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Imagine a country with two specific factors land and capital and one mobile factor of production labor. In this economy there are two industries each of which uses one specific factor and both industries use mobile factor labor.
1) How is labor allocation between two sectors determined in this model?
2) Show the domestic equilibrium using PPF.
3) Show what happens to this equilibrium if the price of a product produced bycapital- specific industry rises and that of the other remains constant.
4) With this relative price change, what happens to income distribution inside the country?
5) Using this insight, can you say what happens to income distribution in this model once the country is opened for trade? Which specific factors gain and which one loses? What happens to labors’ income?
If the required reserve ratio is 8 percent, a new deposit of $10,000 in currency to the banking system, assuming banks all remain "loaned up", will result in an increase in money supply of $__________________. Show how you have found your answer.
The GI Bill provided educational opportunities to many young men returning from military service. Using a production possibilities curve, demonstrate how the GI Bill affected economic growth and explain your answer. Why is China still poor in per c..
Suppose that the market demand for organs is Q = 800-3P, where Q = QF + QD and Q is the total quantity, QF is the quantity supplied by fringe firms and QD is the quantity supply by the dominant firms. Find the profits of the dominant firm. Find the p..
The very recent past in Latin America suggested at least the possibility of a swing back toward populism. Research this question and decide whether current populism in Latin America is similar to past populist movements, especially by comparing econo..
Use the hypothetical economy data in the table below to answer the following questions. Amount of Real GDP Demand, in Billions Price Level (Price Index) Amount of Real GDP Supplied, in Billions $180 300 $500 260 250 400 300 200 300 420 150 200 560 10..
Suppose that you desire to get a lump sum payment of 100,000 two years from now. Rounded to full dollars, how many current dollars will you have to invest today at a 10 percent interest to accomplish your goal?
Cost-Benefit Analysis of a Waste water Treatment Project Before you start working on this problem you need to develop some parameters (numbers). The City of Bintuli is a thriving center of commerce and industry in the Republic of Kabastan. The main i..
Find an article (newspaper, magazine, or online) talking about any of the core issues or scarcity resources of economics. Use an article to answer the questions: What core issues or resources does the article talk about?
q.a researcher predictable that cost elasticity of demand for automobiles in the united states us is -1.2 while the
the last major conflict between the US army also Native Americans took place at
q. a county is considering using a piece of park land for one of two alternative recreation projects. project s would
An engineer deposits $300 per month into a savings account that pays 6% per year, compounded semi-annually. How much will be in the account at the end of 15 years if there is no inter period compounding?
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