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A. Countries trade with each other because
a. it allows their scarce resources to be allocated more efficiently
b. it increases product choices for their citizens
c. it provides their citizens with higher standards of living
d. all of the above
B. Assume all Hondas imported into the US are subject to a $1000 tax. This is an example of a(n):
C. Assume the US can only import 100,000 tons of sugar from the Dominican Republic. This is an example of a(n):
D. Assume all Toshiba camcorders imported into the US are subject to a 10%tax. This is an example of a(n):
A study of the costs of electricity generation for a sample of 56 British firms in 1946-1947 yielded the following long-run cost functions: AVC= 1.24 + .0033Q +.0000029Q2- .000046QZ-.026Z +.00018Z2 where AVC = average variable cost (i.e. working cost..
What are the characteristics of perfect competition? Why does this type of fast-food restaurant tend to display characteristics of perfect competition? Imagine you are running a firm with the characteristics of a perfectly competitive firm. Describe ..
Agree or disagree and explain your answer. "The typical firm in a monopolistic competitive market earns above normal profits because it sells a differentiated product and only produces up to the point where marginal revenue equals marginal cost."
Jon consumes only two goods: coffee and donuts. When the price of coffee falls, he buys the same amount of donuts and more coffee. Draw a indifference curve and Budget line diagram to illustrate Bob's pattern of consumption. What does this tell us ab..
The impact of labor migration on patterns of international trade depends on the characteristics of the labor migrants. In which cases might migration expand trade? World income? In which cases might it reduce trade and world income?
Which of the following is NOT required for Solver to generate a solution?
Given the work life cycle of the "traditional" woman, it may be rational for women to invest in less human capital than men. older workers are less mobile geographically than younger worker. an economic recession tends to stimulate.
You decide to go to your favorite fast food restaurant and have only $5 to spend. How does customer service at this restaurant influence your decision?
If the Federal Reserve wants to keep aggregate demand (i.e. spending growth) stable, what will it do to the growth rate of money supply when a lot of good news comes out about the economy increase it, decrease it, or leave it unchanged? Explain your ..
A bottling company uses two inputs to produce bottles of the soft drink Sludge: bottling machines, K, and workers, L. The isoquants have the usual smooth shape (bowed towards the point of origin). The machine costs $1,000 per day to run and the worke..
What are the similarities and differences between horizontal and vertical equity?
Where does NSW get most of its natural gas supplies from up to now? What is happening to total domestic gas production in Australia and Describe the structural change that is taking place in the Australian gas market.
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