Free Essay

International Economics

In: Business and Management

Submitted By mygao01016
Words 1231
Pages 5
International Economics 3307AFE Group Assignment | Extend the table 1.3, examine the openness for various countries and analyse the relationship between the openness and the faster long-term growth in standard of living | (Makin, A.J., 2002, p.10) | | | |

Sanjeev Henny s2760582
Yu-Ting, Lin s2672341
Yen-Ting, Lee s2768300

World count: 985 |

With the increasing globalization of most economies, there is consequently more focus on understanding how international integrations influence macroeconomic performance. Economists use numerous indicators to measure the degree of an economy’s openness. One of the common indicators is the percentage of trade as a share of gross domestic product (GDP). It is the sum of exports and imports of goods and services measured as a share of GDP. (World Bank, 2013). This essay will firstly generally examine the degree of openness for various countries by using the percentage of trade as a share of GDP. It will then outline Singapore as the most open country, Brazil as the least open country and the most rapidly increased openness: Hong Kong. Finally, it will examine whether the degree of openness is correlated with faster long term growth in standard of living.
In advanced economies, there are many kinds of methods to analyse an economy’s openness. There has been one commonly used indicator which is the percentage value of the sum of exports plus imports as a share of national product. (Makin, 2009, p.8). Therefore, the feature in the data that we have complied is using the value of the sum of exports and imports divided by GDP times hundred. With this resource we found that the average of trade in Singapore, 334, is the highest number after Singapore separated from Malaysia in 1965. The trends of Singapore have stably increased during fifty years but it has suddenly dropped a little bit from 2009. (Refer to Appendix A and D). Although the average of trade in Hong Kong, 232, is lower than Singapore, Hong Kong has overtaken Singapore in 2009. Moreover, Hong Kong is the country or area that increased their openness the most. It has dramatically increased about 146% over fifty years. (Refer to Appendix A and D). On the other hand, the average of Brazil, 18, is the least open-market in 34 countries. The trends of Brazil fluctuated between 10 and 30 in these fifty years. (Refer to Appendix A and E). In summary, Singapore is the most openness country, Brazil is the least openness country and Hong Kong has increased their openness the most.

As we have discussed above, Hong Kong has increased its openness the most and Brazil was found to be the least open country. We will now draw upon these two vastly different nations in order to compare and analyse their standards of living, and whether or not the level of openness has influenced this. For the purpose of simplicity we will be using Real GDP/Capita as the means of measuring the standard of living within a population. This measurement is used because overall it can be used as an indicator of all citizens benefitting from increased production within an economy. (Federal Reserve Bank of Boston, 2000). In analysis of the two graphs (refer to Appendix B and C), some common trends can be seen. Firstly, the overall trends of the plots in relation to one another are virtually identical. Over the past 20 years Hong Kong experienced an increase of 143% in openness, which is positively correlated with Real GDP/Capita increasing by 217%. In comparison, Brazil experienced vastly smaller amounts of growth in openness and Real GDP/Capita at 64% and 15% respectively. From these results we can gather two main points. Firstly, in the case of Hong Kong, it can be said that their level of openness is positively associated with faster long-term growth in living standards. Real GDP/Capita increased by 74% more than the nation’s openness did, so it is safe to assume that this factor was instrumental in raising living standards within Hong Kong. The second point to denote regards the results of Brazil. The change in openness is incredibly meagre, having fluctuating, yet overall increasing. On the other hand, Real GDP/Capita continued to rise very steadily. What can be taken from this is that a nation’s openness is not the sole determinant of living standards, yet the measure of openness does greatly contribute to overall Real GDP, and hence affects the results of Real GDP/Capita.
As a general rule, Trade (Net Exports and Net Imports) is a part of GDP, and hence the results between countries openness and the Real GDP/Capita should by definition be correlated. So, as trade increases within a country such as Hong Kong, more money is coming into the country. Therefore, labour can be divided more efficiently or specialised (depending on the wage level), both of which can prospectively increase the wage rate (Fitzroy, 1998). On the other hand, highly regulated and closed countries i.e. Brazil have less of a chance to increase their living standards at a faster rate. When the potential of globalisation is cut off, the country is dependent on its own resources and the chance of companies having economies of scale is reduced, so there are less profits and less consumption overall. Hence, amongst discussion of the various data, we can draw upon the conclusion that generally increased openness will contribute to faster long-term growth in living standards.
Throughout this paper it has been discussed that Singapore is the most open country, Brazil is the least open country and Hong Kong has increased their openness the most. In addition, the degree of standard of living has also been discussed. In the case of Hong Kong, it experienced an increase of 143% in openness, which is positively correlated with Real GDP/Capita increasing by 217%. On the other hand, in the case of Brazil, the change in openness is relatively small, yet overall increasing and Real GDP/Capita continued to rise steadily. Although Brazil’s openness is not the sole determinant of living standards, the measure of openness does greatly contribute to overall Real GDP. In conclusion, based solely on the discussion and analysis in this paper, there is a positively correlation between the degree of openness and the degree of standard of living.

