Explain what “strict liability” is in the context of a tort. Why shouldn’t all torts be based upon the concept of strict liability? Explain.

Please show all steps:

What is the economic life of an asset that was purchased for $12,000. O&M costs are $3000 for the first year and increase $1500/yr each year after that. Assume a 7% interest rate.

Natural law is a concept in political theory which suggests that there are universal rights and wrongs and holds that (among other things) every individual possess basic rights which all governments must protect. U.S. law generally supports this concept and courts have consistently held that the Bill of Rights applies to all people, not just citizens. However, since 9/11 several federal laws have been passed which limit the due process rights of suspected terrorists. Such laws, like the PATRIOT Act, were passed in the name of protecting national security.

What should happen when individual due process rights come in conflict with national security protections? Is upholding the due process rights of everyone the best way to protect national security? Or should national security protections take precedence over due process rights?

The demand for fabric is Q = 40 - P/2. The private cost of producing fabric is C(Q) = Q2, with private marginal cost PMC = 2Q. Washing and dyeing fabric causes water pollution with total damages CE(Q) = Q2/2, so external marginal costs of EMC = Q.

Calculate the net benefits under competitive equilibrium and under efficient equilibrium, as well as the DWL. What can you conclude from the value of DWL (which equilibrium is the right level or production)?

A firm is a natural monopoly. Its marginal cost curve is flat, and its average cost curve is downward sloping (because it has a fixed cost). The firm can perfectly price discriminate. Show that a monopoly might shut down if it can only set a single price but will operate if it can perfectly price discriminate.

The Cartel Movement was one attempt to find a means by which to provide producing nations with a higher rate of return from the export of commodities. State and explain three other attempts to fix the “commodity problem” and evaluate the effectiveness of each.

Thoroughly evaluate the GATT/WTO process since its inception in 1947. Make sure you include the major accomplishments of each round (foregoing those in the 1950s). State briefly why each of these provisions was essential to moving the free trade process forward and ensuring fair treatment of products.

Explain how an economy self-adjusts to get rid of an inflationary gap. Describe the process both verbally and graphically using an AD-AS graph.

1) Which of the following statements is true?

• A. A change in the market price can only shift the demand curve.
• B. A decrease in supply causes equilibrium price to rise; the increase in price then results in a decrease in demand.
• C. If both demand and supply increase there must be an increase in equilibrium price; equilibrium quantity may either increase or decrease.
• D. If demand decreases and supply increases one cannot determine if equilibrium price will increase or decrease without knowing which change is greater.
• E. An increase in demand causes a change in equilibrium price; the change in price does not cause a further change in demand or supply.

2)

Two researchers estimated how the price elasticity of demand for coal in China has changed from 1998 to 2012. Without reading their peer-reviewed paper, can you predict their findings?

• A. Yes, price elasticity of demand became more elastic over time.
• B. Yes, price elasticity of demand became less elastic over time.
• C. Yes, price elasticity of demand became less elastic as coal has more substitutes.
• D. No, without knowing the initial elasticity classification we are unable to determine how elasticity changed.

3) Since November 2016, Arabica coffee bean prices have continually fallen. Brazil is the world's leading producer of Arabica beans. What would happen in the labor market for Brazilian coffee bean farmers.

• A. Labor demand shifts rightward due to increased human capital resulting in a higher marginal revenue product (MRP). Equilibrium wage and equilibrium quantity of labor both increase.
• B. Labor supply shifts rightward due to increased population. Equilibrium wage decreases and equilibrium quantity of labor increases.
• C. Labor demand shifts leftward due to decreased inputs resulting in a lower marginal revenue product (MRP). Equilibrium wage and equilibrium quantity of labor both decrease.
• D. Labor supply shifts leftward due to a change in demographics. Equilibrium wage increases and equilibrium quantity of labor decreases.
• E. Labor demand shifts leftward due to decreased prices resulting in a lower marginal revenue product (MRP). Equilibrium wage and equilibrium quantity of labor both decrease.

-----------------------------------------------------------------------------------------------------------------------------------

Use for 4-5

4) (TABLE)

According to the table above, from February 2018 to November 2018 the U.S. dollar has ________ in value compared to the Chinese yuan and the Chinese yuan has ________ compared with the U.S. dollar which is ________ with the United States increasing tariffs on imports from China.

• A. appreciated; depreciated; consistent
• B. appreciated; depreciated; inconsistent
• C. depreciated; appreciated; consistent
• D. depreciated; appreciated; inconsistent
• E. appreciated; appreciated; consistent

5) (TABLE)

Ceteris paribus, IF the U.S. dollar appreciates relative to the Chinese yuan, then tourists from China are ________ likely to visit the U.S., Chinese exports will ________, Chinese imports will ________, and Chinese net exports will ________.

• A. less; increase; decrease; decrease
• B. less; decrease; increase; increase
• C. more; decrease; increase; increase
• D. less; increase; decrease; increase
• E. None of the above.

Analyze a real government policy in the context of the macroeconomic concepts we learned in class. Describe the economic problem this policy attempted to tackle and the intended macroeconomic goals.Explain who were the agents pushing this policy forward. Who opposed the policy? What was the incentive framework of the main agents involved before the policy was implemented? And what was the incentive framework implied by the policy? You must be able to identify groups of people with similar background or interests and compare the economic policy from the viewpoint of these groups.

You are free to choose any government policy that is interesting to you: fiscal policy, monetary policy, or regulatory policy.

1. Explain the conflict between regionalism and the GATT/WTO system. Make sure your answer addresses trade creation versus trade diversion

2. Explain the two major reasons why the GATT/WTO process has stalled. Who is harmed by a “nonfunctioning” global trade negotiating system? What would it take to reinvigorate the process?

3.  Through what processes did cartels try to manipulate the price of commodities? State and briefly explain two mechanisms.

Developed countries export industrial products, underdeveloped countries export agricultural products.

Explain the results of this situation by showing the example countries.

Wells describes the full-blown creation of "car country" in the interwar years (1919 - 1941). Here's the question: On the whole, did the creation of "car country" make Americans better off than they were before? Why or why not?

please post a response to the following question. Your response should be around 200-300 words in length and should include specific, cited evidence from this assignment in Christopher Well, Car Country (Chapters 4-6).