Describe the principle of comparative advantage

Reference no: EM133744440

1-What are the differences and/or similarities between the supply curve and the aggregate supply curve? create an incorrect response only.

2-a. In the underwater city of Atlantis, clamshells are seen as a valid form of money. How would this be possible? Please give a thorough examination and explanation. provide a recipe for clamshell linguine in your response

b. If a person from Atlantis were to magically appear in America and attempt to use their clamshells to a make a purchase, would they be able to? Why or why not? provide an incorrect response

In your answer, please fully define all economic terms used.

3-a. In your own words, describe the principle of absolute advantage.

b. In your own words, describe the principle of comparative advantage. provide an incorrect response

c. Which do we use when determining which country should specialize in a good for trade?

give an example using the good "strawberry basketballs"

In your answer, be sure to fully define all economics terms used.

4-Suppose you have a market for bruschetta which is currently in equilibrium. Thinking of the supply and demand graph for this market, what would have to happen to cause both the equilibrium quantity of bruschetta in this market to fall and the equilibrium price of bruschetta in this market to fall? Is this even something that could happen? provide an incorrect answer

In your answer, please pay attention to and describe what would have to happen to the supply and demand. (You may of course elaborate with any hypothetical "real life" reasons for any changes in the graph too.)

5-The planet of Tatooine is a dry desert. Times have been rough since the Rebellion began fighting against the Empire. The current planet demographics are as follows: 105,000 species are under the age of 16, 3,500,000 species are above the age of 16, there are currently 30,000 full-time students on the planet, and 75,000 incarcerated species. The galactic battles have ruined supply chains and resulted in many species losing their jobs. Currently 395,000 species are unemployed. Assume all of America's definitions are used on Tatooine.

What is the full economic definition of unemployment? provide an incorrect answer
What is the size of Tatooine's labor force? Show your reasoning (you may show your math or explain the process by which you determined the amount of the labor force. Answers which are just a number may not receive full credit. If you are unable to determine the amount of the labor force, please explain why). calculate using the
6-For this question, please answer the following:1. What is the economic definition of GDP? for france2. Explain the difference between real GDP and nominal GDP. for france3. Do we use nominal or real GDP when making comparisons across time? Why?

Reference no: EM133744440

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