E333_HW1 - Econ 333 Professor McCann HW #1: Ch. 2 and Ch. 4...

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Econ 333 Professor McCann HW #1: Ch. 2 and Ch. 4 All answers are due at the beginning of Class on 9/22/08.  Late assignments will  not be accepted.  Work must be typed, except for graphs which may be neatly  drawn.  When verbal explanations are requested, limit yourself to a few concise  sentences.  1. If a country is at a point on its PPF where the slope of the PPF is flatter than the  slope of the CIC touching that same point, then the standard of living would rise if  outputs of the two goods would change so as to move down the PPF. True or  false?  Demonstrate graphically and explain . 2. Some have argued that the factor price equalization theorem implies that  American wages must fall to the level of those found in the least developed  countries of the world. Comment on the validity of this statement.
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This note was uploaded on 08/25/2009 for the course ECON 333 taught by Professor Yavas,cemilepan,lu during the Fall '06 term at Pennsylvania State University, University Park.

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E333_HW1 - Econ 333 Professor McCann HW #1: Ch. 2 and Ch. 4...

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