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Q1. What does the term "economies of scale" mean?
Q2. Define "opportunity cost." Explain "comparative advantage" in terms of opportunity cost.
Q3. Why are workers in industrialized countries more productive than those in developing countries?
Q4. What are some arguments against free trade per this documentary?
Q5. What is the infant-industry argument?
Q6. Differentiate between import-substituting industrialization and export-oriented industrialization. Which approach has been more successful? Why?
Assume that Kiribati can produce 1000 tons of breadfruit or 500 tons of fish, and that Tuvalu can produce 750 tons of breadfruit or 1875 tons of fish.
Describe the position of India with respect to the comparative advantage it holds in gems and jewellery, software services, and petroleum.
Explain what caused the Financial Crisis of 2007-2009 and explain how in the economy could be self-regulating in the long-run and should recover from the Great Recession.
Explain why would economists be very concerned if the annual interest payments on the debt sharply increased as a percentage of GDP.
Brian is taking three courses this semester: economics, statistics, and finance. He has decided to spend 19 hours per week studying his objective is to maximize his average grade.
2.Television broadcasts are often given as examples of a public good. However, it is possible to code a broadcast so that only people who pay for the decoder box can view it. The use of a coded signal does what to a television broadcast?
Jim is considering quitting his work and utilizing his savings to start a small business. He expects that his costs will consist of a lease on the building, inventory, wages for two workers, electricity and insurance.
Assume France has a Gini coefficient of .4, and Germany has a Gini coefficient of .3. Which of the following conclusions are we able to make with this data?
Yesterday you were consuming 4 eggs and 2 strips of bacon. Today you are consuming 3 eggs and 3 strips of bacon. If you have the same taste what might have caused this change Are you better or worse off
Elucidate how the steepness of the short run aggregate supply curve affects the government's ability to use fiscal policy to change real GDP.
Quantity of pizzas demanded soared he following week from 1 pie an hour to 100 pies an hour. Illustrate what was the price elasticity of demand for Domino's pizza.
Suppose that survey measures of consumer confidence indicate a wave of pessimism is sweeping the country. If policymakers do nothing, what will happen to aggregate demand. Explain what the Fed should do if it wants to stabilize aggregate demand.
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