Note: same information for questions 16-19. The following figure shows the production possibilities frontiers of two countries, Home and Foreign (solid lines). They produce two goods, Oil and Cars. Also shown are two indifference curves for the Home country. When the two countries open up to free and costless trade with each other, the resulting price line for the Home country is also shown as the dashed line. The production point and the consumption point of the HOME country with free trade are:
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Note: same information for questions 20-25, except where oth…
Note: same information for questions 20-25, except where otherwise noted. A small country is engaged in free international trade with a large country. There are two sectors (goods): sector (good) x and sector (good) y. There are three factors of production: labor, which is perfectly mobile across the two sectors; land, which is specific to good x; and capital, which is specific to good y. The solid lines of the following figure represent: Px MPLx for the small country as a function of Lx, measured from origin O; and Py MPLy as a function of Ly, measured from origin O*. The length of the base of the figure is L=2000, the total units of labor in the country. One unit of labor is one worker working for a year. The scale on the vertical axis is thousands of dollars. Note that each grid spacing on the horizontal represents 50 workers, and each grid spacing on the vertical axis represents 1 thousand dollars. NOTE: – Ignore the dashed line until it is mentioned below. – Since this is a graphical question, some of the answers may be approximate! Suppose that initially labor cannot move from one sector to another, and that the y sector employs 1600 workers, therefore the x sector employs 400 workers. What is the approximate wage difference between the two sectors?
Note: same information for questions 4-11, except where othe…
Note: same information for questions 4-11, except where otherwise noted. The world is composed of two countries, Country A and Country B. They use labor to produce two goods, TV Series and Movies. All of the assumptions of the Ricardian Model hold. The following table shows the unit labor inputs used to make each good in each country, where one unit is one hour of labor. (Thus, for example, to make a TV series in Country A it takes 30 hours of labor, and so on.) Country A has 12,000 units of labor and country B has 24,000 units of labor. The two countries are engaged in free and costless trade. Country A Country B TV Series 30 5 Movies 6 2 Compute Country B’s opportunity cost of making TV series. Only exact answer is accepted. Use a decimal point if needed.
Note: same information for questions 20-25, except where oth…
Note: same information for questions 20-25, except where otherwise noted. A small country is engaged in free international trade with a large country. There are two sectors (goods): sector (good) x and sector (good) y. There are three factors of production: labor, which is perfectly mobile across the two sectors; land, which is specific to good x; and capital, which is specific to good y. The solid lines of the following figure represent: Px MPLx for the small country as a function of Lx, measured from origin O; and Py MPLy as a function of Ly, measured from origin O*. The length of the base of the figure is L=2000, the total units of labor in the country. One unit of labor is one worker working for a year. The scale on the vertical axis is thousands of dollars. Note that each grid spacing on the horizontal represents 50 workers, and each grid spacing on the vertical axis represents 1 thousand dollars. NOTES: – Ignore the dashed line until it is mentioned below. – Since this is a graphical question, some of the answers may be approximate! For all remaining questions in this group, suppose that labor can move freely from one sector to another. For the remainder of this group, suppose that the price of good y doubles, resulting in the dashed line, labeled P’y MPLy. When the price of good y doubles, the impact on capital owners is ______. To explain this, we need to understand that ______ .
What first happens when an x or gamma ray interacts with and…
What first happens when an x or gamma ray interacts with and ionizes a molecule of water?
An animal’s ears are located ___________ to its eyes.
An animal’s ears are located ___________ to its eyes.
The gland(s) that helps regulate the body’s blood calcium le…
The gland(s) that helps regulate the body’s blood calcium levels is the
As a result of the second meiotic division, the daughter cel…
As a result of the second meiotic division, the daughter cells each contain which of the following?
The monomers of protein are __________ __________.
The monomers of protein are __________ __________.
Amino acids are connected by covalent bonds called _______ …
Amino acids are connected by covalent bonds called _______ _______ to form proteins.