2021 Mid- Semester Solutions
2.Chinese import of tourist services
4. B represents gains for Canadian Immigrants, A represents gains for the American economy
5. decrease output of rice and increase output of cars
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6. K/L will not change in both industries
7. Wage and rent will not change
8. country B export wines, country A export cars
9. country A is labor abundant, country B is capital abundant
10. Nominal wage will increase, the effect of the coronavirus on real wage is ambiguous
11. Rent on capital will decrease, rent on land will increase
12. This country will export manufacturing goods and the relative price of manufacturing goods will increase
13. Workers will move from agricultural to manufacturing sector
14. Real wages of workers spending most of their income on manufacturing goods will decrease, real wages of workers spending most of their income on agricultural goods will increase
15. Real rent on capital will increase, real rent on land will decrease
16. Output of wine will increase, output of cars will decrease
17. Real wages will increase, real rent will decrease
18. Output of both industries will increase
19. Wages will decrease
20. Rent will increase in both manufacturing and agricultural sectors
21. Manufacturing output will decrease and agricultural output will increase
22. K/L will decrease in both sectors
23. Rent will increase in both sectors
24. uses less workers per unit of capital compared to laborintensive industry for any given ratio of wages to the rental rate
25. Output of both industries will not change
26. Output of engines will decrease, output of beer will increase
27. Finland gains from trade, Germany neither gains nor loses
28. ½ and 3
29. Country 2 has a comparative advantage in product A
30. 2 and 4/3
32. 2 units, 4 and 8/3
33. decrease in capital stock
34. B represents gains for French economy, A represents gains for the Algerian economy
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