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The gains from specialization and trade are based on comparative advantage, which reflects the relative opportunity cost. When countries specialize in producing goods and services for which they have comparative advantages, total production in the global economy rises. Trade advocates argue that this increase in the size of the economic pie can be used to make all trading countries better off through international trade. Economists also use the principle of comparative advantage to advocate free trade among countries as a better policy. Trade is not based on absolute advantages countries have but the relative (comparative) advantage.
1. Does free trade contribute to the improvement of economic well-being? 2. Who gains and who loses from free trade among countries, and how do the gains compare to the losses? Explain using examples. 3. Do you think the USA export and import of goods and services are based on the principle of a comparative advantage of trade?
People expected that a tax cut was temporary, then this fiscal policy's effect on the economy will tend to be and the economy is at equilibrium at Point B. What would expansionary fiscal policy do
although the country produced several types of commodities goods and services in the year 2003. but this countrys
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Using the elasticity estimates in the table above, classify the price elasticity demand as elastic or inelastic. Explain your reasoning. Explain the implications of those classifications on tax revenue collections when the per-unit tax increases a..
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The upper graph is for perfectly competitive firm. The lower graph is for the monoploist. Employ the graphs to answer the following questions: What is the firm's Total Revenue?
Suppose that Sven has a V W Cabrio that he would like to sell. Unfortunately, the speedometer on the car is broken and in need of repair. Sven is accustomed to driving the car in this condition and it is worth $3,000 to him fixed or not. Sven would l..
Suppose you are the manager of a small pharmaceutical firm that received a patent on a new drug 3-years before. Despite strong sales and a low marginal cost of manufacturing the product
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