ECN 104 Study Guide - Final Guide: Aggregate Supply, Progressive Tax, Xenophobia

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16 Oct 2018
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___: what is the opportunity cost of good y for a consumer whose budget line is given by the equation. 70 x + 40 y = 300 a. b. c. d: none of the above. ___: mike and sandy are two woodworkers who both make tables and chairs. In one month, mike can make 4 tables or 20 chairs, where sandy can make 6 tables or 18 chairs. Given this, we know that: mike has an absolute advantage in tables, mike has a comparative advantage in tables. c, sandy has a comparative advantage in tables. ___: canada can benefit from trade only with nations which can produce goods canada cannot produce. a, with any nation, with any nation not in economic competition with canada. d. only with less developed nations. ___: suppose tom"s ppf equation is given by 4x+3y=100 and jerry"s ppf equation is x+10y=100. Let p denote the relative price of good x (in terms of good y).

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