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1.The production possibilities curves above show all the possible combinations of helicopters and scooters that two towns, Millerville and Jamestown, can create using equal amounts of resources.2.Prior to answering this question, develop a rubric for scoring this assessment. Read the question carefully and determine where you think the College Board would award a point. Include an explanation for each point you identify. List points for each section on a separate line. You might set this up as a table if that is easier. The maximum number of points awarded should be between 8 and 12.a. Explain which country has the absolute advantage in the production of helicopters.b. Using the concept of opportunity cost that you learned in this lesson, explain which country has the comparative advantage in the production of scooters. You may include a table for your explanation. (Hint: Is this an input or output question?)c. If the two countries specialize and trade with each other, identify which country would import scooters. Explain.d.Assume Millerville was producing 30 scooters and 10 helicopters before specialization. If Millerville wanted to maintain production of 30 scooters, would they benefit from trade with Jamestown if the terms of trade were set such that one scooter is traded for one helicopter?
illustrate what way is Per Capita GDP a better measure of economic well being than GDP. How does this relate to economic problems in the undeveloped world.
If the economy is competitive so that factors of production are paid the value of their subsidiary products, what is the share of total income that will go to land.
Illustrate what is the minimum price neccessary for this firm to produce any output in the short run.
Describe why it is often asserted that exporters suffer when their home currencies appreciate in the real terms against foreign currencies and prosper when their home currencies depreciate in real terms.
Illustrate what are the monopolist's profit-maximizing price and total output.
Describe each country's reaction function. Does a Cournot equilibrium exist? If so, find the outputs and prices of crude oil in the two countries.
Elucidate how do you expect the demand and supply of the good or service to change in the next year. Support your answer.
Unlike the physical supply chain, inefficiencies characterize the financial supply chains of most companies.
Compute the regular expenditure multiplier also the net tax multiplier if the level of consumption increases from $80,000 to $92,000 as a result of change in income from $120,000 to $140,000.
Which of the subsequent is always true after an economy reaches balanced growth equilibrium.
How an airline executive might use tourism economics relating to passengers load factors, ticket prices discounts, frequent flyers programs, joint fares, flight frequencies.
Elucidate how a recessionary output gap would emerge in an economy where long-run aggregate supply curve is persistently shifting to right.
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