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Question: 1. In August 1990, many countries decided to retaliate against Iraq for its invasion of Kuwait by refusing to trade with Iraq (except in food and humanitarian goods). With such an "embargo" in place, what conceptually would happen to Iraq's terms of trade and volume of trade? Illustrate and explain your answer using offer curves.
2. Suppose that an offer curve diagram has developed countries' exports on one axis and developing countries' exports on the other axis. Explain the predicted impact, other things equal, on the terms of trade of developing countries of relatively slow growth in demand for developing countries' goods by developed countries combined with relatively rapid growth in demand by developing countries for developed countries' goods.
Suppose that Madelyn always divides her annual jewelry budget between earrings (good x) and necklaces (good y) such that she always spends 40% of her budget on earrings per year. Furthermore, the current price of a pair of earrings is $10, the curren..
Discuss why businesses analyze their costs.
One study found that the price elasticity of demand for soda is -0.78, while the price elasticity of demand for Coca-Cola is -1.22. Coca-Cola is a type of soda, so why isn't its price elasticity the same as the price elasticity for soda as a produc..
The empirical evidence concerning the magnitudes of localization and urbanization economies.
Bobby's Burgers is a large restaurant chain with nearly 10,000 units worldwide. It is experiencing incentive problems among its outlet managers. The managers are not working very hard and are letting quality deteriorate at their units. CEO, Bobby Jon..
What are the income effects from an increase in the price level, P, for a household that has a positive value of initial nominal bonds, B0, if B0 is zero or negative?
An international corporation located in Country A is considering a project in the United States. The currency in Country A, say X, has been strengthening.
Assume you can only consume good X and Y out of abudget of $120. Your utility function is U = ln(X)+ln(Y ).
How would your answers to part c above change, if you could still use a TPT strategy but you could not discriminate between the customers?
Do you think Wrigley's will raise or lower their total Revenue by raising prices? Explain your answer using my favorite term - ELASTICITY. If Wrigley raises the price, he will lower their total revenue because in order to increase the total revenu..
describe an experience that you have had working on a team. as part of your response discuss how the team was
Why do rating agencies assign a different rating to the debt of a sovereign entity based on whether the debt is denominated in a local currency or a foreign.
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