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1. An examination of the Ricardian model of comparative advantage yields the clear result that trade is (potentially) beneficial for each of the two trading partners since it allows for an expanded consumption choice for each. However, for the world as a whole the expansion of production of one product must involve a decrease in the availability of the other, so that it is not clear that trade is better for the world as a whole as compared to an initial situation of non-trade (but efficient production in each country). Are there in fact gains from trade for the world as a whole?
2. What is paradoxical about the results of Leontief's test of the Heckscher-Ohlin model?
3. Laxland and Workland are two identical countries except that people in Workland work twice as hard of those in Laxland. Under all the usual HO assumptions what would be your prediction of the patterns of trade between these two countries?
4. According to former US President Bill Clinton, "Each nation is like a big corporation competing in the global marketplace." Explain how this may be true in regards to trade and how it may not be true.
LET X and Z be two independently distributed standard normal random variables. We defined another random variable Y=X^2+Z
Suppose that you agree with the 16-percent rate of return proposed by the company. What factors need to be considered when setting rates designed to achieve this factor?
Who gains and who loses from a tariff? How do the effects of tariffs differ from the effects of quotas? If you were a small country, what would you rather utilize? 200 word answer
Explain how scarcity and choice are related. Economic theory says that a rise in the price of a good will cause people to buy less of it. If the price of meat increases and John Doe buys more meat, has the theory been refuted? Explain.
The external marginal cost of producing coal is MC external = 8Q while the internal marginal cost is MC internal = 6Q. The inverse demand for coal is given by P = 180 - 4Q. What is the socially efficient level of output?
The cost function for a firm is given by TC = 6,000 + 12.5Q. The firm sells output in a perfectly competitive market and other firms in the industry sell at a price of P = 25 - 0.5Q. (i) What level of output should be produced to maximize profits?
the maker of a leading brand of low-calorie microwavable food estimates the following demand equation for its product
One-month treasury bills with a $10,000 face value are currently selling
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Your ethical code of conduct plan which will be incorporated into your company's international BUSINESS EXPANSION plan
Problem 1 Assume that the price of smartphones increased from $420 to $444 per unit. The manufacturer decides to supply 15,000 units instead of 12,000. Calculate the price elasticity of supply. Is supply elastic or inelastic? Describe at least one fa..
The velocity of M1 money has moved erratically in the past several years because which of low and stable rates of inflation of regulatory changes allowing banks to pay interest on checkable deposits interest rates have been stable monetary policy ..
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