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1. The law of comparative advantage recommends that countries specialize in those products in which they have a comparative advantage, not an absolute advantage. How can a country identify the products and services in which it has a comparative advantage so that it can encourage the development of those industries?
2. During the middle years of this decade, the exchange rate of the U.S. dollar has declined against the currencies of its major trading partners. You would expect this to result in a corresponding increase in U.S. dollar denominated import prices from those trading partners. U.S. dollar import prices, however, often rise less than the increase in the currency value of the exporter. Why?
3. Free trade initiatives argue against tariffs, quotas, and any other barriers to trade. The rush of imports from countries that have a comparative advantage, however, meets with resistance from domestic industries threatened by those imports. As a production manager who understands the academic argument for free trade working in an industry threatened by cheaper imports, how do you react?
Describe the effects of monetary policies on the economy's production and employment.
Discuss the advantages and/or disadvantages of distributing marketable pesticide permits to each farm operating in the watershed equal to 40% of its current level of use of that pesticide, versus simply ordering each farm to reduce pesticide use t..
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Assume that there're 10 million workers in Canada and South Korea and each worker in Canada and South Korea can manufacture four cars per year.
Dr Leona Williams a well know Plastic Surgeon, has reputation for being one of best surgeons for reconstructive nose surgery. Dr Williams enjoys a rather substantial degree of market power in this market. She has estimated demand for her work to b..
Define and describe the difference between the absolute advantage and the comparative advantage.
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Tom have only $60, and he want to spend it all on clothing (X) and food (Y), Price of clothing is $4. Find out the optimal values of both goods (Y*,X*) and Utility?
What are the FC, ATC, AFC, AVC and MC at these output levels?
There are 10 identical firms that have the common cost function c(y) = y 2 + 9. The industry demand function is given by X (P) = 200/
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