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1. What are the benefits of specialization of production?
2. What is an import? Export?
3. What does it mean if a country has an absolute advantage in production of a good over another?
4. What does it mean if a country has a comparative advantage in production of a good over another country?
5. What are some of the arguments in favor of international trade?
A perfectly competitive firm's marginal revenue :
Expalin why is the depreciation of capital good a cost of society
What would be the new U.S. domestic price? (Hint: The difference between the domestic quantities demanded and supplied, QD - QS , is equal to the quota) How much would consumers gain and domestic producers lose? What would be the eect on deadweight l..
Who is the current Chairman of the Federal Reserve? What is he doing to boost the financial market and the economy? Can he help revive the housing market? Did the REFI (Mortgage Refinancing) Boom help the economic recovery? Let's find out what the Fe..
A economy produced the following final goods and services during a given year: 3 million pounds of food, 100,000 shirts, 20 houses, 10,000 hours of medical services, 10 automobile plant, and 2 tanks. Calculate the value of the GDP at the following ma..
Consider the following supply and demand equations for labor in a given industry: (20 points) The supply of labor is W = .25L The demand for labor is W = 12 - .25L. B. If the labor market given above is for a community in which monopolistic labor mar..
the market for a new refrigerator for your company's lounge also You've narrowed down the search to two models.
As the mayor of a local town, I have the power to repeal workplace safety laws. How would repealing all workplace safety laws affect the wages of construction workers building the local school?
The following shows the demands and marginal revenue in two markets, 1 and 2, for a price discriminating firm along with total marginal revenue, MRT, and marginal cost MC: Compare the demand conditions in each market; i.e. how do the two markets diff..
According to the Wall Street Journal, Mitsubishi Motors recently announced a major restructuring plan in an attempt to reverse declining global sales. Suppose that as part of the restructuring plan Mitsubishi conducts an analysis of how labor and cap..
If the company's effective tax rate is 29%, what was the company's cost of debt capital after taxes?
Ryan and Asha produce water skis and wakeboards. The first table shows Ryan’s production possibilities and the second table shows Asha’s production possibilities. Each week, Ryan produces 5 wakeboards and 40 water skis and Asha produces 10 wakeboards..
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