Two countries, Spain and Portugal, use two inputs, capital and labor, to produce two goods, wine and cheese. Wine is relatively capital intensive in production and Spain is the relatively capital abundant country.

5) According to the Rybczynski Theorem, if Portugal were a small country with a free trade policy, growth of the labor force would cause:

Question 5 options:

A British health minister once claimed that the demand for health care is infinite because everyone is in a losing battle against death. This is not so for American dentistry, however. As aggregate U.S. income levels have risen during the last 25 years, overall spending on dental care services has declined.

It is not that fewer Americans are seeing dentists each year. They just do not require as many fillings or extractions. As incomes rose, people purchased more expensive and effective toothpastes. More towns, cities, and counties began to fluoridate their water as the relative price of this anticavity agent declined,

so changing relative prices have played a role. The higher incomes of their residents have permitted more municipalities to purchase fluoridation systems. At every age, the average American now has two more teeth than 25 years ago.

Many fledgling dentists have begun specializing in “cosmetic dentistry” desired by clients with healthy but less than beautiful teeth.

QUESTION: Compared to traditional dental-care services, is cosmetic dentistry more or less likely to be a normal good?

Here’s a weird but easy to calculate economy. Suppose everybody in the economy experiences exactly same life story: start working for free at age 1 for $1/hour, and then has a wage increase $1 every year until age 100. That is, a person who is 20 years old makes $20/hour, a person who is 45 years old makes $45/hour, and so on. Every year, one person is born, and 1 person reaches age 100 and dies. Everyone lives for 100 years. That is, at any point in time, the economy is made of 100 people, 1 person who is aged 0 (been born in the current year), 1 person aged 1, 1 person aged 2, 1 person aged 3, …, all the way to 1 person aged 99, each earning their age in dollars per hour.

a. Calculate the Gini coefficient for this economy. b. The current estimates of Gini around the world ranges from (the lowest in the world) 23.7 in Slovenia to (the highest in the world) 63.2 in Lesotho. How does our imaginary economy compare to the real-world countries? (that is, is it unusually high, unusually low, or about average?) c. In your opinion, is the income inequality in our imaginary economy a bad thing and requires that the government redistributes incomes? Explain why or why not.

Two countries, Spain and Portugal, use two inputs, capital and labor, to produce two goods, wine and cheese. Wine is relatively capital intensive in production and Spain is the relatively capital abundant country.

4) According to the Factor Price Equalization Theorem wages (earnings from labor) and rent (earnings from capital) between Spain and Portugal will equalize:

Question 4 options:

The following table summarizes two hypothetical situations for the US Steel market. The first column depicts the situation in the presence of a tariff. The second column depicts the situation with free trade.

                                                                        With                                        Free

                                                                        Tariff                                       Trade

World price of steel                                        $400/ton                                  $400/ton

US price of steel                                             $600/ton                                  $400/ton

Steel bought in US                                          10 million tons                        12 million tons

Steel produced in US                                      4 million tons                          2 million tons

20) If the labor input is 2 person-hours per finished ton of steel, what is the cost to consumers of steel per domestic steel industry job saved by the tariffs? (Assume 2000 person-hours = 1 job.)

options:

Write a biographical post about 20th Century Economist Milton Freidman.

If demand for toys is QD = 500 – 10P and supply is Qs = 100 + 10P, answer the following questions using calculus:

a. If the government imposes a restriction that price per toy cannot exceed $15, calculate the ΔCS, ΔPS, and DWL from the price ceiling.

b. If the government imposes a restriction that price per toy cannot be lower than $18, calculate the ΔCS, ΔPS, and DWL from the price floor.

c. If the government promises toy producers a price of $25 per unit and will buy up any excess supply to support that price, calculate the ΔCS, ΔPS, and DWL from the price support.

d. If the government promises toy producers a price of $22 per unit and will pay the difference between $22 and the price producers receive from consumers, calculate the ΔCS, ΔPS, and DWL from the price support.

Executive isolation impacts a leaders ethics by separating him or her from what is actually happening within the company. do you agree or disagree? why?

write an essay about monopoly games at least 150 word

Refer to following table, in which Q_d is the quantity of yen demanded, P is the dollar price of yen, Q_s is the quantity of yen supplied in year 1, and Q_s' is the quantity of yen supplied in year 2. All quantities are in billions.

Assume that the exchange rate is fixed against the dollar at the equilibrium exchange rate that occurs in year 1. Also suppose that Japan and the Canada are the only two countries in the world.

In year 2, what quantity of yen would the Japanese government have to buy or sell to balance its capital and financial account with its current account?

Buy OR Sell ____bollion Yen?

In what specific account would this purchase or sale show up in Japan’s balance of payments statement?

Foreign purchases of assets in Japan OR Japanese purchase of assets abroad

Would this transaction increase Japan’s stock of official international reserves or decrease its stock?

Decrease OR Increase

According to Zakaria, democracy has not always fulfilled its promises. Discuss what this means identifying each difficulty, using multiple examples to illustrate your point and suggest ways in which governments across the globe could strengthen democracy.

Discuss one reason why a cap and trade market is more difficult to implement for water versus air emissions

Discuss one reason why economists prefer a gas tax to a standard on miles per gallon of vehicles

Everything else being the same, what is the effect of an increase in interest rates on the price level? Discuss the process of adjustment to the new equilibrium.

"In 1980 your income was $30,000 and the Consumer Price Index (CPI) was 100. In 1990 you income was $45,000 and the CPI stood at 150. Which of the following is correct?"

Question 9

1. In the Circular Flow Model firms are defined as those economic units that

   		buy products in the product markets and sell resources in the resource markets.
   		sell products in the product markets and buy resources in the resource markets.
   		fit the model of a typical corporation.
   		borrow money in the credit markets for purposes of consumption.

Personal Income (PI) is equal to

The GDP may be an inaccurate measure of the economy's true performance. Which of the following may be responsible for this inaccuracy?

The unemployment caused by an economic recession is called

The unemployment rate statistic published by the Bureau of Labor Statistics may underestimate the magnitude of the unemployment problem in the economy because

Underemployment includes the following:

Which of the following is NOT a problem in using economic statistics?