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The following table shows the hypothetical labor requirements per ton of wool and per hand-knotted rug, for New Zealand and for India. Labor Requirements per Unit New Zealand India Per ton of wool 10 hours 40 hours Per hand-knotted rug 60 hours 80 hours a. Which country has an absolute advantage in each product? b. Calculate the opportunity cost in each country for each of the two products. Which country has comparative advantage in each product? c. If India produces one more rug and exports it to New Zealand, what is the lowest price (measured in tons of wool) that it would accept? What is the highest price that New Zealand would pay? Within what range will the equilibrium terms of trade lie?
Consider a bond that has a present value of $1,000. If the annual rate of interest is 7 percent, the future value of the bond after a year is
How can queuing promote equity?
Illustrate If G rises to 200 and T rises to 150. How much would the GDP change as a result.
When looking at prices, you will find that they are flexible in our economy. What would happen if the government started to control the direction of prices? How would buyers be able to respond to these changes?
What is the equilibrium level of income? If government purchases increase to 420, what is the new equilibrium income? What is the multiplier for government purchases?
How many shares of common stock must be issued as well as at what price, to raise the required capital.
The cash-for-clunkers program: objectives and results. Did the car companies ripped the benefits of the program
The World Bank projects that the world's population will increase from 7 billion today to 8 billion in 2025. World output today is roughly $80 trillion. What is global per capita income today? $ What will per capita income be in 2025 if the world's e..
Demand curves have a negative slope because Select one: a. firms tend to produce less of a good that is more costly to produce. Incorrect b. the substitution effect always leads consumers to substitute higher quality goods for lower quality goods. c...
It has been estimated that private prisons are about 10 percent cheaper, on a every prisoner basis, than public prisons.
What would always happen in a competitive market if supply shifts out (or shifts right) and demand shifts in (or shifts left/down)? Why do firms earn zero profits in the long run in markets with monopolistic competition? Consider a perfectly competit..
The president of the US announces in a press conference that he will fight the higher inflation rate with a new anti-inflation program. Predict what will happen to interest rates if the public believes him. If the public believes the president's prog..
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