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The following table shows the hypothetical labor requirements per ton of wool and per hand-knotted rug, for New Zealand and for India. Labor Requirements per Unit New Zealand India Per ton of wool 10 hours 40 hours Per hand-knotted rug 60 hours 80 hours a. Which country has an absolute advantage in each product? b. Calculate the opportunity cost in each country for each of the two products. Which country has comparative advantage in each product? c. If India produces one more rug and exports it to New Zealand, what is the lowest price (measured in tons of wool) that it would accept? What is the highest price that New Zealand would pay? Within what range will the equilibrium terms of trade lie?
Which of the following institutions is NOT part of the shadow banking system? An investment bank is susceptible to events similar to bank runs, and may collapse if: The main difference between the financial crisis of 2008 in the United States and the..
explain how many car companies will buy a new car assembly machine. Interest payments are made once a year.
Which of one of the following is an disadvantage of multiple choice questions? How can descriptive statistics be defined. Which measure of varibility describes the average deviation of each score from the mean
Two hospitals want to merge. The price elasticity of demand is -0.20, and each clinic has fixed costs of $100,000. One clinic has a volume of 9,200, marginal costs of $70, and a market share of 3 percent. What are the total costs, revenues, and profi..
As per to the production possibilities curve above, what is the opportunity cost of adding an additional 100 jars of guava jelly in an economy that is already producing 200 jars of guava jelly.
What is the effect of a trade surplus? What is the effect of a trade deficit? How do trade deficits and surpluses affect the industry in which you work?
Whenever the amount of output produced is not as great as the amount that the economy is capable of producing, there is a positive GDP ___________ and cyclical unemployment will be the result.
This means “to let the decision stand” and is used by courts to make consistent judgments.
In 1991 and 1994, Apple Computer engaged in a holding action in desktop market dominated by PCs using Intel chips and running Microsoft's operating systems.
The monthly market demand curve for calculators among economics students is given by P=100-2Q, where P is the price per calculator in dollars and Q is the number of calculators purchased per month. Find the price/quantity combination that would maxim..
On the first day of the New Year to get her business started, the owner/photographer of Exquisite Portraits Inc. paid $200 for business cards, $1000 for a listing in Yellow Pages, and $250 for an annual business license. What are the monthly fixed co..
A primitive economy uses two inputs, capital and labor, to produce two products, food and shelter. The marginal rate of technical substitution between capital and labor in shelter production is 1/3, while the MRTS for food production is 1. How, if at..
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