries and about the alternative technologies that those industries could adopt. This is often difficult for govt. regulators to obtain. Market-Based Policy 1: Corrective Taxes and Subsidies Instead of regulating behavior in response to an externality, the government can use market-based policies to align private incentives with social efficiency. The government can internalize the externality by taxing activities that have negative externalities and subsidizing activities that have positive externalities. An ideal corrective tax would equal the external cost from an activity with negative externalities, and an ideal corrective subsidy would equal the external benefit from an activity with positive externalities. Corrective taxes alter incentives to account for the presence of externalities and thereby move the allocation of resources closer to the social optimum. Thus, while corrective taxes raise revenue for the government, they also enhance economic efficiency. Market-Based Policy 2: Tradable Pollution Permits The invisible hand will ensure that this new market allocates the right to pollute efficiently. That is, the permits will end up in the hands of those firms that value them most highly. Objections to the Economic Analysis of Pollution Some environmentalists believe that the right to pollute should not an economic matter. The environment is extremely important, and we should protect it as much as possible, regardless of the cost. However, economists disagree they believe that People face tradeoffs; clean air and clean water have value, but that value must be compared tot heir opportunity cost. The invisible hand is powerful but not omnipotent. Chapter 11: Public Goods and Common Resources Free goods provide a special challenge for economic analysis, since the market forces that normally allocate resources in our economy are absent. When a good does not have a price attached to it, private markets cannot ensure that the good is produced and consumed in the proper amounts. In such cases, government policy can potentially remedy the market failure and raise economic well-being. THE DIFFERENT KINDS OF GOODS As mentioned before buyers and sellers in a market typically do not take account of the external effects of their decisions. Buyers and sellers in a market typically do not take account of the external effects of their decision: - Is the good excludable? Can people be prevented from using the good? - Is the good rival in consumption? Does one person's use of the good reduce another person's ability to use it? 1. Private goods are both excludable and rival in consumption. You don't get one unless you pay, and once you get it, you are the only person who benefits. 2. Public goods are neither excludable nor rival in consumption. People can't be prevented from using it, and one person's use of a public good doesn't reduce another person's ability to use it. 3. Common resources are rival in consumption but not excludable. 4. When a good is excludable but not rival in consumption, it's an example of a good produced by a natural monopoly. The study of public goods and common resources is closely related to the study of externalities. For both of these types of goods, externalities arise because something of value has no price attached to it. PUBLIC GOODS The Free-Rider Problem People have an incentive to be free-riders, by receiving the benefit of a good and not paying for it. The free-rider problem prevents the private market from supplying public goods. However, if the government decides that the total benefits of a public good exceed its costs, it can provide the public good, pay for it with tax revenue, and make everyone better off. Some Important Public Goods National Defense: Once the country is defended it's impossible to prevent any single person from enjoying the benefit of this defense. Even economists who advocate small government agree that the national defense is a public good the government should provide. Basic Research: Knowledge is created through research. In evaluating the appropriate public policy toward knowledge creation, it is important to distinguish: Specific technological knowledge can be patented thus giving the inventor the exclusive right to that knowledge he has created for a period of time. Therefore making the knowledge created by the inventor excludable. General knowledge is a public good. As a result, in the absence of any public policy, society would devote too few resources to creating new knowledge. Fighting poverty: The Welfare System, Food Stamps and various govt. housing programs, antipoverty programs, are financed by taxes paid by families that are financially more successful. Fighting poverty is a public good, because even if everyone prefers living in a society without poverty, fighting poverty is not a "good" that private actions will adequately provide. Because of the free-rider problem, eliminating poverty through private charity will probably not work. Yet government action can solve this problem. Taxing the wealthy to raise the living standards of the poor can potentially make everyone better off. The poor are better off because they now enjoy a higher standard of living, and those paying the taxes are better off because they enjoy living in a society with less poverty. In deciding whether something is a public good, one must determine who the beneficiaries are and whether these beneficiaries can be excluded from using the good. A free-rider problem arises when the number of beneficiaries is large and exclusion of any one of them is impossible. The Difficult Job of Cost-Benefit Analysis Once the govt. decides to play a role in providing public goods, then it must figure out what goods to provide and in what quantities. In order to do this the govt. must compare the total benefits of all those who would use it to the total costs of building and maintaining it, such study is called a cost-benefit analysis. Cost-benefit analysts have a tough job, quantifying benefits is difficult using the results from a questionnaire since respondents have little incentive to tell the truth. The efficient provision of public goods is, therefore, intrinsically more difficult than the efficient provision of private goods. Analysts findings on the costs and benefits of public projects are rough approximations at best. COMMON RESOURCES Like public goods they are not excludable: They are available free of charge to anyone who wants to use them. However, they are rival in consumption. Thus giving rise to a new problem, once the good is provided policymakers need to be concerned about how much it is used. The Tragedy of the Commons A parable that illustrates why common resources get used more than is desirable from the standpoint of society as a whole. Social and private incentives differ, which leads to the creation of an externality and therefore the Tragedy of the Commons arises. General lesson: When one person uses a common resource, he diminishes other people's enjoyment of it. Because of this negative externality, common resources tend to be used excessively. The govt. can solve the problem by reducing use of the common resource through regulation or taxes. Alternatively, the common resource can be turned into a private good. Some Important Common Resources Private decision makers use the common resource too much. Governments often regulate behavior or impose fees to mitigate the problem of overuse Clean Air and Water: Markets don't adequately protect the environment.

