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1. Suppose that, on the basis of a nation’s production possibilities curve, an economy must sacrifice 10,000 pizzas domestically to get the 1 additional industrial robot it desires but that it can get the robot from another country in exchange for 9000 pizzas. Relate this information to the following statement: “Through international specialization and trade, a nation can reduce its opportunity cost of obtaining goods and thus ‘move outside its production possibilities curve.’”
2. On average, households in China save 40 percent of their annual income each year, whereas households in the United States save less than 5 percent. Production possibilities are growing at roughly 9 percent annually in China and 3.5 percent in the United States. Use graphical analysis of “present goods” versus “future goods” to explain the differences in growth rates.
Oligopolists have little incentive to introduce expensively new technology and produce new products when they currently are earning large economic profit using existing technology and selling existing products.
Elucidate unequivocally why the foundation of trade has nothing to do with absolute advantage and only the law of comparative advantage is relevant.
Explain how do you go about drawing an indifference for such a utility function.
Some nations have very different economies. In the absence of market-set prices, how are prices determined for household goods.
Keynes is famous for saying: "In the long run we are all dead". How long is the long run? How long are you willing to wait for inflation to ease or for unemployment to improve?
Describe the relationship of the demand curve and total revenue curve, indicating which of the four types of market structures market power like this would occur (i.e., perfect competition, monopolistic competition, oligopoly, monopoly).
You only need to refer to the 3 or 4 papers that you think are the most important. Use economics journals for your references, for example, Journal of Health Economics, Rand Journal, American Economic Review, etc.
What is the highest profit or lowest loss availability to this firm?Should this firm operate or shut down in the short run? Why? What is the relationship between marginal revenue and marginal cost as the firm increases output?
Illustrate what are three key macro-economic indicators that you could use to assess conditions that apply to your reference organization.
Suppose that the position of a nation's aggregate demand curve has not been changed, but long-run equilibrium price level has declined.
How is interest rate described? Why is there a lower present value of goods to be delivered in future? What are their respective interest rates? Illustrate the adjustments which you think will ensue.
Suppose the Fed does not change the money supply. According to the theory of liquidity preference, what happens to the interest rate? What happens to the aggregate demand.
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