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A) Explain why RELATIVE prices of two goods, both produced in each of two countries, will differ prior to any trade taking place ("autarky"). why profit-seeking will cause each country to specialize - wholly or partially - in producing one of the goods, and why this specialization will increase total world output and income?
B) Explain how "perfect" competition differs from "imperfect" competition, and how firms in so called "oligopolistic" industries might be expected to adjust their prices and outputs in the latter type of structure.
Illustrate what are the major types of transactions or activities that result in demand for foreign currency in the spot foreign exchange market.
Critically analyze also elucidate real-life economic problems also opportunities by applying economic concepts, principles, and theory.
What is the expenditure multiplier-explain this briefly? What does it multiply? When an economy is in equilibrium what the size of unplanned inventories is?
Assume the United States government determines that the cigarette smoking creates social expenses not reflected in current price of cigarettes in the market.
Utilize a various example from homes and cars. Be creative. We make these kinds of choices everyday.
Using an IS-LM diagram analyze what would happen to the economy if both consumer and business confidence decrease dramatically. Which policy mix would you advocate? Explain using a diagram.
The real and financial frameworks, that Ireland's unemployment rate will remain stubbornly high over the coming years, perhaps falling somewhat only through rising emigration.
Expalin how the actions of a mine operator can spend $5 million to free a trapped miner.
A company has two plants with the following marginal cost functions: MC1 = 20 +2Q1, MC2 = 10 +5Q2 Where MC1 is marginal cost in 1st plant,
Elucidate why this strategy may, in fact, be rational. Also, identify at least two other strategies that might permit Argyle to earn higher profits.
The textbook claims that when people do not have to pay anything to use valuable resources, such as urban roadway space, they will continue using them until their value diminishes to zero.
Assume that the price elasticity of demand for good. Describe how much consumption changes.
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