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.