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Question
The signing of the North American Free Trade Agreement (NAFTA) increased trade between Canada, the US, and Mexico. In particular, imports and exports of auto-related goods (including cars and auto parts) increased in the US and Canada. In other words, Canada and the US imported and exported more cars and car parts because of NAFTA. Using either the specific factors model or the Ricardian model, explain whether this pattern of trade is consistent with your chosen model. If you think it is, explain what the mechanisms in the model are that would explain this pattern. If you think it is not, explain why not, and what aspects of the model may be causing this inconsistency.
Despite our elegant models of supply and demand analysis, in real life some prices don’t adjust to changes in market forces right away. Which are typically the slowest to respond?
State whether the following production functions exhibit increasing, constant, or decreasing returns to scale in K and L.
If the court applies the clean hands' doctrine, will Case be able to recover the farm equipment because Day is unable to make the payments? Why or why not?
How are prices determined under perfect competition? Think about a firm that you have done business with recently. What industry does this firm belong to? For example, McDonald's is a firm in the fast food industry. What market structure would this i..
Cell phone data plans are most useful when used with a smartphone, and smartphones are most useful when used with a data plan. As the price of data plans falls, the demand for smartphones will:
Suppose that the price of good X is $10, the price of good Y is $20, and our income is $100. a. What is the maximum amount of good X you can buy? What about good Y? b. Write down your budget constraint and solve it for Y. c. Sketch a graph of your bu..
Suppose two firms (Firm 1 and Firm 2) are competing against each other in a (duopoly) market. Suppose further that the demand is given by the equation P= 700-30(q1+q2), where P is the price of the good, q1 is the quantity sold by firm 1, and q2 is th..
Discuss the economic conditions of Australian economy associated with the business cycle over the last decade of 2005 and 2015 and discuss the policy initiative for the economy to achieve the full employment level of output. needed within 2-2:30 m..
If a person works, he or she should contribute 0.55% of the earnings as the UI premium. In addition, his or her employer contributes the same amount. Wage rate is w, which means if an individual devotes L to work, he or she earns y=Lw. Solve the prob..
If deposit insurance were abolished, elucidate how would these change incentive structure facing deposit theory institutions.
Briefly describe the article and what it says about the US economy. Include a hyperlink to your article at the end of your post.
Research and discuss one or more of these questions. What is happening to the value of the U.S. dollar these days?
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