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1. The law of comparative advantage recommends that countries specialize in those products in which they have a comparative advantage, not an absolute advantage. How can a country identify the products and services in which it has a comparative advantage so that it can encourage the development of those industries?
2. During the middle years of this decade, the exchange rate of the U.S. dollar has declined against the currencies of its major trading partners. You would expect this to result in a corresponding increase in U.S. dollar denominated import prices from those trading partners. U.S. dollar import prices, however, often rise less than the increase in the currency value of the exporter. Why?
3. Free trade initiatives argue against tariffs, quotas, and any other barriers to trade. The rush of imports from countries that have a comparative advantage, however, meets with resistance from domestic industries threatened by those imports. As a production manager who understands the academic argument for free trade working in an industry threatened by cheaper imports, how do you react?
Your company is considering expanding overseas. It is particulary interested in developing markets, and narrowed its choice down to two countries, A and B.
State with brief reasons whether the following statements are true, false, or uncertain.
What is a fixed payment made by the privately insured patient in exchange for receiving the medical good or service? What is the percentage of each and every medical bill that the patient pays rather than the flat dollar amount?
Describe the following statement: "In competitive market the least-cost production methods are revealed by entry and exit, while in public utility regulation they're revealed by commission rate hearings. It is easier to fool commissi..
Let's say there's a world-wide influenza pandemic. Assume that the marginal cost (supply) of influenza vaccinations is constant at $40. Assume that everyone in society has health insurance that pays 80% of all medical services
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Find out the equilibrium market price. Find out the profits of the leader and the follower
A firm has offices in London and New York. Fractional units of labor can be employed in each location (as part-timers can be hired) and the headquarters could be in either city.
Discuss the relationship between each of the following variables based on the experience of U.S. economy over the past 30 years.
Suppose that a chair manufacturer is producing in the short run (with its existing plant and equipment). The manufacturer has observed the following levels of production corresponding to different numbers of workers:
In the following list a number of well-known companies and the products that they sell. Which of the four types of markets (perfect competition, monopoly, monopolistic competition, and oligopoly)
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