Question
Need help with few questions Question1- List one micro and one macro economic event that happened in the last couple of weeks. Please explain why
Need help with few questions
Question1-
List one micro and one macro economic event that happened in the last couple of weeks. Please explain why it is a micro or a macro economic event
Question 2-
David Ricardo's theory on Gains from Specialization and Trade. Please comment ononeof the statements below, Please briefly discuss if you agree or why not.
a. "Canada can still gain from specialization and trade with the US despite the fact that Canada's economy is a lot smaller than the US economy. Absolute size does not matter."
b. If some people are very talented, then these individuals must have a comparative advantage in everything they do & should never specialize and trade.
Question 3-
"Can you think of a good or service for which demand will change as the economy is restarting and restrictions are being lifted? Which determinant of demand would have caused this change? Recall that the determinants include income, tastes of consumers, consumer expectations, price of relatedgoods, weather, or the number of buyers."
Question 4-
The pandemic has changed the demand and supply for many goods and services. Can you think of a good or a service for which both, demand and supply have changed? Predict the impact on the equilibrium price and quantity. For example, there has been an increase in online delivery of groceries and at the same time, more stores offer online delivery. This has increased both, demand and supply resulting in an increase in the equilibrium quantity, but the impact on the equilibrium price is ambiguous.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started