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?
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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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