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Suppose that two people, Mary and John each live alone in an isolated region.
Then list one good reason to allow tire imports and one good reason to restrict tire imports. Give a short explanation for each reason.
Refer to the above data. What would be feasible terms of trade between Landia and Scandia? Show any calculations.
Explain what can we learn from a country's production possibilities curve?
Explain the difference between comparative advantage and absolute advantage. Explain how economies benefit with specialization and trade.
Kodak has developed an important brand name through its advertising, innovation, and product quality and service.
What is Michelle's opportunity cost of producing chickens? What is James' opportunity cost of producing potatoes?
Draw the production possibilities frontiers for each country. (Put clothing on the vertical axis and food on the horizontal axis.)
Question 1: Give at least two reasons economists generally support free trade. Explain.
What is Mary's opportunity cost of producing pigs? What is John' opportunity cost of producing corn?
- What is Mary's opportunity cost of producing corn? - What is Mary's opportunity cost of producing pigs?
(Households production) many households supplements their food budget by cultivating small vegetable gardens.
What is Mary's opportunity cost of producing corn? What is Mary's opportunity cost of producing pigs?
Why do you think it will be interesting to focus in the economic ideas of Walmart?
What is the most important determinant of price elasticity of demand? Why is this so?
Calculate Real GDP for 2007, assuming that 2006 is the base year.
Why can't one country have a comparative advantage over another country in the production of everything if the first country has excellent natural resources
a. Calculate Canada's opportunity cost of one tonne of wheat. b. Calculate Chile's opportunity cost of one tonne of copper ingots.
Do you thus conclude that the Linder hypothesis must necessarily offer a good explanation of Germany's trade? Why or why not?
The theory demonstrates how trade affects the distribution of income within trading partners. Explain.
Discuss the conditions that will help the union achieve this objective. Why might a union be unable to meet its goal?
Why does this indicate that employment discrimination existed against single men and in favor of married men?
Would you like to see a voucher system applied to higher education? Why or why not?
How does the lack of competition in the provision of education affect the quality and cost of education? Explain.
How did the Medicare and Medicaid programs influence the cost of medical services purchased by Americans who were neither poor nor elderly? Explain.