Markets, International Trade, and the Government

| January 17, 2014

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You are given the following scenarios for consideration:
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 implications of this action in the gasoline markets? Use graphs as needed and explain your answers thoroughly.
Scenario 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 countries? Use graphs as needed and explain your answers thoroughly.
Scenario 4: If the government doubled the tax on gasoline, would the tax revenues increase or decrease? Why? Use graphs as needed and explain your answers thoroughly.
Required:
Using the scenarios from above, create an 3-6 page paper in APA format. Submit your paper to the W2: Assignment 1 Dropbox by Wednesday
Create a Microsoft PowerPoint presentation for each scenario, summarizing your paper and consisting of at least one slide per scenario.
Combine the presentations into one PowerPoint presentation.
Post your presentation to the Assignment 1 Discussion Area by Wednesday
All submissions must be original and all resources must be acknowledged.
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