Problem Set 1

Problem Set 1 - Cornell University Gregory Besharov...

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Unformatted text preview: Cornell University Gregory Besharov Economics 3610: Problem Set 1 Due September 8, 2008 1. True/False/Explain . State whether each of the following is true or false and explain your answer. Please limit your explanations to no more than two sentences. a. According to Dani Rodrik’s article “Trading in Illusions,” there are no significant opportunity costs to international integration. (The article is chapter 15 of the King reader.) b. It is impossible for a country to trade more than its GDP. c. According to the “ Summers memorandum ,” standard economic models provide the reason why dirty industries should not move from more- to less-developed countries. d. If a country has an absolute advantage in producing a good, it must also have a comparative advantage in producing that good. 2. The quotation from Federal Reserve Chairman Ben Bernanke at the beginning of chapter one of the text is from a speech that he presented in Jackson Hole, Wyoming, on August 25, 2006, titled “Global...
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