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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Two individuals are having a picnic. Jane brings 8 litres of soft drinks and 2 sandwiches. Bob, on the other hand, has 2 litres of soft drinks and 4 sandwiches. With these endowments, Jane's marginal rate of substitution (MRS) of soft drinks for s
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?
Assume Nebraska and Virginia each have 100 acres of farmland. The following table gives hypothetical figures for yield per acre in the two states:
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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