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1. (Absolute and Comparative Advantage) You have the following data concerning the production of wheat and cloth in the U.S. and the U.K.:Labor Hours Required to Produce One UnitUnited Kingdom United StatesWheat 2 1Cloth 6 5
a. Determine the opportunity of producing a unit of wheat in the United Kingdom? In the United States?b. Which country has an absolute advantage in producing wheat? In producing cloth?c. Which country has a comparative advantage in producing wheat? In producing cloth?d. Which country should specialize in producing wheat? In producing cloth?
2. (Shape of the PPF) Suppose a production possibilities frontier includes the following combinations:
Cars Washing Machines0 1,000100 600200 0
a. Graph the PPF, assuming that it has no curved segmentsb. Compute the cost of producing an additional car when 50 cars are being produced?c. Compute the cost of producing an additional car when 150 cars are being produced?d. Compute the cost of producing an additional washing machine when 50 cars are being produced?When 150 cars are being produced?e. What do your answers tell you about opportunity costs?
In 2006 the hourly cost to workers per German industrial employee was $33. The hourly expense to employers per United States industrial employee was $23.65 while the average cost per Taiwanese industrial worker was $6.38.
JetSet Travel, has been hugely successful in the distribution of stylish, comfortable shoes for travel. JTI sells its items to approximately 4000 retail accounts in the U.S. and a mix of independent distributors,
Which political system describes best the governance system of the EU? Is the governance system of the EU democratic? Why ‘yes', or why ‘not'?
Explain 3-ways in which Federal Reserve can change the money supply. If the Federal Reserve is going to adjust all of these tools during an economy that is increasing too quickly.
Company A manufacture cement sifters. The process includes melting of metals and chemicals which give sifters strength. In the manufacturing process, waste is produced and released into river that runs alongside of the plant.
Assume that one nation subsidizes is exports and other country imposes a countervailing tariff that offsets effects, so that in the end relative prices in the second country are unchanged.
Identify the funding mechanism of the project, and the sources of funding. Identify the key players or stakeholders of the project. Who is supposed to benefit from the initiative?
Suppose that the corn production needs only land and can production requires only labor. The US can produce either seventy kilograms of corn or 100 cans in an hour.
Presidents, senators and members of congress came from a different backgrounds but all must decide upon a great many issues that involve macroeconomics.
Explain why would we expect the difference in the one year interest rate on the dollar vs one year interest rate on, the Euro or any other freely convertible currency,
The Biltmore Garage has lights in places that are difficult to reach. Management estimates that it expenses about $2 to change a bulb. Standard one hundred-watt bulbs with an expected life of 1000 hours.
Use a graph of the pollution abatement market, model a situation in which the allocatively efficient level of abatement occurs at 100%,
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