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Create an example of a comparative advantage model by 'choosing two countries and two products.
Draw a diagram describing autarky and a pattern of comparative advantage for your example.
Output per unit of Labor:
X
Y
H
8
15
F
10
30
Discuss the reason why governments might want to intervene and how they might do- with respect to the following "problem" in the functioning of an otherwise perfectly-competitive ("pareto-efficient") economy:
True/False: For each of the following concepts, decide whether it's true or false, and briefly explain why (2-3 sentences). You can also use diagrams if they are helpful. Each correct answer is worth.
For each of the following concepts provide a definition, a complete explanation as to their significance, and a practical example.
Find out the equilibrium market price. Find out the profits of the leader and the follower
Suppose Shaqueena is currently earning income of $23,000 (I =23) and can earn that income next year with certainty.
What are the FC, ATC, AFC, AVC and MC at these output levels?
Explain why competitive markets normally lead profit maximizing firms to make choices about resource use that lead to an "efficient" allocation of resources to the market?
Human service interactions in terms of macro systems-communities and organizations. Empowerment is basically a process to assist people groups, families and communities, individuals, to use their strengths to overcome their challenges.
In a perfect capital market, advices for a corporate financial manager on making capital structure decisions.
In which of the following circumstances is expansionary fiscal policy more likely to lead to a short-run increase in investment? Explain?
Explain the concept of externality. What does it have to do with the efficient allocation of resources?
Provide brief but theoretically sound explanation for each of the following.
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