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Differences in economic policies

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1. Explain the following differences in economic policies.
   1. Adam Smith vs. Alexander Hamilton
   2. Hamilton vs. Jefferson

2. Ten apples are divided between two individuals in the following ways.

A: 5 each to two individuals

B: 8 to one and 2 to the other

C: 7 to one and 2 to other

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1. Explain which ways are pareto efficient
2. Explain why

 

3. 1. State first and second ‘Fundamental Theorems of Welfare Economics’
   2. Does those theorems provide any rationale for government intervention in the economy?

 

4. Consider two countries Home and Foreign producing goods using only one factor of production, Labor. These are the marginal products of labor. Home has 100 people and foreign has 50 people.

 

Home:                  Wheat                  4 bushels

Cloths                   2 yards

Foreign:               Wheat                  1 bushel

Cloths                   1 yard

 

1. Assuming there is no trade (Autarky), draw production possibility frontiers of two countries.
2. In autarky, what are the relative prices of wheat and cloths in two countries?
3. Show the consumption of two goods in each country in autarky (on the production possibility frontier)
4. What will happen when they begin to trade?

 

5. What are merits and demerits of government policy of protecting domestic industries?
6.  

    

   1. Explain the following differences in economic policies.
      1. Adam Smith vs. Alexander Hamilton
      2. Hamilton vs. Jefferson

    

   2. Ten apples are divided between two individuals in the following ways.

   A: 5 each to two individuals

   B: 8 to one and 2 to the other

   C: 7 to one and 2 to other

    

   1. Explain which ways are pareto efficient
   2. Explain why

    

   3. 1. State first and second ‘Fundamental Theorems of Welfare Economics’
      2. Does those theorems provide any rationale for government intervention in the economy?

    

   4. Consider two countries Home and Foreign producing goods using only one factor of production, Labor. These are the marginal products of labor. Home has 100 people and foreign has 50 people.

    

   Home:                  Wheat                  4 bushels

   Cloths                   2 yards

   Foreign:               Wheat                  1 bushel

   Cloths                   1 yard

    

   1. Assuming there is no trade (Autarky), draw production possibility frontiers of two countries.
   2. In autarky, what are the relative prices of wheat and cloths in two countries?
   3. Show the consumption of two goods in each country in autarky (on the production possibility frontier)
   4. What will happen when they begin to trade?

    

   5. What are merits and demerits of government policy of protecting domestic industries?