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China can make 10 computers and 20 cell phones an hour, and Japan can make 8 computers and 15 cell phones an hour.
1 Who has the comparative advantage in making computers? Cell phones?
Answer:
2 If two countries were to trade with each other, who would export computers? Cell phones?
Al can make 10 chocolate and 5 candies a year and Betty can make 30 chocolate and 10 candies a year.
1 Who has the absolute advantage in making chocolate? Candies?
2 Who has the comparative advantage in making chocolate? Candies?
3 If Al and Betty were to trade with each other, which one would Al trade away
Notice on the spreadsheet, the amount of capital in the spreadsheet stays constant at 4 while the amount of labor varies from 0 to 30. Choose all that are correct. The constant amount of capital denotes that the spreadsheet represents short term prod..
Illustrate how each of the following events would shift the AS schedule and potential RGDP, thereby altering equilibrium prices and output levels in the economy. Use an aggregate supply-aggregate demand diagram in your explanation and assume that the..
Jill and Jack both have two pails that can be used to carry water down from a hill. Each makes only one trip down the hill, and each pail of water.
Given the following equations, Quantity Demanded = 90-2P Quantity Supplied = P. What is the equilibrium price and quantity? Illustrate in a graph.
Consider a town in which only two residents, Carlos and Deborah, own wells that produce water safe for drinking. Carlos and Deborah can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table sh..
Suppose you are a thirty-year-old worker choosing between an IRA, a ROTH IRA and aregular brokerage account. Your marginal federal tax rate is 15% now and 15% in retirement. Compare after-tax returns on all three forms of investment. Rank the investm..
Identify opportunities to apply innovation and creativity into decision making. Discuss how companies can achieve competitive advantage through business strategy?
During recession, what happen to the interest rate, output and money supply? When looking at monopolies, they are very important in providing a service. How do you think firms can estimate how to compete in this market? How and why has the demand for..
If you were the angel investor, what is your certainty equivalent for these two projects? Are you risk-averse, risk-neutral, or risk-lover?
Assume that the multiplier in a country is equal to 4 and that autonomous real consumption spending is $1 trillion. if current real GDP is $12 trillion, the current value of real consumption spending is $ ______ trillion.
The very recent past in Latin America suggested at least the possibility of a swing back toward populism. Research this question and decide whether current populism in Latin America is similar to past populist movements, especially by comparing econo..
Suppose Hodor and Bran are the only two consumers in society. Each has a utility function of the form U=X1/2Y1/2
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