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The problem of estimating what goods and services society should producea. exists because we can produce more than we need or wantb. exists because they are not enough resources to provide all the goods and services that people want to purchasec. would not exist if all goods and service were scarced. Would not exist if government owned all of the resources.
Specialization and trade usually lead to
a. lower economic growthb. the exchange of goods and service in marketsc. lower living standardsd. higher prices
The models used in economics
a. are usually limited to variables that are directly relatedb. are essentially not reliable because they are not testable in the real worldc. are of necessity unrealistic and not related to the real worldd. emphasize basic relationships by abstracting from complexities in the everyday world
Using demand and supply analysis, answer the questions. Determine the effects on the exchange rate between the British pound and the Japanese yen from:
Which political system describes best the governance system of the EU? Is the governance system of the EU democratic? Why ‘yes', or why ‘not'?
Assume the dollar-pound rate equals $.5 per pound. According to purchasing power parity theory, determine the dollar's exchange rate under each of the following scenarios?
In September 2003, a United State retailer wants to buy canola oil from a Canadian farm. At that time in Canada, one barrel of canola oil value C$2.
Assume Fiat recently entered into an Agreement and Plan of Merger with Case for $4.3 billion. Prior to the merger, market for four wheel drive tractors consisted of 5-company's.
Determine the effects of one country pursuing expansionary fiscal policy and tight monetary policy?
I am an advisor to United State Federal Trade Administration in charge of doing background research that will be used for trade negotiations by policy makers. Discuss advantages and disadvantages of expanding NAFTA.
The Big Mac Price Index calculated through the Economist has consistently found the United State dollar to be undervalued against some other major currencies,
Assume that on January 1, 1999 spot exchange rate was Yen/£=198. Over the year, British inflation rate was 4 percent, and the Japanese inflation rate was 6 percent.
Consider two Countries that share the same technology, South Africa and the UK, and two goods, Diamonds and Tea
With respect to aggregate supply and aggregate demand, what will be most likely to happen when quantity supplied exceeds the quantity demanded?
Suppose that a country's real growth is 2% a year, while its real deficit is rising 5% per year. Can the country continue to afford such deficit indefinitely?
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