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Suppose Nigeria has 20 million workers and 16 million units of capital, while Botswana has 5 million workers and 3.5 million units of capital. Which of the following statements is true with respect to the Heckscher-Ohlin theory?
a. Nigeria is labor abundant and Botswana is capital abundant.
b. Nigeria is both labor and capital abundant.
c. Nigeria is capital abundant and Botswana is labor abundant.
d. Botswana is both labor and capital abundant
Joe has preferences over pizza (p) and beer (b) given by U = pb. The marginal utilities are MU p = b and MU b = p, and Joe's income is I = 60. 1. Find Joe's optimal consumptio
Show the effects on the price level and real GDP of a major union wage settlement that significantly increases wages. Is this a supply shock, a demand shock, or both?
. (40 points) Consider two consumers, A and B. A and B both want perfect consumption smoothing (c = cf) and both have no current wealth. However, the two consumers have different i
TOWARDS A NATIONAL ACCOUNTING SYSTEM A real life modern economy is a very complex structure consisting of millions of units engaged in a variety of economic transactions. Ther
The events X and Y are mutually exclusive. Suppose P(X)=.05 and P(Y) =.02. What is the probability of either X or Y occurring? What is not probability of X nor Y happens?
determination of interest rate in classical model
THE PRODUCT MARKET Z=C+I+G C=a+bYd I=Io+I1Y-I2i Equilibrium condition, Y=Z, where Y represents output and Z is aggregate spending. THE FINANCIAL MARKET Md=MT+Mp MT=MTo+MT1Y Mp=Mpo
What is gross national income per capita The absolute difference in gross national income per capita is 29,828 PPP$ that means UK income per capita is approximately 860% higher
explain the model
Ok... So if the price level is rising, this means that inflation is rising as well, so the value of the dollar in the US would decrease meaning that purchasing power decreases as
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