Reference List

Federal Reserve Bank of Boston. (2000). How Do We Measure "Standard of Living"?Retrieved August 12, 2013, from FRB BOSTON: http://www.bos.frb.org/education/ledger/ledger03/winter/measure.pdf

Fitzroy, P. P. (1998). Living with Globalisation. Retrieved August 12, 2013, from ABC: http://www.abc.net.au/money/currency/features/feat8.htm

Makin, A.J.(2002). International Macroeconomics. United Kingdom : Pearson Education Limited.

World Bank. (2013). Retrieved from http://data.worldbank.org/ Appendix A
Index of openness

Appendix B
The change in Real GDP/Capita for both Hong Kong and Brazil from the years 1980-2010

Source: (World Bank, 2013).

Appendix C
The nation’s level of trade as a percentage of GDP for both Hong Kong and Brazil from the years 1980-2010

Source: (World Bank, 2013).
Appendix D
The percentage of trade as a share of GDP for both Hong Kong, Singapore from the years 1960-2010

Source: (World Bank, 2013).
Appendix E
The percentage of trade as a share of GDP for Brazil from the years 1960-2010

Source: (World Bank, 2013).…...

Similar Documents

Premium Essay

International Economics

...Read the power points posted (chapter 1-2) Chapter 1 Try to answer the study questions in page 26. Answers of these problems will be provided next week; however, you should try your best to answer these problems before check the answers. Try to answer the following multiple choice questions. Answers of these problems will be provided next week; however, you should try your best to answer these problems before check the answers. 1. A primary reason why nations conduct international trade is because: b. Resources are not equally distributed among all trading nations 2. International trade in goods and services is sometimes used as a substitute for all of the following except: d. Domestic production of different goods and services 3. International trade forces domestic firms to become more competitive in terms of: d. All of the above 4. Increased foreign competition tends to: c. Place constraints on the wages of domestic workers 5. International trade in goods and services tends to: d. Increase the amount of competition facing home manufacturers Chapter 2 Try to answer the study questions in page 60. Answers of these problems will be provided next week. Try to answer the following multiple choice questions. Page 64-66 1.Mercantilism: Regulation to ensure a positive trade balance.Critics: possible only for short term; assumes static world economy. Absolute advantage (Adam Smith) Countries benefit from......

Words: 488 - Pages: 2

Premium Essay

International Economics

...Chapter 1: Introduction 1. Historians of economic thought often describe ___________ written by _______ and published in __________ as the first real exposition of an economic model. A. "Of the Balance of Trade,” David Hume, 1776 B. "Wealth of Nations," David Hume, 1758 C. "Wealth of Nations," Adam Smith, 1758 D. "Wealth of Nations," Adam Smith, 1776 E. "Of the Balance of Trade," David Hume, 1758 Answer: E 2. From 1959 to 2000, A. the U.S. economy roughly tripled in size. B. U.S. imports roughly tripled in size. C. the share of US Trade in the economy roughly tripled in size. D. U.S. Imports roughly tripled as compared to U.S. exports. E. U.S. exports roughly tripled in size. Answer: C 3. The United States is less dependent on trade than most other countries because A. the United States is a relatively large country. B. the United States is a "Superpower.". C. the military power of the United States makes it less dependent on anything. D. the United States invests in many other countries E. many countries invest in the United States. Answer: A 4. Ancient theories of international economics from the 18 th and 19 th Centuries are: A. not relevant to current policy analysis. B. are only of moderate relevance in today's modern international economy. C. are highly relevant in today's modern international economy. D. are the only theories that actually relevant to modern international economy. E. are not well understood by modern......

