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Country A has 1,500 units of labor and can produce two goods, manufactures and food. A’s producers take 5 units of labor to produce one unit of manufactures and 6 units to produce one unit of food. Country B has 1800 units of labor and takes 3 units of labor to produce one unit of manufactures and 9 units to produce one unit of food. Draw the production possibility frontiers for the two countries. Draw the world relative supply curve for manufactures. Would trade take place in between A and B in Adam Smith’s world? What good would A export? Suppose at current factor prices a country’s manufactures use 60 hours of labor for each acre of land and food is produced using only fifteen hours of labor per acre of land. If the economy’s total resources are 1800 hours of labor and 180 acres of land, how much labor and land are allocated to manufacture and food production respectively? If the labor supply grows 50%, what happens to the allocation?
About 32% of all the laptop computers sold in an electronics store have hard disks made by Western Digital, i.e., equation. In a specific shipment, a total of equation laptop computers are received. Treat these 15 laptop computers as a random sample ..
In a two–player, one shot simultaneous – move game each player can choose strategy A or strategy B. If both players choose strategy A, each earns a payoff of $500. If both players choose strategy B, each earns a payoff of $100. If player one chooses ..
On September 18, 2003, hurricane Isabel struck the North Carolina Coast, causing extensive damage. For several days prior to reaching land the National Hurricane Center had been predicting the hurricane would come on shore between Cape Fear, North Ca..
Economists argue that the move from barter to money increased trade and production. How is this possible.
Explain how will this affect wages and number of workers in home construction. How will this affect the cost of building a home.
Which of the following government actions promotes monopolistic behavior?
What is the equilibrium price when the equilibrium quantity demanded in the market is 60 units? Calculate the demand elasticity (using the averaging formula) when the price drops by $1 from that equilibrium.
Manager of EPS find outs two output levels that appear to be optimal. Illustrate what are these levels of output and which one is actually optimal.
Assume you have $10 to spend on either apples or chocolate. The price of a pound of apples is $3/pound and the price of chocolate is $5/pound. Graph the consumption possibilities curve. What is the opportunity cost of the 1st pound of chocolate? What..
Assume the Bank of Japan allowed the money supply to grow by 2% each year while the Bank of Korea chose to maintain relatively high money growth of 12% per year.
Illustrate what changes in the Ants' resources do we see through the film. Are the Grasshoppers commercial talent and they are just annoying.
Describe in detail the economic problems associated with an increasing national debt. How much is the national debt, and how much is the current budget deficit? What five foreign countries/organizations are the leading holders of the national debt, a..
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