Reference no: EM131170645
Below are some statements about a family in South America. Match each situation with the term that best describes it. Each term is used only once, so it is important to determine the situation that best fits the term.
1. As a teenager, Juan Carlos worked as an assistant to an electrician after school. Consequently, he learned a lot about being an electrician, an important skill that can result in gainful employment.
2. After graduating from high school, Juan Carlos was able to go to the United States to study. After he finished his college degree, he took a job at a prestigious American firm, married his American girlfriend, and settled in to stay in the U.S.
3. Juan Carlos' father, Alberto, has always been envious of his neighbor\'s aging tractor. The tractor allowed the neighbor to produce 50% more than Alberto, even though their farms are virtually identical.
4. When the neighbor bought a second tractor for his son to drive, their farm\'s output increased again. But they found the second tractor did not increase their output as much as the first one did.
5. Appreciative of his father\'s hard work, Juan Carlos buys Alberto a brand new tractor - the one with the air conditioned cab. Alberto is thrilled when the fancy new machine allows him to almost triple his output; he is now producing more than all his neighbors, many of whom have old tractors.
6. Alberto and his neighbors are troubled by the lack of water in the river that runs by their farms. The laws of their country allow farmers to take limited amounts of water from the river for crop irrigation, but a wealthy celebrity built a villa upstream of the farms and unlawfully diverted much of the water onto his land for a decorative stream and waterfall. Local officials refuse to do anything to help the farmers until they pay a small unofficial 'fee'.
TERMS:
Human capital
Brain drain
Property rights
Catch-up effect
Diminishing Returns
Physical capital
|
Why is long-run market supply curve upward-sloping
: Why is the long-run market supply curve upward-sloping in an increasing-cost industry? As output rises, demand increases. Higher demand increases the price that firms can charge for their product.
|
|
Suggest the key elements of starbucks organizational culture
: Suggest the key elements of Starbucks' organizational culture that contributes to its success in a global economy. Indicate management's role with creating and sustaining the organizational culture
|
|
Construct bank balance sheet with the items
: Construct a bank balance sheet with the following items: reserves, deposits, loans, securities, capital, and debt. Choose values so that the reserve-deposit ratio is 10 percent and the leverage ratio is 10. Give an example of a change in asset values..
|
|
Some declines in the money supply and the price level
: Consider the application of the IS/LM model to the Great Depression. In 2002, Ben Bernanke was speaking for the entire Federal Reserve Bank and admitted to mistakes in the policy response to the economic downturn in the 1930s. Recall that the data sh..
|
|
Human capital-rain drain and property rights
: Below are some statements about a family in South America. Match each situation with the term that best describes it. Each term is used only once, so it is important to determine the situation that best fits the term. When the neighbor bought a secon..
|
|
Determine what factors you will use to rate each country
: First, determine what factors you will use to rate each country/region, depending on the operations you chose to expand. Consider areas such as attractiveness, strategic importance in the global marketplace, target markets, and possible synergies wi..
|
|
Define product differentiation
: Define product differentiation. Explain how firms use brand management and advertising to differentiate their product. Describe an advertising strategy that you could use to differentiate your movie theater (you must come up with a real-world strateg..
|
|
Describe price discrimination strategy
: Define price discrimination. Describe a price discrimination strategy that you could use at your movie theater (you must come up with a real-world strategy for this answer). How can you possibly earn extra profits by charging some customers a lower p..
|
|
Economies did not experience financial crisis
: To get a loan from the federal reserve, a bank can: Which of the following economies did not experience a financial crisis in the last twenty years. Some economists argue that the Federal Reserve made the Great Depression ___ than it could have been ..
|