User Account

All Pages

What is meant by the concept of comparative advantage

Assignment Help Microeconomics
Reference no: EM131137641

Supply and Demand in a Global Market

Supply and Demand in a Global Market

Answer the following questions using examples and applications from McConnell, C., Brue, S., Flynn, S. (02/2009). Microeconomics, Brief Edition, 1st Edition and/or other resources. Justify your answers using economic concepts and ideas as they apply. Respond to each question thoroughly and complete.

Questions:

1. The demand for labor is said to be a "derived" demand. What is the meaning of a derived demand? How does this concept help to determine the demand for labor?

2. What are some of the factors that determine the supply of labor in a market? What significant factors have changed the supply of labor over the last twenty years?

3. How does a firm determine its prices and the quantity of labor required in the resource market during a specific period?

4. Why do income inequalities exist? How are income inequalities measured? How have income inequalities changed from 1980 to the present?

5. What is the role of the U.S. government, in terms of dealing with the problem of income inequalities? What are the arguments, for and against, government involvement in this area?

6. Why do nations trade? What is meant by the concept of "Comparative Advantage"? Could a nation be better off economically, if it practiced an isolation policy?

7. The United States has had a significant trade imbalance for several years. What are the problems associated with having a negative trade balance? What can be done to correct the imbalance?

8. How are exchange rates determined? What is the significance of currency devaluations to the home country? To other countries?

Reference no: EM131137641

Questions Cloud

Determine the normalized undrained shear strength : Estimate the undrained shear strength of the same soil if Ro = 6. Assume the pre consolidation stress is the same.
Show implications for the equilibrium prices and quantities : Use a supply-demand graph to show the implications for the equilibrium prices and quantities of the two flavors of ice cream.
How successful affirmative action in correcting inequalities : Describe the positives and negatives. How successful has affirmative action been in correcting inequalities? Should affirmative action be continued forever or discontinued at some point?
How much output should grenada announce : The market for nutmeg is controlled by two small island nations, Penang and Grenada. - How much output should Grenada announce it will produce as the Stackelberg leader?
What is meant by the concept of comparative advantage : Why do nations trade? What is meant by the concept of "Comparative Advantage"? Could a nation be better off economically, if it practiced an isolation policy?
Determine the normalized undrained shear strength : A standard undrained triaxial test was performed on a fi ne-grained soil. The soil was consolidated to a cell pressure of 120 kPa and then unloaded to a cell pressure of 80 kPa. The axial stress at failure (critical state) was 64 kPa.
Briefly explain a normal profit and an economic profit : Using the data in the table and on your graph, explain the profit maximizing, or loss minimizing level of output. Define a normal profit and an economic profit.
Estimate the in situ undrained shear strength of the soil : The undrained shear strength of the test was reported as 56 kPa. Estimate the in situ undrained shear strength of the soil if λ = 0.2.
Whether the primary focus is on aggregate demand or supply : For each of the following fiscal policy proposals, determine whether the primary focus is on aggregate demand or aggregate supply or both.

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd