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1. in one hour, the United States can produce 25 tons of steel or 250 automobiles. In one hour, Japan can produce 30 tons of steel or 275 automobiles. This information implies that:
a. Japan has a comperative advantage in the production of automobiles.b. the united state has an absolute advantage in the production of steel.c. Japan has a comperative advantage in the production of both goodsd. the united state has an absolute advantage in the production of automobiles.
2. The importance of an economic model is that it allow us to:
a.build a complex and accurate model of economy.b. build an accurate mathematical model of economy.c. focus on the effects of only one change at a time.d. avoid opportunity costs.
3. The economy's factors of production are not equally suitable for producing different types of goods. This principle generates:
a. economic growth.b. technical efficiency.c. resource underutilization.d. the low of increasing opportunity cost.
Consider the data above for a simple economy. 1) What is the unemployment rate for this simple economy? 2) What is the labor force participation rate for this simple economy?
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"In the Solow model, an economy that starts with a higher stock of capital per capita will reach a higher steady state level of capital per capita"
2. If you were to own a firm within a purely competitive industry, what kind of profit margins would you expect to enjoy 3. What role does advertising have in pure competition
Draw indifference curves to represent the following types of consumer preferences-I like peanut butter, but neither like nor dislike jelly.
Determine what managers can do to prepare for the possible change in short-run production. Pick a real or fictitious business. Create a scenario around this business in which a manager would decide to either stop operations in the short-run or goin..
In 2005, The economist reported that France's real exchange rate had increased relative to Germany's real exchange rate during the preceding two years. How can this be true if both France and Germany used the euro as their currency.
A problem he nonetheless shares with Kant follows from the fact that he doesn't make it clear what makes a good action good. Kant doesn't give any further indications concerning the foundation of the notion ‘good'. Give a comprehensive on this.
Describe why population growth has such a negative impact on economic growth in Malthusian and Neoclassical growth models.
Due to the slow down economy, it is expected that there will be .7 million additional workers who will lose their jobs next month. Determine the expected unemployment rate for next month?
A key skill in economics is the ability to use the theory of supply and demand to analyze specific markets. In this assessment, you will demonstrate your ability to analyze the effects of several "shocks" on the market for first class mail (e.g., ..
Suppose a single firm produces all of the output in an contestable market. The market inverse demand function is P=250-5Q and firm's cost function is c(Q)=6Q. Determine the firm's equilibrium price and corresponding function.
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