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ECON3005 Economics Of Entrepreneurship And Innovation

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Questions:

Please answer the following questions. Exams should not exceed 2 pages (single spaced). Explain your reasoning and any assumptions you make in crafting your answers. Use graphical analysis or algebraic reasoning where appropriate. Please work independently. 
1. Currently, Canada limits imports of dairy products to be no more than 10% of its domestic consumption. Under the revised version of NAFTA (the USMCA), Canada may allow dairy imports up to higher levels of its domestic consumption. 
True/False/Uncertain: By allowing greater dairy imports, the USMCA represents a win-win for Canada. Canadian consumers gain and Canadian dairy producers avoid the disruption that would be caused by an extreme elimination of import barriers.
2. President Trump has proposed deporting the 11 million undocumented immigrants currently residing in the United States. Of these 11 million, about 7 million are in the US labor force and approximately 60% are from Mexico. If the President carries out this action, what would be the impact on: (a) wages for workers in Mexico, (b) income to employers in Mexico, and (c) Mexican GDP?
3. The United States has accused China of dumping its steel on the U.S. market and levied countervailing tariffs on U.S. steel imports from China.  
a.Graphically show how the tariff will affect consumer and producer welfare in the US.
b.Suppose that the US government uses the revenue from the tariff to create a consumer compensation fund that gives the full amount of the tariff revenues back to consumers in the form of a check. How would your answer to (a) change?
c.Graphically show how the tariff will affect consumer and producer welfare in China.
d.Suppose that the Chinese government cuts taxes to compensate any Chinese producers hurt by the US tariffs. How would your answer to (c) change?

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