Explain why the Leontief paradox and the more recent Bowen, Leamer, and Sveikauskas results reported in the text contradict the factor-proportions theory.
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- In 1938, major powers met in Munich to discuss Germany’s demands to annex part of Czechoslovakia. Let us think of the issue as the proportion of Czechoslovak territory given to Germany. Possible outcomes can be plotted on a single dimension, where 0 implies that Germany obtains no territory and 1 implies that Germany obtains all of Czechoslovakia: Most countries at Munich (“Allies” for short) wish to give nothing to Germany: their ideal point is 0, which gives them utility of 1. Their worst possible outcome is for Germany to take all of Czechoslovakia; hence an outcome of 1 gives them utility of 0. In between these extremes, the Allies could propose a compromise, X, which gives them utility of 1 – X. The question for the Allies is whether to propose a compromise or fight a war with Germany, which they are sure will ensue if they offer nothing. If they propose a compromise and Germany accepts, they get a payoff of 1 – X. If they fight, they win with probability p and lose with…Outlining examples, provide a short (economic) definition of each of these terms, which have been suggested as having a role to play in resolving social dilemmas.a) Altruismb) Reciprocityc) Punishmentsd) Social norms Answer all, please.Please read the question carefully and answer correctly Part B only. I hope you do not waste your or my time by giving me a wrong answer. there is a similar question and answer posted before but it was completely wrong. It is an economy game theory question. Thanks 2. The set of states is W = {a, b, c, d, e}, Individual 1’s information partition is {{a, b, d}, {c}, {e}}, Individuals 2’s information partition is {{a, c}, {b, d}, {e}}, Individual 3’s information partition is {{a, b, c}, {d}, {e}}. (a) Construct the Common Knowledge Partition. (b) Let E = {a, b, d, e}. Find the following events: K1E, K2E, K3E, K1K2E, and CKE.
- Utilitarianism characterizes the moral approach taken by Ford in the infamous Pinto case study.True FalseOnly 3When Tanner watches a movie on Netflix, their viewing is . in consumption because other people able to watch the movie at the same time. Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. nonrival; are b rival; are rival; are not nonrival; are not
- The following is an excerpt describing the Oregon Medicaid lottery: In 2008, Oregon implemented a limited expansion of its Medicaid program for low-income adults through a lottery, selecting names from a waiting list to fill a limited number of available spots. Those selected had the opportunity to apply for Medicaid and to enroll if they met eligibility requirements. Based on the description, you might describe the Oregon Medicaid lottery as a: randomized experiment "As if random" natural experiment a true natural experimentIn some ways, contracts can be very easy to enter into. In fact, we often enter into agreements simply by our actions. For example, many businesses place small notices near their entryways warning that by entering the building you consent to video recording or by parking in a specific lot you agree that the lot owner is not liable should anything happen to your car (even if you paid to park there). Are these agreements valid? Should individuals be held to agreements even if they did not know about them?For questions 44 and 45 consider the following: The town of Fenerbahce has hired world-class econometricians to investigate their criminal justice system. The researchers report an interesting finding. People who were previously detected and punished by law enforcers gain a better understanding of the functioning of the law enforcement system, and are better able to exploit laws designed to protect defendants against the state. Thus, people who have been detected and punished before are better able to avoid detection and punishment. In particular, they report the following facts: The offense of jay-walking causes social harm of $100. A person who has never been punished for jaywalking before faces a 0.5 probability of being detected while jaywalking. A person who has been punished before for jaywalking faces a probability of 0.25 of being detected while jaywalking. The town wants to implement optimal punishment schemes. It is well known that everyone in Fenerbahce is risk-neutral and…
- while this topic may seem insensitive given the recent events in Uvalde (and others), in economics the "Guns vs. Butter" debate has been used for decades to describe the choice and trade-offs between producing a governmental capital goods (guns) vs. personal consumer goods (butter) in society. Please keep this in mind and do not get off topic in the guns vs. no guns debate or the idea of gun legislation. In this exercise you will demonstrate your ability to draw a simple production possibilities curve given data on the quantity of one input (labor) and the amount of labor required to produce each of two outputs (guns and butter). You should also be able to identify the opportunity cost of one good in terms of the other as the slope of the PPC. You will go on to explain your analysis. Guns or Butter? Suppose a nation has a total of 24 units of labor, which can be used to produce either guns or butter. One gun takes 6 units of labor to produce and 1 butter takes 2 units of labor to…explain Stolper-Samuelson Theorem with diagramQ16 Pareto optimality refers to the maximum efficient allocation of economic resources such that there is no way that one's wealth another person worse off: this statement is choices - irrelevant -conditionally true -always true -always false