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1. Explain the concepts of Comparative and Absolute Advantage.
Suppose the USA and Canada are considering to trade. Assume there are only two goods in the economy: wheat and corn. The table below illustrates what each country can produce in a given year.
Wheat Corn
USA 4 2
Canada 5 8
In this case, which country should produce wheat? Why? Hint: calculate the opportunity cost for each country. For instance, USA can produce 4 units of wheat OR 2 units of Corn. In this case, if the USA produces one unit of corn, then it has to give up 2 units of wheat. Be sure to review the handout for this module. You can also check out another example by clicking here.
2. Explain how does trade affect the production possibilities frontier? Explain.
3. Illustrate what other factors can expand the production possibilites frontier. Explain.
4. Give an argument for or against trade. Explain your reasons. Be sure to support your answer.
The blue line circle symbols is a demand-for-money line and the orange line square symbols is a money supply line.
Can you detect any difficulties that the Federal Reserve System might encounter in implementing monetary policy.
Discuss what will happen in this market as it moves to a new equilibrium. If a hard freeze eliminates Brazil's premium coffee crop, what will happen to the price of premium coffee.
Elucidate what prices he should charge in two markets. Illustrate quantities be should sell in the two markets.
Suppose that the only input used in the generation of solar energy is sunlight
Shift the curve in the subsequent graph to show the effects of such a training program.
Develop hypothetical supply and demand schedules for your good or service. Plot the schedules onto your graph and label the curves with D for demand and S for supply.
The United States can make certain toys with greater productive efficiency than can the China. Yet we import those toys from China.
illustrate the effects of capital formation by comparing the production possiblility curves at the present time and ten years in the future.
If the government uses a tax to get producers to internalize their externality, what is the net price received by producers.
Elucidate he is considering hiring students on a part-time basis for $40/hour, do you think he should do so.
Assume the price elasticity of demand for heating oil is 0.7 in the long run also 0.2 in the short run.
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