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1. Create an example of an absolute advantage model by choosing two countries and a single product.
a. Draw a diagram describing autarky and a pattern of absolute advantage for your example.
b. Show the transition from autarky to trade in your diagram, label the trade flows, and demonstrate the gains from trade.
c. In a new diagram, and starting from a trading equilibrium, show what would happen to the world price if income increased by exactly the same, small amount in both countries.
Discuss what the shortcomings (limitations) of GDP as a measure of well-being and welfare of a nation are?
Illustrate fiscal policies also monetary policies which would be appropriate at this time.
Assume you receive a 4% increase in your nominal wage. Over the year, inflation runs about 7 percent. Which of the following statements is TRUE?
The table above demonstrate the prices and quantities of 2-goods produced in a country in 2006 and 2007. These are the only goods produced in the country.
At the beginning of 2011, market analysts expect Atlantis Company, holder of a valuable patent, to earn the following stream of economic profits over the next five years. At the end of five years
Assume that demand for product A can be expressed and demand for product B can be expressed. Suppose the price of product B increases. What happens to the quantity demanded of both products.
Robert plans to start a new business that he expects will experience steady growth in profits for the next 15 years. He needs to select a method of accounting to use: cash or accrual.
Suppose that technophiles are willing to pay $400 now for the latest iPhone, but only $300 if they have to wait a year then compute the optimal pricing scheme of the iPhone.
What were the major factors that led to the drop In Sony's exports from Japan - In what Other ways has the strong yen affected Sony's bottom line
Is the GDP measure underestimating or overestimating national production and total income in the economy? Why? What are the impacts of the shortcomings of the GDP as a measure of the national product and national welfare.
Assume that you have drawn a total product curve for labor given a specific technology. Now let some sort of technological change increase the productivity of labor.
a producer produces good y using inputs x1 and x2 according to the production function y x1alphax2beta where alpha
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