Posted: March 21st, 2023
Week 1 Assignment
Absolute and Comparative Advantage
Use the table below to answer the questions concerning absolute and comparative advantages.
United States 8 8
Canada 4 2
1. Which country has an absolute advantage in producing lumber?
2. Which country has an absolute advantage in producing automobiles?
3. Which country has a comparative advantage, if any, in producing lumber?
4. Which country has a comparative advantage, if any, in producing automobiles?
5. Should the U.S. trade with Canada? If so, what should be imported and what should be exported?
6. Should Canada trade with the U.S.? If so, what should be imported and what should be exported?
Week 2 Assignment
Demand and Supply Exercises
Directions: Fill in the boxes (QD, QS, D, S, P, Q) in the next three demand and supply exercises. Based upon the event, what can we expect to occur for the market? Use a “0” (zero) if nothing will occur for that particular variable, a “+” (plus) if an increase, or a “-“ (negative) if a reduction. QD stands for Quantity Demanded, QS for Quantity Supplied, D for Demand, S for Supply, P for Price, and Q for Quantity.
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Problem 1 QD QS D S P Q
Problem 2 QD QS D S P Q
Problem 3 QD QS D S P Q
Week 3 Assignment
The Importance of Competition
After reading chapters 5 and 6 and Special Topic 5, write a 2-page paper describing the importance of competition in markets. How does a lack of competition affect prices and output? Describe what the role of government is in markets vis-a-vis firms in the market.
Week 4 Assignment
Gross Domestic Product
Title: Grantham Copyright – Description: Grantham Copyright 2018Use the data chart to answer the questions below.
Government Expenditures $200
Gross Private Domestic Investment $100
1. Using the data above, GDP is equal to __________________.
2. Using the data above, Net Exports is equal to _____________.
3. Using the data above, PCE (Personal Consumption Expenditure) is equal to _____________.
4. If the dollar amounts of the items above are the nominal amounts in year 2017, and the quantities of units are identical in years 2010 and 2017, but prices in 2010 were 20% less than 2017, Real GDP in 2017 using 2010 as the base year is equal to _______________.
Week 5 Assignment
Economic Cycle Curves
Construct the AD, SRAS, and LRAS curves for an economy experiencing (a) full employment, (b) an economic boom, and (c) a recession. What will happen in each case if it’s only temporary? What will happen in each case if it’s permanent?
Week 6 Assignment
The Importance of Competition
After reading chapters 11, 12, and Special Topic 4, write a 2-page paper describing the economic viewpoints and theories of John Maynard Keynes. What were his views of the causes recessions and solutions to fixing them? In his view, what place did government have to improve markets? What does the concept of “crowding out” mean in all of this?
Week 7 Assignment
Federal Reserve & Open Market Operations
If the Fed shifts to a more restrictive monetary policy, and it utilizes the open market operations tool, describe what will happen to each of the following:
1. the reserves available to banks
2. real interest rates
3. household spending on consumer durables
4. the exchange rate value of the dollar
5. net exports
6. the prices of stocks
7. real GDP
Week 8 Assignment
Effects of Free Trade and Restrictions
Use the graph below to answer the following questions:
The graph above shows the demand and supply of wrenches for the country of Spain.
1. If trade is avoided, Spain consumes _____ wrenches at a price of _____ per wrench.
2. With free trade, for a world price of $4 per wrench, Spain is producing _____wrenches.
3. With free trade, for a world price of $4 per wrench, Spain is consuming _______ wrenches.
4. With free trade, for a world price of $4 per wrench, Spain is importing _________wrenches.
5. If the world price is $4 per wrench, and the government of Spain imposes a tariff of $2, Spain produces ____________ and imports __________wrenches.
6. If the world price is $4 per wrench, and the government of Spain imposes a tariff of $2, how much tariff revenue will the Spain’s government collect? _____
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