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International Trade

Standard Trade Model

The Internet has allowed for increased trade in services sch as programming and technical support, a development that has lowered the prices of such services relative to manufactured goods. India in particular has been recently viewed as an exporter of technology-based services, an area in which the United States had been a maj

International Trade

The attached graph shows the calculator market for Venezuela, assumed to be a "small" country that is unable to affect the world price. (S)Venezuela is the domestic supply schedule and (D)Venezuela is the domestic demand schedule. 1. Consider the attached graph. Suppose the rest of the world supplies calculators to Venezu

Measuring Gross Domestic Product

A. Measuring Gross Domestic Product 1. Suppose, in a two-sector model, that individuals receive the following payments from the business sector: wages $520, interest $30 rent $ 10 and profits $80. Consumption spending is $550 and investment is $90. a. Find the market value of output and household saving b. What is the rela