Week 2 Assignment 1: Markets, International Trade, and the Government
Scenario 1: Assume that the government imposed a price ceiling on gasoline in order to prevent prices from getting too high. What are the economic implication of this action in the gasoline markets? use graphs as needed and explain your answers thoroughly.
Secenario 2: Assume that the government imposed a price floor on wages (minimum wage) in order to make sure that workers can earn a living wage. is this a price floor? What are the economic implications of this action in the labor markets? Use graphs as needed and explain your answers thoroughly.
Scenario 3: What are the gains and losses of international trade? What happens when tariffs are imposed, in terms of the importing and exporting coutries? Use graphs as needed and explain your answers thoroughly.
scenario 4: If the government double the tax on gasoline, would the tax revenues increase or decrease? Why? Use graphs as needed and explain your answers thoroughly.
Using the scenarios from above, create an 3-6 page paper in APA format.
Create a Microsoft power point presentation for each scenario, summarizing your paper and sonsisting of at least one slide per scenario.
combine the presentations into one power point presentation.
This paper is due Friday June 6.
Mankiw, N. (2014). Principles of Economics (7th ed.). Cengage Learning.
On the running head put: Markets, International Trade, Government and the page number by themselves.
On the second page on the left top put Markets, International Trade, Government.
The title slide of the PPT put Markets, International Trade, and the Government, name, date, Principle of Economics ECO2071 SO1