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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.
Draw the PPF for the United States.
Suppose the international relative price of a ton of steel is 2.5. Draw the world price line.
Show that the United States is better off under trade compared to Autarky with the aid of indifference curves.
Show the amount the United States will export and import.
What would be the real wage of the workers in the two countries?
You have a comparative advantage in producing something when you;
Forestry products account for nearly 3 percent (%) of Canada's GDP also 14.1 percent of its exports.
In the specific factors model predict who seeks protection against trade and who does not. Explain your answer. How does your answer change in the Hecksher-Ohlin model? Explain
Identify at least two professional organizations in a chosen field. Research the organizations to identify the following:
The marginal product of labor is 10 and the marginal product of capital is 20. If the wage rate is $10 and the price of capital is $5, is the firm using the right balance of capital and labor? Explain why or why not. If why not, which input should th..
The HRM specialists at A&C Company took the opportunity to increase productivity and decrease manual data analysis by using their microcomputer along with a commercial database management system (DBMS) to develop a __________. Now the company can rea..
In most political campaigns, candidates promise more than they can deliver. In the United States, both Democrats and Republicans promise better health care, a better environment, only minor reductions in defense, better education, and an improved sys..
Thomas has income of $1500 today and $1000 tomorrow. He can lend and borrow at an interest rate of 10%. There is 10% ina´ation. His preferences for inter temporal consumption are represented by the following utility function U (c1 ; c2 ) = c1 + c2. W..
How would each of the following affect the Canadian market supply curve for corn?
Effects of the financial crisis on selected countries - Leitfaden zum Anfertigen der wissenschaftlichen Arbeiten Bachelor Thesis,
England can produce 50 units of wine if it produces no cloth, and 100 units of cloth if it produces no wine. Using this information, we can conclude that.
If John and Jose are not able to recognize and respect cultural differences, they may contribute to the emergence of which type of conflict?
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