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The United States and Russia each produce only bearskin caps and wheat. Domestic prices are given in the following table.Russia USBearskin caps 10Ru $7Wheat 15Ru $10
Exchange rate is $1 = 1Ru.a. Which country has an absolute advantage in production of caps? In wheat?
b. Which country has a comparative advantage in production of caps? In wheat?
c. If the US and Russia were the only two countries engaging in trade, what adjustments would you predict, assuming exchange rates are freely determined by the laws of supply and demand.
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Paul consumes two goods: potatoes and leisure, N. the number of potatoes Paul consumes does not vary, but their tastiness, T, does. For each extra unit of tastiness, he must spend Pt hours in the kitchen. Thus, Paul's time constraint is N+PtT=24. ..
The United States is currently recovering from its bad recession in over twenty-five years. Applying the resource provided in this and earlier modules of course describe what factors or activities you think helped cause this economic condition.
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