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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 exports1 autarlvo,r price ratios, and terms of trade.
Explain how will the market restrain economic freedom. Explain how will society produce goods and services at lowest cost.
Josh Malam is investing $7,500 in a bank C.D. that pays 6% interest annually. How much will the C.D. Be worth in five years? Show work.
Economic freedom is a precondition for economic growth. Which of the following is a characteristic of economic ?freedom?
Pete’s Pie Shop is a perfectly competitive firm. If the total output of pies in Pete’s Pie Shop increases from 20 per hour to 30 per hour as he hires the second worker, then. Every time Pete makes another pie in his shop, he uses $1.20 worth of pastr..
Do you think this was a good economic decision?
How does national comprehensive health insurance for millions of people, affect in the market short term?
The expected salvage value of the furniture is $5,000 in 2015. Determine the recovery period for the furniture and its depreciation deductions over the recovery period.
Maxwell Software, Inc., has the following mutually exclusive projects. Year Project A Project B 0 –$24,000 –$27,000 1 14,000 15,000 2 10,500 11,500 3 3,300 10,500 a-1. Calculate the payback period for each project. What is the NPV for each project if..
Elucidate which is more cost-effective. If the salary rate increased to $12 an hour, which would be more cost-effective.
What does Giovanni find unusual about the way Signor Rappaccini operates in his garden?
The accounting department at Weston Materials Inc., a national manufacturer of unattached garages, reports that it takes two construction workers a mean of 39 h
What is the surplus-maximizing amount of wilderness land to be preserved?
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