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Examine the impact on a small country following an outward flow of immigrants that decreases its labor force. Assume that land is specific to agriculture and capital is specific to manufacturing, while labor is free to move between the two sectors. Assume that there is no international trade, and that the prices of the manufactured and agricultural goods do not change.
Determine whether each statement is true or false, then briefly explain why.
1. The marginal product of capital increases for the manufacturing industry.
2. The capital owners become worse off.
3. The land owners become better off.
Suppose that you are buying your first home. Current interest rates on a 30-year fixed-rate mortgage are 5 percent, since lenders expect an inflation rate of 2 percent over the next 30 years, thus ensuring them a real return of 3 percent. If actual i..
Explain how the price-specie-flow mechanism operates to maintain balanced trade between countries. What are the assumptions that are critical to the mechanism's successful operation?
Illustrate what is the basic objective of monetary policy. What are the major strengths of the monetary policy. Why is monetary policy easier to conduct than fiscal policy in a highly divided national political environment.
Describe how, if at all, each of the following developments affects income, the exchange rate, and net exports in an open economy with floating exchange rates: Suppose the government wishes to lower the exchange rate, ε, but not to change real output..
Consider the utility function u(x,y)=xy. Graph the indifference curves for utility levels 1 and 2. (They are symmetric hyperbolas asymptotic to both axes.)
When a Denver resident purchases a shirt imported from China, this represents a:
Why is that the pre-trade production points have a bearing on comparative costs under increasing cost conditions but not under conditions of constant costs?
What is Wirelesses' producer surplus from sales for each low-demand as well as consumer.
Play Around Toys Inc. operates stores in different regions of the country. The senior management of Play Around Toys Inc. has decided to tailor the merchandise selection for each store based on its sales patterns. What types of data are other retail ..
If a consumer decides to spend $600 more in the economy, how much of an impact will that have on the GDP for the country? Why would that effect not be correct, what are issues that might affect that total amount?
Company A owns a patent with 15 years of remaining life. Company B is paying royalties to Company A for a license to the patent. It is estimated that royalty payments for the next 15 years will be $6,000 per year for the first 5 years, $8,000 per yea..
Restaurants have observed that large parties (eight or more) leave a lower average tip than smaller parties. Identify the effect, which also makes it more difficult to reach global environmental agreements, responsible for this phenomenon.
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