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Homework on Ricardian Model. Suppose in the United States, one worker can produce 10 tons of steel per day or 20 tons of chemicals per day. In the United Kingdom, one worker can produce 5 tons of steel per day or 15 tons of chemicals per day. The United States has 30 workers and the United Kingdom has 20 workers. Draw the PPF for the United States. Suppose the international relative price of a ton of steel is 2.5. Draw the world price line. Show that the United States is better off under trade compared to Autarky with the aid of indifference curves. Show the amount the United States will export and import. What would be the real wage of the workers in the two countries?
With fewer also fewer barriers to trade, countries are able to focus on producing those goods also services which they are best.
A young physician makes $250,000 per year with an annual salary increase of 2%. He is interested in buying a house. He has $130,000 in his savings account. The appraisal value for the house is $600,000. After exhaustive shopping for a mortgage, a ban..
Banks and savings and loans were allowed to issue NOW accounts nationwide in 1981. An unexpected result was that the relationship between the growth of M1 and GDP broke down. If the relationship between the money supply and the level of economic acti..
Which of the following could keep a market from ending up in equilibrium?
Compute the optimal pricing scheme of the iphone, Assume which there are equal numbers of every customer type.
You just graduated college and want to celebrate by buying a new car. The car you like can be purchased for $35,000. Your old college clunker is worth $4,000 on a trade. The dealer is offering 0.9% per year financing on the entire purchase price. Wha..
A 10% increase in the price of pizza causes a 10% drop in the quantity of both pizza and beer sold. Describe elasticities and the nature of the two products.
If the average worker produces $80,000 of GDP, explain by how much will GDP increase if there are 150 million labor-force participants and the unemployment rate drops from 5.2 to 4.5 percent.
Imagine you are a manager of a chemical company. An accident has occurred in which chemicals leaked into the ground water nearby, the community is unaware. Assess the costs involved in cleaning up the water immediately (confessing) versus hiding the ..
Consider the recipient's perspective in the global impact of development versus relief aid. Suppose a fixed amount of aid b is given to each worker in a developing country and that donors commit to continue these aid flows indefinitely.
Consider your decision about how many hours to work. a. Draw your budget constraint assuming that you pay no taxes (and receive no subsidies) on your income. On the same diagram, draw another budget constraint assuming that you receive a 20 percent s..
Explain the viewpoints of classical and Keynesian economists. How did the economy that existed at the time of these theories influence them?
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