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Assume that taste and technology are identical in China and Japan. Assume that China is labor abundant and Japan is capital abundant. Assume that production of clothing is labor intensive and production of automobiles is capital intensive.
a) Sketch the production possibilities frontiers for China and Japan. Explain brie?y why you drew them as you did.
b) In autarky, which country has a comparative advantage in production of which good? Why?
c) What does Heckscher-Olin theorems predict would happen if trade were opened between China and Japan?
d) Show and label the autarky and unrestricted-trade equilibriums, production and consumption points, imports and exports, autarky price ratios, and terms of trade.
Suppose a gardener produces both tomatoes and squash in his garden. If he must give 8 bushels of squash to get 5 bushels of tomatoes, then his opportunity cost of 1 bushel of tomatoes is a) 0.62 bushels of squash b) 1.6 bushels of squash c) 3 bushels..
The Bureau of Labor Statistics reported that in 2004 the total labor force was 147,401 thousand of a possible 223,357 thousand working-age adults. The total number of unemployed was 8,149 thousand. From this information,
Assume he takes welfare and does not work. Illustrate what is his reservation wage. He will not lose his welfare if he works.4. Suppose he is working and receives no welfare.
As a means for less developed countries to attract the savings and investment necessary for economic growth and development, is short-term portfolio investment better than Foreign Direct Investment? Explain.
You are considering an investment in 30-year bonds issued by Moore Corporation. The bonds have no special covenants. The Wall Street Journal reports that one year T-bills are currently earning 3.25 percent. What is the inflation premium?
What would be the advantages and disadvantages if all economies of the world agreed to use a single currency managed by an independent organization?
In considering the international realm, let’s consider the concept of economic treaties. Specifically, let's think about an organization like the European Union (EU). Why was it formed? In addition, what are some of the objectives of the nations that..
A person’s demand for gizmos is given by the following equation: q = 6 - 0.5p + 0.0002I. Where, q is the quantity demanded at price p when the person’s income is I. Assume initially that the person’s income is $40,000. Show your work/ calculations. w..
A lower price level in the United States affects the purchases of imported goods. Select all of the following affects of a lower price level in the United States on aggregate demand.
Suppose that the U.S. dollars-Chinese yuan exchange rate is fixed by the U.S. and Chinese governments. Assume also that labor is immobile between the United States and China due to high transportation costs.
The price paid by buyers increases by $2 and the after-tax price received by sellers falls by $3. The government is able to raise $750 per month in revenue from the tax. Elucidate deadweight loss from the tax.
identify the circumstances under which Sarah should choose package A, the circumstances under which she should choose package B
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