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For each question, answer T/F/U and briefly explain the answer in your own words
1. In the Ricardian model, two countries can gain from trade with each other even if their relative prices in autarky are the same.
2. In the case of U.S. textiles, the United States should not import textiles from Asian nations since it has absolute advantage in production.
3. In the real world, there is no support for the Ricardian model of trade: the prediction that wages are determined by labor productivities does not hold in the data.
4. In the Ricardian model, trade with a low wage country will increase aggregate unemployment levels.
5. Wages in the US are $15/hour while wages inChina are $3/hour. Goods manufactured using only labor will be 5 times cheaper in China.
Why might it be difficult for the Fed to formally adopt inflation targeting? Would inflation targeting be a good policy for the Fed in the present economic environment
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?
Describe the present economic crisis situation in Europe. Why has it been so difficult for the Europeans to find a solution to this problem? Comment on what implications the crisis may have for the rest of the world if Europeans are not able to ag..
Question:. Explain why there are long-term Federal government budget problems. Explain why the base-line forecast of the CBO is misleading.
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Comment on the effect of a recession on the investment curve (only) and on the level of savings, investment, and the equilibrium real interest rate in the financial crisis that hits United States first starting in fall 2007.
How will a fall in domestic investment affect the trade surplus and net capital outflows in the domestic economy, the trade deficit and capital inflows in the rest of the world.
Banking crises crisis decreases depositors' confidence in the banking system. What would be the effect of a rumor about a banking crisis on checkable deposits in such a country?
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