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Many rich developed countries (like countries of the EU or the US have suffered from inexpensive imports coming from Asia and other emerging countries. As a result, many industries and parts of sectors of our economies have disappeard since the onset of globalisation. Selected politicians in the rich countries are calling for tough measures to support local industries and protect employment in the West. Provide an educated explanation and opinion on these issues. What could or should be done in your view?
What is an absolute advantage? What is a comparative advantage? Give an example where you have an absolute but not a comparative advantage. Why should we specialize and trade?
Which economy is better off, country A, in which output is growing 6 percent per year with population growth of 4 percent per year, or country B, in which output is growing 4 percent per year with population growth of 1 percent per year?
Quality in medical care may be defined as achieving the greatest benefit at the lowest risk. How have the priorities of our health care system and the allocation of resources addressed this goal?
The demand curve for product X is given by QD x = 220 − PX + 3PY + 0.001I where PY is the price of a related good Y, and I is income. The supply curve for good X is given by QS X = 10 + 3PX. What is the marginal effect of an increase in PY on the equ..
When there are economies of scope between products, selling off an unprofitable subsidiary could lead to
Think of an externality in your community. Explain what type of externality it is. How can it be resolved (through the market and/or through government policies)?"
Develop a strategy for a firm to make sure it’s products always stay a big step ahead of its present competitors and also ahead of anyone else who threatens to come into their markets and compete with it. When you then put the strategy into execution..
If firms are successful in product differentiation
An absence of property rights often leads to market failure. When this is the case, how does society usually solve the problem?
EverKleen Pool Services provides weekly swimming pool maintenance in Atlanta. Dozens of firms provide this service. The service is standardized; each company cleans the pool and maintains the proper levels of chemicals in the water. At what output le..
Outline the methodology of studying economics also utilize examples in your conversion.
At 3% unemployment which is likely to happen The Federal Reserve should:
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