In 2011, finland had a gdp of $195 billion and a per capita gdp of

In 2011, Finland had a GDP of $195 billion and a per capita GDP of $36,000. Life expectancy was about 79 years. Which of these additional factors would most support the conclusion that Finland has a developed rather than an emerging economy?

[removed] Finland has a low population density.

 

[removed] Finland has a free-market economy.

 

[removed] Finland exports more than it imports.

 

[removed] Finland’s unemployment rate is 9.6 percent.

 

Graph titled Quantity Demanded versus Price, with x axis labeled in 10 unit increments from 0 to 70. Y axis is labeled with prices 0 to 60 dollars, in increments of 10. A blue line starts at 5, 50 and drops at an angle down to 60, 10.
Kelen wants to open a toy store. He buys the leftover stock of a store going out of business. He opens the boxes and counts the toys. There are 10 Nnedi action figures, 25 Ramez action figures, and 60 Slimeball action figures. Based on the graph, how should he set his prices?

[removed] Kelen should start with the same price for all action figures.

 

[removed] Nnedi action figures should be $10, Ramez $35, and Slimeball $50.

 

[removed] Nnedi action figures should be $42, Ramez $30, and Slimeball $10.

 

[removed] Nnedi action figures should be $60, Ramez $35, and Slimeball $1.

 

Map indicates the following free trade zones NAFTA is Canada, Mexico, and the U.S. EU-CARICOM includes Europe, Caribbean islands, and South American countries DR-CAFTA includes the U.S., Central American countries, and Caribbean islands; ALADI is most of South America, Cuba, and Mexico; EEA/EUCZ/CEFTA includes Greenland and most of Europe CISFTA is made of former Soviet states GAFTA is in the Arabian Peninsula and North Africa ECOWAS for West Africa CEMAC for some countries in Africa AFTZ includes all African except members of ECOWAS and CEMAC SAFTA is for Himalayan nations APTA includes India, China, and South Asia ASEAN includes Southeast Asia, China, South Korea, and Japan SPARTECA is Australia and Pacific Islands and AANZFTA is for countries in the South West Pacific and Southeast Asia.
Public Domain

Opponents of free trade zones might use this map to argue that free trade

[removed] encourages conflict among market and command economies

 

[removed] leads to greater mobility among populations

 

[removed] organizes nations into regional exclusionary blocs

 

[removed] redraws traditional geographic boundaries

 

[removed] Capital

 

[removed] Entrepreneurship

 

[removed] Labor

 

[removed] Land

 

[removed] The shop would decrease the brake-check price to eliminate scarcity.

 

[removed] The shop would increase worker pay to make up for the opportunity cost of not doing brake checks.

 

[removed] The shop would shift production to oil changes and away from brake checks.

 

[removed] The shop would shift production to brake checks and away from oil changes.

 

A table showing worker hours to produce one unit of two common resources. Canada can produce lumber in 5 and oil in 20 worker hours. Russia produces lumber in 10 and oil in 10 worker hours. Saudi Arabia produces lumber in 60 and oil in 5 worker hours. United States produces lumber in 10 and oil in 15 worker hours. Venezuela produces lumber in 40 and oil in 15 worker hours. A third column, Worker Hours to Produce Oil instead of Lumber, has question marks instead of numbers for each country.
Given the data in the chart, which two countries enjoy an absolute advantage in oil production over the United States?

[removed] Canada and Venezuela

 

[removed] Russia and Canada

 

[removed] Saudi Arabia and Venezuela

 

[removed] Russia and Saudi Arabia

 

Adam Smith wrote in The Wealth of Nations, Book II, Chapter 2, In general, if any branch of trade, or any division of labour, be advantageous to the public, the freer and more general the competition, it will always be the more so.
Adam Smith’s quotation would most likely be used to defend which of the following policies?

[removed] Higher taxation of corporate profits

 

[removed] Less stringent regulation of commerce

 

[removed] More subsidies for farmers

 

[removed] Stricter restrictions against monopolies

 

Which of these businesses are in monopolistic competition?

[removed] Two clothing shops, one selling women’s clothing and the other selling kids’ clothing

[removed] Two agricultural producers, each selling a variety of kinds of citrus fruit

[removed] Two pet stores, one of which sells dog products and the other of which sells bird products

[removed] Two phone providers, each offering benefits to customers who switch to its service

 

A table with title, Hours to Produce One Liquid Unit. Greece produces olive oil in 35 worker hours and wine in 60 worker hours. France produces olive oil in 35 worker hours and wine in 45 worker hours. Italy produces olive oil in 30 worker hours and wine in 30 worker hours. There is a blank column for each country titled additional worker hours to produce wine instead of olive oil.
Given the data in the chart above, which of the following statements is true?

[removed] France has a comparative advantage in olive oil production.

[removed] Greece has an absolute advantage in wine and olive oil production.

[removed] Greece has a comparative advantage in wine production.

[removed] Italy has an absolute advantage in wine and olive oil production.

 

 

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