QUESTION 19 The difference between the Ricardian model of trade and the immobile factor model is that: O Ricardo assumed one factor of production while the immobile factor model assumed two factors of production, labor and capital. O Ricardo considered the countryâ s workforce as an endogenous variable, while the immobile factor model considered labor supply as exogenous. O Ricardo assumed a barter economy while the immobile factor model introduced money into the system. O Ricardo assumed labor was immobile between industries, while the immobile factor model considered labor to be immobile only between countries. O Ricardo assumed labor employed in each sector to be endogenous, but the immobile factor model assumed labor employed in each sector to be exogenous.

Assume that oil speculators buy oil and put it in storage. Shift one of the curves in the accompanying graph to show the effect of this speculation and then place the equilibrium point, E, at the new equilibrium price and quantity. What is the new price? $ Why is speculation advantageous for future consumption? O Speculation is not advantageous. Today's prices are higher than future prices. Future prices will be higher. O It tends to smooth prices over time. Price ($/barrel) 100 95 90 85 80 75 70 65 60 55 50 45 40 35 30 25 20 15 10 5 0 0 50 1 2 Is 4 D 3 4 5 6 Quanity (millions of barrerls) 7 8 9 10

NEWS WIRE NORTH KOREA'S ROCKETS DEEPEN FOOD CRISIS   North Korea's Rocket Launches Cost $1.3 Billion   North Korea's rocket program is costly. In December 2012 North Korea successfully launched a long-range rocket carrying a satellite into space. That feat cost $300 million. The entire cost of the rocket program last year - including the failed launch in April - totaled about $1.3 billion according to estimates by South Korea experts. With that much money North Korea could have purchased 4.6 million tons of corn - enough to feed its population for 4-5 years. North Korea's ambitious nuclear program costs nearly triple that amount. The burden of North Korea's military program is evident in widespread poverty and periodic starvation.   Source: News accounts of December 2012 - January 2013.     According to the News Wire, what is the opportunity cost of North Korea's rocket program in terms of corn for North Korea's 25 million people?           million tons of corn

This question is from Principles of Eco2 class.