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Post Eco202 module 2 homework




Question;Chapter 7;1. Explain;how buyers? willingness to pay, consumer surplus, and the demand curve are;related.;2. What;is efficiency? Is it the only goal of economic policymakers?;3. Name;two types of market failure. Explain why each may cause market outcomes to be;inefficient.;Chapter 8;1. What;happens to consumer and producer surplus when the sale of a good is taxed? How;does the change in consumer and producer surplus compare to the tax revenue?;Explain.;2. How;do the elasticities of supply and demand affect the deadweight loss of a tax?;Why do they have this effect?;3. Why;do experts disagree about whether labor taxes have small or large deadweight;losses?;Chapter;9;1. What does the domestic price that prevails;without international trade tell us about a nation?s comparative advantage?;2. When;does a country become an exporter of a good? An importer?;3. Describe;what a tariff is and its economic effects.;4. List;five arguments often given to support trade restrictions. How do economists;respond to these arguments?


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