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Answer each individual question in 6 different answers under 250 words. 1) Evaluate the following statement: Comparative advantage will benefit all people because everyone has a comparative advantage in something. Therefore, trade based on comparative advantage should be facilitated without undue government intervention. 2) What factors influence a firm's competitive strategies? How does global economic competition affect the price elasticity in the domestic market and decisions related to the strategy a firm uses to compete? Why do most economists oppose trade restrictions? Who have been the winners and losers as a result of the North American Free Trade Agreement? Explain your answer. 3) How does comparative advantage influence the competitive strategies of firms? 4) What is Production Possibility Curve? 5) Adam Smith envisioned a highly integrated economy and railed against barriers to free trade. In England, where mercantilism was the economic system of Smith's time, he called those who smuggled goods illegally into the country hero's. How does merchantilism and capitalism differ? Especially with regards to trade? 6) What are four reasons why economists and laypeople's view of trade differ?
First, describe the difference between the two. Next, how has inflation in the U.S. compared to inflation in other countries over the last 5 years or so?
why do nations trade? what is meant by the concept of comparative advantage? could a nation be better off
Suppose the Clean Springs Water Company has a monopoly on bottled water sales in California. If the price of tap water increases, what is the change in Clean Springs profit-maximizing levels of output, price, and profit
the pension benefit guaranty corporation pbgc is a government agency that absorbs pension obligations when a company
If we assume that all firms in a perfectly competitive constant cost industry are identical, we conclude that, in the long run, product price will exactly equal the firms' minimum average total cost. Explain why this is true using supply and deman..
Why is elasticity of supply important when it comes to analyzing the operation of the market system Think back over the last century: what factor do you suppose has most influenced the elasticity of supply of aluminum, automobile, and petroleum in..
Use economic concepts to describe the competition in physician services specific to demand and supply.
A market is initally served by a monopoly firm 'A' with demand given by Q=400-P, and marginal costs given by MC=100. Find the monopoly price and quantitty. Now, a new firm 'B' enters the market, and takes A's initial output as given. Find A's profit ..
prepare a 4-5 page paper addressing the following aspects of a new venture business plan. the business is a startup
Calculate the unemployment and labour force participation rates in 2014 and in 2015 and what challenges would face the Greek government if they wanted to undertake fiscal policy to address the problems described in b?
Julia must select between two different designs for preventing closure, which will be in use indefinitely. Model 1st has a life of 3-years and cost of $8000, and maintenance of $1000 every year.
Rob and Leo have to write poems and knit quilts as part of a contest to win tickets to New York. The contest stipulates that the two people who have the most poems and quilts by the end of the day will each win a trip to New York. Rob and Leo think t..
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