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Suppose in the United States, one worker can produce 10 tons of steel per day or 20 tons of chemicals per day. In the United Kingdom, one worker can produce 5 tons of steel per day or 15 tons of chemicals per day. The United States has 30 workers and the United Kingdom has 20 workers
d) Draw the PPF for the United States.
e) Suppose the international relative price of a ton of steel is 2.5. Draw the world price line.
f) Show that the United States is better off under trade compared to Autarky with the aid of indifference curves.
g) Show the amount the United States will export and import.
h) What would be the real wage of the workers in the two countries?
Consider a small open economy operating a fixed exchange rate. Compare the effects on domestic real GDP of an increase in government spending under each of the following circumstances:
"Exotic" mortgages became popular in part because they allow someone of:
Why did the budget surpluses in 2000 and 2001 give way to a series of budget deficits beginning in 2002? Why did those deficits increase substantially beginning in 2008?
What price-output combination would exist with efficient pricing (MC = P)? Draw a graph with MC, Demand curve and MR curves for the problem above.
Based on your knowledge of strategy formation, how do the economic concepts in this course affect strategic planning?
Discuss the elements the led to the successful northern commercialization of agriculture and the differences between the northern commercialization and southern commercialization of agriculture.
Adjust the benefit or cost curve or both to illustrate the private also social benefits also costs in the market for electricity.
q. consider the following two statements1 if the government raises marginal income tax rates on society and then
Suppose that the US in a steady state and that capital per worker in the US is equal to k*=10. The following picture shows the steady state of the US economy.Suppose a devastating hurricane hits the economy destroying 10 % of the capital stock so tha..
Latanya likes to talk on the telephone. We can represent her preferences with the utility function U(B, J) = 18B + 20J, where B and J are minutes of conversation per month with Bill and Jackie, respectively. If Latanya plans to use the phone for one ..
Using your knowledge of after tax engineering economic analysis on a company's investment decisions and the information in the articles, relate how taxes can affect investment decisions. The Laffer curve basically relates how a 5% increase in a tax r..
Consider the economy of Hicksonia. The money demand function in Hicksonia is (M/P)^d = Y - 200r. The money supply M is 3000 and the price level P is 3. Graph the LM curve for r ranging from 0 to 8. Find the equilibrium interest rate r and the equilib..
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