Last class May 6

Last class May 6 - Announcements • Finals – 11:15 – Friday May 8 7:45am GLC64 – 12:20 – Saturday May 9 3:25pm GLC64 • Office hours this

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Unformatted text preview: Announcements • Finals: – 11:15 – Friday May 8, 7:45am GLC64 – 12:20 – Saturday May 9, 3:25pm GLC64 • Office hours this week: M,T,W,TH,F 2-4 or by appt. • Practice Qs for taxes and trade are on BB. • Final HW and iClicker grades will be posted by Friday. 1 of 29 After MT3: Trade • Comparative advantage and specialization. – Law of comparative advantage – CPF vs. PPF • Reasons for comparative advantage – Factor endowments – Economies of scales. • Exchange rates and how they affect trade • Trade on supply and demand graphs. • Trade surplus vs. trade deficit. Trade II • Protection: • Tariffs – hurt consumers. Help producers. Provides gov’t revenue. • Quotas – hurt consumers. Help producers. Quota rents go to some firms (foreign or domestic). • Look at pictures of these two – understand them (esp. tariffs) • Others: – VERs –...
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This note was uploaded on 08/15/2011 for the course ECON 2005 taught by Professor Zirkle during the Spring '07 term at Virginia Tech.

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Last class May 6 - Announcements • Finals – 11:15 – Friday May 8 7:45am GLC64 – 12:20 – Saturday May 9 3:25pm GLC64 • Office hours this

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