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Assume that there are two countries, Argentina and Brazil, each producing wheat and wine from capital labor. Suppose that Argentina has abundant capital and scarce labor when compared to Brazil; that wheat is capital intensive relative to wine; and that the other factor-proportion assumptions apply.Using production possibility frontiers, and indifference curves for Argentina and Brazil, illustrate and explain the movement of both countries to the free-trade equilibrium pattern of production, consumption, trade and the gains from trade for the two countries. That is, explain the sequence of the argument as to how mutually beneficial trade between the two countries is possible.Given the above trade between the two countries, explain the trade effects on product prices, and factor incomes. Why do these effects occur?
Discuss what has occurred to change the demand for or the supply of the meats, market prices of the meats and its price elasticity of demand.
From the information in the following table, calculate the income elasticity of demand for this good if income increases from $10,000 to $20,000, and if income increases from $40,000 to $50,000.
What do you think about current and projected budget deficit [over 500 Billion this year and coming years] and do you support Bush's economic policy to cut tax and run the Federal government through lending?
Like supermarkets, full-service department stores like Macy's are generally in decline. What factors might these types of stores have in common behind their declines How would you determine which were important and which were not
Illustrate what is the difference between a movement along and shift of the demand curve. Show the impact on the equilibrium price and quantity that results.
An investor has two investment opportunities each involving an outlay of $10,000. The present value of possible outcomes and their respective probabilities are (a) calculate the expected value of each investment. (b) draw a bar chart for each in..
Explain is low stable inflation also deflation better for the economy.
From the two businesses perspectives, the two products are indistinguishable. The large investment required to build production facilities prohibits other firms from entering this market, and existing firms operate under the assumption that the ri..
Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope. These are called externalities. As a policy maker concerned with correcting the effects of gases.
Suppose that the Japanese government relaxes its controls on imports by Japanese companies. Other things being equal, how should this affect the.
Fully discuss the method by which the Federal Reserve uses the banking system to create new money.
data collected in the imaginary economy of karabekiar reveals that when price of bork increased by 20%, the quantity of bork sold decreased by 15%.
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