Ricardian problem about comparative advantage
Question 1: Describes a simple Ricardian problem about comparative advantage.
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In a committee meeting of the United Nations you are considering the following questions: Question 1. When is international trade an opportunity for workers? When is it a threat to workers?
What is the cost of growing 200 bushels of wheat in Iowa? What is the cost of growing 200 bushels of wheat in Oklahoma? Which state has a comparative advantage in growing wheat?
a) What is its return on assets? b) If its debt/equity ratio is 1.0, what is the return on equity?
What do you think would be the effect of Increases/decreases in the dollar's exchange value on the firm's profitability?
In the three years prior to the layoffs above, Sprint terminated more than 20,000 other employees because of lagging sales and fierce competition in the telecommunications industry.
Problem: Explain unequivocally why the foundation of trade has nothing to do with absolute advantage and only the law of comparative advantage is relevant.
Explain why a black market for the U.S. dollar exists in Oz. What is the black market exchange rate for the U.S. dollar? (Hint: make sure you subtract the transactions that took place at the official rate before you figure out the black market rate
Problem 1. Will a country do better importing or exporting a good for which it has a comparative advantage? Why?
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