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a) Nathan can mow 12 lawns in a day or prune 36 trees in a day. Draw Nathan's production possibilities curve for mowing lawns and pruning trees. Assume the production possibilities curve is linear and put the quantity of lawns mowed per day on the horizontal axis and the quantity of trees pruned per day on the vertical axis.
b) David can mow four lawns in a day or plant four trees in a day. Draw David's production possibilities curve for mowing lawns and planting trees. Again, assume a linear production possibilities curve and put the quantity of lawns mowed per day on the horizontal axis. What is David's opportunity cost of planting trees? What is David's opportunity cost of mowing lawns?
c) Given the production information in parts a and b above, who has the comparative advantage in planting trees? Mowing lawns?
Explain the various impacts of an import tariff in small nations vs. large nations. What are the three main reasons governments prefer using a tariff to restrict imports versus quotas? Should our government use a weak dollar exchange rate policy to m..
Identify the Classical prescription for curing unemployment and contrast it with the Keynesian prescription. Which prescription do you agree with? Why?
Suppose a government has no debt and a balanced budget. Suddenly it decides to spend $10 billion while raising only $8 billion worth of taxes. What will be the government's deficit? If the government finances the deficit by issuing bonds, what amount..
You deposit $1,000 into an account at the end of each year starting at the end of year 1. This account earns 7% interest compounded annually. How much money will you have at the end of 8 years? Note: you will make the final deposit into the account a..
A firm in a competitive industry faces a market price for output of $20 and a wage rate of $500. At the current level of employment (50 units of labor), the marginal product of labor is 30. In order to maximize profit, the firm should
Through Internet research, find and describe three (3) examples of physical or mental problems covered by the American with Disabilities Act (ADA), and three (3) examples of physical or mental problems not covered by the ADA.
Can we use IS-LM model to explain what happened in the economy in long run? Show how the short run equilibrium adjust when price level adjust to ensure that the economy produces at its natural level.
Describe the considerations that have to be taken when writing an application designed to drive a database by more than one simultaneous user?
Only about 10% of viewers of public television (such as the Public Broadcasting Service (PBS) in the U.S.) make contributions to public television stations. Yet Congress approves budgets that subsidize public television. Why would the typical voter/t..
Some large hardware stores, such as Home Depot, boast of carrying as many as 20,000 different products in each store.
A firm faces the demand curve: P = 60 - 0.5Q. What is the point elasticity of demand when Q = 20?
Consider an economy in which people wish to hold bank checking deposits worth a total of 5 million goods and currency worth 2 million goods in every period. In addition there is a stock of unintermediated capital worth 10 million goods. Find the reve..
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