ADMS 1010 Lecture Notes - United States Dollar

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blackotter881

18 Jan 2012

School

York University

Department

Administrative Studies

Course

ADMS 1010

Professor

Alison Kemper

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Document Summary

British wanted trading and war allies in the event that war broke out. Britain wanted more economic options because there was a high chance that the. Reciprocity treaty was not going to be renewed in 1865. There was constant troubles with the railways in canada. Companies were financing railways and then going broke due to their high cost. Britain did not want to support these failing railways anymore, even though one was needed in canada. There was the belief that if canada became its own country, britain would no longer be responsible for building the railways. The conservatives and the liberals were present in both canada east and canada. These parties in both areas wanted to amalgamate the two regions. Despite their differences, by 1840 upper and lower canada was united. The americans tried a national banking system, called the bank of the us. There was some debate whether or not they actually wanted national banking.

Related Questions

PART B â Questions 10 â 27 Use the following assumptions to answer all questions: â¢ There are three countries â Argentina, Britain and Canada. â¢ Each country produces and consumes two kinds of goods â crude oil and beef. â¢ All countries make their goods from a single type of input â labor â and each country has 700 hours of labor available to produce crude oil and beef. â¢ Each country demands 5 (five) barrels of crude oil. This assumption simply means that a country must have exactly 5 barrels of crude oil â it may produce them domestically, it may import them from abroad, or it makes some domestically and imports the rest. â¢ Countries produce goods using the technology described in the table below Technology Hours of labor needed to produce one unit of good Using the above assumptions, answer the following questions: â¢ Calculate the quantities of crude oil and beef produced in each country in autarky (when they do not trade and each country produces its own crude oil and beef) â¢ Order the countries according to their absolute advantage in production of crude oil â¢ Order the countries according to their absolute advantage in production of beef â¢ Consider the case where countries are free to specialize and trade. In the table below calculate each countryâs opportunity cost of producing one unit of each good. â¢ Calculate the quantities of crude oil and beef produced in each country, consistent with the countryâs comparative advantage. Based on the above calculations, answer questions 10 through 27: Consider autarky, when countries do not trade and each country produces its own crude oil and beef. 10. In autarky, Argentina produces _____ barrels of oil. a. 0 b. 5 c. 10 d. 15 11. In autarky, Britain produces _____ barrels of oil. a. 0 b. 5 c. 10 d. 15 12. In autarky, Canada produces _____ barrels of oil. a. 0 b. 5 c. 10 d. 15 13. In autarky, Argentina produces _____ pounds of beef. a. 0 b. 70 c. 150 d. 400 14. In autarky, Britain produces _____ pounds of beef. a. 0 b. 70 c. 150 d. 400 15. In autarky, Canada produces _____ pounds of beef. a. 0 b. 70 c. 150 d. 400 16. Country of _____ has absolute advantage in production of crude oil. a. Argentina b. Britain c. Canada d. No country 17. Country of _____ has absolute advantage in production of beef. a. Argentina b. Britain c. Canada d. No country Consider effects of specialization, when countries are allowed to trade. 18. When countries specialize, Argentina produces _____ barrels of oil. a. 0 b. 5 c. 10 d. 15 19. When countries specialize, Britain produces _____ barrels of oil. a. 0 b. 5 c. 10 d. 15 20. When countries specialize, Canada produces _____ barrels of oil. a. 0 b. 5 c. 10 d. 15 21. When countries specialize, Argentina produces _____ pounds of beef. a. 0 b. 700 c. 150 d. 400 22. When countries specialize, Britain produces _____ pounds of beef. a. 0 b. 700 c. 150 d. 400 23. When countries specialize, Canada produces ____ pounds of beef. a. 0 b. 700 c. 150 d. 400 24. Country of __C___ has comparative advantage in production of crude oil. a. Argentina b. Britain c. Canada d. No country 25. Country of ___A__ has comparative advantage in production of beef. a. Argentina b. Britain c. Canada d. No country 26. Countries gain from trade because specialization increases ____. a. Trade deficit b. Unemployment c. Efficiency d. Inflation 27. Countries should trade with trading partners that _____. a. Are equally technologically advanced b. Use superior technology in every industry c. Use less advanced technology in every industry d. Use different technologies, because trade benefits all

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One variable that we have observed in this course is that peopleâs concerns for the future are relative to their own social and economic security. A secure middle-class can afford to protect their grand-childrenâs interests, while economically insecure people are largely preoccupied with their own day-to-day survival. At least one economist has noted that because the interests of business are always short-term, they are better served by an economically insecure population which has a similar focus. In effect, the best way to avoid environmental restrictions is to keep people economically insecure. The classic example of this is the practice of mountaintop-removal mining in the Appalachian Mountains of the American southeast. The United States has the highest levels of poverty of any industrialized nation, by far. It also affords business interests an unprecedented degree of participation in our political system. If their interests are best served by an economically insecure population, they would have a legal responsibility to their owners (or stockholders) to work toward perpetuating those conditions. If your goal is to convince people to let you do mountaintop-removal mining, you want people just as poor and as desperate as they can be. You invest your money in political representatives whoâs actions (or lack thereof) will complement your interests. Give your thoughts on this arrangement. If you find it lacking in some respect (e.g. ethics, morality), suggest a remedy for this conflict.

ADMS 1010 Lecture Notes - United States Dollar

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