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Question about absolute advantage and comparative advantage
1. What are absolute advantage and comparative advantage? Why will resources specialize according to their comparative advantages? Why will this specialization increase production? Why will specialization increase trade?
2. Who is counted as employed or unemployed in the unemployment statistics? What groups in society are not represented at all in the unemployment statistics (i.e., who is not a part of the civilian labor force)? How is the unemployment rate measured?
3. Describe the limitations of using Gross Domestic Product (GDP) as a measure of economic activity.
Discuss how each of the following developments would affect the supply of the money, the demand for money, and the interest rate. For each case, describe what happens in closed economy and in small open economy. Describe your answers with diagrams.
explain why would elasticity of demand be important to you in determining the products
Assume that Florida migrant workers are effectively unionized. What will be the impact of unionization on?
Elucidate which you are familiar and identify the marketplace structure of that organization. Evaluate the effectiveness of this structure for the organization.
A study sponsored by the American Medical Association suggests that the absolute value of the own price elasticity for surgical procedures is smaller than that for the own price elasticity for office visits. Explain why this would be expected
If the minimum salaries is set above the equilibrium salary, does this make a shortage or a surplus of labor, or does it create a lower wage rate
Explain the principles of microeconomics apply to other country. Describe any differences or special situations.
Mention and explain the two types of inflation. Which sort of inflation would most likely be associated with the negative GDP?
Would an attempt to decrease the budget deficit not increase it. Does today's deficit not create tomorrow's surplus.
If the needs return on the stock is 13 percent, what is the present share price.
Pamela Sue, proprietor of Heartland Supermarkets which would like to raise her current sales of corn from 250 bushels per week to 500 bushels per week.
Elucidate why relatively flat as opposite relatively steep labor demand curves are more consistent.
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