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Assume two countries--A and B-- and two goods--manufactured goods (M) and agricultural goods (G). Labor is the only variable input. It is assumed that (MPAM/MPBM)= 5 , (MPAM/MPBG) = 3, and (WA/WB) = 4 where W is the wage rate, MP is the marginal product of labor for the respective goods in the respective countries. Which country has the lowest marginal cost in manufactured goods? Demonstrate. Which country has the lowest marginal cost in agricultural goods? Demonstrate. [Hint: the trick is rearrange the above ratios in such a way as to end up with across country comparisons of MC = W/MP]
The Federal Reserve buy $1 million in United State Treasury Bonds from a bond dealer, and the dealer's bank credits the dealer's account. The required reserve ratio is 15%,
The Corruption Perceptions Index (CPI) is a comparative assessment of a country's integrity performance, along with related academic research on corruption. Provide a description of this index and its ranking.
Assume that the exchange rate between the Canadian dollar and the Euro is 2 Euros per Canadian dollar.
Suppose two countries A and D use many inputs. Country A exports tractors and imports televisions. Assuming there are no economies of scale, which of the following statements is true?
Elucidate what term do economists utilize to describe this second outcome
suppose the indiana power company wishes to maximize profits. the cost demand and revenue functions have been
As per the Ministry of Finance also the keiretsu are there other problems.
Consider two countries, Canada and China. Canada has comparative advantage in oil production, and China in shoes production. Suppose China grows biased to oil production.
If older workers have a tax elasticity of labor supply equal to 0.20, by how much will their work activity decline when they reach the Social Security earnings test limit? (Recall that the Social Security earnings test limit is 50 percent. Assum..
What role does economics play in your personal and professional lives and what is the difference between real and nominal GDP?
Discuss the use of such national income accounting metrics as GDP as measures of social well-being - Is GDP a useful and accurate guide to the attempt to quantify the welfare of society in the aggregate? Explain.
Suppose the price of food increases from Px1to Px2. On a clearly labelled graph, illustrate the income and substitution effects of the price change on the consumption of food.
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