ECON 2D03 Study Guide - Quiz Guide: Competitive Equilibrium, Social Capital, Economic Surplus
7 Jan 2014
School
Department
Course
Professor
Document Summary
Circle a if the statement is true (t) and circle b if the statement is false (f). Globalization has led to diminished authority of the nation-state. According to chan, although globalization may eliminate some dated social values and may transmit some foreign values to a country, its total impact on community trust can be positive . Globalization encompasses international trade, commerce, finance, businesses, outsourcing and technology-transfers. Answer questions #4-7 on the basis of the following demand-supply equations of good x in canada, where p stands as the price in dollar and q stands for quantities of good x. Assume that canada does not participate in international trade of good x. In this case, the competitive equilibrium p is and the equilibrium q is 100. Assume that canada is involved in free international trade with world price of good x at . In this case, the total import of good x will be 120.