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Colorado - PSYC - 1001
PSYC 1001 OUTLINE FOR TEST 1I. Basic PsychologyA. Definition of psychology - science of behavior and mental processesB. History 1. Philosophers/Theologians (Plato, Aristotle, Christianity, Descartes, Bacon, Wundt, James) 2. Beliefs about abnormal
Colorado - PHIL - 2220
Alex Fulton PHIL 2220 FinalDeliberative democracy is by far the best way in which to govern a country. It takes into account the ideas and the opinions of all that are affected by the rules and regulations of the government, and incorporates them e
Colorado - SOCY - 1001
Lecture 1SociologyAugust 30, 2007Two Definitions o Topic- scientific study of social life studying anything that people do Weakness- does not set apart from discipline o PerspectiveStructuration of Social Life o Individuals are constantly recr
Colorado - SOCY - 1001
Lecture 4 Interplay of Biology and Environment o Nature (Genetics) Alone Incomplete o Environment (Culture) Alone Incomplete o Controversy over Political Implications o Example: Physical Development Evolution and Human Behavior o Reproductive Success
Colorado - SOCY - 1001
Lecture 2How is Society Possible?September 4, 2007Hobbes: Contract with King o People make an informal or illicit contract with the King Those who don't follow will be punished o King Gets power to enforce laws o Problem: Order without Leader
Colorado - PHIL - 1200
Poverty is a global problem that has recently been affecting a large part of the world's population. Some believe that we have no obligation to help these people, but in fact it is our problem just as much as theirs. I believe that we are required to
Colorado State - PSY - 260
2/20/2008 10:00:00 AM Prematurity Stats About 12% in the US this number is on the rise About half of al preterm births have no known cause Well known risk factors: o Multiple births o Uterine/Cervical Abnormlities o Other medical condition(clotting d
Colorado - CLAS - 1110
Lysistrata (411, Lenaia) Shortly after Sicilian expedition - shortage of middle aged males. Aristophanes 427-386, in love with Socrates, 11 survived of at least 40 plays. Old Comedy Elements - grotesque display of stomach and phallus, highly sexual,
Colorado State - PSY - 260
Child Psych Exam 1 Study Guide T Chapter 1 1. Saying that the study of human development is a science, means that life is a a dynamic system, characterized b change that is multi directional. It is Dynamic, Not Static. It depends on theories, data an
N. Arizona - BIO - 181L
The objectives of this lab were to find out how photosynthesis works and to see what wavelength of light is most effective for photosynthesis. The hypothesis is that the blue light will make more disks float than the green light and the normal light.
N. Arizona - ENG - 105
BibliographyJohn A. Benson, Stanley J. Watson, and Janet E. Joy, eds., Marijuana and Medicine: Assessment of the Science Base. Washington, DC: National Academy Press, 1999. This is a summary of why the uses of Marijuana and medicine are so importan
N. Arizona - ACC - 205
To: Sara Presler-Hoefle & Jacque Hatch From: Ryann Trejo Date: March 3, 2008 Subject: Ledbetter v. Goodyear Tire & Rubber CompanyIn the case Ledbetter v. Goodyear Tire & Rubber Company, Ledbetter filed charges against the company for discrimination
N. Arizona - ENG - 105
Ryann Trejo Jingjing Qin English 105 Oct.18,2007Marijuana: Legal or Illegal?Should marijuana be legal or illegal? Marijuana is an illegal drug that people think should be legal. Marijuana is a gateway drug to other drugs, and that is the main rea
Colorado - CLAS - 1110
What is Money? Money is anything that is generally accepted as a medium of exchange. To understand the role of money in the economy, it is better to understand first the barter system. The barter system is the system in which commodities are directly
Colorado State - PSY - 100
Study Helper for Exam 2 Page 1PSY100 Section 5, Fall 2007 Gingerich*Although the exams may include anything from the assigned modules as well as anything presented in class, points of focus for Exam 2 include the following: Module 6: Behavioral G
University of Michigan - ASIAN - 125
notebook tape sweat shirt pen menu computer business British welcome please give me. thank you
University of Michigan - ASIAN - 125
10-2-2007 Vocabulary: Hometown Restroom Caf Bank Library Post office Home; house Home; house; my place Language lab LL School Movie Movie Theater Music Magazine Sports Date (romantic, not calendar) Tennis TV Video Brea
Colorado State - PSY - 100
Study Helper for Exam 3 p. 1PSY100, Fall 2007 GingerichModule 21: Classical Conditioning 1. Define learning, and describe the difference between classical conditioning, operant conditioning, and observational learning. Do you think you are learni
University of Michigan - ASIAN - 125
9-27-7 Noun X Noun Y Noun Z Noun Y Noun X Noun Y Noun X is not Noun Y Noun X Noun Z A B C D E EX: : (first mention so use wa) (Eric is an American which has been mentioned before, so use mo) (use wa because the previous person is n