Principle of comparative advantage
Problem 1: Construct a quantitative example to illustrate the principle of comparative advantage.
Problem 2: What are dynamic effects of free trade and why might they be important?
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a. What is the opportunity of producing a unit of wheat in the United Kingdom? In the United States? b. Which country has an absolute advantage in producing wheat? In producing cloth?
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Define the concept of comparative advantage. How can a country gain or lose its comparative advantage in the production of a good?
Problem 1: Construct a quantitative example to illustrate the principle of comparative advantage. Problem 2: What are dynamic effects of free trade and why might they be important?
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Question 1: Explain absolute and comparative advantage for India and Nepal. Question 2: If each country has 1000 person-days of labour, construct each country's production-possibility curves.
Which of the following statements correctly distinguishes capitalism from socialism?
Ignoring the mathematics, explain the operation of the Krugman model in economic terms and indicate its principal lessons.
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