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Suppose you are explaining the benefits of free trade and someone states, "I don't understand all the principles of comparative advantage and gains from trade. I just know that if I buy something produced in America, I create a job for an American, and if I buy something produced in Brazil, I create a job for a Brazilian." Do you agree with this statement? When the United States imports products for which it does not have a comparative advantage, does that mean that there are fewer jobs in the United States? In the example with Japan and the United States producing and trading cellphones and tablets, when the United States imports cellphones from Japan, does the number of jobs in the United States decline?
Assuming that labor is the only variable input in the short run, draw a typically shaped marginal product cuve for labor. Explain why the curve looks like this. Identify the point where the law of Diminishing returns sets in.
You cat's summer kitty-cottage needs a new roof. You are considering the following two proposals and feel a 15-year analysis period is in line with your cat' remaining lives. (There is no salvage value for old roofs.)
A firm's short-run total cost is TC = and its marginal cost is MC = 7,700 - 200Q + Q2. What is the firm's shutdown price?
A proposal in the government budget set forth in 2013 placed a limit on the total amount of savings that can be accumulated in tax-preferred retirement accounts to about $ 3 million (U.S. News and World Report, April 10, 2013). The White House has ar..
kalvin crook is contemplating a life of crime.nbsp if he commits a crime and does not get caught he stands to gain
Suppose that annual income from a rental property is expected to start at $1,350 per year and decrease at a uniform amount of $55 each year after the first year for the 12-year expected life of the property. The investment cost is $8,200, and i is 9%..
Huntington advice that the emerging global economy will rising be faced with violent clashes between civilizations. Describe what Huntington means by the term civilization and explain why such clashes may be expected.
How does the U.S. department of agriculture calculate the official poverty level? What government assistance programs does the census bureau consider when calculating household income? What programs are ignored?
Should higher education be classified as a natural monopoly in these European countries? Explain and justify your answer and use appropriate examples to support your conclusions.
The self-correcting mechanism would be expected to be very rapid in an economy with, Assume a single macroeconomic model. When inventories rise unexpectedly. Equilibrium GDP will not exist where outputs exceeds aggregate demand because businesses wil..
The basic economic argument for greater income equality is that: an equal distribution of income is the logical outcome of any tax-transfer program. because citizens enjoy political equality, they are also entitled to economic equality.
the new chief executive officer ceo of your company is a strong believer in the four functions of management theory. in
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