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Are there any similarities between the principle of comparative advantage and absolute advantage? Are there any differences between the two principles? What are the sources of comparative advantage? What the sources of absolute advantage? What is the basis for specialization? What is the gain from trade?
Discuss what is the gain for a country that results from specialization in the manufacturing of items for which there is a comparative advantage?
The other significant indicator in international trade is balance of payments. Summarize your understanding of microeconomic and macroeconomic theory in a discussion of balance of payments
You have the following data concerning the production of wheat and cloth in the U.S. and the U.K.:
Discuss and explain the advantages and disadvantages of having one world currency. There are many trade agreements around world which involve many countries.
Discuss similarities between the principle of comparative advantage and absolute advantage? Are there any differences between two principles?
As an international economist you have been tasked to make a short speech which answers the given questions:
Suppose two open economies A and B. In this economy only one good is manufactured for time t = 0 and price P(0,A)=1 Dollar and P(0,B) = 1,5 Euro.
The customer price index is a fixed weight index. It compares the price of fixed bundle of goods in 1-year with the value of the same bundle of goods in some base year.
Sal's International is a popular haircutting and styling salon near campus of University of New Orleans. Four barbers work full-time and spend an average of fifteen minutes per customer.
A European Call Option on a non dividend paying stock where the stock price is $40, strike price is $40, the risk free rate is 4 percent per year, the volatility is 30 percent per year,
The European Union has heavily sheltered its farm sector through import duties; in addition, Union subsidizes its exports of agricultural items. If cropland is regarded as a factor of production.
Does either country have absolute or comparative advantage in any item? Give support for your answer through computing the "resource costs" or opportunity costs for both products in both countries.
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