NEWS WIREPUBLIC GOODSIsrael's "Iron Dome" Works!Israel's Iron Dome is an air defense system designed to intercept and destroy incomingmissiles and mortars fired across the border by Hamas and other Palestinian factions. Itworks. Israel's Defense Minister claims the Iron Dome has been 90 percent effective inshielding population centers in the latest barrage of artillery fired into Israel by Hamas.Source: News reports of July 20-28, 2014Suppose the annual cost of the Iron Dome is $50 million. What is the opportunitycost of this defense spending in terms of private housing, assuming a new homecan be constructed forhouses pera. $100,000?yearhouses perb. $150,000?year

Opportunity cost is the cost of the next alternative foregone. The economy faces three main…

Answered: Israel's Iron Dome is an air defense…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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What forces shaped the culture in the country of UAE and Dubai in particular? How similar or different are these forces from those that shaped the culture of Western nations? What kinds of misunderstanding, if any, are likely to arise between Western-based visitors and people from the UAE during World Expo 2020? If you were in a position to advise a Western company that was considering doing business in UAE for the first time, what would your advice be? Using Dubai as an example, do you believe that cultural similarities among people can outweigh cultural differences that exist in terms of doing business together in the future
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Suppose the UK has 50 hours of labor available, and the US has 100 hours of labor available. Each can use this labor to produce either cars or bicycles. The UK can produce a car using 10 hours of labor, and a bicycle using 5 hours of labor. The US can produce a car using 5 hours of labor, and a bicycle using 4 hours of labor. Suppose that jointly, the two countries produce 15 bikes and 16 cars. Then it must be that the UK only produces bikes, and the US produces both bikes and cars. the UK produces bikes and cars, and the US only produces cars. the UK only produces cars, and the US only produces bikes. the UK only produces bikes, and the US only produces cars.
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The U.S. economy relies heavily on international trade. Choose two transactions at random that result from international trade; one where purchases are made from another country and one where the U.S. sends a product to another country. Identify the impact of each of these on imports, exports, net imports, and net exports at the time the transaction takes place. For example, if you purchase a product online that is made in and shipped from Italy to you in the United States what is the effect on the U.S. economy in these four categories at the time of the transaction? In addition, there has been a lot of news in recent years surrounding tariffs. Exactly what is a tariff and what is the impact of tariffs on international trade? Who pays the cost of tarffs?
Assume Nebraska and Virginia each have 100 acres of farmland. The following table gives hypothetical figures for yield per acre in the two states: Suppose the two states decide that they want to produce 900 total units of wheat. What is the maximum amount of cotton that they could produce? Nebraska 10 Wheat Cotton 7 270 units of cotton 520 units of cotton 720 units of cotton 570 units of cotton None of these Virginia 5 2
127.) Suppose Robinson and Crusoe are stranded on a desert island in the Pacific Ocean and discover a large amount of currency from a previous shipwreck. Friday catches 20 fish and sells them to Robinson Crusoe for $40 apiece. Robinson Crusoe uses the fish he purchased from Friday to make 40 gallons of fish oil, which he sells to Friday for $20 per gallon. If the transactions above are the only ones that take place in 2002, what is the GDP of the island in 2002? $0 $800 $1600 $2400
Which of the following statements concerning location economies is FALSE? Explain Why? 1. Companies must determine where to sell and where to produce. 2.The Internet is an industry where companies must locate facilities near their foreign customers, so decisions on market and production location are connected. (difficult, page 382) 3.Companies may have excess production capacity already in place that will influence their ability to serve markets in different countries. 4. The process of determining an overall geographic strategy must be flexible because country conditions change
Q.1.1 Consider the information contained in the table below. The table shows output rates in France and Holland for two goods (cheese and wine), when resources are fully and efficiently utilised. Country Cheese Wine Holland 450 150 France 400 100 Based on this information: (1) Holland should specialise in wine production and should export wine to France; (2) Holland has the absolute advantage in both cheese and wine production and consequently will not benefit by trading with France; (3) France should specialise in wine production and should export wine to Holland; (4) Holland should specialise in both cheese and wine production and should export both goods to France.
Attempts: Keep the Highest: 14 3. The relationship between marginal and average costs Consider the following scenario to understand the relationship between marginal and average values. Suppose Charles is a professional basketball player, and his game log for free throws can be summarized in the following table. Fill in the columns with Charles's free-throw percentage for each game and his overall free-throw average after each game. Game Game Result Total Game Free-Throw Percentage Average Free-Throw Percentage 8/10 8/10 80 80 4/10 12/20 2/8 14/28 2/4 16/32 6/8 22/40
Question 10 Which statement is supported by the information in the table? Export and Import Table Canada United States Top Export Partners n Export Partner D United States United Kingdom Canada Mexico China Japan Percent of Exports 73.70% 4.20% 19.00% 13.30% 7.00% 4.50% Top Import Partners Import Partner United States China Mexico China Canada Mexico Japan Germany B The United States exports more goods to China than to Canada. Percent of Imports 49.50% Trade with China disrupts trade between the United States and Canada. 10.80% A Canada and the United States are each the chief exporting nation to the other. 5.50% 18.40% 14.20% 11.70% 5.80% 4.40% Canada imports more goods from the United States than it exports to the United States.

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