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1) If South Korea gains a comparative advantage in automobile manufacturing relative to the U.S., free trade will cause relative increases in the wage rate in the South Korean auto industry but labor producing automobiles in the U.S will see relative wage decreases.
True
False
2) Without international trade the ability of a nation to specialize in what it produces relatively more efficiently would be meaningless and its production possibilities would always be equal to its consumption alternatives.
3) If Bob can type faster than Sally and Sally can write better than Bob, then Bob should do all the writing so as to have more to do and Sally should do all the typing so as to have more to do. In that way, they can produce more output per hour of work than if they switched tasks.
The market for hairbrushes is perfectly competitive. Suppose that the new fashions for hair are "buzz cutt" and long and uncimbed. Tell how the market and a typical firm respond in the short and long run to these developments. Use market/firm model a..
Suppose a country has net exports of 40, transfer payments of 20, net investment income of -15, and a balance of payments surplus of 10. Find the country's current account balance and capital account balance.
Show graphically how the effects of an increase in supply will differ according to the elasticities of supply and demand.
Why would unemployment also job rationing the consequences of setting a minimum wage of 2 dollar every hour in this marketplace
You are the commissioner of the National Hockey League. You have been called to testify at an antitrust case against the NHL. Argue that (a) the NHL is not a monopoly and (b) even if it is a monopoly, it is a natural monopoly. Be sure to carefully ex..
Where does NSW get most of its natural gas supplies from up to now? What is happening to total domestic gas production in Australia and Describe the structural change that is taking place in the Australian gas market.
From California to New York, legislative bodies across the United States are considering eliminating or reducing the surcharges that banks impose on noncustomers, who make $14 million in withdrawals from other banks’ ATM machines. On average, noncust..
Dan Demaar and Rob Runten are working on a class assignment on economic growth. Dan collects the GDP growth data for the country Fanez, which is located in the Middle East.
Finds in a simple regression analysis which demand increases with an increase in advertising also falls as advertising expenditures are reduced.
Describe each market structure discussed in the course (perfect competition, monopolistic competition, oligopoly, and monopoly) and discuss two of the market characteristics of each market structure.
Jay Wechsler agrees to purchase a car from a local dealer, the Con Car Co. The purchase price is $15,000. Jay has the cash to pay the entire amount and wants to do so. Con's sales manager ises the following argument to convince him to finance the car..
The United States simultaneously limits imports of ethanol for fuel purposes also provides incentives for the utilize of ethanol in gasoline which raise the price of ethanol by about 15 percent.
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