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How are economies of scale, comparative advantage, and trade restrictions related?
1) If the government of a country imposes trade restrictions on the import of a certain good, the country will gain a comparative advantage in this good as well as economies of scale.
2) If a country has economies of scale in a good, its cost of production will increase, enabling the country to have an absolute advantage and become a world leader in trading this good.
3) If a country has economies of scale in the production of a certain good, the cost of production falls, causing the country to have a comparative advantage in that good.
4) If a country has a comparative advantage in producing a certain good, it gives rise to trade restrictions by the government, which leads to economies of scale.
he Fed began paying interest on reserves in October 2008. Holding all else constant, what effect would this have on the money supply? When the Federal Reserve injects money into the banking system, it initially causes an excess _____ of money. Equili..
Quality in medical care may be defined as achieving the greatest benefit at the lowest risk. How have the priorities of our health care system and the allocation of resources addressed this goal?
Illustrate what are some more common restrictions on the activities of multinational corporations in host countries
Suppose the income tax rate schedule is 0 percent on the first $10,000; 10 percent on the next $20,000; 20 percent on the next $20,000; 30 percent on the next $20,000; and 40 percent on any income over $70,000. Family A earns $28,000 a year and Famil..
What are the nature and extent of private protective services in the United States today? What role do you think private protective services will play in the future? How can the quality of such services be ensured?
Outline for the investors which form of organization (from the list of six under the first bullet) would be the least suited and why?
Illustrate what happens to your tax bill and to your average and marginal tax rates if your income rises to $40,000.
Why is private property, and the protection of property rights, so critical to the success of the market system? How do property rights encourage cooperation?
Owner of a haulage business is planning to invest in a new eighteen wheeler that costs $180,000, use it for 5 years and then sell it off for $90,000 dollars. At 7% interest rate, how much net revenue the investment has to at least produce each year t..
Archer Daniels Midland Company is considering buying a new farm that it plans to operate for 10 years. The farm will require an initial investment of $12.20 million. This investment will consist of $3.00 million for land and $9.20 million for trucks ..
Suppose that country A produces two goods under conditions of constant opportunity costs. Given its resources, the maximum S that it can make is 1000 units, and the opportunity cost of making T is 2 units of S. What is the maximum amount of T that it..
ADVANCED ANALYSIS Assume the following values for the figures below: Q1 = 20 bags. Q2 = 15 bags. Q3 = 27 bags. The market equilibrium price is $45 per bag. What is the total surplus when output level Q2 is being produced? What is the dollar value of ..
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