Words: 1580 - Pages: 7

Free Essay

International Economics

...Global institutions have grown to a new level of prominence in recent history. Global institutions like the IMF and World Bank have provided countries with public goods like stability and the reduction of uncertainty in international markets. As the influence of institutions like the IMF and World Bank grow a large set of critics have pointed out major flaws in the structure and philosophies of these institutions. These criticisms fall into three categories Sovereignty and transparency, Ideology, and Implementation and Adjustment costs. These criticisms call for major reform to the current international financial institutions and call into question whether they provide any benefit to the global economy at all. The first type of criticism is Sovereignty and transparency. Sovereignty criticisms point to the infringement of these institutions policies on the sovereignty of nations. In particular IMF conditionality is of harsh scrutiny as it requires countries to pursue certain macroeconomic policies as a condition of borrowing money from the International Monetary Fund. Countries and their people may not want to use these policies, but they are required by the institution. Nations are no longer in charge of their own policy and this can anger people who favor localize policies for the specific characteristics of certain nations. Transparency is another major criticism of both the IMF and World Bank. Transparency criticisms state that too many o these important decisions......

Words: 1130 - Pages: 5

Free Essay

International Economics

...EC312 International Economics Assessment (Q1) Student ID: 0926451 Word Count: 1, 498 The 2008 and subsequent global economic downturns were rooted in lax monetary policies and lack of financial oversight, leading to an aftermath of widening global imbalances, global liquidity abundance and downward pressures on real world interest rates. These resulted from mercantilist trade policies and an unprecedented increase in savings and foreign reserves of emerging economies in Asia. This essay will first explain the Mundell-Fleming (henceforth M-F) model and use it to compare current account deficits under different exchange rate regimes. It will also refer to real-life contexts and discuss limitations of the model. The M-F model portrays the short-run Keynesian relationship between an economy’s key macroeconomic variables. The assumptions and implications of the model are as follows: 1. The economy operates on a perfectly elastic aggregate supply curve. This implies that the level of economic activity, Y, is solely dependent on fluctuations in aggregate demand, as per the IS-LM framework. As prices are fixed, P is normalised to 1 and M represents both real and nominal money stocks. 2. The current account (CA) is determined independently of the capital account. PPP does not hold. CA deficits, as we will later see, depends on Y and the nominal and real exchange rate, e. The higher Y is, the greater the demand for imports; and the lower e is, the more uncompetitive......

Words: 2362 - Pages: 10

Premium Essay

International Economics

...International Economy Global recession is a situation many economists fear could happen if actions today are not implemented. Fixing the economy cannot be done by only addressing one issue as the economy is an intertwinement of different areas combined. A change in one area has effects on others just as not making changes can affect other areas too. Preventive measures in the areas of global productivity, monetary and fiscal policy, and increasing international trade could keep the world from entering this kind of recession. By being proactive citizens of the world the global economy could overcome current conditions. If some of today’s issues are not resolved or addressed the world could face real economic hardships. Increasing Global Productivity by Increasing Employment When one thinks of efficiency in productivity and productivity costs usually coincide with job cuts and lower wages. However, according to Okun’s Law, there is a 1 to 2 ratio when comparing unemployment to loss of real output (Schiller, 2008). This relationship means the more employed individuals a nation has the higher the production possibility can be. The higher number of unemployed individuals the lower the production possibility is. Decreasing unemployment globally will maximize global output. Increases in global output can have beneficial effects on demand and supply, inflation, and the Gross Domestic Production Per Capita for the entire world. Monitoring Monetary and Fiscal......

Words: 707 - Pages: 3

Premium Essay

International Economic

...Change The Climate change has always been a big concern regarding to WTO multilateral trading system and climate change. Climate change is the biggest sustainable development challenge the international community has had to tackle to date. Measures to address climate change need to be fully compatible with the international community's wider ambitions for economic growth and human advancement. It is a challenge that transcends borders and requires solutions not only at national levels but at the international level as well. The WTO is one part of the architecture of multilateral cooperation. It provides a framework of disciplines to facilitate global trade and serves as a forum to negotiate further trade openness. Freer trade is not an end in itself; it is tied to crucially important human values and welfare goals captured in the WTO's founding charter, the Marrakesh Agreement. Among these goals are raising standards of living, optimal use of the world's resources in accordance with the objective of sustainable development, and protection and preservation of the environment. The issue of climate change is not part of the WTO's ongoing work program and there are no WTO rules specific to climate change. However, the WTO is relevant because climate change measures and policies intersect with international trade in a number of different ways. First, trade openness can help efforts to mitigate and adapt to climate change, for example by promoting an efficient allocation of the......

