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International trade and the market system
1. Why do many economists believe that the market system is the most efficient economic system for allocating resources?
2. What are the four main categories of resources? Explain each of them.
3. (a) Explain what happens in the simple circular flow diagram? (b) What effect do price controls have on the market system?
4. (a) Explain what can we learn from a country's production possibilities curve? (b) How can a nation's production possibilities curve shift inward? (c) Why the production possibilities cure is bowed-out in shape?
5. Will a nation tend to export or import goods for which it has comparative advantage? Explain.
6. Consider a professor who is writing a book. The professor can both write the chapters and gather the data faster than anyone else in the university. Still he pays a student to collect the data at the library. Is this sensible? Explain.
Explain why might the unemployment rate tend to actually underestimate the unemployment problem, especially during a recession.
Suppose that the airplane can be purchased from an outside supplier. What is the relevant unit cost for this make-or-buy decision.
Federal Reserve Bank of San Francisco, speeks in a speech yesterday at Arizona State University that sustained high oil prices, business caution.
Provide an example of how fiscal also monetary policies compliment or work against each other.
Assume that the market demand for broccoli is given by Q=1000-5P and the market supply of broccoli is given by Q=4P-80 where Q is quantity per year measured in hundreds of bushels an P is price in dollars per hundred bushels.
If the government starts welfare policy which pays B to all non workers and 0 to all workers, at what value of B will Mike opt out of the labor force and go on welfare?
Briefly explain in words the sequence of changes that occur as the two economies move from no trade to free trade.
Explain how would you use these cost also revenue estimates to determine whether a sales force increase (or possibly a decrease) is warranted.
Your analyst tells you that he has estimated the following linear regression model of your company's long run technology:
Explain and discuss the mechanisms by which this has occurred, and contrast our experience with: a) the recent performance of many NICs (newly-industrializing-countries) in the last few decades
Explain what would happen to the slope or position of the AD curve in the following circumstances.
Base on your research; Discuss the identified risks and the tools that organizations could use to mitigate these risks.
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