Suppose the principal cares about output y= e 1 – de 2, but observes signal x=e 1 + ae. What would the principal choose in the compensation scheme w=…
September 3, 2020
SMC, Inc., is a producer of hand-held electronic games. Its 2006 income statement was as follows: == Question 2:
September 3, 2020

a. How is the U.S. budget deficit related to the foreign trade deficit?

b. Firms hurt by cheap imports typically argue that restricting trade will save U.S. jobs. What’s wrong with this argument? Are there ever any reasons to support such trade restrictions?

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