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Problem: In a two country model with two goods and two factors, both countries have identical endowments of capital and labour, as well as the homothetic tastes. There are, however, international technological differences of the Hicks- neutral variety. When two countries are in free trade equilibrium, both are incompletely specialized in production, and the wage/rental ratio is higher in the foreign than in the home country. Which country exports the labour- intensive good in this equilibrium?
What is the meaning of diminishing returns to physical capital a.) What does it predict about economic growth of different countries over time?
What would we expect a positive supply shock to do to the real wage? Employment? Explain. The rate of growth in Canada's real GDP is expected to be only 2% next year. What do you predict will happen to the unemployment rate? Explain.
The Open Economy Consider the following open-economy IS-LM model. Suppose that foreign income is Y* = 1 and that both foreign and domestic prices are fixed at 1 (P = P* = 1). This implies that the real exchange rate is equal to the nominal exchange r..
The windfall price increase of an imported good that results when a quota is imposed on that good accrues to:
Describe what can explain this deviation from the Philips curve. Provide examples.
With the aid of a well labelled diagram, explain the effect of the wage increase (ceteris paribus) on the supply of cars?
Val-lok industries manufacture miniature fittings and valves. Over a period of 8 years, the costs associated with one product line were as follows: initial investment cost of $22,000 and annual costs of $20,000. Annual revenue was $24,000. What rate ..
hebron and stack discuss the fragmentation of nations - the rise of smaller units within a nation. while this is
When companies expand into the international arena, they do so either because their home market has matured or because they see real opportunities in the foreign market. Discuss which kinds of international strategies are most appropriate for compani..
The idea of the Law of Demand, as applied to electric cars, assumes which of the following to be constant? When economists say that the demand for a product has decreased, they mean that: Which of the following will not cause a change in the demand f..
All of the following are examples of automatic stabilizers except :
Equilibrium quantity must increase when demand
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