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Comparative Advantage

Absolute & Comparative Advantage

1. In a day of production, firms in Angola can produce 200 liters of oil or 100 kilograms of tungsten. Firms in Namibia can produce 160 liters of oil or 60 kilograms of tungsten. Which country has an comparative advantage in the production of tungsten? a. Both countries are equally advantageous in production. b. Neither c

International Trade Relations are uncovered.

As an international economist you have been asked to prepare a short speech which answers the following questions: 1.How does the Heckscher-Ohlin theory differ from Ricardian theory in explaining international trade patterns? 2.The theory demonstrates how trade affects the distribution of income within trading partners. E

Microeconomics: Comparative Advantage in Producing Pigs and Corn

Suppose that two people, Mary and John each live alone in an isolated region. They each have the same resources available, and they grow corn and raise pigs. If Mary devotes all her resources to growing corn, she can raise 200 pounds of corn per year. If she devotes all her resources to raising pigs, she can raise 50 pigs per ye

Comparative and Absolute Advantage

Please help with the following problem: Daily output: Israel can produce 100 computers or 50 tanks Canada can produce 40 computers or 15 tanks Which country has the absolute advantage in the production of tanks? Why is it this country? Which country has the comparative advantage in the production of computers? How di

Imports

Should we restrict foreign imports or let them in? This is a classic economics question which has been discussed by economists since the time of Adam Smith in 1776. Read the article below. Then list one good reason to allow tire imports and one good reason to restrict tire imports. Give a short explanation for each reason. A

possibilities data

Answer the next question on the basis of the following production possibilities data for Landia and Scandia: Landia production possibilities: A B C D E Fish 8 6 4 2 0 Chips 0

Overview of microeconomics

1. Why do many economists believe that the market system is the most efficient economic system for allocating resources? 2. What are the four main categories of resources? Explain each of them. 3. (a) Explain what happens in the simple circular flow diagram? (b) What effect do price controls have on the market system?

Comparative Advantage of Potatoes and Chickens

Suppose that two people, Michelle and James each live alone in an isolated region. They each have the same resources available, and they grow potatoes and raise chickens. If Michelle devotes all her resources to growing potatoes, she can raise 200 pounds of potatoes per year. If she devotes all her resources to raising chickens,

Calculating Opportunity Cost: Chickens and Potatoes Example

Suppose that two people, Michelle and James each live alone in an isolated region. They each have the same resources available, and they grow potatoes and raise chickens. If Michelle devotes all her resources to growing potatoes, she can raise 200 pounds of potatoes per year. If she devotes all her resources to raising chickens

Pros and cons of free trade

Give at least two reasons economists generally support free trade. Explain What are the main reasons some oppose?

International trade: Example questions

Questions from these topics. Ricardian Model. Specific - Factors Model Heckscher - Ohlin Model Factor Movements Increasing Returns to Scale and Imperfect Competition See attachment for more.

Consumption possibility frontier

Suppose that two people, Mary and John each live alone in an isolated region. They each have the same resources available, and they grow corn and raise pigs. If Mary devotes all her resources to growing corn, she can raise 200 pounds of corn per year. If she devotes all her resources to raising pigs, she can raise 50 pigs p

What is the Opportunity Cost Producing Corn & Pigs

Suppose that two people, Mary and John each live alone in an isolated region. They each have the same resources available, and they grow corn and raise pigs. If Mary devotes all her resources to growing corn, she can raise 200 pounds of corn per year. If she devotes all her resources to raising pigs, she can raise 50 pigs per y

(households production)

(households production)many households supplements their food budget by cultivating small vegetable gardens.explain how each of the following migth influence this kind of household production: a.both husband and wife are professionals who can earn high saleries. b.the household is located in acity rather than in a rural area.

Explain concepts of microeconomics

Suppose that two people, Mary and John each live alone in an isolated region. They each have the same resources available, and they grow corn and raise pigs. If Mary devotes all her resources to growing corn, she can raise 200 pounds of corn per year. If she devotes all her resources to raising pigs, she can raise 50 pigs per y

Addresses the following questions 1. Why do you think it will be interesting to focus in the economic ideas of Walmart? 2. How you think macro-economics applies to Walmart? What would it contribute to your understanding of this organization's prospects? 3. Pick two of the Big Ideas of the Basic Terminology in Economics. Discuss how they apply to Walmart.

Addresses the following questions 1. Why do you think it will be interesting to focus in the economic ideas of Walmart? 2. How you think macro-economics applies to Walmart? What would it contribute to your understanding of this organization's prospects? 3. Pick two of the Big Ideas of the Basic Terminology in E

Eco102

Please answer 4 attached questions. table attached in xls file. thanks

Microeconomics

There is no word minimum for any answer; just give a complete response. Question One What is the most important determinant of price elasticity of demand? Why is this so? Give an example of a firm that price discriminates for its product or service. Question Two Give an example of the income effect and

Online auction sites

Using some or all of the following, compare some of the most popular online auction sites: -Pricing strategies -Oligopoly -Porter's 5 forces framework I would need around 300-500 words (please include references)

Questions

1. The size of the labor force in a community is 800, and 720 of these folks are gainfully employed. In this community, 200 people over the age of 16 do not have a job, and are not looking for work. In addition, 100 people in the community are under the age of 16. The unemployment rate is: 2. Suppose nominal GDP in 2005 was $12

Comparative Advantage - Countries

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 huge capital stock, a highly skilled labour force, and ingenious technicians and managers, while the second country is poor in all four areas?

Opportunity costs and comparative advantage

Please help with the following international economics problems. In one day, Canada can produce either 200 tonnes of wheat or 90 tonnes of copper ingots. In one day, Chile can produce either 120 tonnes of wheat or 175 tonnes of copper ingots. Based on these numbers, a. Calculate Canada's opportunity cost of one tonne of w

ECONOMICS QUESTION

Suppose that you test the Linder hypothesis by comparing Germany's absolute difference in per capita income from each of its trading partners with the size of Germany's total trade with each respective partner. You find a strongly negative correlation. Do you thus conclude that the Linder hypothesis must necessarily offer a