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Does either person have an absolute advantage in producing both products?
Question: What are the benefits of free trade? Who are the winners and losers when the government imposes tariffs and quotas?
The opportunity cost of changing your decision on what to major in college is highest
As a production manager who understands the academic argument for free trade working in an industry threatened by cheaper imports, how do you react?
How would each of the following theories of comparative advantage explain the fact that the United States exports computers?
Who benefits from a tariff or quota? Who loses? What are the positives and negatives of protectionist trade policies on the federal government's part?
Suppose that two people, Mary and John each live alone in an isolated region.
Question 1: Give at least two reasons economists generally support free trade. Explain.
(Households production) many households supplements their food budget by cultivating small vegetable gardens.
What is the most important determinant of price elasticity of demand? Why is this so?
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
Discuss the conditions that will help the union achieve this objective. Why might a union be unable to meet its goal?
Why does this indicate that employment discrimination existed against single men and in favor of married men?
Would you like to see a voucher system applied to higher education? Why or why not?
How does the lack of competition in the provision of education affect the quality and cost of education? Explain.
How did the Medicare and Medicaid programs influence the cost of medical services purchased by Americans who were neither poor nor elderly? Explain.
How does the substitution of third-party payments by insurance companies and the government for out-of-pocket purchase of health care by consumers influence?
How will the policy environment of country influence its ability to attract foreign investment? How will foreign investment influence growth rate of a country?
Why has Ireland grown more rapidly than other European economies during the last decade?
How does the ability to set wages for an entire industry influence the power of a labor union?
How would this surplus affect interest rates, saving, and investment? Compare and contrast the traditional view and the new classical view.
How is the Social Security system currently influencing the size of the budget deficit? How will Social Security influence the budget deficit a decade from now?
Other things being constant, what is the expected effect of a dividend tax reduction on stock prices? Explain.
The stocks of some corporations that have never made a profit, especially those in high-technology. What causes investors to be willing to buy these stocks?
Microsoft made sizable profits but never paid a dividend. Why were people willing to pay such a high price knowing that they not get dividends for many years?