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Suppose in the United States, one worker can produce 10 tons of steel per day or 20 tons of chemicals per day. In the United Kingdom, one worker can produce 5 tons of steel per day or 15 tons of chemicals per day. The United States has 30 workers and the United Kingdom has 20 workers.
1. Suppose the international relative price of a ton of steel is 2.5. Draw the world price line.
2. Show that the United States is better off under trade compared to Autarky with the aid of indifference curves.
3. Show the amount the United States will export and import.
Illustrate what environmental law, currently up for debate before a state or federal government, do you support also why.
Compute the percentage change in price and quantity (%ΔP, %ΔQd) by adding this one room. Calculate the Price Elasticity of Demand.
The opportunity cost of a choice is: A. the net value of the opportunities gained. B. the value of the opportunities lost. C. the difference between the benefits and costs of the choice. D. sometimes positive or negative.
The income statement that classifies costs by their behavior is called the:
Principle theory of management
What is estimated exclusioin and rivalness of (1) 1000 pounds of compacted scrap steel; (2) 1/2 ton of compacted scrap steel; (3) a mahogany tree in an inaccessible Central American rain forest; (4) a mahogany tree next to a new highway through a Cen..
Which of the following transactions would be recorded as a credit in the U.S. current account?
Suppose you know that the actual annual rate of return on a year of education is 5% for both types. Given the numbers in par (c), which type (Alphas or Betas) most likely receives more pure enjoyment from education?
Suppose the economy starts with a capital stock at time t = 0 equal to 1 unit. Write down the values of gross investment, net investment, capital, consumption, and output observed during the subsequent 10 periods. Suppose that at the beginning of som..
Illustrate what is the condition that determines whether or not the developer should assemble the parcels.
You earn $3,000 from a part-time job. You have a choice between spending the money now or putting it away in a bank account that pays 5 percent interest per annum. What is the opportunity cost of spending the $3,000 now?
Explain how would you try to convince him that this is probably not the right way to look at international trade and its effects on the country.
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