Ricardian - Study guides, Class notes & Summaries

Test Bank - International Economics: Theory and Policy, Global Edition 12th Edition by Paul Krugman, Maurice Obstfeld & Marc Melitz - Complete, Elaborated and Latest Test Bank. ALL Chapters (1-22) Included and Updated #InternationalEconomics #TradeTheory #ComparativeAdvantage #TradePolicy #ExchangeRates #Macroeconomics #Globalization #InternationalTrade #DevelopingCountries #MonetaryPolicy #FinancialCrisis #Euro #Growth #Reform Chapter: 1. Introduction PART 1: INTERNAT...

Reasons countries trade goods with each other include: ■ Differences in the technology used in each country (i.e., differences in each country’s ability to manufacture products) ■ Differences in the total amount of resources (including labor, capital, and land) found in each country ■ Differences in the costs of offshoring (i.e., producing the various parts of a good in different countries and then assembling it in a final location) ■ The proximity of countries to each other (i.e.,...

Chapter 4: Resources and Trade: The Heckscher-Ohlin Model 1. In the 2-factor, 2 good Heckscher-Ohlin model, an influx of workers from across the border would A. move the point of production along the production possibility curve. B. shift the production possibility curve outward, and increase the production of both goods. C. shift the production possibility curve outward and decrease the production of the labor-intensive product. D. shift the production possibility curve outward and decr...

Macro Sec B Questions and Answers Latest updated Discuss 2 macroeconomic policies, apart from protectionism, that a gov could use to reduce the negative effects of globalization (12) supply side policy (improve education, infrastructure) boost productivity boost GDP, enable firms to compete with foreign companies EV: education has a time lag Fiscal policy (inc gov spending, decrease prices) - increase peoples disposable incomes, reduces downsides mentioned in the text EV: depends on con...

Assume that labor is the only factor of production and that wages in the United States equal $20 per hour while wages in Japan are $10 per hour. Production costs would be lower in the United States as compared to Japan if A. U.S. labor productivity equaled 40 units per hour and Japan's 15 units per hour. B. U.S. productivity equaled 30 units per hour whereas Japan's was 20. C. U.S. labor productivity equaled 20 and Japan's 30. D. U.S. labor productivity equaled 15 and Japan's 25 units...

Adam Smith - Answer-1723 to 1790; Scottish; The founder of ECONOMICS as we know it. Born in Kirkcaldy, Fife, Adam Smith (1723-90) was educated at Glasgow and Oxford, and in 1751 became professor of logic at Glasgow University. Eight years later he made his name by publishing the THEORY OF MORAL SENTIMENTS. His 1776 book, An Inquiry into the Nature and Causes of the Wealth of Nations, is the bible of CLASSICAL ECONOMICS. He emphasized the role of specialization (the DIVISION OF LABOUR), TECHNICAL...

International trade is logically associated with which assumption? A. Resources are less mobile internationally than domestically. B. Resources are more mobile internationally than are goods. C. Imports should exceed exports. D. Exports should exceed imports. E. None of the above. Answer: A 21. Arguments for free trade are sometimes disregarded by the political process because A. economists tend to favor highly protected domestic markets. B. economists have a universally accepted decis...

Study Outline for Econ S10b Midterm Exam Harvard University, Summer School Note: The assigned readings are potential sources for exam questions. I will NOT ask narrow factual questions about these readings, but you should be able to relate their main arguments to the material we have discussed in class. Note: The following outline does NOT cover everything we have studied in the class. All concepts and applications that we have discussed in class are possible exam topics. Good items to st...

NR 326 Final Exam Pollution (EconDef) when the residual assimilation services of the environment are free and unpriced Pollution (Envm Def) - waste assimilating capacity of the environment exceeded -pollution will not be reduced voluntary; requires coercion or and incentive for polluter to abate Types of Pollution Point Source: a single, identifiable, localized source of air, water, thermal, noise or light pollution (can be modeled as a point) Non-point: pollution that cannot be traced...

International Economics: Theory and Policy Sixth Edition Krugman and Obstfeld Test Bank | Complete All Chapters. Introduction 1 Chapter 2 Labor Productivity and Comparative Advantage: The Ricardian Model 14 Chapter 3 Specific Factors and Income Distribution 28 Chapter 4 Resources and Trade: The Heckscher-Ohlin Model 41 Chapter 5 The Standard Trade Model 56 Chapter 6 Economies of Scale, imperfect Competition, and International Trade 70 Chapter 7 International Factor Movements 82 Chapter 8 ...