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1. Two nations have straight line production possibility frontiers, but with different slopes. Using a graph and an accompanying written explanation, explain why complete specialization maximizes the gains from trade between these two countries.
2. On a set of axes, draw a single concave production frontier with two different community indifference curves tangent to the single production frontier, on the assunption that two nations are identical in production but have different tastes. Indicate on your figure the autarky equilbrium relative commodtity price in each nation and show the process of specialization in production and mutually beneficial trade.
Discuss the current monopoly to provide a brief overview of the company. How did the monopoly arise? Did the monopoly increase barriers to entry?
Karen runs a print shop that makes posters for large companies. It is a very competitive business. The market price is currently $1 per poster. What is her AFC per poster (not per thousand!) if she prints 1,000 posters? What if she prints 2,000 poste..
Other things held constant, producer surplus increases as:
The demand curve for rutabagas is a straight line with slope 23 and the supply curve is a straight line with slope 2. Suppose that a new tax of $3 per sack of rutabagas is introduced.
The Economy cannot be considered fully employed unless the measured unemployment rate is below 1%. Agree or disagree and explain your answer in a paragraph.
Nominal GDP is the variable most commonly used to measure short-run economic fluctuations. These fluctuations can be predicted with some accuracy. Real GDP is the variable most commonly used to measure short-run economic fluctuations. It is almost im..
What are the arguments FOR trade restrictions? Why don't we restrict trade among states with the borders of the U. S.?
The real exchange rate shows
What effect will this have on the demand and supply of loanable funds? How will this affect the real interest rate and the quantity of investment?
In the fake country of Oz there is only 1 burger joint, BamaDonalds; it can produce burgers at a constant average cost and marginal cost of $2 per burger. Demand for burgers in Oz is represented by this demand curve: Q = 40 - P. Calculate the profi..
Boris budgets $40 week for his morning coffee with milk. He likes it only if it is prepared with 3 parts coffee, 2 part milk U= min{3/2M,C}. Coffee costs $2/oz, milk $1/ oz. (For the questions below, show your work briefly) How much coffee and how mu..
Two factors determine the legal reserves that a commercial bank must hold by law.
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