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Consider the Ricardian model taught in the class with only two countries in the world, China and Singapore, producing two goods Rice and Cloth. China has comparative advantage in Cloth and Singapore in Rice. Ricardian model says they should specialize according to their comparative advantage. Why China may not follow such a rule, while for Singapore it is not a concern?
Suppose James has utility over wealth given by u(w) = w 1 2. Putting utility on the y-axis and wealth on the x-axis, use a graph to show why James would rather have $100 for sure instead of a gamble where he gets $20 20% of the time and $120 the rest..
The slope of the Phillips curve: Draw a graph with a steep Phillips curve and a graph with a gently sloped Phillips curve. Explain how the two economies respond differently to a boom and to a slump. What are some factors that might influenced the slo..
Which of the following is one of the most important causes for the recent increase in income inequality in China? Which of the following would be part of the Thai demand for U.S. dollars? The World Bank tracked the performance of countries that had u..
Write a four- to five-page paper that answers the following questions. List six main objectives of public relations efforts. Using a company that sells a product you purchase or provides a service you use, explain how it could try to achieve each of ..
What populations have performed the bulk of the agricultural labor in the U.S. since the beginning of the 19th century? Do you think getting paid for "piece work" (e.g., paid per unit picked) rather than an hourly wage is a fair and equitable system ..
Suppose you and a classmate are playing a game where your classmate proposes a division of? $1.00. ? Then, you either accept or reject the offer. If you? accept, then you and the classmate get the proposed portions of the dollar. What is your optimal..
In the solow growth model, with labor-augmenting technological progress and population growth, if the production function is y= k^1/2, s= .15.
One important gain to trade is access to global markets. That's likely important if
A central bank that adopts a fixed exchange rate system may sacrifice its monetary autonomy in setting its domestic monetary policy.
A perpetuity pays $170 per year and interest rates are 6.7 percent. How much would its value change if interest rates increased to 9.2 percent?
Suppose your favorite band is on tour and coming to your area. Tickets are $100, and you take a day off from work, which you would have earned $60. What is your opportunity cost of going to the concert?
Economic analysis is often viewed as the science of rational decision making in a world of scarce resources. We need to think rationally because we live in a world where resources are limited but where people's wants are unlimited. There is not enoug..
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