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Joe can make apple pie at a lower opportunity cost than Sandy but Sandy can make more apple pies per day than Joe. This means that
A. Joe can’t benefit by trading with Sandy
B. Sandy won’t benefit by trading with Joe
C. Joe has a comparative advantage in making apple pie
D. None of the above
Suppose that both countries are currently producing three pairs of boots and three shirts. Elucidate that both can be better off if they each specialize in producing one good and then engage in trade.
What is the difference between a change in supply and a change in quantity supplied?
Assume there was a new $100,000 deposit into a checking account at a bank. What would be the resulting excess reserves created by that deposit if banks faced a reserve requirement of: a. 10 percent? b. 20 percent? c. 25 percent? d. 50 percent?
An individual consumes a positive amount of good X and good Y. As a result of an excise tax on good Y, its price doubles. At her new equilibrium, the individual consumes the same amount of good X as before.
Explain how do we measure income inequality. What problems arise the more unequal a country's income distribution becomes.
If bagels and doughnuts are substitute goods, then which of the following is likely to occur if the price of bagels is reduced?
Who sells permits and Explain how many do y sell. Who buys permits and Explain how many do y buy. Briefly explain why sellers and buyers are each willing to do so. Illustrate what is total cost of pollution reduction in this situation.
A comparison of two computer manufacturers found that by implementing improvements in its supply chain, one company was able to reduce its average supply of key components to only 3-6 days’ supply of inventory, as compared with their competitor, whic..
Greg earns $10 per hour for work for up to 30 hours of work each week. He is paid $15 dollars per hour for every hour in excess of 30. Greg faces a 15 percent tax rate and pays 3 dollars an hour in child-care expenses for each hour he works. When gra..
Why substitution effect does not apply to AD the way it is in the demand for a single product? Does Income effect apply to AD as it is in the demand for a single product? What do we consider when we explain the inverse relationship between price leve..
Estimate the macroeconomic implications and microeconomic consequences of a monopolistically competitive firm or an oligopoly firm filing for bankruptcy.
What are some of the ways that the ease and simplicity of our current technological devices also lead us at times to surrogate our daily responsibilities onto these devices?
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