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Comparative Advantage and Opportunity Cost
1. Intra-industry trade involves countries exporting and importing the same or very similar goods. Why would countries export and import the same or similar products? Please respond in at least 160 words or more.
2. You are an adviser to a foreign government. Until now, government policy has been to severely limit imports, which has resulted in a low level of exports. The government is now considering a policy to allow freer trade. What are the three strongest reasons that you can offer to the government about why the policy shift will be good for the country? Please respond in at least 160 words or more.
3. Do you agree or disagree with this statement? "Opening up free trade hurts people in import-competing industries in the short-run, but in the long-run, when people and resources can move between industries, everyone gains from free trade." Explain.
Calculate the breakeven level for the subsiquent YoYo firm. The firm has overhead.
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Would an attempt to decrease the budget deficit not increase it. Does today's deficit not create tomorrow's surplus.
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Using the Lerner index, find the price elasticity of demand for Botox and interpret what this value means to total revenue if the price of Botox were increased one percentage point.
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Explain how have these people changed monetary strategy, fiscal policy also laws that govern businesses since the collapse of the economy.
Explain how might we interpret this statement in terms of cost curves and revenue curves.
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Discuss the changing economic variables in China that influenced McDonald's expansion strategies.
Illustrate what will be the actual dollar change in revenue and does it rise or fall.
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