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1) Present a one-factor Ricardian model of two countries, A and B, trading two goods, X and Y, and discuss the gains of trade generated in this model.
2) Verbally and graphically explain the production structures of trading partners in the HO model. Your answer should discuss output and input choices given goods and factor prices as well as factor endowments.
3) Verbally and graphically present the benefits of trade from the perspective of the HO model. List and briefly explain two main implications of trade.
A firm has a production function represented by: q=L^(.75)K^(.25) Find a function for how much capital and labor a firm should hire to produce a given level of production in terms of the price of labor, w, and the price capital, r. Suppose w=15 and r..
In addition to wages, what other factors influence an individual to choose one job over another? Consider jobs like those on some popular TV shows like Deadliest Catch and Ax Men. While these individuals are not guaranteed a high salary, why might th..
Walter receives cash of $18,000 and land with a fair market value of $75,000 (adjusted basis of $50,000) in a current distribution. His basis in his partnership is $16,000. What amount of gain must Walter recognize as a result of the current distribu..
Phil realized a total return of 13.2 percent which is less than his expected return of 14.4 percent. What is the amount of his unexpected return? A portfolio is comprised of two stocks. Stock A comprises 65 percent of the portfolio and has a beta of ..
Suppose the production function is Cobb-Douglas, y = x 1/2 1 x 3/2 2. What is the technical rate of substitution? Does this technology demonstrate increasing, decreasing or constant returns to scale?
Do you agree/disagree with the following statement: If the government increases the excise tax on bikes, the prices of bikes will rise? However, this will then cause the demand to decrease and as a result prices will fall back to their original level..
In December 1992, the federal government began requiring that all foods display information about fat content and other ingredients on food packages. The displays had to be verified by independent laboratories. The price of an evaluation of a food pr..
“The federal government will be prevented by the size of the deficit from taking any action to stimulate the economy. The only possible source of stimulus is a decrease in the personal savings rate, he said.” a) Ignoring the deficit problem, what act..
Consider a diagram containing isocost curves for the production of a given level of a final commodity in the household production model. Assume that purchased inputs are represented on the vertical axis while the time input is measured on the horizon..
Consider the following market game: there are two firms in an industry firm1 and firm 2. Firm 1 first chooses the quantity of its production and then firm 2 observing q1 will choose q2. Demand curve is given by P=1000-Q where Q is the total quantity ..
q1. illustrate the positive part for us economic by getting the oversea factories back?q2. illustrate does the fed get
Explain how specifically can GDP be adjusted to better measure well-being.
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