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a) What is meant by the term international trade?
b) In the context of international trade, explain the concept of comparative advantage with specialization.
c) Define and briefly explain Balance of Payments (BOP).
Suppose the real GDP of a country increased from 2,000 billion to 2,100 billion in one year. In the same year, population growth rate was 3%. How much was the growth rate of real GDP per capita in that year?
The Commerce Department reported receiving the following applications for the Malcom Bardrige National Quality Award: 23 from large manufacturing firms, 18 from large service firms, and 30 from small businesses. - Is type of business a categorical..
The following equations describe an economy, compute the simpler government spending multiplier in our open economy that applied under constant interest rate and equilibrium levels of output and interest rate
A new widget, with a service life of four years, would save $50,000. in production costs each year. Using a 12.00% nominal annual interest rate, determine the highest price that could be justified for the widget, i.e., determine the present valu..
Four mutually exclusive projects are being considered for a new two-mile jogging track. The life of the track is expected to be 80 years, and the sponsoring agency's MARR is 12 percent per year. Annual benefits to the public have been estimated by..
Define what is the entire relationship between the price of the good and quantity demanded of the good.
What is the expected value of the lottery? What is the variance of the outcomes?
Why did the grounding of aircraft cause the Fed to act? The chapter lists the duties the Fed must perform. Which duties are mentioned in the article? What forms did liquidity take?
Aaron Hank is a star hitter for the Bay City Baseball team. He is close to breaking the major league record for home runs hit during one season, and it is widely anticipated that in the next game he will break that record.
Say that investment increases by 20 for each interest rate drop of one percent. Say also that the expenditures multiplier is 3. If the money multiplier is 4, and each 5 unit change in the money supply changes the interest rate by 1 percent, what open..
You have the alternative of leasing an asset for $100,000 a year, with payments to be made at the end of each year of use. This lease cannot be cancelled.
What is the difference between a Marshallian demand function and a Hicksian demand function? Which one is most useful and when are they used? What is their interpretation?
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