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uuesuon 1 Suppose a country produces a production bundle Q with Q: = 10 units of good X and Q), = 20 units of good. It can sell these goods at world prices are PJr = $2 per unit of X are P; = $2 per unit to generate income i. la} What is the country's GDP. Answer simply as I = dollars 1b] The country's budget line or consumption possibility Frontier (CPFl will be given by [complete and write out the equation below) I Cy =FyCx 1c) Draw a diagram of this CPF with good X on the horizontal axis. Indicate the numerical value of the intercepts on each axis. Question 2 Consider a Ricardian economy with MPLx = 2 units of good X per labor hour and MPLy = 1 units of good Y per labor hour. The economy has I = 10 labor hours. Suppose this economy opens to trade and the world relative price is :" = 1 unit of good Y per unit of good X. 1' 2a) Draw the country's PPF and the World Price Line. Suppose the country follows its comparative advantage. Indicate the countrrs production point with point Q. and an approximate consumption point with point C. Label the axes 2b) In this open economy, what is a worker's real wage pi = ? ll" Question 3 Use the entire page (but only 1 page} to explain why in the Specific Factors Model a sudden increase in the amount of agricultural land in the economy would lower the real rental rate of specic capital in manufacturing (measured as P; and PL}. Assume that relative product 1\" stay fixed on world a m a markets. Explain the mechanisms at work with - Specic Factors Model Labor demands diagram - Words and equations. Be clear about the economic mechanisms that explain this result