Words: 2979 - Pages: 12

Free Essay

International Economics

...middle class acutely vulnerable to the financial storm that swept the globe. In the wake of the Great Recession, a sizable stratum of spent consumers has materialized where an aspirational middle used to be. Overlooked—or just ignored— during the boom preceding the global recession was clear evidence that the position of the middle class in developed markets was increasingly fragile. The New York Times reported in early 2008 that “[t]he European dream is under assault, as the wave of inflation sweeping the globe mixes with this continent’s long-stagnant wages.” A recent report from the UK-based Resolution Foundation Commission on Living Standards documents the failure of wages in developed markets since the mid-1970s to keep pace with economic growth, as shown in Figure 1. Figure 1: Wages as a Percentage of National Income for OECD Countries 60% 55% 50% 1970-74 1975-79 1980-84 1985-89 1990-94 1995-99 2000-04 2005-08 Source: James Plunkett, Growth Without Gain? The Faltering Living Standards of People on Low-to-Middle Incomes, Resolution Foundation Commission on Living Standards, May 2011. 3 Quickening the Pace In the US, as Figure 2 reflects, inflation-adjusted wages for men dropped by double digits from 1969 to 2009, even for those with a college degree. It’s not just an issue of wages, though. More fundamentally, it’s an issue of jobs. An analysis by MIT economist David Autor, summarized in the chart shown in Figure 3, shows that middleincome......

Words: 12348 - Pages: 50

Premium Essay

International Economics

...ECF5921 Introduction to International Economics Assignment Question 1 Based on the article and other related readings of your choice, discuss the economic and social factors that have caused individual behavior to shift towards the consumption of unhealthy foods and unhealthy lifestyles. Compare ‘fat taxes’ and other alternatives that can be used address the problem. Which one would you recommend? Why? Answer Based on the article “Stick and carrots”, there are certain factors from economic and social aspects that have caused the individual behavior to shift towards the consumption of unhealthy foods and unhealthy lifestyles. From the economic perspective, the article “stick and carrots” has given the theory of rational consumption theory which states that as individuals incomes grow, the range and volume of commodities each of us will consume is growing meanwhile. Thus, the expenditures on general goods increases alongside the increasing of our incomes. That is one of the reasons that nowadays general individuals may have more chances to gain fat (as food is one of the general consumption) by purchasing more food, especially cheap and tasty junk food. Moreover, the improving of technology within the food proceeding may also resulted in a fall in the price of food, as well as the availability of a wide variety of cheap foods. Other than just buying more food as the income effect itself, individuals also tend to substitute away from consuming relatively......

Words: 4658 - Pages: 19

Free Essay

International Economics

...Contents 1.0 1 INTRODUCTION 1 1.1 BACKGROUND OF GERMANY 1 1.1.0 PEOPLE AND SOCIETY OF GERMANY 1 1.2 INTERNATIONAL TRADE STATUS OF GERMANY 2 2.0 INTERNTIONAL TRADING WITH OTHER COUNTRIES 3 2.1.0 GERMANY’S INTERNATIONAL RELATIONSHIP WITH FRANCE 5 3.0 Data collection and Analysis 6 3.1 Data collection 6 3.2 Analysis 7 3.2.1 IMPORT 7 3.2.2 EXPORT 8 3.2.3 REAL GDP 8 3.2.4 INFLATION 9 3.2.5 UNEMPLOYMENT 10 3.2.6 INTEREST RATE 10 3.2.7 EXCHANGE RATE 11 3.2.8 BALANCE OF PAYMENT 11 4.0 IMPORT AGAINST REAL GDP 12 4.1 IMPORT AGAINST CPI 12 4.2 IMPORT AGAINST UNEMPLOYMENT 13 4.3 IMPORT AGAINST INTEREST RATE 13 4.4 IMPORT AGAINST EXCHANGE RATE 14 4.5 IMPORT AGAINST B.O.P 14 4.6 EXPORT VS REAL GDP 15 4.7 EXPORT VS CPI 15 4.8 EXPORT VS UNEMPLOYMENT 16 4.9 EXPORT VS INTEREST RATE 16 4.10 EXPORT VS EXCHANGE RATE 16 4.11 EXPORT VS B.O.P 17 4.12 IMPORT VS OTHER FACTORS 18 4.13 EXPORT VS OTHER FACTORS 18 5.0 ISSUES AND CHALLENGES OF GERMANY 19 5.1 Exporting German Troubles 19 5.2 Industrial Competitiveness 19 5.3 Paying for Europe 20 6.0 RECOMMENDATION AND CONCLUSION 21 6.1 RECOMMENDATION 21 6.2 CONCLUSION 21 References 22 1.0 INTRODUCTION 1.1 BACKGROUND OF GERMANY Germany which is otherwise called the federal republic of Germany which is additionally the parliamentary republic in the western-focal piece of Europe which comprises of 16 bodies electorate and which has held its predominance. Its capital is Berlin and its landmass covers a zone of......

