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In the first chapter, we learned about the concept of specialization and comparative advantage. By learning these concepts, we tend to agree that specialization along lines of comparative advantage and then trade is beneficial. As Adam Smith stated in his book, The Wealth of Nations, he said that no "prudent master [will] make at home what it will cost him more to make than buy."
Now, consider outsourcing scenario, where American firms have foreign firms/countries produce certain goods or services for them instead of producing them in the US.
Issues to discuss:
In your opinion, does the outsourcing create problems for the US economy?
In your opinion, should we restrict trade with foreign firms/countries who produced these goods and services?
Keep in mind that there is no right or wrong answer for these types of questions. Just make sure you provide explanations/facts/data to back up your opinion.
Based on what you have learned about monopoly markets and markets in oligopoly, which of these two do you believe is more harmful for the consumers and for the economy, and why? Do you believe all monopolies should be considered illegal?
Higher prices will increase total revenue if. The term transfer payments refers to
For months, Sammy has allowed his garbage to accumulate in his backyard, next to a school playground. Little Maria at age five, sees what to her promises to be a nice toy among the trash and runs into Sammy’s backyard during recess. Indicate the part..
Development of a new computer network requires $1,007,324 as first costs and $45,051 per year as operating costs. It will be in operation for the next 5 years bringing $542,338 as annual revenue over this period. It is also known that MARR is 15%, an..
Suppose an individual is currently buying 10 CDs a year at a price of $10 (per CD). The price of CDs then goes up to $15 each but she simultaneously gets an after tax raise of exactly $ 50. Assuming NO other price changes, determine the well being..
if the original amount of loan is for $24000 and interest is 1/2% per month on the unpaid balance, explain how much will Kris's payments be.
Consider lending institutions such as the World Bank and the IMF, and the case of debt-ridden nations such as Greece. Argue for or against the following two points: Important decisions are made by vote, with the weight of the vote proportional to a n..
Economists frequently point out that factor movements between two countries can be a substitute for goods movements between the countries in terms of the impact on relative factor prices in the countries. Explain why the two types of movements can be..
Assume that the price of smart phones increased from $420 to $444 per unit. The manufacturer decides to supply 15,000 units instead of 12,000. Calculate the price elasticity of supply. Is supply elastic or inelastic? Compare and contrast a public goo..
Impact of Monetary Policy How does the Fed’s monetary policy affect economic conditions? Trade-offs of Monetary Policy Describe the economic trade-off faced by the Fed in achieving its economic goals.
The cost function of a certain product is given by: how much does it cost to produce 30 units of the product? how much does it cost to produce 31 units of the product? what is the exact cost of producing the 31st unit?
Explain what type of labour market interference is most often experienced by men and which type is most often experienced by women. Make sure you define each of the two types of interference.
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