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ECON 110 exam 2
What will world prices of commodities lead nations to do what?
If the price of a commodity is higher outside of an economy than inside, domestic firms have and incentive to do what? Conversely?
What determines the exchange rate for currencies?
What does dollar depreciation do to the price of imported goods?
If the purpose of a tax is to promote change in choice, where should the tax be placed?
Define: Producer Surplus
Does international trade always leave everyone better off?
Define: Exports
Define: Imports
Define: Net Exports
What leads to the existence of foreign exchange markets?
Define: Exchange Rate
If the dollar appreciate relative to yen, what happens?
If a countries currency appreciates, how will this impact said country’s exports?
If a country is running a trade surplus and said country’s currency appreciates, what will happen to the surplus?
Without international trade, where do the limits of a country’s consumption sit?
Assuming imports are available. As the world price decreases, what happens to domestic production and consumption?
Does trade between economies impact the price and supply of goods within that economy?
What is the demand for a currency derived from?
Currency appreciation and depreciation impact buying power where?
Who is negatively impacted by currency appreciation
Define: Commodity Tax
Define: Market Subsidy
Define: Price Ceiling
Define: Price Floor
Define: Restriction on Entry
Define: Prohibited Market
Define: Ad valorem Commodity tax
Define: Specific Commodity Tax
How do commodity taxes impact the supply demand curve?
If the purpose of a tax is to generate revenue for the government, where should the government tax?
Define: Consumer Surplus
Define: Dead Weight Burden
Define: Tax Incidence
Who pays the tax burden if the commodity is perfectly inelastic?
What problem results from rationing?
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