Economics Unit 3

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For the Unit 3 Complete assignment, write a narrative essay (minimum of 1200 words) which addresses the questions and statements below. When finished, the essay should demonstrate a thorough understanding of the READ and ATTEND sections. A minimum of three scholarly sources are required, and all sources should be cited and referenced in APA format.
Give an example of each of the following:
a. A good that is rivalrous in consumption and is excludable.
b. A good that is nonrivalrous in consumption and is excludable.
c. A good that is rivalrous in consumption and is nonexcludable.
d. A good that is nonrivalrous in consumption and is nonexcludable.

Identify each of the following as an adverse selection or a moral hazard problem
a. A person with car insurance fails to lock his car doors when he shops at a mall.
b. A person with a family history of cancer purchases the most complete health coverage available.
c. A person with health insurance takes more risks on the ski slopes of Aspen than he would without health insurance.
d. A college professor receives tenure (assurance of permanent employment) from her employer.
e. A patient pays his surgeon before she performs the surgery.

Using the data in the accompanying table, answer the fol- lowing questions:

a. For which good does Canada have a comparative advantage?
b. For which good does Italy have a comparative advantage?
c. What might be a set of favorable terms of trade for the two countries?
d. Prove that both countries would be better off in the specialization-trade case than in the no-specialization-no-trade case.

In the accompanying figure,

PW is the world price and PW + T is the world price plus a tariff. Identify the following:
a. The level of imports at PW
b. The level of imports at PW + T
c. The loss in consumers’ surplus as a result of a tariff
d. The gain in producers’ surplus as a result of a tariff
e. The tariff revenue received by the government as a result of a tariff
f. The net loss to society as a result of a tariff
g. The net benefit to society of moving from a tariff to no tariff

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