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1. If the production possibility frontier were a straight line sloping down from left to this would suggest that:
a. more of both goods could be produced moving along the frontier. b. the two products must have the same price c. the opportunity costs of the products are constant d. there are no opportunity costs
2. Free trade between countries:
a. should be based on absolute advantage. b. wilt allow wealthy countries to exploit less developed nations. c. will shift the domestic production possibility frontier to the right d. will allow for greater levels of consumption than without trade
3. In a single day, Sarah can produce 10 hamburgers while Abe can produce 5 hamburgers. We then know that: a. Sarah has a comparative advantage in making hamburgers. b. Sarah has an absolute advantage in making hamburgers. c. Abe has a comparative advantage in making hamburgers. d. Abe has an absolute advantage in making hamburgers.
If the total expense schedule for a perfectly competitive firm is and if market price is $60, how many units of putput will the company produce?
Xco produces and sells a special type of organic oil sold by the barrel. For many years, they have sold through a Jersey-based importer. Their contract with the importer is up for renewal in six months andXcohas decided to look at options other than ..
Suppose that the interest rates in the U.S. and Germany are equal to 5%, that the forward (one year) value of the € is F$/€ = 1$/€ and that the spot exchange rate is E$/€ = 0.75$/€. Please answer the following questions by explaining all steps of ..
Elucidate the organization/industry reduce production or shutdown their operations? Explain your reasoning.
The fear of unwanted price wars may explain why many firms are reluctant and suppose that a new machine tool having a useful life of only one year costs $80,000. Exam: 050474RR - MACROECONOMIC MODELS AND FISCAL POLICY
Every year there are new, and sometimes unexpected lawsuits against US corporations. Choose a case for study at the web site http://www.usdoj.gov/atr/cases.html You will find many, many antitrust lawsuits listed alphabetically.
Alexander studies away from home. While at school, he spends all his income on air travel and economics textbooks. In a diagram with air-travel as the x-axis good, as pair increases while ptext remains unchanged, Alexander's price consumption path..
Suppose an economy in which customers expenditure is represented through the following equation, Determine the equilibrium level of income
Assume that an earthquake destroys part of capital stock. Forecast what will happen to total production, the real return to capital, and real wage.
Explain short-run and long-run effects on the US GDP and the price level for the following events. Assume that policymakers take no action.
Describe the balance that you currently seek between career and family life. Do you believe that the mindset of corporate America is conducive to the type of work and family arrangement that would suit you? Explain the major reasons why or why not..
Discuss and explain perfect competition and long-run equilibrium. Provide detailed descriptions, definitions and concrete examples of your findings.
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