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Q. Complete the International Trade Simulation.
List at least one benefit also one limitation of international trade you encountered in the simulation. Describe absolute as well as comparative advantage in your own words. Explain how supreme as well as comparative advantages were used in your simulation.Describe the influences affecting foreign exchange rates.
Explain the relationship among the bowed out shape of the production possibilities frontier and the increasing opportunity cost of a good as more of it is produced.
Compute GDP for Joe using both the product and income approaches and show how they must agree.
What is the output of each firm if they collude to produce the monopoly output? What profit does each firm earn with such collusion.
How would a gradual increase in the percentage of fathers who stay home to care for young children while their wives continue working.
What are some examples of behavior that at one time wire victimless crimes that are no longer criminal.
Discuss how you would explain what this class was about to a friend of yours pondering taking the same class.
movements along the consumption function while changes in wealth lead to a shift of the consumption function.
Describe how each of these activities affects government, households, and businesses. Illustrate flow of capital starting from one entity to another for each activity.
Parkleigh presents an hourly salary also the employee discount. Kaufmann's offers only an hourly wage.
What will happen to price of old car taken as an inferior goods whose substitute is new car if income of the people rises.
At his current consumption basket, his marginal utility for hot dogs is 5 and his marginal utility for sodas is 3.
How to design an experiment to test the theory that changing the oil of the new backhoes and forklifts will reduce repairs.
Your friend's monthly demand for minutes of calling is given by the equation 50, where p is the price of a minute.
Distinguish between the two types but knows the probabilities of each type. What would be the result in this market for loans.
Define Mercantilism, Pick a country and talk about the products they import and export with the U.S.A. Also talk about the composition of trade with relation of abundance of the two countries
Explain the logic of the Ricardian view of government debt and evaluating its practical relevance.
Prepare a table with values from all four cases as well as compare the sensitivity of the model solution to changes in parameter values.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Suppose a firm pollutes a stream that has a recreational value only when pollution is below a certain level. If transaction costs are low.
Assuming that under cost controls rationing is as inefficient as possible while under the quota, the allocation is as inefficient as possible.
Write the total and marginal revenue functions.
A tsunami in Japan disrupts the production of Japanese-made cars. What is the impact on the market for new cars.
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