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Suppose the World Bank provides a poor country with equipment on indefinite loan.
a) What is the effect on the real wage and hours worked in the short run? b) What is the effect on the real wage and hours worked in the long run? Explain your answers.
Mention and describe the three theories for why the short-run aggregate-supply curve is upward sloping.
Explain how the aggregate expenditure function shifts in response to the changes in each of the following variables:
What is autarky price and quantity equilibrium for both home and foreign? What is the open trade price and volume under free trade.
What is Bill's opportunity cost of producing one hat, In which of the two activities does Mary have a comparative advantage.
What happens to the equilibrium price and quantity in each market? Which product experiences a larger change in quantity? Which product experiences a larger change in price?
How is interest rate described? Why is there a lower present value of goods to be delivered in future? What are their respective interest rates? Illustrate the adjustments which you think will ensue.
In light of Ricardian model, how might you measure the claim by developing countries that they're at a disadvantage in trade
Problem - Income Elasticity of Demand, Interpret the following Income Elasticities of Demand (YED) values for the following and state if the good is normal or inferior; YED= +0.5 and YED= -2.5
A firm uses two inputs, unskilled labor (L) and capital (K) to produce its product. The wage rate for one unit of labor is $5, while units of capital cost $20.
Provide brief but theoretically sound explanation for each of the following.
Efficiency and sustainability are management goals with respect to renewable resources. As Field explains, biological and economic considerations are typically blended in determining the efficient allocation of these resources.
Assume that the exchange rate between the Canadian dollar and the Euro is 2 Euros per Canadian dollar.
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