Words: 3875 - Pages: 16

Premium Essay

International Economics

...International Economics Paper Gabriela University of Phoenix Author's Note This paper prepared for ECO/372 facilitated by Introduction The Federal Reserve system is the main banking system within the United States. Established by Congress, its primary objectives are to seek full employment for US citizens, ensure price stability, supervise banks via regulation, provide financial services to banks, the US government, and foreign official institutions, and review and stabilize long-term interest rates. A seven person Board of Governors, also known as a federal agency, administers the Federal Reserve. Currently the Board Chair is Janet Yellen, the first woman to hold the position since the Reserve's creation in 1913. The Federal Reserve balances are affected by not only the Board but by the Federal Open Market Committee, which monitors monetary and credit market conditions within the US as well as foreign exchange markets (Board of Governors of the Federal Reserve System, 2015). The Reserve is an essential component in the current monetary and fiscal policy. The president and Congress are policy makers who seek to influence the economy with this monetary and fiscal policy. They seek legislation that changes taxes and increases or decreases government spending and borrowing. Central banks take cues from this legislation and therefore adjust interest rates, reserve requirements, and the buying and selling of government securities and foreign......

Words: 1519 - Pages: 7

Premium Essay

International Economics

...International Economics The German Economy 10th of December 2015 Groupmembers: Con Brunissandre Baitzouroff Pawel Fedko Ha Pham Thai 1 Morenikeji Aina-Badejo Atiwat Hongupathamchai Table of Contents 1. Introduction………………………………………………………………………………..…….. 4 2. The Structure of German Economy…………………………………………………….. 5 2.1 Import, Export and Trading Partners…………………………………………………………….. 5 2.2 Germany’s Main Economic Sector – The Automotive Industry…………………….. 8 3. The Global Financial Crisis and its effects on Germany……………………….. 9 3.1 What are the origins of the 2008 financial crisis?............................................. 9 3.2 The financial crisis plunged Germany in an economic crisis………………………….11 3.3 Government’s Action to Combat Crisis ………………………………………………………. 16 4. Future Challenges and Outlook for Germany…………………………………...19 5. Conclusion……………………………………………………………………………………….21 6. References……………………………………………………………………………………….22 2 Executive Summary This report provides a concise summary of Germany’s main economic features. It starts off by describing the key sectors and trade patterns that make up German economy. From there, it will further examine how one of the strongest economy in the world was affected by the global financial crisis in 2009, and critically analyze the extensive use of policies used by the German government to counter the crisis. The report will conclude by looking at Germany’s long term key challenges and......

Words: 4926 - Pages: 20

Free Essay

International Economic History

...a   dramatic   change   in   the   political   situation  worldwide.   Before  the  war:    Europe  had  political  and  economic  predominance  in  the  world.    There  was  a  proper  functioning  of  the  international  payment  system.    Freedom  was  given  to  the  movement  of  factors  (labour  and  capital)    And  there  was  limited  intervention  of  the  government  in  the  economic  life.   After  the  war:   |  | The  United  States  became  the  first  world  economic  power.  Important  distortions  appeared  in  production  and  trade.  Workers  and  soldiers’  claims  started.   | |  | Poor   functioning   of   the   international   payment   system   once   the   war   finished   (lots   of   economic  problems  appeared  against  the  Gold  Standard  System)   | |  | Protectionist  policies  increased.  International  movements  of  labour  and  capital  went  down.    And  governments  assumed  an  important  role  in  economic  decision-­‐making  processes.   |   | | | War  financing   There  are  three  ways  to  finance  any  war:   1. Increase  in  taxes   2. Spoil  (botín)  obtained  in  occupied  territories   3. Government  indebtedness  through:    Public  debt  issuing    International  lending  or      Money  issuing   All   countries   used   money   issuing   (increase   in   fiduciary   circulation)   as  ...

