Blog

Information for questions 14-18 The world is made of two countries, La La Land, and Liverpond. Labor is the only factor of production. La La Land has 100 hours of labor available to be employed, while Liverpond has 200 hours of labor available to be employed. There are two goods, songs and movies. The following table shows the output of each good per hour of labor, in the two countries.   La La Land Liverpond Songs 10 4 Movies 20 5 Calculate the opportunity cost of songs (in terms of movies given up per additional song produced) in La La Land. Enter a whole or decimal number, as appropriate. Enter 0 if the answer cannot be obtained with the information given. Only exact answer accepted.

Information for questions 21-25 The figure below depicts the production possibilities curve (PPC) for the U.S. and Canada, two countries that can produce cars and trucks. Assume the two countries trade only with each other. The U.S. and Canada have the same total amount of hours of labor engaged in production. In which good does the U.S. have comparative advantage?

Normally the WTO does not allow discriminatory treatment of member nations in trade, but it makes an exception in the case of

Information for questions 10-13 The world is made of five countries, A, B, C, D and E. There are no transportation costs among these countries, just (possibly) tariffs. Countries A and B are considering forming a Regional Trade Agreement (RTA). If they do so, then they will have no tariffs against each other’s goods, but will keep their tariffs against countries C, D, and E. The following table lists the costs of production per automobile in the five countries. Also shown are country A’s tariffs imposed on imports of automobiles from other countries, before and after any RTA is formed.   Cost of production (thousands of $/car) A’s tariff (thousands of $/car) before RTA A’s tariff (thousands of $/car) after RTA Country A 22 — — Country B 15 5 0 Country C 10 5 5 Country D 11 4 4 Country E 18 4 4 Before forming an RTA, in order to conform with the “most favored nation” rule, country A should lower its tariffs on imports from:

Since the end of World War II,

12. If you want to highlight values over $1,000 in a sales column, which tool should you use?

15. What does the =AVERAGE() function do?

2. What is the main purpose of adjusting column widths after exporting a report from QuickBooks to Excel?

8. What is the best way to make headers stand out in a spreadsheet?

13. Which function would you use to calculate gross margin?