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International Trade
What is an absolute advantage? What is a comparative advantage?
Give an example where you have an absolute but not a comparative advantage
Why should we specialize and trade?
Compute GDP for Joe using both the product and income approaches and show how they must agree.
q.johnny works for the great big cookie company gbc which buys labor at a wage of 1 an hour and uses it to produce
Using the numbers that you calculated above, explain the relationship between the marginal cost and average variable cost.
q.bud owen operates buds package store in a small college town. bud sells six packs for off-premises consumption. bud
How effective would these actions be if banks remained re- luctant to make consumer loans while households remained reluctant to obtain loans? Briefly explain.
Calculate the year in which income every capita in the United States was equal to year 2010 income every capita in India.
Each of the estimated coefficients statistically significant at the 95 per cent confidence interval. What is the optimal output level.
The U.S. Surgeon General issues a report stating that tomatoes prevent colds. What is the effect on the market for tomatoes? b. A new type of robot is invented that will pick peaches. What is the effect on the market for peaches?
The truck's market value is expected to decrease by $2,500 each year it is in service. If the company plans to keep the truck for only two years, what is the annual worth of this investment? The MARR=18% per year.
Johnny has allocated $30 toward coffee and tea and feels that coffee and tea are perfect substitutes. Due to differences in caffeine levels, his MRS of tea for coffee equals 2.
If Starbucks introduces the world to premium blends, and demand rises substantially, illustrate what will happen in this market as it moves to a new equilibrium.
explain how much consumer spending takes place. Which of the following is something that they would include in consumer spending.
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