Principles of Macroeconomics 2e
2nd Edition
ISBN: 9781947172388
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Textbook Question
Chapter 20, Problem 26CTQ
In World Trade Organization meetings, what do you think low-income countries lobby for?
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20. Factors 01 pro
B. the technological innovations available to companies.
A. the laws that regulate manufacturers.
C. the resources used to create output
D. the waste left over after goods are produced.
21. Table 1.1 shows the tradeoff between different combinations of missile production and home
construction, ceteris paribus. Complete the table by calculating the required opportunity costs for both
missiles and houses. Then answer the indicated question(s).
Combination
Number of
houses
Opportunity cost
of houses in
Number of
missiles
terms of missiles
J
0
4
K
10,000
3
L
17,000
2
1
M
21,000
0
N
23,000
Opportunity cost
of missiles in
terms of houses
Tutorials-Principles of Economics
m health care
In a small open economy with a floating exchange rate, the supply of real money balances is fixed and a rise in government spending ______
Group of answer choices
Raises the interest rate so that net exports must fall to maintain equilibrium in the goods market.
Cannot change the interest rate so that net exports must fall to maintain equilibrium in the goods market.
Cannot change the interest rate so income must rise to maintain equilibrium in the money market
Raises the interest rate, so that income must rise to maintain equilibrium in the money market.
Suppose a country with a fixed exchange rate decides to implement a devaluation of its currency and commits to maintaining the new fixed parity. This implies (A) ______________ in the demand for its goods and a monetary (B) _______________.
Group of answer choices
(A) expansion ; (B) contraction
(A) contraction ; (B) expansion
(A) expansion ; (B) expansion
(A) contraction ; (B) contraction
Chapter 20 Solutions
Principles of Macroeconomics 2e
Ch. 20 - True or False: The source of comparative advantage...Ch. 20 - Brazil can produce 100 pounds of beef or 10 autos....Ch. 20 - In France it takes one worker to produce one...Ch. 20 - In Germany it takes three workers to make one...Ch. 20 - How can there be any economic gains for a country...Ch. 20 - Table 33.15 shows how the average costs of...Ch. 20 - If the removal of trade banters is so beneficial...Ch. 20 - What is absolute advantage? What is comparative...Ch. 20 - Under what conditions does comparative advantage...Ch. 20 - What factors does Paul Krugman identity that...
Ch. 20 - Is it possible to have a comparative advantage in...Ch. 20 - How does comparative advantage lead to gains from...Ch. 20 - What is intra-industry trade?Ch. 20 - What are the two main sources of economic gains...Ch. 20 - What is splitting up the value chain?Ch. 20 - Are the gains from international trade more likely...Ch. 20 - Are differences in geography behind the...Ch. 20 - Why does the United States not have an absolute...Ch. 20 - Look at Exercise 33.2. Compute the opportunity...Ch. 20 - You just overheard your friend say the following:...Ch. 20 - Look at Table 33.9. Is there a range of trades for...Ch. 20 - You just got a job in Washington, D.C. You move...Ch. 20 - Does intra-industry trade contradict the theory of...Ch. 20 - Do consumers benefit from intra-industry trade?Ch. 20 - Why might intra-industry trade seem surprising...Ch. 20 - In World Trade Organization meetings, what do you...Ch. 20 - Why might a low-income country put up barriers to...Ch. 20 - Can a nations comparative advantage change over...Ch. 20 - France and Tunisia both have Mediterranean...Ch. 20 - In Japan, one worker can make 5 tons of rubber or...Ch. 20 - Review the numbers for Canada and Venezuela from...Ch. 20 - In Exercise 33.31, is there an ask where...Ch. 20 - From earlier chapters you will recall that...Ch. 20 - Consider two countries: South Korea and Taiwan....Ch. 20 - If trade increases world GDP by 1 per year, what...
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Similar questions
- Assume a small open country under fixed exchanges rate and full capital mobility. Prices are fixed in the short run and equilibrium is given initially at point A. An exogenous increase in public spending shifts the IS curve to IS'. Which of the following statements is true? Group of answer choices A new equilibrium is reached at point B. The TR curve will shift down until it passes through point B. A new equilibrium is reached at point C. Point B can only be reached in the absence of capital mobility.arrow_forwardA decrease in money demand causes the real interest rate to _____ and output to _____ in the short run, before prices adjust to restore equilibrium. Group of answer choices rise; rise fall; fall fall; rise rise; fallarrow_forwardIf a country's policy makers were to continously use expansionary monetary policy in an attempt to hold unemployment below the natural rate , the long urn result would be? Group of answer choices a decrease in the unemployment rate an increase in the level of output All of these an increase in the rate of inflationarrow_forward
- A shift in the Aggregate Supply curve to the right will result in a move to a point that is southwest of where the economy is currently at. Group of answer choices True Falsearrow_forwardAn oil shock can cause stagflation, a period of higher inflation and higher unemployment. When this happens, the economy moves to a point to the northeast of where it currently is. After the economy has moved to the northeast, the Federal Reserve can reduce that inflation without having to worry about causing more unemployment. Group of answer choices True Falsearrow_forwardThe long-run Phillips Curve is vertical which indicates Group of answer choices that in the long-run, there is no tradeoff between inflation and unemployment. that in the long-run, there is no tradeoff between inflation and the price level. None of these that in the long-run, the economy returns to a 4 percent level of inflation.arrow_forward
- Suppose the exchange rate between the British pound and the U.S. dollar is £1 = $2.00. The U.S. government implementsU.S. government implements a contractionary fiscal policya contractionary fiscal policy. Illustrate the impact of this change in the market for pounds. 1.) Using the line drawing tool, draw and label a new demand line. 2.) Using the line drawing tool, draw and label a new supply line. Note: Carefully follow the instructions above and only draw the required objects.arrow_forwardJust Part D please, this is for environmental economicsarrow_forward3. Consider a single firm that manufactures chemicals and generates pollution through its emissions E. Researchers have estimated the MDF and MAC curves for the emissions to be the following: MDF = 4E and MAC = 125 – E Policymakers have decided to implement an emissions tax to control pollution. They are aware that a constant per-unit tax of $100 is an efficient policy. Yet they are also aware that this policy is not politically feasible because of the large tax burden it places on the firm. As a result, policymakers propose a two- part tax: a per unit tax of $75 for the first 15 units of emissions an increase in the per unit tax to $100 for all further units of emissions With an emissions tax, what is the general condition that determines how much pollution the regulated party will emit? What is the efficient level of emissions given the above MDF and MAC curves? What are the firm's total tax payments under the constant $100 per-unit tax? What is the firm's total cost of compliance…arrow_forward
- 2. Answer the following questions as they relate to a fishery: Why is the maximum sustainable yield not necessarily the optimal sustainable yield? Does the same intuition apply to Nathaniel's decision of when to cut his trees? What condition will hold at the equilibrium level of fishing in an open-access fishery? Use a graph to explain your answer, and show the level of fishing effort. Would this same condition hold if there was only one boat in the fishery? If not, what condition will hold, and why is it different? Use the same graph to show the single boat's level of effort. Suppose you are given authority to solve the open-access problem in the fishery. What is the key problem that you must address with your policy?arrow_forward1. Repeated rounds of negotiation exacerbate the incentive to free-ride that exists for nations considering the ratification of international environmental agreements.arrow_forwardFor environmental Economics, A-C Pleasearrow_forward
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