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Suppose that each unit of product A requires 4 workers and 1 unit of capital to produce, whereas each unit of product B requires 5 units of capital and 2 workers and that it is the case irrespective of prices (no factor substitution). All the other assumptions of the Heckscher-Ohlin model are satisfied. Suppose that in autarky the wage and rent each equal 100 in the England while in France the wage is 90 and the rent is 120.
(i) What does this indicated about the relative factor abundance of the two countries. Explain.
(ii) Suppose that England and France enter into free trade. The international price of product A is 550 and that of product B is 770. Both countries continue to produce both goods. What is the wage rate and the rental price in free trade? Show computations to get your answer.
Please compare how the Solow model views a fall in the population growth rate with the many issues that countries with falling population growth rates face in the real world. Be sure to describe an issue that aging economies face.
Why do Caterpillar and your parents have different opinions about the value of the dollar.
If a bank has deposits totaling $200,000, and their reserve requirement is 10%, what is the total on their required reserves? If that bank had total reserves equaling $50,000, what are their excess reserves? What will banks likely do with their exces..
Elucidate why would a system of marketable pollution permits leads to less costly pollution abatement and a higher concentration of polluted areas than a command-and-control system.
List one way that a market-based health insurance system fails to limit costs. Then, discuss how either the Affordable Care Act or a single-payer system would correct that failure.
If the farmer rented her land from a landowner, would she have the same incentives to control soil erosion. Illustrate would the landowner have an incentive to control erosion.
Has consumer surplus been affected in any way due to the changes in the auto structure of industry
Suppose SRAS is horizontal as believed by Keynesian economists and is given by P = 110 and that the aggregate demand curve is P =200-2Q. Now suppose that the SRAS shifts upward from P=110 to P = 115. What will happen to the inflation rate? What will ..
On Jan. 1, 2000, you purchased a bond that will pay $1,000 on Dec. 31 of each year from 2000 until 2019. It is now Jan. 1, 2015, and you decide that you would like to sell the bond. Assuming that the prevailing annual interest rate on that day for fi..
Explain your intuition as to why premia rise between April and September. Which of options above has lowest time value.
Consider a 2 player stag hunt in which a Stag is worth 6 jollies to each player and a Hare is worth 1 jolly to any player catching one. What is the mixed strategy Nash equilibrium in this game?
Explain it surprising that the company's revenue increased when it decreased the average selling price of its phones.
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