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The Heckscher-Ohlin model assumes that tastes are the same in Home and Foreign. Suppose now that tastes are different in Home and Foreign. Is it possible for the capital intensive country to now import the capital intensive good? Briefly discuss the intuition, and then illustrate your answer using the PPF-indifference curve diagrams for Home and Foreign.
We continue to assume that Home is capital abundant and Foreign is labor abundant. They produce computers and shoes. Computers are capital intensive and shoes are labor intensive.
Explain why a monopolist will never set a price (and produce the corresponding output) at which the demand is price-inelastic.
Consider economy that is above full-employment equilibrium (natural rate of output) because of an increase in AD. Prices of productive resources have'nt changed. With the help of graph
What is Bill's opportunity cost of producing one hat, In which of the two activities does Mary have a comparative advantage.
What is autarky price and quantity equilibrium for both home and foreign? What is the open trade price and volume under free trade.
Consumption accounts for about 60% of GDP, while investments accounts for about 20% for GDP. But many economists think that, to understand economic recession, it is more significant to look at investment than consumption. Why?
Question Positive Balance of Payment: "Things will look good for the US if we could just get to where we are consistently running a positive Balance of Payments."
Describe what effect a contractionary fiscal policy would've on the price level and real GDP starting from full employment equilibrium.
If you can borrow (and lend) money at an interest rate of 8 percent, will the investment be a profitable undertaking? Is the project profitable at an interest rate of 12 per cent? Provide numerical calculations in support of your answers.
The total sum of squares is 400 and the sum of squares errors is 100, what is the coefficient of determination?
For a perfectly competitive firm the price is $2 per unit. At this price the firm is producing and selling 10,000 units. It costs $1.50 to produce the last unit. Should the firm produce more? Less? Why?
What is the maximum amount of good Y that can be purchased if X and Y are the only two goods available for purchase and P x = $5, P y = $10, X = 20, and M = 500?
In the 1970s people had become accustomed to high inflation. In 1979, Bank of Canada decided to fight inflation and decreased the money supply growth rates.
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