ECN 211_Midterm Part21

ECN 211_Midterm Part21 - Dr Happel Midterm Fall 2006 Part...

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Dr. Happel Name __________________ Midterm, Fall 2006 ID __________________ Part II (25 points) 1. (5 points) a. Give four basic ideas that economic conservatives (as defined in class) argue in favor of. b. At the moment, do you consider yourself an economic conservative or economic liberal and why ? 2. (5 points) a. What do economists say are the two most basic arguments for free trade? b. Set up a trade model between the U.S. and England where the U.S. has an absolute advantage in both computers and wool sweaters and England has a comparative advantage in wool sweaters. 3. (8 points) a. Carefully describe Adam Smith’s notion of the “invisible hand.”
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This note was uploaded on 03/24/2009 for the course ECN ecn 211 taught by Professor Stevehappel during the Fall '06 term at ASU.

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ECN 211_Midterm Part21 - Dr Happel Midterm Fall 2006 Part...

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