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1. Explain the concepts of Comparative and Absolute Advantage.
Suppose the USA and Canada are considering to trade. Assume there are only two goods in the economy: wheat and corn. The table below illustrates what each country can produce in a given year.
Wheat Corn
USA 4 2
Canada 5 8
In this case, which country should produce wheat? Why? Hint: calculate the opportunity cost for each country. For instance, USA can produce 4 units of wheat OR 2 units of Corn. In this case, if the USA produces one unit of corn, then it has to give up 2 units of wheat. Be sure to review the handout for this module. You can also check out another example by clicking here.
2. Explain how does trade affect the production possibilities frontier? Explain.
3. Illustrate what other factors can expand the production possibilites frontier. Explain.
4. Give an argument for or against trade. Explain your reasons. Be sure to support your answer.
Find Equilibrium GDP (Y). If potential GDP is 1950, is the economy in a recessionary or inflationary gap. Suppose that the MPC, falls to 0.75, so C = 0.85DI. Find Equilibrium GDP.
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Will there be significant progress on the poverty front, because of an increase in GDP.
ABC Company is considering a private placement of equity with XYZ Insurance Company.
If the government purchases also taxes are both increased by $100 billion simultaneously illustrate what will the effect be on equilibrium output.
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A purely competitive wheat farmer can sell any wheat he grows for $30 every bushel. His five acres of land
Illustrate what price-quantity combination maximizes your firm's profits. Compute the maximum profits.
Find out the ash equilibrium outcomes to this game. Illustrate which of the equilibrium outcomes is most reasonable.
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