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Robin and Terry are Stranded on a deserted island and consume two products, coconuts and fish. In a day, Robin can catch 2 fishes or gather 8 coconuts, and Terry can catch 1 fish or gather 1 coconut.
Use these numbers to prepare a table. Which person has a comparative advantage in fishing? Which person has a comparative advantage in gathering coconuts?
Assume that there're 10 million workers in Canada and South Korea and each worker in Canada and South Korea can manufacture four cars per year.
Draw a diagram describing autarky and a pattern of comparative advantage for your example.
What is the growth rate of nominal GDP in the economy?An adverse supply shock raises the inflation rate associated with every output ratio by 3 percentage points. Draw the new short-run Phillips Curve.
Questions on Long-Run Labor Demand and Factor Substitutability, Own-price elasticity, Cross-price elasticity
Suppose that in a city there are 100 identical self-service gasoline stations selling the same type of gasoline.
In article on the steel industry, The Wall Street Journal noted that as steel prices were falling, steelmakers were not cutting production
The advent of the one man bus involved more capital equipment: an automatically operated coin box and door control device - to name two of the capital goods that replaced the conductor."
What is the hypothesized elasticity of demand for one product/service that is produced by the company (or a product/company you are familiar with)?
Illustrate the position of US economy over the next couple of years using aggregate demand and supply curves if these expectations are to be realized.
Human service interactions in terms of macro systems-communities and organizations. Empowerment is basically a process to assist people groups, families and communities, individuals, to use their strengths to overcome their challenges.
Banking crises crisis decreases depositors' confidence in the banking system. What would be the effect of a rumor about a banking crisis on checkable deposits in such a country?
In light of Ricardian model, how might you measure the claim by developing countries that they're at a disadvantage in trade
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