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a. Define the terms “globalization,” “comparative advantage,” and “outsourcing.” Discuss how globalization and the economic concept of comparative advantage relate to the practice of outsourcing.
b. Are you convinced by the argument presented in the video? Even if outsourcing is not a bad thing, do you think its benefits outweigh its costs?
c. In terms of policy, what can businesses and governments do regarding sourcing goods and services from foreign countries?
Different economies grow at different rates. Three countries that have done very well over the last three decades are China, India, and Ireland. Both China and India are huge while Ireland is relatively small. Why have these economies grown so quickl..
Suppose that there are 10 million unemployed workers in a country and 90 million employed workers. Suppose we know that the fraction of workers who lose their jobs in a given month is .02 and the probability that unemployed workers find work in a giv..
Three main facts indicate that Microsoft enjoys monopoly power. First, Microsoft's share of the market for Intel-compatible PC operating system is extremely large and stable. Second, Microsoft's dominant market share is protected by high barrier to e..
Suppose you own a home remodeling company. You are currently earning short-run profits. The home remodeling industry is an increasing-cost industry.
q.use the classical is-lm model for two countries to analyze the idea that the united states became a relatively more
Suppose Nation A can produce 2 million pounds of sugar per week OR 1 million pounds of rice in a week and Nation B can produce 10 million pounds of sugar per week OR 3 million pounds of rice in a week. If this is a two-good, two nation model,
In fact, nominal interest rates do not change significantly in the fourth quarter of the year, due to deliberate Fed policy. Explain and show graphically how the Fed can ensure that nominal interest rates remain stable around Christmas.
Suppose the own price elasticity of market demand for retail gasoline is -0.9, the Rothschild index is 0.4, and a typical gasoline retailer enjoys sales of $1,700,000 annually. What is the price elasticity of demand for a representative gasoline reta..
when A person buys a car in a congested urban area it generates illustrate what type of externality.
If due to over-harvesting of coconuts they become more difficult to acquire, taking 2 hours to pick one coconut, Illustrate what combination will maximize utility.
A consumer has $600 to spend on goods X and Y. The market prices of these two goods are Px = $30 and Py = $10. What is the market rate of substitution between goods X and Y? Suppose that the consumer's income doubled. How does that alter the market r..
If these economists ignore the possibility of crowding out, illustrate what would they estimate the marginal propensity to consume (MPC) to be.
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