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z Medical Questions

Your Question

1) Please answer the following questions:

a) Refer to the table and answer the following:
Country Van Production Per Day Wine Production Per Day
United Kingdom 8 3
Germany 2 2

i. Which country has the comparative advantage in Vans? in wine? Explain.
ii. Is there a basis for a trade between the two countries? Explain
in detail why or why not.

b) Explain the difference between Real GDP and Nominal GDP

2) Answer the following questions on the topic of Gross Domestic product (GDP):
a) Explain the difference between Gross Domestic Product(GDP) and Gross National Product (GNP)
b) Explain the short comings in GDP as a measure of total production

3) Please answer the following questions about monetary and fiscal policy:
a) Explain the difference between monetary and fiscal policy. Who controls monetary and fiscal policy?
b) How does fiscal policy influence aggregate demand?

4) Please answer the following questions concerning economic growth:

a). What point(s) would represent a combination of DVD Players and MP3 Players that cannot be produced given the production possibilities frontier shown in the above diagram? Explain your answer.
b). What point(s) represent a combination of DVD Players and MP3 Players that might be produced if the economy represented by the production possibilities frontier in the above diagram were experiencing unemployment? Explain your answer.

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