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A Korean BBQ restaurant has four workers for washing jobs: Dane, June, Park, and Pola. Each works eight hours a day and can produce two washing services: washing rice bowls and washing grill racks. In an hour, Dane can either wash 100 rice bowls or wash 20 grill racks; June can either wash 140 rice bowls or wash 20 grill racks; Park can either wash 160 rice bowls or wash 50 grill racks; and Pola can either wash 100 rice bowls or wash 40 grill racks.
Graph the production possibilities frontier over one day for this restaurant. In the graph, you must identify the points where transfer of a worker from one job to another starts to take place, by showing the coordinates of the points. In answering this question, you must take into account the fact that every worker works eight hours a day.
You are the fiscal policy maker of a country which had a closed economy, but which now opens up to the rest of the world. Explain and discuss how opening up the economy will have an impact on your fiscal policy measures.
What monetary policies should be pursued in such an environment? How might they work?
Imagine that you borrow $5,000 for one year and at the end of the year you repay the $5,000 plus $600 of interest. If the inflation rate was 4%, illustrate what was the real interest rate you paid.
How does this change in tax policy affect the price that buyers pay sellers for this good, the amount buyers are out of pocket including the tax, the amount seller receive net of the tax, and the quantity of the good sold?
What is the difference between direct and indirect investing? Why is there a minimum amount of time that must be committed to any investment program?
Describe the Stolper-samuelson theory of trade. How does it differ from the factor endowment model? What are its predicted effects on wage-inequality in (a) industrialized countries that are capital abundant and (b) developing countries that are labo..
Is fluoride beneficial? Compute the test statistic for a hypothesis test using a significance level of 0.05.
A coal hauling truck has a net cost of $85,000. It has an expected service life of 250,000 miles at which time it will have a $5,000 salvage value. Your company uses the units-of-production method to calculate depreciation. Calculate the allowed depr..
What is meant by the term balance of payment? Why is it difficult to solve international economic problem in the short run? Define the term strategic planning.
How is the expansion or contraction of the nation's production possibility frontier altered by investment in capital stock vs. consumer spending?
Consider each of the hypothetical U.S. Balance of Payments (primary) transactions below. For each one, identify whether it is a current or financial account transaction or not. And whether it represents a payment inflow or outflow.
Woody's utility function is U(C, R)= C- (12-R)^2, where C is his consumption and R is the amount of leisure he has per day. He has 16 hours a day to divide between work and leisure. He has an income of 20$ a day from non-labour sources. If Woody can ..
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