Description For the Unit 3 Complete assignment, write a narrative essay (minimum of 1200 words) whi ...

---

Description 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 and begins to work less hard. e. A bank gives out a loan to a person who does not have a stable job. Using the data in the accompanying table, answer the following 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 et