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Since the early 1980s China has opened up its economy to market forces and international trade after 30 years of central planning. In 2002 it became a member of the World Trade Organisation (WTO) and agreed to remove various import protection measures. In the light of the law of comparative advantage, how would you expect production and trade in China to alter over the coming years and why?
What will be the outcome if there is no liability (Roy does not pay for any damages caused)?
In the preceding question, assume that new cars sell for $18,000 and used cars sell for $2,000. If there is no depreciation and risk-neutral consumers know that 20 percent of all new cars are defective, how much do the consumers value a non defect..
Carefully consider how this case study could be used by both critics of the WTO and by supporters of the WTO.
You and your friend Joe have identical tastes. At 2 p.m., you go to the local Ticket master outlet and buy a $30 ticket to a basketball game to be played that night in Syracuse, 50 miles north of your home in Ithaca. Joe plans to attend the same g..
A farmer wants to set aside a rectangular plot of land to contain 100 square meters. If the width of the plot is 10 meters less than the length, find the dimensions of the plot. Give your answers rounded to the nearest tenth of a meter.
Suppose that an initial $20 billion increase in investment spending expands GDP by $20 billion in the first round of the multiplier process. If GDP and consumption both rise by $10billion in the second round of the process, what is the MPC in this..
What should the Fed do to prevent the unemployment rate from changing in the short run? Show how the Fed's action, combined with the decline in business confidence, affects the AS-AD diagram in the short run and the medium run.
find the covariance between hourly wage X and education Y (measured in years of schooling) using the following summary statistics for a sample of 10 workers in a plant. xbar = 11.775 ybar=13.8 sum of (x-xbar)(y-ybar) = 103.55 sum of xy =1728.5
(i) Calculate quantity demanded. (ii) Calculate the price elasticity for demand. Is demand elastic, inelastic, or unit elastic (iii) Calculate the income elasticity of demand. Is the good normal or inferior
Suppose the unemployment rate in the United States goes from 6.4% in one year to 5.6% in the next.
Is this firm making the profit-maximizing decision
What does it take to effectively use all media now, whether separately or just as part of being connected? In other words, what is the difference between media fluency and media literacy?
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