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Possible models: Strategic trade theory, Krugman model, Rybczynski theory, Stolper-samuelson and Heckscher-Ohlin model and the optimal tarriff theory.
a. Describe some models that forecast the effect that decreasing protection (Tariffs) will have on factor prices (Labour and capital)? Use these models to analyse the effect that reducing protection would have had on factor prices in Australia? How plausible are these models?
b. Under what circumstances can reducing protection make a country as a whole worse off? Could such models have any relevance to the Australia?
As the French franc appreciates in value relative to the United States dollar, what happens to the price of United States goods in France? What happens to the price of French goods in the United States?
Discuss the pros and cons of firms competing in global environment and how this has affected the United States economy and the global economy?
Our economy thrives on competition. Market forces will lead companies to manufacture the mix of goods most desired. Unforeseen events can be responded to in a rational manner.
Discuss and explain the difference between comparative advantage and absolute advantage. Also, provide some specific example so I can understand the difference.
The absolute value of tea was $12 a pound and the absolute price of a Honda Civic was $16,000. In 2007, the absolute price of tea increased to $15 per pound
The dollar has being weaker against other currencies ever since Bush administration took office. The government did nothing to stem the refuse. From the point of view of economic policy, what would you think was the cause?
Suppose a scenario where you are an entrepreneur considering to increase your production of kitchen gadgets. You need to pay back a loan of $5,000,000 over 5-years.
Would you have a higher consumption standard of living by self sufficiently producing all the goods you and your family want to consume through employing your labor time
Suppose if airline industry was operating under other market structures, how would equilibrium price and quantity differ? Would it be higher, lower, or same?
Information covering the most recent thirty days are given in the following table for the value per gallon of regular gasoline at a local station.
You are a producing firms of brooms and mops. In order to cut cost, you are considering about shifting production of some of item to Mexico.
The US was founded on ideals of justice and equality. The Declaration of Independence proclaimed that all men are developed equal, yet individuals such as African Americans and women were not afforded this equality.
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