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Suppose that cars are an external economies of scale good. Imagine that the US has an initial (head start) advantage in car production. Mexico has not produced any cars, but is considering entering the car industry. Despite the US's initial advantage in car production, Mexico is able to enter car production and eventually becomes the world's only producer of cars. Draw a diagram with a forward falling supply curve for each country that illustrates this scenario, and briefly explain using words.
How does United States compare to the other two countries you chose in the high-income group, middle-income group, and low-income group?
Which of the following would definitely not be included in the measurement of GDP? When the overall level of prices in the economy is increasing, economists say that the economy is experiencing.
Is it possible for the gross federal debt to rise in dollar terms but decline as a percentage of GDP? Explain your answer.
In denying a citizen or violating his or her property rights, how does this affect the economic development and how does democracy help the citizen in this circ
What are the equilibrium real wage rate, the quantity of labour employed in 2010, labour productivity and potential GDP in 2010?
What was the growth rate of real GDP between 1996 and 1997? f. Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP? Explain.
Explain the effect of an increase in labor income tax on equilibrium unemployment rate.
Identify and briefly describe the main ideas Keynesian economics is based on.
Eluciadte the law of demand. Why does a demand curve slope downward. How is market demand curve derived from individual demand curves.
When you listen to the stories your parents tell from back in the day, is it sometimes hard to comprehend the different times they lived in?
Imagine an economy with six industries: What is the aggregate spending on newly produced final goods and services, in this economy?
Compare the different economic systems. Explain which economic system you would select. Include least two sources within the body of your work. Format your assignment consistent with APA guidelines.
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