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Italy and Greece producing olives (one product).
Italy Greece
Output: 120 units Output: 60 units
Labor: 30 workers Labor: 30 workers
Wages: $3 Wages: $2
Exports: $100 Exports: $50
(Calculate productivities for Italy and Greece and the Italy's relative productivities for each industry if there is more than one product. Compare Italy's relative productivity by industry (here we have one industry) with the relative wage ratio of Italy over Greece (1) above)
Suppose that the economy is currentlyat potential output. Also suppose that you are an economicpolicy maker and that a college economics student asks youto rank, if possible, your most preferred to least preferred type of shock
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A rope of negligible mass is stretched horizontally between two supports that are 3.44 m apart. When an object of weight 3160 N is hung at the center of the rope, the rope is observed to sag by 35.0 cm. What is the tension in the rope?
Discuss are a good thing since they transfer resources from lower rated to higher rated activities thereby helping to maximize society's happiness?
Relatively little pollution is emitted initially in the production process, but as the factory is used more intensively, pollution per unit of output increases and Explain how the introduction of this policy will affect the production decision of f..
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