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Suppose when Russia opens to trade, it imports automobiles, a capital-intensive good.
a. According to the Heckscher-Ohlin theorem, is Russia capital abundant or labor abundant? Briefly explain.
b. What is the impact of opening trade on the real wage in Russia? Briefly explain.
c. What is the impact of opening trade on the real rental rate on capital in Russia? Briefly explain.
d. Which group (capital owners or labor) in Russia would support policies to limit free trade? Briefly explain.
Macroeconomics questions, discuss the short-run and long-run effects, Keynesian model, Distinguish between ongoing demand pull and ongoing cost push inflation.
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Suppose that there is an "inflation scare," that is, suppose market participants increase their expectations of future inflation.
Engineers at national research laboratory built a prototype automobile which could be driven 180 miles on single gallon of unleaded gasoline. They estimated that in the mass production the care would cost 40k for each unit to build.
Answer the following questions on the basis of the monopolist's situation illustrated in the following graph.
Calculate the expected level of demand in a typical market. Indicate the range within which actual demand is expected to fall with 95% confidence.
Suppose Shaqueena is currently earning income of $23,000 (I =23) and can earn that income next year with certainty.
Find out the average total cost and average variable cost as a function of the level of output. Assuming the firm has the same cost curves in the long-run for q>0 and C (0) =0, how much will it produce in the long-run?
You're the absolute czar and head of union of 1,000 plumbers in Austin, Texas. You've the absolute power to set the wage at which the plumbers will work. You wished to achieve full employment at highest possible wage; (b) you wished to maximize the..
Describe the effects of monetary policies on the economy's production and employment.
You have the following information concerning the production of wheat and cloth in the United States and the United Kingdom:
Suppose that rich countries surprisingly commit to much higher official aid, to be maintained for several decades. What would be the effect of such aid on?
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