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Each of the following headlines describes an event that will have an effect on desired aggregate expenditure what will be the effect on equilibrium national income? In each case, describe how the event would be illustrated in the 45° line diagram.
a. "Minister takes an axe to the armed forces."
b. "Russia agrees to buy more Canadian wheat.
c. "High-tech firms to cut capital outlays."
Draw a diagram describing autarky and a pattern of comparative advantage for your example.
For each of the following concepts provide a definition, a complete explanation as to their significance, and a practical example.
According to the Heckscher-Ohlin theorem, is Russia capital abundant or labor abundant? Briefly explain. What is the impact of opening trade on the real wage in Russia? Briefly explain.
What is national saving? What is private saving? What is public saving? How are these three variables related?
Production Possibilities Tables for Germany and Canada (note that we are assuming that opportunity costs remain constant along the production possibilities frontier), and that each country produces only these two products).
Consider a product with a supply function Q 1 = β 0 + β 1 + u 1, a demand function Q d i =y 0 +u i d . Show that P i and u s d are correlated.
For a perfectly competitive firm the price is $2 per unit. At this price the firm is producing and selling 10,000 units. It costs $1.50 to produce the last unit. Should the firm produce more? Less? Why?
For this assignment you will write a 500- to 700-word memo evaluating two conflicting consultant reports. Your report should.
What is the net effect on the money supply in the economy? Show your work. Assume instead that Sammy uses the $10,000 he receives to pay back a loan from Bad Boys Bank. $8,000 goes to repay the loan itself, and $2,000 represents his Interest payme..
Compute the total revenue and total economic profit at each level of output. Compute the pizza shop's marginal costs and marginal revenue level of output. What is the profit maximizing rate of output for pizza shop?
Explain the influence that transferable property rights versus non-transferable property rights, has on individual decision making.
The information below explains the real GDP per capita for the country of Utopia for the period of 1975 to 1991.
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