Words: 7051 - Pages: 29

Premium Essay

International Economics

... International Economics ECO/372 April 25, 2016 International Economics The American Jobs Act was made by the President and Congress, which aim to create jobs as a way of stimulating the economy. Some of the several proposals of the Act are reducing the tax rates on the small businesses, providing assistance to the unemployed, employing more teachers and increase their pay and investing in the infrastructure (Rotemberg, 2013). Furthermore, the President and the Congress have come up with short-term transitory fiscal expansion to generate jobs. Increasing the public investment and increasing the government expenditure will improve the economy. On the other hand, the President and the Congress have increased the tax rates charged on the small businesses to decrease the number of such businesses created and hence the level of employment as a way to contract the economy (Rotemberg, 2013). Also, they lowered the level of government expenditure on infrastructure and projects like roads to minimize the economic development and contractual jobs that attract lots of the younger generation. The Federal Reserve can decrease the interest rates to stimulate economy. By decreasing the interest rate, investors will be encouraged to take loans from banks and invest in the economic activates, which will enhance the economy (CNN Money, 2015). Also, it can contract the economy by decreasing the money supply in the economy. This will increase the interest rate accordingly discourage the......

Words: 951 - Pages: 4

Premium Essay

International Economics Paper

...International Economics Paper Hercillia C. Henderson ECO/372 October 21, 2015 Professor Watson Ragin The Role of the President and Congress in Stimulating and Contracting the Economy Both the President of the United States and the United States’ Congress are capable of enacting policies that may have the effect of either stimulating or contracting the economy. The President is able to stimulate the economy in a variety of ways. One is to propose a Congressional budget that includes increases in spending for the purpose of creating a stimulus, or proposing tax cuts that likewise are intended to have a stimulus effect. The President may also issue executive orders in certain areas that have the effect of creating a stimulus or contracting the economy. These might include appointing like-minded people to the Federal Reserve Board, adjusting certain tax rates by means of changes in revenue collection policy, adjustments to trade policy, and the like. Congress possesses similar powers in that Congress may appropriate spending for purposes of a imposing a stimulus package, adjusting rates of taxation for the purpose of generating economic growth, adjusting trade policy, such as lowering tariffs, for a similar purpose, and creating public works programs. Budgets and legislation that are proposed by the President must ultimately be approved by Congress, although the executive branch of the......

Words: 1436 - Pages: 6

Premium Essay

International Economics

...TRAN NGOC BAO MBAIU15003 INTERNATIONAL ECONOMIC PROBLEM SET LECTURER: LE VAN CHON Chapter 2, question 6: a) Complete the table for this problem in the same manner as Table 2-2 in the chapter. | Home Country | Foreign Country | Absolute Advantage | Number of bicycles produced per hour | 4 | 2 | 4/2=2 Home | Number of snowboards produced per hour | 6 | 8 | 6/8=0.75 Foreign | Comparative Advantage | 6/4= 1.5 (snowboards/bicyle) ; to produce one extra bicycles 1.5 snowboard must be given up | 8/2=4to produce one extra bicycle 4 snowboards must be given up | | b) Which country has an absolute advantage in the production of bicycles? Which country has an absolute advantage in the production of snowboards? Home has an absolute advantage in the production of bicycles because it is able to produce bicycles with fewer resources (more per hour) than Foreign. Equivalently, labour requirement to produce one more bicycle in Home is aLS = 1/MPLS = 1/4 – it takes 1/4 hours to produce an extra bicycle, whereas in Foreign it takes 1/2 hours. 1/4 < 1/2 Foreign has an absolute advantage in the production of snowboards because it is able to produce snowboards with fewer resources (more per hour) than Home. Equivalently, labour requirement to produce one more snowboard in Home is aLB = 1/MPLB = 1/6 – it takes 1/6 hours to produce an extra snowboard, whereas in Foreign it takes 1/8 hours. 1/8 < 1/6 c) What is the opportunity cost of bicycles......

Words: 3613 - Pages: 15

Hana Yori Dango | UltraISO | Baixar XAPK