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Suppose when Russia opens to trade, it imports automobiles, a capital-intensive good.
a. According to the Heckscher-Ohlin theorem, is Russia capital abundant or labor abundant? Briefly explain.
b. What is the impact of opening trade on the real wage in Russia? Briefly explain.
c. What is the impact of opening trade on the real rental rate on capital in Russia? Briefly explain.
d. Which group (capital owners or labor) in Russia would support policies to limit free trade? Briefly explain.
What is opportunity cost of producing a car in Canada? What is the opportunity cost of producing the tonne of wheat in Canada? Describe the relationship between the opportunity costs of two goods.
What price should DD set to maximize profits? What would output be if DD acted like a perfect competitor and set P = MC?
Use the IS/LM model and the IS-PC-MR model to explain what monetary policy to pursue.
What is the profit-maximizing price for this firm? On the graph show the area, which area represents the net loss to society resulting from the monopoly power conferred by the patent?
Write down the effect on the real wage and hours worked in the short run.
Consolidated Drugs, Inc. has spent $4 million developing and testing a new anti-aging drug. Management now estimates that it will cost $2 million to produce and market this new product.
Assume that the exchange rate between the Canadian dollar and the Euro is 2 Euros per Canadian dollar.
Is the economy of a big city more competitive than that in a small town or given neighborhood? How? Do you think your local grocer has monopoly power?
Suppose that deterioration in the education level of the U.S. population reduces the marginal product of labor.
Assume you hire a furloughed Wall Street analyst to aid you examine your production process, and she uses your historical cost records to estimate that your total cost function is C(Q) = 100 + 2Q + 3.5Q2. Using this equation, answer the following ..
In using the Taylor Rule as a guideline for monetary policy, what are the pros and cons of using forecasted values of inflation and output rather than observed values of these variables?
"If every employer hired its best qualified applicants for a job at every opportunity, the phenomenon of black poverty (as distinct from poverty) could be wiped out in ten years." Do you agree/disagree? Comment.
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