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Labor hours required to produce one unit of cloth in the united kingdom is 6. The labor hours required to produce one unit of cloth in the united states is 5. Which country has an absolute advantage of producint wheat? In producing cloth?
Illustrate what are the most important concepts you can learn in Economic Theory classes. How can you apply them to your life. What difference can these concepts make in your everyday life.
At a product price of $56, will this company produce in the short run? If it is preferable to manufacture, what will be the profit-maximizing or loss-minimizing output?
Describe how the quote “declining dollar, while boosting US exports, is adding to inflation pressure as goods priced in foreign currencies become relatively more expensive” relate to the aggregate demand-aggregate supply model.
Explain how governments use monetary and fiscal policy to manage the economy and use technology and information resources to research issues in principles of economics.
The opportunity price of an investment is the real rate of interest, and that's why investment demand depends on the the real interest rate.
Roger spends all of his money on racquetballs and food. What would happen to Roger's budget line if his income increased by 10 percent, holding prices constant a)it would shift inward b)it would pivot about the axis for foodc)it would pivot about t..
Pick a real-life rm that bundles products in some way. Describe how this pricing function is a form of price discrimination; in other words, why do some consumers effectively "pay more" for a particular product than other consumers do? Why is it a..
Among the advantages of technique of forecasting are ease of calculation, relatively little requirement for analytical skills, and the ability to provide the analyst
Consider an economy that is operating at full-employment level GDP. Assuming the MPC is 0.90, predict the effect on the economy of a $50 billion increase in government spending balanced by a $50 billion increase in taxes.
Japan has traditionally had an employment system characterized by a "lifetime" employment relationship between employer and employee and salaries that are based on length of service with the employer-starting low
Which nation has a comparative advantage in clothing and by what amount.
The demand & supply curves for T shirts in Touristtown, United State, are given by the following equations:
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