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Terms of trade Suppose that Greece and Germany both produce oil and stained glass. Greece's opportunity cost of producing a pane of stained glass is 4 barrels of oil while Germany's opportunity cost of producing a pane of stained glass is 10 barrels of oil. By comparing the opportunity cost of producing stained glass in the two countries, you can tell that (Greece / Germany) has a comparative advantage in the production of stained glass and (Greece / Germany) has a comparative advantage in the production of oil. Suppose that Greece and Germany consider trading stained glass and oil with each other. Greece can gain from specialization and trade as long as it receives more than a. 1 barrel b. 1/10 barrel c. 1/4 barrel d. 4 barrels e. 10 barrels of oil for each pane of stained glass it exports to Germany. Similarly, Germany can gain from trade as long as it receives more than a. 1 pane b. 1/10 pane c. 1/4 pane d. 4 panes e. 10 panes of stained glass for each barrel of oil it exports to Greece. Based on your answer to the last question, which of the following prices of trade (that is, price of stained glass in terms of oil) would allow both Germany and Greece to gain from trade? Check all that apply. 8 barrels of oil per pane of stained glass 2 barrels of oil per pane of stained glass 6 barrels of oil per pane of stained glass 18 barrels of oil per pane of stained glass.
A newspaper recently reported that the Chinese central bank has decided to reduce its reserve holdings of U.S. government bonds. What effect might these purchases have on the U.S. bond markets, the Chinese Balance of Payments, and currency valuations..
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Clarify what happened to the profit maximizing output rate when input costs were increased.
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To make a proper stop and frisk, a police officer may obtain the necessary information from:
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For this assignment you need to identify and describe three differences between macroeconomics and microeconomics. For each of the three examples, give one of the following to help illustrate the difference between microeconomics and macroeconomics: ..
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