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Say if the following statement is true or false and why: "High import tariffs on imported goods don't affect the export activities of the country. Exports depend only on the demand of foreign countries for our products and therefore our exporting firms do not get any benefit if we reduce our tariffs on imported goods".
Draw a bowed-out production possibilities curve (PPC or PPF) with an aggregate measure of medical services, Q, on the horizontal axis and an aggregate measure of all other goods (and services), Z, on the vertical axis.
Leisure-Time boats is a manufacturer of mid-to-high end boats with 12 sales territories throughout the U.S. Sales are generated by salespeople in each territory who develop relationships with boating distributors and related retailers.
Suppose that rich countries surprisingly commit to much higher official aid, to be maintained for several decades. What would be the effect of such aid on?
Pawel spends half of the year working in Britain where he consumes British food q and half of the year in Poland where he consumes Polish food Q.
For each of the following concepts provide a definition, a complete explanation as to their significance, and a practical example.
The manager of a national retailing outlet recently hired an economist to estimate the firm's production function. Based on the economist's report, the manager now knows that the firm's production function
Develop an exponential smoothing forecast with smoothing constants α =0.1 and 0.3. What would be the forecast for week 11?
Explain how the aggregate expenditure function shifts in response to the changes in each of the following variables:
Discuss the reason why governments might want to intervene and how they might do- with respect to the following "problem" in the functioning of an otherwise perfectly-competitive ("pareto-efficient") economy:
What is opportunity cost? Explain with the help of an example, why assumption of constant opportunity cost is very unrealistic? Explain law of demand with the help of a demand schedule and demand curve.
Calculate the price elasticity of demand for the product below using average values for the prices and quantities in your formula.
You have the following information concerning the production of wheat and cloth in the United States and the United Kingdom:
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