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A country possesses a comparative advantage in the production of a product if a. The opportunity cost, in terms of the amount of the other products that it gives up to produce this product, is lower than it is for its trading partners b. It possesses an absolute advantage in the production of this good compared to its trading partners c. It is able to produce less of this good per worker than its trading partners d. It can produce more of this good per hour than its trading partners
For a competitive firm facing a market price above average total cost, the existence of economic profits means that the firm should increase output in the short run even if price is below marginal cost.
If the amount you owe on your house is greater than the price of the house, you have
Monopolists benefit from barriers to entry because it affords them the opportunity to set prices above marginal costs and thereby continually enjoy economic profits. Barriers to entry include economies of scale, ownership of a key resource and inelas..
Assume only two countries, China and the US. If China decides to stimulate growth through a policy of running a large export trade surplus, does China’s national savings increase? Show the relationship between China’s national savings, domestic inves..
Discuss why countries create barriers to trade when economic theory shows trade as being beneficial to a nation. Who benefits from international trade? Who loses from international trade? How can the negative effects of the failures from internationa..
The step-by-step process of finding the choice with highest total utility involves a comparison of the:
Andrew has decided to open an online store that sells home and garden products. After searching around, he chooses the software company Initech to provide the software for his website since their product required the least amount of specialized inves..
Does trade under increasing returns to scale still make both countries better off, as the constant-returns-to-scale H-O model shows? Answer this question using both your diagram and an accompanying verbal explanation.
Suppose the monopolist faces the following demand curve: P = 100 3Q. Marginal cost of production is constant and equal to $10, and there are no fixed costs. What is the monopolist’s profit maximizing level of output? What price will the profit maximi..
Sylvia lives in California and qualifies for the CalWorks program (California’s version of TANF). CalWorks participants can earn $225 per month without having their benefits reduced. Beyond $225, benefits are reduced by 50 cents for every dollar of e..
Running a bank, the current reserve ratio mandates holding reserves equal to 20 percent of deposits. If someone deposits $100,000, by how much will the money supply in the economy increase?
You have insider knowledge and many contacts at a large number of the academic publishers of electronic journals. You also have experience from the academic library side of the business. So, you have decided that you want to use today’s computing res..
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