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Suppose that each unit of product A requires 4 workers and 1 unit of capital to produce, whereas each unit of product B requires 5 units of capital and 2 workers and that it is the case irrespective of prices (no factor substitution). All the other assumptions of the Heckscher-Ohlin model are satisfied. Suppose that in autarky the wage and rent each equal 100 in the England while in France the wage is 90 and the rent is 120.
(i) What does this indicated about the relative factor abundance of the two countries. Explain.
(ii) Suppose that England and France enter into free trade. The international price of product A is 550 and that of product B is 770. Both countries continue to produce both goods. What is the wage rate and the rental price in free trade? Show computations to get your answer.
Calculate the tax rate on wages necessary to pay Social Security benefits this year assuming the system is operating on a pay-as-you-go basis. calculate the tax rate necessary to pay promised benefits on a pay-as-you-go basis. What can be done to low..
Assume the market for cough syrup is in equilibrium. Now, suppose the government imposes a price ceiling that is above the original equilibrium price. Illustrate what are the economic effects of the price ceiling?
Find out statistics on the web from 2004 to present on the fillowing indicators of the macroeconomic conditions of U.S. economy:
Max has the utility function U(x, y) = x(y + 1). The price of x is $2 and the price of y is $1. Max’s Income is $11. How much x does Max demand? How much y? If his income doubles and prices stay unchanged, will Max’s demand for both goods double?
q1. the taxing agency in your state would like to impose a sales tax in a way that minimizes deadweight loss. to
What value of "C" make the deposit series equivalent to the withdrawal series at an interest rate of 9% compounded annually?
Joy Land Toys, a toy manufacturer, is experiencing quality problems on its assembly line. How many inspectors should the firm hire?
Select one of the following schools of economic thought: Keynesian, Chicago, and Austrian. Identify three keys points or beliefs that are held by that particular school. What are the macroeconomic policy implications of those beliefs? Explain your an..
Which leads to higher interest rates, which leads to higher output? Which leads to higher inflation? Which represents a more hawkish Fed? Which represents a more dovish Fed?
Based on the IRS actuarial table, Mario has a life expectancy of 20 years. If Mario receives 12 monthly payments of $1000 the first year, how much taxable income must he report on his tax return.
what will happen to the value of the dollar? Use the demand-supply model of the dollar to explain.
we want to take a random sample of four accounts in order to learn about the population. How many different random samples of four accounts are possible?
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