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Suppose that each US worker can produce 8 units of food or 2 units of clothing daily. In Fredonia, which has the same number of workers, each worker can produce 7 units of food or 1 unit of clothing daily. Why does the US have an absolute advantage in both goods? Which country enjoys a comparative advantage in food, why?
Describe unequivocally why the foundation of trade has nothing to do with absolute advantage and only law of comparative advantage is relevant.
Explain for each event whether it changes short-run aggregate supply, long-run aggregate supply, aggregate demand, or some combination of them. Explain the separate effects of each event on U.S. real GDP and the price level, starting from a positi..
Calculate the forward discount or Premium for the Mexican peso whose 90-day forward rate is $.102 and spot rate is $.10. State whether your answer is a discount or premium.
Assume that following two programes take place in the market for Kuwait's currency, the dinar; The United States demand for oil, Kuwait's main export good,
When China reformed state-owned enterprises, it tried a new approach to choosing managers: it put managerial jobs up for auction. The bids for the jobs consisted of promises of future profit streams that the managers would generate and then deliv..
Suppose US and Russia produce only two goods meat and potatoes in a week's time according to the table below which shows their production possibilities. Usa: Meats 2lbs Potatoes 4lbs Russia: Meats 5lbs Potatoes 20lbs ..
The health care industry desires to get bigger and that its only option is a merger. Now the industry is confronted with the government regulations to oversee merger.
n the flexible exchange rate system, discuss the effects of the following events on the exchange rate between U.S. dollar and Japanese Yen: Please indicate whether US$ will appreciate or depreciate.
The world price of wine is below the price that would prevail in the United States in the absence of trade. a.) Assuming that American imports of wine are a small part of total world wine production, draw a graph for the U.S. market for wine under ..
Describe the difference between comparative advantage and absolute advantage.
If the local environmental quality in Tennessee declines as a result of this trade, then indicate a potential Coase agreement that could avoid the environmental decline and would still make the trade profitable to both parties ? Is such a trade po..
China and Japan have two factors of production, land and labor. Both nations manufacture two products, corn, which requires more land, and computers, which requires more labor.
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