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Economics

1.1. Elaborate on “Protection to save jobs”. Should the US stop trading with the rest of the world, especially China, in order to save US jobs? Clearly explain! (I’m looking for your well-argued personal opinion!)

2. Why do rent ceilings lead to shortages and black markets?

Students attending college can receive a tax credit for a portion of their education expenses. Why do you think that government provides this tax credit? What kind of externality is associated with higher education? What are the benefits of a more educated work force for society as a whole? Do you think that the tax credit is too high or too low relative to the externalities associated with higher education?

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