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Consider the following Heckscher-Ohlin model: there are two countries, America and China, two goods, high-tech manufactures and low-tech manufactures, and two factors of production, skilled labor and unskilled labor. America is skilled-labor abundant and China is unskilled-labor abundant. High-tech manufactures are skilled-labor intensive and low-tech manufactures are unskilled-labor intensive. a. What happens to the price of high-tech manufactures relative to the price of low- tech manufactures in America following trade? b. What happens to the wage of skilled labor relative to the wage of unskilled labor in America following trade?
Adam Smith discussed how nations could benefit from trade, known as absolute advantage. What was David Ricardo’s improvement on Smith’s theory? How does it differ?
Add the missing part (premise or conclusion) to make the following arguments valid. But don’t make them circular; make the conclusion follow from both premises but not just from one premise by itself. Use a Venn diagram. Every citizen with voting pri..
By what percentage would GDP be boosted if the value of the services of stay-at-home spouses were included in GDP
q. i choose a sweater at the price of 12 in the past month. describe how each of the 4 factors contributed to the
To what degree does real GDP measure to health of an economy? How is it possible to make valid international comparisons of real GDP? Support your answer with examples.
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Demonstrate graphically the cost of income taxation of 30% to consumers and producers for an income of $27,908?
Describe a Pigovian taxes. If Pigovian taxes are imposed in the presence of negative externalities then does this create a deadweight loss? Describe a real-world situation where a Pigovian tax will be applicable. Show using a diagram. What might be t..
What is your bottom line in negotiations with the telecom? Suppose you agree on a price slightly above your bottom line.
The value of the action The cost of the action The difference between the benefit and the cost of the action
Here are some hypothetical numbers used to illustrate the ideas of trade-offs, specialization, and comparative advantage. Assume Sri Lanka, using all her resources efficiently, can produce either 1,000 bags of rice OR 3,000 bags of tea. Let's also as..
Use short-run supply demand analysis to indicate how equilibrium price and quantity will change if the following changes occur in the economy. Draw a supply and demand curve for each answer and provide a brief one sentence explanation. Potatoes are a..
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