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Suppose Home is a small open economy and received a significant amount of capital.
1) Suppose that Home produces both computers and shoes using labor and capital. Both factors are perfect mobile across industries. The production of computers is more capital intensive than the production of shoes. All assumptions of the HO model holds except that capital can move across countries. Analyze, algebraically, how the inflow of capital affects the industry outputs in Home.
2) Suppose that Home produces agricultural goods using land and labor, and produces manufacturing goods using capital and labor. Land is specific to the agriculture sector and capital is specific to manufacturing sector. Labor is perfectly mobile across sectors. All assumptions of the specific-factors model holds except that capital can move across countries. Analyze how the inflow of capital affects the industry outputs in Home.
Assume that an individual consumes two goods, X and Y. The total utility (assumed measurable) of each good is independent of the rate of consumption of other good. The price of X and Y are respectively $40 and $60.
(Real Wages) In Exhibit 2 in this chapter, how does the real wage rate at point c compare with the real wage rate at point a? How do nominal wage rates compare at those two points? Explain your answers.
Assume that two rms (A and B) produce identical products in a market. The (inverse) market demand curve is P = 240 -Q where Q is total output from both firms Q = qA + qB. Firm A has a total cost function TCA = 100qA and firm B has total cost funct..
The air temperature is 25 C and the wind speed averaged 4 m/s. The accident occurred on a sunny afternoon. Estimate the distance downwind of the spill that would exceed the worker standard exposure limit of 1 ppmv for DCA.
Explain how trade can adversely affect employment in a sector of the economy that is suddenly opened to trade. What is likely to happen in the long run?
In 2007, Americans downloaded 800 million singles at 99cent and 40 million albums at $10 each. They also bought 3 million singles on a disc at $4.75 each and 500 million albums on discs at $15.
This years weather was favorable throughout the country, and this years crop will be 110 million bushels, or 10 percent larger than last years. The price elasticity of demand for corn is 0.50.
Briefly explain whether you agree.
The U.S. mint, which produced billions of coins each year, has a mean defect rate of 5.2 coins per day. Let X be the number of defective coins produced on a given day. What is the probability of exactly 5 defective coins on a given day
Why was the inflation at the end of the Golden Age so disruptive? Do you think that even without the two oil shocks it would have become so powerful a force? Without the Vietnam War? Was it "in the cards," or was it the product of these two politi..
The production side is the same as in Section 9.6. Characterize the dynamic equilibrium of this economy
Ann lives in Princeton, New Jersey, and commutes by train each day to her job in New York City (20 round trips per month). When the price of a round trip goes up from $10 to $20, she responds by consuming exactly the same number of trips.
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