Menu_23_Sep_10 - opposition to it 2 Revisit England and...

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TODAY’S MENU: Thursday 23 September 2010 I. BUSINESS A. Practice Problems 1. Chapter 8: 1, 3, 6-13, 16-18, 20 2. Chapter 9: 1-7, 15-21, 24 II. SUBSTANCE A. Incidence of taxation 1. Examples a. Who bears the burden of a tax? 2. Extensions: related topics a. Subsidies b. Price controls/quantity restrictions c. Third-party-payer markets B. International trade (take two) 1. Questions to Answer a. If “workers in the United States are the most productive in the world,” why do we consume so many imported goods? b. If “trade can make everyone better off,” why is there so much
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Unformatted text preview: opposition to it? 2. Revisit England and Portugal a. Gains from trade based on comparative advantage b. Who wins from trade and why c. Who loses from trade and why d. What, if anything, to do about it C. Supply and demand in an open economy 1. Importer a. Supply b. Demand c. Consumer surplus d. Producer surplus 2. Exporter a. Supply b. Demand c. Consumer surplus d. Producer surplus III. NEXT TIME A. Finish Chapter 9: “International Trade Policy…”...
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