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Canada currently is our largest export partner and third largest source of imports.
In 2012, U.S. export of goods to Canada totaled $159 billion and U.S. imports from Canada totaled $176.9 billion (note that we imported more goods than we exported, but this does not include import/export of services).
If each country divided its resources evenly between vegetable and beef production, how many pounds of vegetables would be produced total? (in billions of pounds)
You plan to borrow $5000 to buy a car. The bank advertises two car loan plans with different nominal interest rates (APRs) and pay-offs periods. Plan A loans the money at the effective rate interest of 12 % compounded monthly, to be repaid over the n..
If the rate of inflation in consumer prices is less than the rate of increase in a person's nominal income, that person's:
You’ve been hired as an economic consultant to a price-taking firm that produces shirts. The firm already has a shirt factory, so it is operating in the short run. The price of shirts is $5, the hourly wage is $12, and each shirt requires $1 worth of..
Social Welfare: A social planner has decided to allocate income between two people so as to maximize the sum of utilities of persons 1 and 2 (W = U1 + U2). Determine the marginal rate of transformation of person 1’s income into person’s 2’s income, i..
Discuss how labour productivity and living standard are related. Examine how property rights affect a nation’s standard of living. Suppose the government grants a tax concession on companies’ investments in order to encourage private investment. Exam..
Discuss the advantages and disadvantages of using divisional profits as the basics of incentive compensation for fivision managers compared to using company profits as the basis.
Explain how advertising did or did not play a key role in your decision to purchase which product. Why might it be excessive at times.
Consider an economy in which two factors of production , (labor and capital), produce two goods, (capital intensive pharmaceuticals and labor-intensive clothing). Suppose that both factors of production are freely mobile across both industries andtha..
John and Peter both want to save some money. John decides to save $1,000 every year in an account that pays 4% interest per year compounded annually. How much will be in each person’s account at the end of 20 years, counting from when John started sa..
In the ________, if profits are not possible, the perfectly competitive firm will seek out the quantity of output where ________.
Suppose Nation A can produce 2 million pounds of sugar per week OR 1 million pounds of rice in a week and Nation B can produce 10 million pounds of sugar per week OR 3 million pounds of rice in a week.
How much profit does an unregulated monopolist earn. How much profit would be earned if MC pricing were imposed
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