Assignment 1: Markets, International Trade, and the Government 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? U se graphs as needed and explain your answers thoroughly. Deliverables:  Using the scenarios above, prepare a 5-10 page Microsoft Word document that addresses the above scenarios and meets APA standards .  Include a summary section in your report that contains  5-7 bullet points  identifying your major findings or conclusions of your paper.   All submissions must be original and all resources must be properly acknowledged. .

1. Assignment 1: Markets, International Trade, and the
Government
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? U
se graphs as needed and explain your answers thoroughly.
Deliverables:
Using the scenarios above, prepare a
5-10 page Microsoft Word document
that addresses the above scenarios and meets
APA standards
.
Include a summary section in your report that contains
5-7 bullet points

2. identifying your major findings or conclusions of your paper.
All submissions must be original and all resources must be
properly acknowledged.